SAGORA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SAGORA
Largest movements
- Receivables within one year +€28,195
up €28,195 (+51.4%), from €54,861 to €83,055
of which Trade receivables: +€27,182
- Intangible fixed assets +€12,451
new in 2025: €12,451
- Cash +€12,416
up €12,416 (+56.4%), from €22,031 to €34,447
mainly Debts after one year (+€51,021) and Trade debts (+€25,385)
- Debts after one year +€51,021
up €51,021, from €0 to €51,021
of which Other amounts payable: +€51,021
- Profit (loss) carried forward -€35,545
down €35,545, from €21,922 to -€13,623
- Trade debts +€25,385
up €25,385 (+124.6%), from €20,380 to €45,765
- Tax, wage and social debts +€12,755
up €12,755 (+148.8%), from €8,574 to €21,329
of which Taxes: +€6,554
- Staff costs +€27,540
up €27,540 (+61.9%), from €44,519 to €72,059
- Gross operating margin +€16,750
up €16,750 (+59.1%), from €28,329 to €45,079
- Depreciation -€5,541
down €5,541 (-61.6%), from €8,995 to €3,454
- Other operating charges +€2,046
up €2,046 (+123.8%), from €1,654 to €3,700
- Financial charges +€1,039
up €1,039 (+263.5%), from €394 to €1,434
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,942 | €144,417 | +€52,475 | +57.1% |
| Fixed assets | 21/28 | €13,437 | €25,336 | +€11,899 | +88.5% |
| Intangible fixed assets | 21 | - | €12,451 | +€12,451 | |
| Tangible fixed assets | 22/27 | €12,267 | €11,715 | -€553 | -4.5% |
| Furniture and vehicles | 24 | €3,701 | €4,575 | +€874 | +23.6% |
| Other tangible fixed assets | 26 | €8,566 | €7,139 | -€1,427 | -16.7% |
| Financial fixed assets | 28 | €1,170 | €1,170 | = | 0.0% |
| Current assets | 29/58 | €78,505 | €119,081 | +€40,576 | +51.7% |
| Amounts receivable within one year | 40/41 | €54,861 | €83,055 | +€28,195 | +51.4% |
| Trade receivables | 40 | €52,765 | €79,947 | +€27,182 | +51.5% |
| Other amounts receivable | 41 | €2,096 | €3,109 | +€1,013 | +48.3% |
| Cash at bank and in hand | 54/58 | €22,031 | €34,447 | +€12,416 | +56.4% |
| Deferred charges and accrued income | 490/1 | €1,612 | €1,579 | -€34 | -2.1% |
| Total equity and liabilities | 10/49 | €91,942 | €144,417 | +€52,475 | +57.1% |
| Equity | 10/15 | €61,741 | €26,196 | -€35,545 | -57.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €33,619 | €33,619 | = | 0.0% |
| Distributable reserves | 133 | €33,619 | €33,619 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,922 | -€13,623 | -€35,545 | |
| Amounts payable | 17/49 | €30,201 | €118,221 | +€88,020 | +291.4% |
| Amounts payable after more than one year | 17 | €0 | €51,021 | +€51,021 | |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | - | €51,021 | +€51,021 | |
| Amounts payable within one year | 42/48 | €30,201 | €67,200 | +€36,999 | +122.5% |
| Current portion of amounts payable after more than one year | 42 | €1,141 | €0 | -€1,141 | -100.0% |
| Trade debts | 44 | €20,380 | €45,765 | +€25,385 | +124.6% |
| Suppliers | 440/4 | €20,380 | €45,765 | +€25,385 | +124.6% |
| Taxes, remuneration and social security | 45 | €8,574 | €21,329 | +€12,755 | +148.8% |
| Taxes | 450/3 | €3,522 | €10,076 | +€6,554 | +186.1% |
| Remuneration and social security | 454/9 | €5,051 | €11,252 | +€6,201 | +122.8% |
| Other amounts payable | 47/48 | €106 | €106 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €44,519 | €72,059 | +€27,540 | +61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,995 | €3,454 | -€5,541 | -61.6% |
| Other operating charges | 640/8 | €1,654 | €3,700 | +€2,046 | +123.8% |
| Gross operating margin | 9900 | €28,329 | €45,079 | +€16,750 | +59.1% |
| Operating profit (loss) | 9901 | -€26,838 | -€34,134 | -€7,296 | -27.2% |
| Financial income | 75/76B | €796 | €222 | -€574 | -72.1% |
| Recurring financial income | 75 | €796 | €222 | -€574 | -72.1% |
| Financial charges | 65/66B | €394 | €1,434 | +€1,039 | +263.5% |
| Recurring financial charges | 65 | €394 | €1,434 | +€1,039 | +263.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,436 | -€35,346 | -€8,909 | -33.7% |
| Income taxes | 67/77 | €190 | €199 | +€9 | +4.8% |
| Profit (loss) for the period | 9904 | -€26,626 | -€35,545 | -€8,919 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,626 | -€35,545 | -€8,919 | -33.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.