Sagres: 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.
Sagres
Largest movements
- Tangible fixed assets -€2,899
down €2,899 (-20.1%), from €14,392 to €11,493
of which Plant, machinery and equipment: -€2,324
- Receivables within one year +€2,060
new in 2025: €2,060
- Cash -€968
down €968 (-4.3%), from €22,673 to €21,706
mainly Other debts (-€9,870) and Trade debts (-€3,251)
- Other debts -€9,870
down €9,870 (-86.9%), from €11,355 to €1,485
- Reserves +€9,400
up €9,400 (+505.4%), from €1,860 to €11,260
- Trade debts -€3,251
down €3,251 (-57.1%), from €5,692 to €2,441
- Tax, wage and social debts +€1,882
up €1,882 (+21.7%), from €8,669 to €10,551
of which Remuneration and social security: +€1,111
- Gross operating margin +€22,822
up €22,822 (+23.7%), from €96,204 to €119,026
- Staff costs +€13,105
up €13,105 (+14.9%), from €87,953 to €101,058
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 | €45,613 | €43,824 | -€1,789 | -3.9% |
| Fixed assets | 21/28 | €14,466 | €11,567 | -€2,899 | -20.0% |
| Tangible fixed assets | 22/27 | €14,392 | €11,493 | -€2,899 | -20.1% |
| Plant, machinery and equipment | 23 | €7,767 | €5,443 | -€2,324 | -29.9% |
| Furniture and vehicles | 24 | €131 | €44 | -€86 | -66.1% |
| Other tangible fixed assets | 26 | €6,494 | €6,006 | -€489 | -7.5% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €31,147 | €32,257 | +€1,110 | +3.6% |
| Stocks and contracts in progress | 3 | €8,474 | €8,491 | +€17 | +0.2% |
| Stocks | 30/36 | €8,474 | €8,491 | +€17 | +0.2% |
| Amounts receivable within one year | 40/41 | - | €2,060 | +€2,060 | |
| Other amounts receivable | 41 | - | €2,060 | +€2,060 | |
| Cash at bank and in hand | 54/58 | €22,673 | €21,706 | -€968 | -4.3% |
| Total equity and liabilities | 10/49 | €45,613 | €43,824 | -€1,789 | -3.9% |
| Equity | 10/15 | €19,896 | €29,346 | +€9,450 | +47.5% |
| Contributions | 10/11 | €13,642 | €13,642 | = | 0.0% |
| Outside capital | 11 | €13,642 | €13,642 | = | 0.0% |
| Share premium | 1100/10 | €13,642 | €13,642 | = | 0.0% |
| Reserves | 13 | €1,860 | €11,260 | +€9,400 | +505.4% |
| Distributable reserves | 133 | €1,860 | €11,260 | +€9,400 | +505.4% |
| Profit (loss) carried forward | 14 | €4,394 | €4,444 | +€50 | +1.1% |
| Amounts payable | 17/49 | €25,717 | €14,478 | -€11,239 | -43.7% |
| Amounts payable within one year | 42/48 | €25,717 | €14,478 | -€11,239 | -43.7% |
| Trade debts | 44 | €5,692 | €2,441 | -€3,251 | -57.1% |
| Suppliers | 440/4 | €5,692 | €2,441 | -€3,251 | -57.1% |
| Taxes, remuneration and social security | 45 | €8,669 | €10,551 | +€1,882 | +21.7% |
| Taxes | 450/3 | €2,870 | €3,640 | +€771 | +26.9% |
| Remuneration and social security | 454/9 | €5,799 | €6,911 | +€1,111 | +19.2% |
| Other amounts payable | 47/48 | €11,355 | €1,485 | -€9,870 | -86.9% |
| Remuneration, social security and pensions | 62 | €87,953 | €101,058 | +€13,105 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,185 | €5,624 | -€561 | -9.1% |
| Other operating charges | 640/8 | €1,082 | €1,315 | +€234 | +21.6% |
| Gross operating margin | 9900 | €96,204 | €119,026 | +€22,822 | +23.7% |
| Operating profit (loss) | 9901 | €985 | €11,029 | +€10,044 | +1019.9% |
| Financial charges | 65/66B | €780 | €639 | -€141 | -18.1% |
| Recurring financial charges | 65 | €780 | €639 | -€141 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €205 | €10,390 | +€10,185 | +4977.7% |
| Income taxes | 67/77 | - | €940 | +€940 | |
| Profit (loss) for the period | 9904 | €205 | €9,450 | +€9,245 | +4518.3% |
| Profit (loss) for the period to be appropriated | 9905 | €205 | €9,450 | +€9,245 | +4518.3% |
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 5 October 2026 via checked.be.