SAGREX: 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.
SAGREX
Largest movements
- Current investments +€50,000
new in 2025: €50,000
- Cash -€44,052
down €44,052 (-61.0%), from €72,181 to €28,129
mainly Current investments (-€50,000) and Investment in fixed assets (net) (-€37,333)
- Tangible fixed assets +€35,327
new in 2025: €35,327
of which Other tangible fixed assets: +€19,930
- Receivables within one year +€21,514
up €21,514 (+680.8%), from €3,160 to €24,674
- Reserves +€48,155
up €48,155 (+90.7%), from €53,082 to €101,237
- Trade debts +€10,237
up €10,237 (+1648.8%), from €621 to €10,858
- Tax, wage and social debts +€4,383
up €4,383 (+22.7%), from €19,281 to €23,664
- Gross operating margin +€22,126
up €22,126 (+54.8%), from €40,377 to €62,502
- Taxes +€3,405
up €3,405 (+41.1%), from €8,279 to €11,683
- Depreciation +€2,006
new in 2025: €2,006
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 | €76,205 | €138,638 | +€62,433 | +81.9% |
| Fixed assets | 21/28 | - | €35,327 | +€35,327 | |
| Tangible fixed assets | 22/27 | - | €35,327 | +€35,327 | |
| Furniture and vehicles | 24 | - | €15,397 | +€15,397 | |
| Other tangible fixed assets | 26 | - | €19,930 | +€19,930 | |
| Current assets | 29/58 | €76,205 | €103,311 | +€27,106 | +35.6% |
| Amounts receivable within one year | 40/41 | €3,160 | €24,674 | +€21,514 | +680.8% |
| Trade receivables | 40 | €3,160 | €24,674 | +€21,514 | +680.8% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €72,181 | €28,129 | -€44,052 | -61.0% |
| Deferred charges and accrued income | 490/1 | €863 | €507 | -€356 | -41.3% |
| Total equity and liabilities | 10/49 | €76,205 | €138,638 | +€62,433 | +81.9% |
| Equity | 10/15 | €55,082 | €103,237 | +€48,155 | +87.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €53,082 | €101,237 | +€48,155 | +90.7% |
| Distributable reserves | 133 | €53,082 | €101,237 | +€48,155 | +90.7% |
| Amounts payable | 17/49 | €21,123 | €35,401 | +€14,278 | +67.6% |
| Amounts payable within one year | 42/48 | €21,123 | €35,062 | +€13,939 | +66.0% |
| Trade debts | 44 | €621 | €10,858 | +€10,237 | +1648.8% |
| Suppliers | 440/4 | €621 | €10,858 | +€10,237 | +1648.8% |
| Taxes, remuneration and social security | 45 | €19,281 | €23,664 | +€4,383 | +22.7% |
| Taxes | 450/3 | €19,281 | €23,664 | +€4,383 | +22.7% |
| Other amounts payable | 47/48 | €1,221 | €541 | -€680 | -55.7% |
| Accrued charges and deferred income | 492/3 | €0 | €338 | +€338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,006 | +€2,006 | |
| Other operating charges | 640/8 | €675 | €585 | -€89 | -13.2% |
| Gross operating margin | 9900 | €40,377 | €62,502 | +€22,126 | +54.8% |
| Operating profit (loss) | 9901 | €39,702 | €59,911 | +€20,209 | +50.9% |
| Financial income | 75/76B | €40 | €0 | -€40 | -100.0% |
| Recurring financial income | 75 | €40 | €0 | -€40 | -100.0% |
| Financial charges | 65/66B | €108 | €73 | -€35 | -32.7% |
| Recurring financial charges | 65 | €108 | €73 | -€35 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €39,634 | €59,839 | +€20,205 | +51.0% |
| Income taxes | 67/77 | €8,279 | €11,683 | +€3,405 | +41.1% |
| Profit (loss) for the period | 9904 | €31,355 | €48,155 | +€16,800 | +53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,355 | €48,155 | +€16,800 | +53.6% |
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 1 October 2026 via checked.be.