SAGSO: what changed
Two financial 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.
SAGSO
Largest movements
- Tangible fixed assets -€40,608
down €40,608 (-3.5%), from €1.2m to €1.1m
of which Land and buildings: -€33,943
- Cash -€15,884
down €15,884 (-93.9%), from €16,912 to €1,029
mainly Debts after one year (-€45,084) and Receivables within one year (-€13,065)
- Receivables within one year +€13,065
up €13,065 (+221.9%), from €5,887 to €18,952
- Debts after one year -€45,084
down €45,084 (-4.9%), from €924,499 to €879,416
- Depreciation -€30,273
down €30,273 (-42.0%), from €72,043 to €41,770
- Financial charges +€29,488
up €29,488 (+2526.4%), from €1,167 to €30,655
- Other operating charges +€8,302
up €8,302 (+856.1%), from €970 to €9,272
- Taxes -€3,217
down €3,217 (-53.1%), from €6,058 to €2,840
- Financial income -€2,348
no longer reported in 2025 (was €2,348)
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 | €1,182,554 | €1,139,409 | -€43,145 | -3.6% |
| Fixed assets | 21/28 | €1,158,309 | €1,117,701 | -€40,608 | -3.5% |
| Tangible fixed assets | 22/27 | €1,158,309 | €1,117,701 | -€40,608 | -3.5% |
| Land and buildings | 22 | €1,137,337 | €1,103,394 | -€33,943 | -3.0% |
| Plant, machinery and equipment | 23 | €12,833 | €9,318 | -€3,516 | -27.4% |
| Other tangible fixed assets | 26 | €8,139 | €4,989 | -€3,149 | -38.7% |
| Current assets | 29/58 | €24,245 | €21,708 | -€2,538 | -10.5% |
| Amounts receivable within one year | 40/41 | €5,887 | €18,952 | +€13,065 | +221.9% |
| Other amounts receivable | 41 | €5,887 | €18,952 | +€13,065 | +221.9% |
| Cash at bank and in hand | 54/58 | €16,912 | €1,029 | -€15,884 | -93.9% |
| Deferred charges and accrued income | 490/1 | €1,446 | €1,727 | +€281 | +19.4% |
| Total equity and liabilities | 10/49 | €1,182,554 | €1,139,409 | -€43,145 | -3.6% |
| Equity | 10/15 | €122,222 | €129,176 | +€6,954 | +5.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €122,122 | €129,076 | +€6,954 | +5.7% |
| Distributable reserves | 133 | €122,122 | €129,076 | +€6,954 | +5.7% |
| Amounts payable | 17/49 | €1,060,332 | €1,010,233 | -€50,099 | -4.7% |
| Amounts payable after more than one year | 17 | €924,499 | €879,416 | -€45,084 | -4.9% |
| Financial debts | 170/4 | €924,499 | €879,416 | -€45,084 | -4.9% |
| Amounts payable within one year | 42/48 | €135,833 | €130,817 | -€5,016 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €43,501 | €45,084 | +€1,583 | +3.6% |
| Trade debts | 44 | €2,012 | €2,506 | +€494 | +24.6% |
| Suppliers | 440/4 | €2,012 | €2,506 | +€494 | +24.6% |
| Advances received on contracts in progress | 46 | €60,500 | €60,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €313 | - | -€313 | |
| Remuneration and social security | 454/9 | €313 | - | -€313 | |
| Other amounts payable | 47/48 | €29,507 | €22,728 | -€6,780 | -23.0% |
| Remuneration, social security and pensions | 62 | €890 | €679 | -€211 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,043 | €41,770 | -€30,273 | -42.0% |
| Other operating charges | 640/8 | €970 | €9,272 | +€8,302 | +856.1% |
| Gross operating margin | 9900 | €93,445 | €92,171 | -€1,275 | -1.4% |
| Operating profit (loss) | 9901 | €19,542 | €40,450 | +€20,908 | +107.0% |
| Financial income | 75/76B | €2,348 | - | -€2,348 | |
| Recurring financial income | 75 | €2,348 | - | -€2,348 | |
| Financial charges | 65/66B | €1,167 | €30,655 | +€29,488 | +2526.4% |
| Recurring financial charges | 65 | €1,167 | €30,655 | +€29,488 | +2526.4% |
| Profit (loss) for the period before taxes | 9903 | €20,723 | €9,794 | -€10,928 | -52.7% |
| Income taxes | 67/77 | €6,058 | €2,840 | -€3,217 | -53.1% |
| Profit (loss) for the period | 9904 | €14,665 | €6,954 | -€7,711 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,665 | €6,954 | -€7,711 | -52.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.