SAGUNA: 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.
SAGUNA
Largest movements
- Tangible fixed assets -€77,766
down €77,766 (-6.0%), from €1.3m to €1.2m
of which Land and buildings: -€62,571
- Cash -€35,832
down €35,832 (-39.8%), from €90,004 to €54,172
mainly Debts after one year (-€117,659) and Current investments (-€30,000)
- Current investments +€30,000
up €30,000 (+30.0%), from €100,000 to €130,000
- Receivables within one year -€21,005
down €21,005 (-8.7%), from €240,579 to €219,574
of which Trade receivables: -€26,254
- Debts after one year -€117,659
down €117,659 (-9.1%), from €1.3m to €1.2m
of which Financial debts: -€117,659
- Reserves +€42,925
up €42,925 (+27.7%), from €154,713 to €197,638
of which Distributable reserves: +€42,925
- Tax, wage and social debts -€25,447
down €25,447 (-78.6%), from €32,365 to €6,919
- Gross operating margin -€21,589
down €21,589 (-10.0%), from €216,345 to €194,756
- Taxes -€6,728
down €6,728 (-31.2%), from €21,533 to €14,805
- Financial charges -€3,963
down €3,963 (-18.5%), from €21,439 to €17,476
- Depreciation -€3,470
down €3,470 (-4.3%), from €81,236 to €77,766
- Other operating charges -€2,653
down €2,653 (-5.6%), from €47,177 to €44,524
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 | €1,754,928 | €1,648,474 | -€106,454 | -6.1% |
| Fixed assets | 21/28 | €1,302,612 | €1,224,847 | -€77,766 | -6.0% |
| Tangible fixed assets | 22/27 | €1,302,612 | €1,224,847 | -€77,766 | -6.0% |
| Land and buildings | 22 | €1,235,994 | €1,173,423 | -€62,571 | -5.1% |
| Plant, machinery and equipment | 23 | €20,571 | €16,601 | -€3,969 | -19.3% |
| Furniture and vehicles | 24 | €46,048 | €34,822 | -€11,225 | -24.4% |
| Current assets | 29/58 | €452,316 | €423,628 | -€28,688 | -6.3% |
| Amounts receivable within one year | 40/41 | €240,579 | €219,574 | -€21,005 | -8.7% |
| Trade receivables | 40 | €197,143 | €170,888 | -€26,254 | -13.3% |
| Other amounts receivable | 41 | €43,436 | €48,685 | +€5,249 | +12.1% |
| Current investments | 50/53 | €100,000 | €130,000 | +€30,000 | +30.0% |
| Cash at bank and in hand | 54/58 | €90,004 | €54,172 | -€35,832 | -39.8% |
| Deferred charges and accrued income | 490/1 | €21,733 | €19,882 | -€1,851 | -8.5% |
| Total equity and liabilities | 10/49 | €1,754,928 | €1,648,474 | -€106,454 | -6.1% |
| Equity | 10/15 | €274,713 | €317,638 | +€42,925 | +15.6% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €154,713 | €197,638 | +€42,925 | +27.7% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Legal reserve | 130 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €142,713 | €185,638 | +€42,925 | +30.1% |
| Amounts payable | 17/49 | €1,480,215 | €1,330,836 | -€149,379 | -10.1% |
| Amounts payable after more than one year | 17 | €1,296,109 | €1,178,450 | -€117,659 | -9.1% |
| Financial debts | 170/4 | €896,109 | €778,450 | -€117,659 | -13.1% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €184,044 | €152,384 | -€31,660 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €125,644 | €127,593 | +€1,949 | +1.6% |
| Trade debts | 44 | €25,142 | €17,872 | -€7,269 | -28.9% |
| Suppliers | 440/4 | €25,142 | €17,872 | -€7,269 | -28.9% |
| Taxes, remuneration and social security | 45 | €32,365 | €6,919 | -€25,447 | -78.6% |
| Taxes | 450/3 | €32,365 | €6,919 | -€25,447 | -78.6% |
| Other amounts payable | 47/48 | €893 | - | -€893 | |
| Accrued charges and deferred income | 492/3 | €62 | €3 | -€59 | -95.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,236 | €77,766 | -€3,470 | -4.3% |
| Other operating charges | 640/8 | €47,177 | €44,524 | -€2,653 | -5.6% |
| Non-recurring operating charges | 66A | €4,756 | - | -€4,756 | |
| Gross operating margin | 9900 | €216,345 | €194,756 | -€21,589 | -10.0% |
| Operating profit (loss) | 9901 | €83,177 | €72,467 | -€10,710 | -12.9% |
| Financial income | 75/76B | €3,090 | €2,740 | -€350 | -11.3% |
| Recurring financial income | 75 | €3,090 | €2,740 | -€350 | -11.3% |
| Financial charges | 65/66B | €21,439 | €17,476 | -€3,963 | -18.5% |
| Recurring financial charges | 65 | €21,439 | €17,476 | -€3,963 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €64,828 | €57,731 | -€7,097 | -10.9% |
| Income taxes | 67/77 | €21,533 | €14,805 | -€6,728 | -31.2% |
| Profit (loss) for the period | 9904 | €43,294 | €42,925 | -€369 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,294 | €42,925 | -€369 | -0.9% |
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 8 October 2026 via checked.be.