SEGAERT: 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.
SEGAERT
Largest movements
- Receivables within one year +€95,746
up €95,746 (+104%), from €92,080 to €187,825
of which Trade receivables: +€86,047
- Cash -€89,645
down €89,645 (-51.1%), from €175,321 to €85,676
mainly Investment in fixed assets (net) (-€550,831) and Receivables within one year (-€95,746)
- Tangible fixed assets +€53,741
up €53,741 (+2.3%), from €2.3m to €2.4m
of which Land and buildings: +€200,436
- Reserves +€46,003
up €46,003 (+7.8%), from €586,104 to €632,107
- Depreciation +€67,394
up €67,394 (+15.8%), from €425,746 to €493,140
- Gross operating margin +€53,448
up €53,448 (+9.5%), from €564,794 to €618,242
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,724,539 | €2,772,229 | +€47,690 | +1.8% |
| Fixed assets | 21/28 | €2,306,247 | €2,363,938 | +€57,691 | +2.5% |
| Tangible fixed assets | 22/27 | €2,306,067 | €2,359,808 | +€53,741 | +2.3% |
| Land and buildings | 22 | - | €200,436 | +€200,436 | |
| Plant, machinery and equipment | 23 | €746,521 | €920,093 | +€173,572 | +23.3% |
| Furniture and vehicles | 24 | €1,559,546 | €1,239,280 | -€320,266 | -20.5% |
| Financial fixed assets | 28 | €180 | €4,130 | +€3,950 | +2,194% |
| Current assets | 29/58 | €418,292 | €408,290 | -€10,002 | -2.4% |
| Stocks and contracts in progress | 3 | €150,891 | €134,789 | -€16,102 | -10.7% |
| Stocks | 30/36 | €105,280 | €104,350 | -€930 | -0.9% |
| Contracts in progress | 37 | €45,612 | €30,440 | -€15,172 | -33.3% |
| Amounts receivable within one year | 40/41 | €92,080 | €187,825 | +€95,746 | +104% |
| Trade receivables | 40 | €16,545 | €102,592 | +€86,047 | +520% |
| Other amounts receivable | 41 | €75,535 | €85,233 | +€9,698 | +12.8% |
| Cash at bank and in hand | 54/58 | €175,321 | €85,676 | -€89,645 | -51.1% |
| Total equity and liabilities | 10/49 | €2,724,539 | €2,772,229 | +€47,690 | +1.8% |
| Equity | 10/15 | €679,376 | €725,379 | +€46,003 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €586,104 | €632,107 | +€46,003 | +7.8% |
| Distributable reserves | 133 | €586,104 | €632,107 | +€46,003 | +7.8% |
| Profit (loss) carried forward | 14 | €74,672 | €74,672 | = | 0.0% |
| Amounts payable | 17/49 | €2,045,163 | €2,046,850 | +€1,687 | +0.1% |
| Amounts payable after more than one year | 17 | €1,019,066 | €1,033,382 | +€14,316 | +1.4% |
| Financial debts | 170/4 | €1,019,066 | €1,033,382 | +€14,316 | +1.4% |
| Amounts payable within one year | 42/48 | €1,026,097 | €1,013,468 | -€12,629 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €300,320 | €316,684 | +€16,364 | +5.4% |
| Trade debts | 44 | €201,634 | €179,615 | -€22,020 | -10.9% |
| Suppliers | 440/4 | €201,634 | €179,615 | -€22,020 | -10.9% |
| Taxes, remuneration and social security | 45 | €11,410 | €9,290 | -€2,120 | -18.6% |
| Taxes | 450/3 | €11,410 | €9,290 | -€2,120 | -18.6% |
| Other amounts payable | 47/48 | €512,733 | €507,879 | -€4,854 | -0.9% |
| Non-recurring operating income | 76A | €70,500 | €39,477 | -€31,023 | -44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €425,746 | €493,140 | +€67,394 | +15.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €894 | +€894 | |
| Other operating charges | 640/8 | €6,652 | €9,627 | +€2,976 | +44.7% |
| Gross operating margin | 9900 | €564,794 | €618,242 | +€53,448 | +9.5% |
| Operating profit (loss) | 9901 | €132,397 | €114,582 | -€17,815 | -13.5% |
| Financial income | 75/76B | €452 | €643 | +€191 | +42.3% |
| Recurring financial income | 75 | €452 | €643 | +€191 | +42.3% |
| Financial charges | 65/66B | €64,390 | €68,925 | +€4,534 | +7.0% |
| Recurring financial charges | 65 | €64,390 | €68,925 | +€4,534 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €68,459 | €46,300 | -€22,158 | -32.4% |
| Income taxes | 67/77 | €5,033 | €297 | -€4,735 | -94.1% |
| Profit (loss) for the period | 9904 | €63,426 | €46,003 | -€17,423 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,426 | €46,003 | -€17,423 | -27.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.