SEGASANA: 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.
What changed
SEGASANA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.6m
2024 · -€3.1m+€8.7m
Equity
€318.7m
2024 · €313.1m+€5.6m
Cash
€4.1m
2024 · €742,135+€3.3m
Balance sheet total
€325.1m
2024 · €323.0m+€2.1m
Largest movements
Assets
- Current investments -€3.6m
down €3.6m (-3.1%), from €113.7m to €110.1m
- Cash +€3.3m
up €3.3m (+451%), from €742,135 to €4.1m
mainly Net result for the year (+€5.6m) and Current investments (+€3.6m)
Equity and liabilities
- Profit (loss) carried forward +€5.6m
up €5.6m, from -€3.7m to €1.9m
- Accrued charges and deferred income -€3.5m
no longer reported in 2025 (was €3.5m)
Income statement
- Taxes -€5.2m
down €5.2m (-58.4%), from €8.9m to €3.7m
of which Taxes: -€5.2m
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.
Result 2024
-€3.1m
Other operating charges
-€402
Other operating items
+€1.3m
Financial income
+€47,987
Financial charges
+€2.1m
Taxes
+€5.2m
Result 2025
€5.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€224,162
Investment
+€3.6m
Financing
€0
Cash 2024
€742,135
From operations (derived)
-€224,162
Net result for the year
+€5.6m
Deferred charges and accrued income
-€2.3m
Trade debts
-€88,321
Tax, wage and social debts
+€35,435
Other debts
+€100
Accrued charges and deferred income
-€3.5m
Investment (derived)
+€3.6m
Current investments
+€3.6m
Cash 2025
€4.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €322,991,490 | €325,085,721 | +€2.1m | +0.6% |
| Current assets | 29/58 | €322,991,489 | €325,085,721 | +€2.1m | +0.6% |
| Amounts receivable after more than one year | 29 | €193,950,000 | €193,950,000 | = | 0.0% |
| Other amounts receivable | 291 | €193,950,000 | €193,950,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,690,798 | €1,690,798 | = | 0.0% |
| Other amounts receivable | 41 | €1,690,798 | €1,690,798 | = | 0.0% |
| Current investments | 50/53 | €113,691,323 | €110,121,489 | -€3.6m | -3.1% |
| Other investments | 51/53 | €113,691,323 | €110,121,489 | -€3.6m | -3.1% |
| Cash at bank and in hand | 54/58 | €742,135 | €4,087,807 | +€3.3m | +451% |
| Deferred charges and accrued income | 490/1 | €12,917,234 | €15,235,627 | +€2.3m | +17.9% |
| Total equity and liabilities | 10/49 | €322,991,490 | €325,085,721 | +€2.1m | +0.6% |
| Equity | 10/15 | €313,058,759 | €318,671,822 | +€5.6m | +1.8% |
| Contributions | 10/11 | €288,505,729 | €288,505,729 | = | 0.0% |
| Capital | 10 | €288,505,729 | €288,505,729 | = | 0.0% |
| Issued capital | 100 | €288,505,729 | €288,505,729 | = | 0.0% |
| Reserves | 13 | €28,267,451 | €28,267,451 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,267,451 | €28,267,451 | = | 0.0% |
| Other | 1319 | €28,267,451 | €28,267,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,714,421 | €1,898,642 | +€5.6m | |
| Amounts payable | 17/49 | €9,932,731 | €6,413,899 | -€3.5m | -35.4% |
| Amounts payable within one year | 42/48 | €6,466,685 | €6,413,899 | -€52,786 | -0.8% |
| Trade debts | 44 | €116,885 | €28,564 | -€88,321 | -75.6% |
| Suppliers | 440/4 | €116,885 | €28,564 | -€88,321 | -75.6% |
| Taxes, remuneration and social security | 45 | €6,349,800 | €6,385,235 | +€35,435 | +0.6% |
| Taxes | 450/3 | €6,349,800 | €6,385,235 | +€35,435 | +0.6% |
| Other amounts payable | 47/48 | - | €100 | +€100 | |
| Accrued charges and deferred income | 492/3 | €3,466,046 | - | -€3.5m | |
| Operating income | 70/76A | €259,208 | - | -€259,208 | |
| Other operating income | 74 | €259,208 | - | -€259,208 | |
| Operating charges | 60/66A | €2,314,646 | €743,862 | -€1.6m | -67.9% |
| Services and other goods | 61 | €598,774 | €743,460 | +€144,686 | +24.2% |
| Other operating charges | 640/8 | - | €402 | +€402 | |
| Non-recurring operating charges | 66A | €1,715,872 | - | -€1.7m | |
| Operating profit (loss) | 9901 | -€2,055,438 | -€743,862 | +€1.3m | +63.8% |
| Financial income | 75/76B | €15,059,324 | €15,107,311 | +€47,987 | +0.3% |
| Recurring financial income | 75 | €15,059,324 | €15,107,311 | +€47,987 | +0.3% |
| Income from financial fixed assets | 750 | - | €547,772 | +€547,772 | |
| Income from current assets | 751 | €6,292,551 | €6,003,583 | -€288,968 | -4.6% |
| Other financial income | 752/9 | €8,766,773 | €8,555,956 | -€210,817 | -2.4% |
| Financial charges | 65/66B | €7,145,957 | €5,039,218 | -€2.1m | -29.5% |
| Recurring financial charges | 65 | €6,882,413 | €5,039,218 | -€1.8m | -26.8% |
| Debt charges | 650 | €5,542,534 | €3,477,337 | -€2.1m | -37.3% |
| Other financial charges | 652/9 | €1,339,879 | €1,561,881 | +€222,002 | +16.6% |
| Non-recurring financial charges | 66B | €263,544 | - | -€263,544 | |
| Profit (loss) for the period before taxes | 9903 | €5,857,929 | €9,324,231 | +€3.5m | +59.2% |
| Income taxes | 67/77 | €8,928,758 | €3,711,168 | -€5.2m | -58.4% |
| Taxes | 670/3 | €8,928,758 | €3,766,654 | -€5.2m | -57.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €55,486 | +€55,486 | |
| Profit (loss) for the period | 9904 | -€3,070,829 | €5,613,063 | +€8.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,070,829 | €5,613,063 | +€8.7m |
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 30 October 2026 via checked.be.