SEGECO: 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.
SEGECO
Largest movements
- Cash +€39,653
up €39,653 (+54.4%), from €72,941 to €112,594
mainly Net result for the year (+€29,344) and Receivables within one year (+€14,660)
- Receivables within one year -€14,660
down €14,660 (-18.4%), from €79,827 to €65,166
of which Other amounts receivable: -€18,768
- Tangible fixed assets -€12,183
down €12,183 (-8.8%), from €138,883 to €126,700
of which Land and buildings: -€10,197
- Reserves +€29,344
up €29,344 (+1,578%), from €1,860 to €31,204
of which Distributable reserves: +€29,344
- Debts after one year -€11,336
down €11,336 (-10.1%), from €112,368 to €101,032
- Trade debts -€4,208
down €4,208 (-27.9%), from €15,065 to €10,857
- Gross operating margin +€37,029
up €37,029 (+47.8%), from €77,451 to €114,480
- Staff costs +€27,305
up €27,305 (+84.1%), from €32,466 to €59,771
- Other operating charges -€4,477
down €4,477 (-84.1%), from €5,324 to €846
- Write-downs +€4,387
no longer reported in 2025 (was -€4,387)
- Taxes +€1,518
up €1,518 (+19.9%), from €7,643 to €9,162
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €293,870 | €305,198 | +€11,329 | +3.9% |
| Fixed assets | 21/28 | €139,150 | €126,967 | -€12,183 | -8.8% |
| Tangible fixed assets | 22/27 | €138,883 | €126,700 | -€12,183 | -8.8% |
| Land and buildings | 22 | €129,619 | €119,422 | -€10,197 | -7.9% |
| Plant, machinery and equipment | 23 | €458 | €229 | -€229 | -50.0% |
| Furniture and vehicles | 24 | €1,453 | €137 | -€1,316 | -90.6% |
| Assets under construction and advance payments | 27 | €7,354 | €6,913 | -€441 | -6.0% |
| Financial fixed assets | 28 | €267 | €267 | = | 0.0% |
| Current assets | 29/58 | €154,720 | €178,232 | +€23,511 | +15.2% |
| Amounts receivable within one year | 40/41 | €79,827 | €65,166 | -€14,660 | -18.4% |
| Trade receivables | 40 | €61,059 | €65,166 | +€4,107 | +6.7% |
| Other amounts receivable | 41 | €18,768 | - | -€18,768 | |
| Cash at bank and in hand | 54/58 | €72,941 | €112,594 | +€39,653 | +54.4% |
| Deferred charges and accrued income | 490/1 | €1,953 | €472 | -€1,481 | -75.8% |
| Total equity and liabilities | 10/49 | €293,870 | €305,198 | +€11,329 | +3.9% |
| Equity | 10/15 | €137,768 | €167,111 | +€29,344 | +21.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €31,204 | +€29,344 | +1,578% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €29,344 | +€29,344 | |
| Profit (loss) carried forward | 14 | €117,308 | €117,308 | = | 0.0% |
| Provisions and deferred taxes | 16 | €4,005 | €1,805 | -€2,200 | -54.9% |
| Provisions for liabilities and charges | 160/5 | €4,005 | €1,805 | -€2,200 | -54.9% |
| Major repairs and maintenance | 162 | €4,005 | €1,805 | -€2,200 | -54.9% |
| Amounts payable | 17/49 | €152,098 | €136,282 | -€15,815 | -10.4% |
| Amounts payable after more than one year | 17 | €112,368 | €101,032 | -€11,336 | -10.1% |
| Financial debts | 170/4 | €112,368 | €101,032 | -€11,336 | -10.1% |
| Amounts payable within one year | 42/48 | €39,730 | €35,158 | -€4,572 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €11,070 | €11,336 | +€266 | +2.4% |
| Trade debts | 44 | €15,065 | €10,857 | -€4,208 | -27.9% |
| Suppliers | 440/4 | €15,065 | €10,857 | -€4,208 | -27.9% |
| Taxes, remuneration and social security | 45 | €13,594 | €12,965 | -€629 | -4.6% |
| Taxes | 450/3 | €11,801 | €10,759 | -€1,042 | -8.8% |
| Remuneration and social security | 454/9 | €1,793 | €2,206 | +€412 | +23.0% |
| Accrued charges and deferred income | 492/3 | - | €93 | +€93 | |
| Remuneration, social security and pensions | 62 | €32,466 | €59,771 | +€27,305 | +84.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,167 | €12,183 | -€984 | -7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,387 | - | +€4,387 | |
| Other operating charges | 640/8 | €5,324 | €846 | -€4,477 | -84.1% |
| Non-recurring operating charges | 66A | - | €300 | +€300 | |
| Gross operating margin | 9900 | €77,451 | €114,480 | +€37,029 | +47.8% |
| Operating profit (loss) | 9901 | €30,881 | €41,380 | +€10,499 | +34.0% |
| Financial income | 75/76B | €192 | €442 | +€250 | +130% |
| Recurring financial income | 75 | €192 | €442 | +€250 | +130% |
| Financial charges | 65/66B | €3,610 | €3,316 | -€294 | -8.1% |
| Recurring financial charges | 65 | €3,610 | €3,316 | -€294 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €27,463 | €38,505 | +€11,042 | +40.2% |
| Income taxes | 67/77 | €7,643 | €9,162 | +€1,518 | +19.9% |
| Profit (loss) for the period | 9904 | €19,820 | €29,344 | +€9,524 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,820 | €29,344 | +€9,524 | +48.1% |
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 18 October 2026 via checked.be.