SEGERS: 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.
SEGERS
Largest movements
- Tangible fixed assets +€407,634
up €407,634 (+25.3%), from €1.6m to €2.0m
of which Furniture and vehicles: +€223,865
- Receivables within one year +€219,429
up €219,429 (+40.2%), from €545,984 to €765,413
of which Trade receivables: +€205,200
- Cash -€97,347
down €97,347 (-25.2%), from €386,528 to €289,181
mainly Investment in fixed assets (net) (-€841,758) and Receivables within one year (-€219,429)
- Trade debts +€229,381
up €229,381 (+185.0%), from €123,986 to €353,367
- Debts after one year +€227,631
up €227,631 (+27.2%), from €835,690 to €1.1m
- Current portion of long-term debt +€82,921
up €82,921 (+35.4%), from €234,073 to €316,994
- Depreciation +€99,155
up €99,155 (+29.2%), from €339,053 to €438,208
- Other operating charges -€90,852
down €90,852 (-78.8%), from €115,257 to €24,404
- Gross operating margin +€70,678
up €70,678 (+4.1%), from €1.7m to €1.8m
- Staff costs +€68,275
up €68,275 (+5.8%), from €1.2m to €1.2m
- Taxes -€19,058
down €19,058 (-72.3%), from €26,363 to €7,306
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 | €2,618,477 | €3,154,820 | +€536,344 | +20.5% |
| Fixed assets | 21/28 | €1,618,016 | €2,021,565 | +€403,550 | +24.9% |
| Intangible fixed assets | 21 | €7,227 | €3,142 | -€4,085 | -56.5% |
| Tangible fixed assets | 22/27 | €1,610,789 | €2,018,423 | +€407,634 | +25.3% |
| Plant, machinery and equipment | 23 | €15,159 | €31,608 | +€16,449 | +108.5% |
| Furniture and vehicles | 24 | €724,463 | €948,328 | +€223,865 | +30.9% |
| Leasing and similar rights | 25 | €871,167 | €1,038,487 | +€167,320 | +19.2% |
| Current assets | 29/58 | €1,000,461 | €1,133,255 | +€132,794 | +13.3% |
| Stocks and contracts in progress | 3 | €50,755 | €58,971 | +€8,215 | +16.2% |
| Stocks | 30/36 | €50,755 | €58,971 | +€8,215 | +16.2% |
| Amounts receivable within one year | 40/41 | €545,984 | €765,413 | +€219,429 | +40.2% |
| Trade receivables | 40 | €526,311 | €731,511 | +€205,200 | +39.0% |
| Other amounts receivable | 41 | €19,673 | €33,902 | +€14,229 | +72.3% |
| Cash at bank and in hand | 54/58 | €386,528 | €289,181 | -€97,347 | -25.2% |
| Deferred charges and accrued income | 490/1 | €17,193 | €19,690 | +€2,497 | +14.5% |
| Total equity and liabilities | 10/49 | €2,618,477 | €3,154,820 | +€536,344 | +20.5% |
| Equity | 10/15 | €1,185,300 | €1,183,972 | -€1,327 | -0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,166,708 | €1,165,380 | -€1,327 | -0.1% |
| Tax-exempt reserves | 132 | €88,343 | €72,754 | -€15,589 | -17.6% |
| Distributable reserves | 133 | €1,078,365 | €1,092,627 | +€14,262 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €15,589 | €10,393 | -€5,196 | -33.3% |
| Deferred taxes | 168 | €15,589 | €10,393 | -€5,196 | -33.3% |
| Amounts payable | 17/49 | €1,417,588 | €1,960,455 | +€542,867 | +38.3% |
| Amounts payable after more than one year | 17 | €835,690 | €1,063,321 | +€227,631 | +27.2% |
| Financial debts | 170/4 | €835,690 | €1,063,321 | +€227,631 | +27.2% |
| Amounts payable within one year | 42/48 | €566,899 | €897,135 | +€330,236 | +58.3% |
| Current portion of amounts payable after more than one year | 42 | €234,073 | €316,994 | +€82,921 | +35.4% |
| Trade debts | 44 | €123,986 | €353,367 | +€229,381 | +185.0% |
| Suppliers | 440/4 | €123,986 | €353,367 | +€229,381 | +185.0% |
| Taxes, remuneration and social security | 45 | €156,206 | €186,774 | +€30,568 | +19.6% |
| Taxes | 450/3 | €21,109 | €20,032 | -€1,076 | -5.1% |
| Remuneration and social security | 454/9 | €135,098 | €166,742 | +€31,644 | +23.4% |
| Other amounts payable | 47/48 | €52,633 | €40,000 | -€12,633 | -24.0% |
| Accrued charges and deferred income | 492/3 | €15,000 | €0 | -€15,000 | -100.0% |
| Non-recurring operating income | 76A | - | €10,500 | +€10,500 | |
| Remuneration, social security and pensions | 62 | €1,176,019 | €1,244,294 | +€68,275 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €339,053 | €438,208 | +€99,155 | +29.2% |
| Other operating charges | 640/8 | €115,257 | €24,404 | -€90,852 | -78.8% |
| Non-recurring operating charges | 66A | €80 | €0 | -€80 | -100.0% |
| Gross operating margin | 9900 | €1,717,075 | €1,787,753 | +€70,678 | +4.1% |
| Operating profit (loss) | 9901 | €86,666 | €80,846 | -€5,820 | -6.7% |
| Financial income | 75/76B | €239 | €104 | -€135 | -56.3% |
| Recurring financial income | 75 | €239 | €104 | -€135 | -56.3% |
| Financial charges | 65/66B | €24,584 | €40,168 | +€15,584 | +63.4% |
| Recurring financial charges | 65 | €24,584 | €40,168 | +€15,584 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | €62,321 | €40,782 | -€21,539 | -34.6% |
| Transfer from deferred taxes | 780 | €5,196 | €5,196 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €26,363 | €7,306 | -€19,058 | -72.3% |
| Profit (loss) for the period | 9904 | €41,154 | €38,673 | -€2,482 | -6.0% |
| Transfer from tax-exempt reserves | 789 | €15,589 | €15,589 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €56,743 | €54,262 | -€2,482 | -4.4% |
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 2 October 2026 via checked.be.