SEGERS: 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.
SEGERS
Largest movements
- Cash +€112,000
up €112,000 (+40.4%), from €277,559 to €389,559
mainly Depreciation (+€176,131) and Net result for the year (+€93,324)
- Tangible fixed assets -€87,649
down €87,649 (-10.7%), from €819,451 to €731,802
of which Plant, machinery and equipment: -€77,209
- Receivables within one year +€25,382
up €25,382 (+164%), from €15,479 to €40,861
of which Other amounts receivable: +€29,814
- Reserves +€90,000
up €90,000 (+125%), from €72,000 to €162,000
- Debts after one year -€69,867
down €69,867 (-29.6%), from €236,212 to €166,345
- Other debts +€51,600
up €51,600 (+68.6%), from €75,204 to €126,804
- Current portion of long-term debt -€14,716
down €14,716 (-16.7%), from €88,032 to €73,316
- Taxes +€7,507
up €7,507 (+23.1%), from €32,493 to €40,000
- Staff costs -€7,370
down €7,370 (-3.9%), from €189,350 to €181,980
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 | €1,181,395 | €1,226,951 | +€45,556 | +3.9% |
| Fixed assets | 21/28 | €819,451 | €731,802 | -€87,649 | -10.7% |
| Tangible fixed assets | 22/27 | €819,451 | €731,802 | -€87,649 | -10.7% |
| Plant, machinery and equipment | 23 | €467,752 | €390,543 | -€77,209 | -16.5% |
| Leasing and similar rights | 25 | €22,952 | €10,967 | -€11,985 | -52.2% |
| Other tangible fixed assets | 26 | €328,747 | €330,292 | +€1,545 | +0.5% |
| Current assets | 29/58 | €361,944 | €495,149 | +€133,205 | +36.8% |
| Amounts receivable after more than one year | 29 | €12,006 | €12,006 | = | 0.0% |
| Trade receivables | 290 | - | €12,006 | +€12,006 | |
| Other amounts receivable | 291 | €12,006 | - | -€12,006 | |
| Stocks and contracts in progress | 3 | €40,960 | €38,818 | -€2,142 | -5.2% |
| Stocks | 30/36 | €40,960 | €38,818 | -€2,142 | -5.2% |
| Amounts receivable within one year | 40/41 | €15,479 | €40,861 | +€25,382 | +164% |
| Trade receivables | 40 | €12,588 | €8,156 | -€4,432 | -35.2% |
| Other amounts receivable | 41 | €2,891 | €32,705 | +€29,814 | +1,031% |
| Cash at bank and in hand | 54/58 | €277,559 | €389,559 | +€112,000 | +40.4% |
| Deferred charges and accrued income | 490/1 | €15,940 | €13,905 | -€2,035 | -12.8% |
| Total equity and liabilities | 10/49 | €1,181,395 | €1,226,951 | +€45,556 | +3.9% |
| Equity | 10/15 | €710,907 | €802,565 | +€91,658 | +12.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €72,000 | €162,000 | +€90,000 | +125% |
| Distributable reserves | 133 | €72,000 | €162,000 | +€90,000 | +125% |
| Profit (loss) carried forward | 14 | €618,907 | €620,565 | +€1,658 | +0.3% |
| Amounts payable | 17/49 | €470,488 | €424,386 | -€46,102 | -9.8% |
| Amounts payable after more than one year | 17 | €236,212 | €166,345 | -€69,867 | -29.6% |
| Financial debts | 170/4 | €236,212 | €166,345 | -€69,867 | -29.6% |
| Amounts payable within one year | 42/48 | €229,464 | €252,731 | +€23,267 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €88,032 | €73,316 | -€14,716 | -16.7% |
| Trade debts | 44 | €29,094 | €21,229 | -€7,865 | -27.0% |
| Suppliers | 440/4 | €29,094 | €21,229 | -€7,865 | -27.0% |
| Advances received on contracts in progress | 46 | €417 | €441 | +€24 | +5.8% |
| Taxes, remuneration and social security | 45 | €36,717 | €30,941 | -€5,776 | -15.7% |
| Taxes | 450/3 | €4,645 | €2,189 | -€2,456 | -52.9% |
| Remuneration and social security | 454/9 | €32,072 | €28,752 | -€3,320 | -10.4% |
| Other amounts payable | 47/48 | €75,204 | €126,804 | +€51,600 | +68.6% |
| Accrued charges and deferred income | 492/3 | €4,812 | €5,310 | +€498 | +10.3% |
| Remuneration, social security and pensions | 62 | €189,350 | €181,980 | -€7,370 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,540 | €176,131 | +€4,591 | +2.7% |
| Other operating charges | 640/8 | €2,778 | €3,569 | +€791 | +28.5% |
| Gross operating margin | 9900 | €485,844 | €487,767 | +€1,923 | +0.4% |
| Operating profit (loss) | 9901 | €122,176 | €126,087 | +€3,911 | +3.2% |
| Financial income | 75/76B | €19,183 | €17,782 | -€1,401 | -7.3% |
| Recurring financial income | 75 | €2,654 | €7,877 | +€5,223 | +197% |
| Non-recurring financial income | 76B | €16,529 | €9,905 | -€6,624 | -40.1% |
| Financial charges | 65/66B | €12,366 | €10,545 | -€1,821 | -14.7% |
| Recurring financial charges | 65 | €11,122 | €10,283 | -€839 | -7.5% |
| Non-recurring financial charges | 66B | €1,244 | €262 | -€982 | -78.9% |
| Profit (loss) for the period before taxes | 9903 | €128,993 | €133,324 | +€4,331 | +3.4% |
| Income taxes | 67/77 | €32,493 | €40,000 | +€7,507 | +23.1% |
| Profit (loss) for the period | 9904 | €96,500 | €93,324 | -€3,176 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €96,500 | €93,324 | -€3,176 | -3.3% |
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 15 October 2026 via checked.be.