Segers Malko: 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 Malko
Largest movements
- Receivables within one year +€32,736
up €32,736 (+280%), from €11,678 to €44,414
of which Trade receivables: +€33,540
- Cash -€22,174
down €22,174 (-68.5%), from €32,377 to €10,203
mainly Receivables within one year (-€32,736) and Net result for the year (-€8,904)
- Trade debts +€21,007
up €21,007 (+388%), from €5,418 to €26,425
- Profit (loss) carried forward -€8,904
down €8,904 (-42.1%), from €21,131 to €12,227
- Debts after one year -€7,790
down €7,790 (-7.0%), from €112,045 to €104,256
- Advances received +€7,630
new in 2025: €7,630
- Current portion of long-term debt -€2,160
down €2,160 (-20.7%), from €10,418 to €8,258
- Gross operating margin -€31,039
down €31,039 (-86.2%), from €36,019 to €4,980
- Taxes -€5,334
no longer reported in 2025 (was €5,334)
- Depreciation +€1,188
up €1,188 (+14.4%), from €8,269 to €9,457
- Financial charges -€819
down €819 (-17.2%), from €4,753 to €3,934
- Other operating charges -€551
down €551 (-52.8%), from €1,044 to €493
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 | €163,050 | €172,833 | +€9,783 | +6.0% |
| Fixed assets | 21/28 | €118,995 | €118,216 | -€779 | -0.7% |
| Tangible fixed assets | 22/27 | €118,995 | €118,216 | -€779 | -0.7% |
| Land and buildings | 22 | €110,902 | €107,965 | -€2,937 | -2.6% |
| Plant, machinery and equipment | 23 | €3,457 | €4,681 | +€1,224 | +35.4% |
| Furniture and vehicles | 24 | €4,636 | €5,570 | +€934 | +20.1% |
| Current assets | 29/58 | €44,055 | €54,617 | +€10,562 | +24.0% |
| Amounts receivable within one year | 40/41 | €11,678 | €44,414 | +€32,736 | +280% |
| Trade receivables | 40 | €6,381 | €39,922 | +€33,540 | +526% |
| Other amounts receivable | 41 | €5,296 | €4,492 | -€805 | -15.2% |
| Cash at bank and in hand | 54/58 | €32,377 | €10,203 | -€22,174 | -68.5% |
| Total equity and liabilities | 10/49 | €163,050 | €172,833 | +€9,783 | +6.0% |
| Equity | 10/15 | €25,131 | €16,227 | -€8,904 | -35.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,131 | €12,227 | -€8,904 | -42.1% |
| Amounts payable | 17/49 | €137,918 | €156,605 | +€18,687 | +13.5% |
| Amounts payable after more than one year | 17 | €112,045 | €104,256 | -€7,790 | -7.0% |
| Financial debts | 170/4 | €112,045 | €104,256 | -€7,790 | -7.0% |
| Amounts payable within one year | 42/48 | €25,873 | €52,349 | +€26,477 | +102% |
| Current portion of amounts payable after more than one year | 42 | €10,418 | €8,258 | -€2,160 | -20.7% |
| Trade debts | 44 | €5,418 | €26,425 | +€21,007 | +388% |
| Suppliers | 440/4 | €5,418 | €26,425 | +€21,007 | +388% |
| Advances received on contracts in progress | 46 | - | €7,630 | +€7,630 | |
| Taxes, remuneration and social security | 45 | €10,034 | €10,034 | = | 0.0% |
| Taxes | 450/3 | €8,034 | €8,034 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €3 | €3 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,269 | €9,457 | +€1,188 | +14.4% |
| Other operating charges | 640/8 | €1,044 | €493 | -€551 | -52.8% |
| Gross operating margin | 9900 | €36,019 | €4,980 | -€31,039 | -86.2% |
| Operating profit (loss) | 9901 | €26,706 | -€4,970 | -€31,676 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,753 | €3,934 | -€819 | -17.2% |
| Recurring financial charges | 65 | €4,753 | €3,934 | -€819 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €21,953 | -€8,904 | -€30,857 | |
| Income taxes | 67/77 | €5,334 | - | -€5,334 | |
| Profit (loss) for the period | 9904 | €16,620 | -€8,904 | -€25,524 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,620 | -€8,904 | -€25,524 |
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 29 October 2026 via checked.be.