SEGERS MICHEL: 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 MICHEL
Largest movements
- Receivables within one year -€19,854
down €19,854 (-97.5%), from €20,371 to €517
of which Trade receivables: -€17,538
- Cash +€14,590
up €14,590 (+59.0%), from €24,728 to €39,318
mainly Receivables within one year (+€19,854) and Depreciation (+€1,942)
- Tangible fixed assets -€1,942
down €1,942 (-67.6%), from €2,873 to €930
- Deferred charges and accrued income -€520
no longer reported in 2025 (was €520)
- Profit (loss) carried forward -€7,746
down €7,746 (-114%), from -€6,822 to -€14,569
- Gross operating margin -€3,232
down €3,232 (-154%), from -€2,092 to -€5,324
- Financial charges -€2,874
down €2,874 (-97.7%), from €2,941 to €67
- Depreciation -€841
down €841 (-30.2%), from €2,783 to €1,942
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 | €50,831 | €43,012 | -€7,819 | -15.4% |
| Fixed assets | 21/28 | €2,873 | €930 | -€1,942 | -67.6% |
| Tangible fixed assets | 22/27 | €2,873 | €930 | -€1,942 | -67.6% |
| Plant, machinery and equipment | 23 | €2,873 | €930 | -€1,942 | -67.6% |
| Current assets | 29/58 | €47,958 | €42,082 | -€5,877 | -12.3% |
| Stocks and contracts in progress | 3 | €2,340 | €2,247 | -€93 | -4.0% |
| Stocks | 30/36 | €2,340 | €2,247 | -€93 | -4.0% |
| Amounts receivable within one year | 40/41 | €20,371 | €517 | -€19,854 | -97.5% |
| Trade receivables | 40 | €18,010 | €473 | -€17,538 | -97.4% |
| Other amounts receivable | 41 | €2,361 | €44 | -€2,316 | -98.1% |
| Cash at bank and in hand | 54/58 | €24,728 | €39,318 | +€14,590 | +59.0% |
| Deferred charges and accrued income | 490/1 | €520 | - | -€520 | |
| Total equity and liabilities | 10/49 | €50,831 | €43,012 | -€7,819 | -15.4% |
| Equity | 10/15 | €17,118 | €9,371 | -€7,746 | -45.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,340 | €5,340 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,480 | €3,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,822 | -€14,569 | -€7,746 | -114% |
| Amounts payable | 17/49 | €33,713 | €33,641 | -€73 | -0.2% |
| Amounts payable after more than one year | 17 | €32,700 | €32,700 | = | 0.0% |
| Other amounts payable | 178/9 | €32,700 | €32,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,006 | €941 | -€64 | -6.4% |
| Trade debts | 44 | €1,006 | €762 | -€244 | -24.2% |
| Suppliers | 440/4 | €1,006 | €762 | -€244 | -24.2% |
| Taxes, remuneration and social security | 45 | - | €179 | +€179 | |
| Taxes | 450/3 | - | €179 | +€179 | |
| Accrued charges and deferred income | 492/3 | €8 | - | -€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,783 | €1,942 | -€841 | -30.2% |
| Other operating charges | 640/8 | €590 | €561 | -€29 | -4.9% |
| Gross operating margin | 9900 | -€2,092 | -€5,324 | -€3,232 | -154% |
| Operating profit (loss) | 9901 | -€5,465 | -€7,828 | -€2,363 | -43.2% |
| Financial income | 75/76B | €99 | €148 | +€50 | +50.5% |
| Recurring financial income | 75 | €99 | €148 | +€50 | +50.5% |
| Financial charges | 65/66B | €2,941 | €67 | -€2,874 | -97.7% |
| Recurring financial charges | 65 | €2,941 | €67 | -€2,874 | -97.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,307 | -€7,746 | +€561 | +6.8% |
| Profit (loss) for the period | 9904 | -€8,307 | -€7,746 | +€561 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,307 | -€7,746 | +€561 | +6.8% |
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 22 October 2026 via checked.be.