SEGHERS: 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.
SEGHERS
Largest movements
- Receivables within one year +€39,460
up €39,460 (+91.6%), from €43,101 to €82,561
of which Trade receivables: +€27,383
- Tangible fixed assets +€22,945
up €22,945 (+39.5%), from €58,100 to €81,045
of which Furniture and vehicles: +€35,430
- Cash -€6,514
down €6,514 (-4.9%), from €132,341 to €125,827
mainly Investment in fixed assets (net) (-€40,968) and Receivables within one year (-€39,460)
- Trade debts +€29,225
up €29,225 (+365.5%), from €7,995 to €37,220
- Reserves +€15,699
up €15,699 (+8.0%), from €195,389 to €211,088
of which Distributable reserves: +€15,699
- Debts after one year +€8,505
up €8,505 (+17.7%), from €47,963 to €56,468
- Gross operating margin +€9,584
up €9,584 (+27.4%), from €34,983 to €44,567
- Depreciation -€5,791
down €5,791 (-24.3%), from €23,813 to €18,023
- Taxes +€3,507
up €3,507 (+160.2%), from €2,189 to €5,696
- Financial income +€760
up €760 (+84.6%), from €899 to €1,658
- Other operating charges +€513
up €513 (+56.5%), from €908 to €1,421
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 | €291,273 | €349,743 | +€58,470 | +20.1% |
| Fixed assets | 21/28 | €58,530 | €81,475 | +€22,945 | +39.2% |
| Tangible fixed assets | 22/27 | €58,100 | €81,045 | +€22,945 | +39.5% |
| Land and buildings | 22 | €45,736 | €35,573 | -€10,164 | -22.2% |
| Furniture and vehicles | 24 | €6,370 | €41,800 | +€35,430 | +556.2% |
| Other tangible fixed assets | 26 | €5,994 | €3,672 | -€2,321 | -38.7% |
| Financial fixed assets | 28 | €430 | €430 | = | 0.0% |
| Current assets | 29/58 | €232,743 | €268,268 | +€35,525 | +15.3% |
| Stocks and contracts in progress | 3 | €2,060 | €4,473 | +€2,413 | +117.2% |
| Stocks | 30/36 | €2,060 | €4,473 | +€2,413 | +117.2% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €43,101 | €82,561 | +€39,460 | +91.6% |
| Trade receivables | 40 | €23,328 | €50,712 | +€27,383 | +117.4% |
| Other amounts receivable | 41 | €19,773 | €31,850 | +€12,077 | +61.1% |
| Current investments | 50/53 | €53,630 | €53,630 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €132,341 | €125,827 | -€6,514 | -4.9% |
| Deferred charges and accrued income | 490/1 | €1,612 | €1,778 | +€166 | +10.3% |
| Total equity and liabilities | 10/49 | €291,273 | €349,743 | +€58,470 | +20.1% |
| Equity | 10/15 | €213,989 | €229,688 | +€15,699 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,389 | €211,088 | +€15,699 | +8.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €10,888 | €10,888 | = | 0.0% |
| Distributable reserves | 133 | €184,501 | €200,200 | +€15,699 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €77,283 | €120,055 | +€42,771 | +55.3% |
| Amounts payable after more than one year | 17 | €47,963 | €56,468 | +€8,505 | +17.7% |
| Financial debts | 170/4 | €47,963 | €56,468 | +€8,505 | +17.7% |
| Amounts payable within one year | 42/48 | €29,320 | €63,226 | +€33,906 | +115.6% |
| Current portion of amounts payable after more than one year | 42 | €15,706 | €16,495 | +€790 | +5.0% |
| Trade debts | 44 | €7,995 | €37,220 | +€29,225 | +365.5% |
| Suppliers | 440/4 | €7,995 | €37,220 | +€29,225 | +365.5% |
| Advances received on contracts in progress | 46 | €500 | €1,000 | +€500 | +100.0% |
| Taxes, remuneration and social security | 45 | €1,052 | €1,052 | = | 0.0% |
| Taxes | 450/3 | €1,052 | €1,052 | = | 0.0% |
| Other amounts payable | 47/48 | €4,067 | €7,458 | +€3,391 | +83.4% |
| Accrued charges and deferred income | 492/3 | €0 | €361 | +€361 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,813 | €18,023 | -€5,791 | -24.3% |
| Other operating charges | 640/8 | €908 | €1,421 | +€513 | +56.5% |
| Gross operating margin | 9900 | €34,983 | €44,567 | +€9,584 | +27.4% |
| Operating profit (loss) | 9901 | €10,262 | €25,123 | +€14,862 | +144.8% |
| Financial income | 75/76B | €899 | €1,658 | +€760 | +84.6% |
| Recurring financial income | 75 | €899 | €1,658 | +€760 | +84.6% |
| Financial charges | 65/66B | €4,017 | €3,721 | -€296 | -7.4% |
| Recurring financial charges | 65 | €4,017 | €3,721 | -€296 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €7,143 | €23,061 | +€15,918 | +222.8% |
| Income taxes | 67/77 | €2,189 | €5,696 | +€3,507 | +160.2% |
| Profit (loss) for the period | 9904 | €4,954 | €17,365 | +€12,411 | +250.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,954 | €17,365 | +€12,411 | +250.5% |
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 12 October 2026 via checked.be.