Seghers 2.0: 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 2.0
Largest movements
- Receivables within one year +€47,573
up €47,573 (+95.3%), from €49,943 to €97,516
of which Trade receivables: +€54,977
- Tangible fixed assets +€28,549
up €28,549 (+974.2%), from €2,930 to €31,479
of which Plant, machinery and equipment: +€23,040
- Current investments -€13,604
down €13,604 (-25.1%), from €54,254 to €40,649
- Stocks and contracts +€8,593
up €8,593 (+49.1%), from €17,485 to €26,077
- Cash -€3,528
down €3,528 (-22.6%), from €15,641 to €12,113
mainly Receivables within one year (-€47,573) and Investment in fixed assets (net) (-€36,335)
- Other debts +€64,667
up €64,667 (+337.2%), from €19,179 to €83,847
- Trade debts +€18,630
up €18,630 (+1137.4%), from €1,638 to €20,267
- Reserves +€18,135
up €18,135 (+11.6%), from €156,409 to €174,544
of which Distributable reserves: +€15,635
- Current portion of long-term debt -€16,201
down €16,201 (-64.0%), from €25,319 to €9,118
- Tax, wage and social debts -€13,032
down €13,032 (-83.1%), from €15,690 to €2,658
- Write-downs +€27,713
up €27,713, from -€22,421 to €5,292
- Other operating charges -€23,373
down €23,373 (-95.0%), from €24,616 to €1,242
- Gross operating margin -€15,660
down €15,660 (-27.9%), from €56,155 to €40,495
- Taxes -€11,805
down €11,805 (-59.2%), from €19,948 to €8,143
- Depreciation +€6,878
up €6,878 (+757.4%), from €908 to €7,786
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 | €273,872 | €343,594 | +€69,722 | +25.5% |
| Fixed assets | 21/28 | €135,430 | €163,979 | +€28,549 | +21.1% |
| Tangible fixed assets | 22/27 | €2,930 | €31,479 | +€28,549 | +974.2% |
| Plant, machinery and equipment | 23 | €63 | €23,104 | +€23,040 | +36404.5% |
| Furniture and vehicles | 24 | €2,867 | €8,376 | +€5,508 | +192.1% |
| Financial fixed assets | 28 | €132,500 | €132,500 | = | 0.0% |
| Current assets | 29/58 | €138,442 | €179,615 | +€41,173 | +29.7% |
| Stocks and contracts in progress | 3 | €17,485 | €26,077 | +€8,593 | +49.1% |
| Stocks | 30/36 | €17,485 | €26,077 | +€8,593 | +49.1% |
| Amounts receivable within one year | 40/41 | €49,943 | €97,516 | +€47,573 | +95.3% |
| Trade receivables | 40 | €39,913 | €94,890 | +€54,977 | +137.7% |
| Other amounts receivable | 41 | €10,029 | €2,626 | -€7,404 | -73.8% |
| Current investments | 50/53 | €54,254 | €40,649 | -€13,604 | -25.1% |
| Cash at bank and in hand | 54/58 | €15,641 | €12,113 | -€3,528 | -22.6% |
| Deferred charges and accrued income | 490/1 | €1,120 | €3,260 | +€2,139 | +191.0% |
| Total equity and liabilities | 10/49 | €273,872 | €343,594 | +€69,722 | +25.5% |
| Equity | 10/15 | €181,409 | €199,544 | +€18,135 | +10.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €156,409 | €174,544 | +€18,135 | +11.6% |
| Non-distributable reserves | 130/1 | - | €2,500 | +€2,500 | |
| Reserves not available under the articles | 1311 | - | €2,500 | +€2,500 | |
| Distributable reserves | 133 | €156,409 | €172,044 | +€15,635 | +10.0% |
| Amounts payable | 17/49 | €92,464 | €144,050 | +€51,587 | +55.8% |
| Amounts payable after more than one year | 17 | €28,267 | €25,000 | -€3,267 | -11.6% |
| Financial debts | 170/4 | €28,267 | €25,000 | -€3,267 | -11.6% |
| Amounts payable within one year | 42/48 | €61,827 | €115,890 | +€54,064 | +87.4% |
| Current portion of amounts payable after more than one year | 42 | €25,319 | €9,118 | -€16,201 | -64.0% |
| Trade debts | 44 | €1,638 | €20,267 | +€18,630 | +1137.4% |
| Suppliers | 440/4 | €1,638 | €20,267 | +€18,630 | +1137.4% |
| Taxes, remuneration and social security | 45 | €15,690 | €2,658 | -€13,032 | -83.1% |
| Taxes | 450/3 | €15,690 | €2,658 | -€13,032 | -83.1% |
| Other amounts payable | 47/48 | €19,179 | €83,847 | +€64,667 | +337.2% |
| Accrued charges and deferred income | 492/3 | €2,370 | €3,160 | +€790 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €908 | €7,786 | +€6,878 | +757.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€22,421 | €5,292 | +€27,713 | |
| Other operating charges | 640/8 | €24,616 | €1,242 | -€23,373 | -95.0% |
| Gross operating margin | 9900 | €56,155 | €40,495 | -€15,660 | -27.9% |
| Operating profit (loss) | 9901 | €53,052 | €26,174 | -€26,878 | -50.7% |
| Financial income | 75/76B | €7,361 | €6,291 | -€1,071 | -14.5% |
| Recurring financial income | 75 | €7,361 | €6,291 | -€1,071 | -14.5% |
| Financial charges | 65/66B | €4,695 | €6,186 | +€1,491 | +31.8% |
| Recurring financial charges | 65 | €4,695 | €6,186 | +€1,491 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €55,719 | €26,278 | -€29,440 | -52.8% |
| Income taxes | 67/77 | €19,948 | €8,143 | -€11,805 | -59.2% |
| Profit (loss) for the period | 9904 | €35,771 | €18,135 | -€17,636 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,771 | €18,135 | -€17,636 | -49.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.