SEGO: 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.
SEGO
Largest movements
- Cash +€615,338
up €615,338 (+75.1%), from €819,375 to €1.4m
mainly Receivables within one year (+€450,016) and Net result for the year (+€140,341)
- Receivables within one year -€450,016
down €450,016 (-92.7%), from €485,442 to €35,426
of which Other amounts receivable: -€450,016
- Profit (loss) carried forward +€140,341
up €140,341 (+17.8%), from €789,739 to €930,080
- Gross operating margin -€44,339
down €44,339 (-14.8%), from €299,127 to €254,788
- Taxes -€32,142
down €32,142 (-39.9%), from €80,470 to €48,328
- Financial charges +€15,125
up €15,125, from -€8,791 to €6,334
- Financial income -€11,373
down €11,373 (-67.1%), from €16,946 to €5,573
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 | €2,754,470 | €2,896,794 | +€142,324 | +5.2% |
| Fixed assets | 21/28 | €997,141 | €984,943 | -€12,198 | -1.2% |
| Tangible fixed assets | 22/27 | €997,141 | €984,943 | -€12,198 | -1.2% |
| Land and buildings | 22 | €995,227 | €983,269 | -€11,958 | -1.2% |
| Plant, machinery and equipment | 23 | €1,913 | €1,673 | -€240 | -12.5% |
| Current assets | 29/58 | €1,757,329 | €1,911,851 | +€154,522 | +8.8% |
| Amounts receivable within one year | 40/41 | €485,442 | €35,426 | -€450,016 | -92.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €485,442 | €35,426 | -€450,016 | -92.7% |
| Current investments | 50/53 | €445,937 | €440,527 | -€5,410 | -1.2% |
| Cash at bank and in hand | 54/58 | €819,375 | €1,434,713 | +€615,338 | +75.1% |
| Deferred charges and accrued income | 490/1 | €6,575 | €1,185 | -€5,390 | -82.0% |
| Total equity and liabilities | 10/49 | €2,754,470 | €2,896,794 | +€142,324 | +5.2% |
| Equity | 10/15 | €2,731,956 | €2,872,297 | +€140,341 | +5.1% |
| Contributions | 10/11 | €1,375,000 | €1,375,000 | = | 0.0% |
| Reserves | 13 | €567,217 | €567,217 | = | 0.0% |
| Distributable reserves | 133 | €567,217 | €567,217 | = | 0.0% |
| Profit (loss) carried forward | 14 | €789,739 | €930,080 | +€140,341 | +17.8% |
| Amounts payable | 17/49 | €22,514 | €24,497 | +€1,984 | +8.8% |
| Amounts payable within one year | 42/48 | €22,514 | €24,497 | +€1,984 | +8.8% |
| Trade debts | 44 | €0 | €21,975 | +€21,975 | |
| Suppliers | 440/4 | €0 | €21,975 | +€21,975 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €22,514 | €2,522 | -€19,991 | -88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,778 | €21,874 | -€2,904 | -11.7% |
| Other operating charges | 640/8 | €42,161 | €43,485 | +€1,324 | +3.1% |
| Gross operating margin | 9900 | €299,127 | €254,788 | -€44,339 | -14.8% |
| Operating profit (loss) | 9901 | €232,189 | €189,430 | -€42,759 | -18.4% |
| Financial income | 75/76B | €16,946 | €5,573 | -€11,373 | -67.1% |
| Recurring financial income | 75 | €16,946 | €5,573 | -€11,373 | -67.1% |
| Financial charges | 65/66B | -€8,791 | €6,334 | +€15,125 | |
| Recurring financial charges | 65 | -€8,791 | €6,334 | +€15,125 | |
| Profit (loss) for the period before taxes | 9903 | €257,925 | €188,668 | -€69,257 | -26.9% |
| Income taxes | 67/77 | €80,470 | €48,328 | -€32,142 | -39.9% |
| Profit (loss) for the period | 9904 | €177,455 | €140,341 | -€37,115 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €177,455 | €140,341 | -€37,115 | -20.9% |
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 16 October 2026 via checked.be.