SEGO: what changed
Two fiscal 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
- Tangible fixed assets +€183,249
up €183,249 (+49.5%), from €370,199 to €553,449
of which Land and buildings: +€199,009
- Debts after one year +€109,914
up €109,914 (+114.6%), from €95,948 to €205,862
- Other debts +€62,000
up €62,000 (+70.2%), from €88,333 to €150,333
- Revaluation surpluses -€16,858
down €16,858 (-5.9%), from €283,859 to €267,002
- Reserves +€16,858
up €16,858 (+31.5%), from €53,467 to €70,324
of which Distributable reserves: +€16,858
- Current portion of long-term debt +€7,230
up €7,230 (+24.8%), from €29,202 to €36,433
- Gross operating margin +€10,375
up €10,375 (+20.4%), from €50,893 to €61,268
- Depreciation -€4,494
down €4,494 (-10.9%), from €41,164 to €36,670
- Financial charges +€3,249
up €3,249 (+49.6%), from €6,549 to €9,797
- Other operating charges +€2,616
up €2,616 (+52.0%), from €5,035 to €7,651
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 | €377,839 | €565,345 | +€187,506 | +49.6% |
| Fixed assets | 21/28 | €370,449 | €553,699 | +€183,249 | +49.5% |
| Tangible fixed assets | 22/27 | €370,199 | €553,449 | +€183,249 | +49.5% |
| Land and buildings | 22 | €345,243 | €544,253 | +€199,009 | +57.6% |
| Furniture and vehicles | 24 | €14,934 | €1,844 | -€13,090 | -87.7% |
| Other tangible fixed assets | 26 | €10,022 | €7,352 | -€2,670 | -26.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €7,390 | €11,646 | +€4,256 | +57.6% |
| Amounts receivable within one year | 40/41 | €690 | €790 | +€100 | +14.5% |
| Trade receivables | 40 | €690 | €790 | +€100 | +14.5% |
| Cash at bank and in hand | 54/58 | €6,700 | €10,856 | +€4,156 | +62.0% |
| Total equity and liabilities | 10/49 | €377,839 | €565,345 | +€187,506 | +49.6% |
| Equity | 10/15 | €159,520 | €166,596 | +€7,076 | +4.4% |
| Contributions | 10/11 | €88,600 | €88,600 | = | 0.0% |
| Revaluation surpluses | 12 | €283,859 | €267,002 | -€16,858 | -5.9% |
| Reserves | 13 | €53,467 | €70,324 | +€16,858 | +31.5% |
| Non-distributable reserves | 130/1 | €168 | €168 | = | 0.0% |
| Reserves not available under the articles | 1311 | €168 | €168 | = | 0.0% |
| Distributable reserves | 133 | €53,299 | €70,156 | +€16,858 | +31.6% |
| Profit (loss) carried forward | 14 | -€266,406 | -€259,330 | +€7,076 | +2.7% |
| Amounts payable | 17/49 | €218,319 | €398,749 | +€180,430 | +82.6% |
| Amounts payable after more than one year | 17 | €95,948 | €205,862 | +€109,914 | +114.6% |
| Financial debts | 170/4 | €95,948 | €205,862 | +€109,914 | +114.6% |
| Amounts payable within one year | 42/48 | €122,371 | €192,887 | +€70,516 | +57.6% |
| Current portion of amounts payable after more than one year | 42 | €29,202 | €36,433 | +€7,230 | +24.8% |
| Trade debts | 44 | €4,835 | €6,121 | +€1,286 | +26.6% |
| Suppliers | 440/4 | €4,835 | €6,121 | +€1,286 | +26.6% |
| Other amounts payable | 47/48 | €88,333 | €150,333 | +€62,000 | +70.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,164 | €36,670 | -€4,494 | -10.9% |
| Other operating charges | 640/8 | €5,035 | €7,651 | +€2,616 | +52.0% |
| Gross operating margin | 9900 | €50,893 | €61,268 | +€10,375 | +20.4% |
| Operating profit (loss) | 9901 | €4,695 | €16,947 | +€12,252 | +261.0% |
| Financial charges | 65/66B | €6,549 | €9,797 | +€3,249 | +49.6% |
| Recurring financial charges | 65 | €6,549 | €9,797 | +€3,249 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,854 | €7,150 | +€9,003 | |
| Income taxes | 67/77 | €47 | €74 | +€27 | +57.4% |
| Profit (loss) for the period | 9904 | -€1,901 | €7,076 | +€8,976 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,901 | €7,076 | +€8,976 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.