SEGOREX: 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.
SEGOREX
Largest movements
- Tangible fixed assets -€239,815
down €239,815 (-68.1%), from €352,045 to €112,230
of which Land and buildings: -€255,440
- Receivables within one year +€48,354
up €48,354 (+45.2%), from €106,962 to €155,316
of which Trade receivables: +€31,258
- Cash -€35,217
down €35,217 (-82.0%), from €42,946 to €7,729
mainly Contributions, distributions and other (-€330,429) and Receivables within one year (-€48,354)
- Financial fixed assets +€16,200
new in 2025: €16,200
- Deferred charges and accrued income +€14,833
up €14,833 (+218.1%), from €6,801 to €21,634
- Reserves -€309,842
down €309,842 (-68.7%), from €450,818 to €140,976
of which Distributable reserves: -€283,751
- Short-term financial debts +€75,702
up €75,702 (+1761.4%), from €4,298 to €80,000
- Other debts +€42,617
new in 2025: €42,617
- Trade debts +€22,271
up €22,271 (+23.6%), from €94,506 to €116,777
- Debts after one year -€16,762
down €16,762 (-23.9%), from €69,991 to €53,229
- Staff costs +€125,449
up €125,449 (+40.7%), from €308,044 to €433,493
- Gross operating margin +€44,077
up €44,077 (+9.5%), from €465,964 to €510,041
- Taxes -€16,939
down €16,939 (-85.4%), from €19,827 to €2,888
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 | €704,628 | €510,408 | -€194,220 | -27.6% |
| Fixed assets | 21/28 | €375,819 | €142,684 | -€233,135 | -62.0% |
| Intangible fixed assets | 21 | €23,774 | €14,254 | -€9,520 | -40.0% |
| Tangible fixed assets | 22/27 | €352,045 | €112,230 | -€239,815 | -68.1% |
| Land and buildings | 22 | €255,440 | €0 | -€255,440 | -100.0% |
| Plant, machinery and equipment | 23 | €553 | €20,321 | +€19,768 | +3577.5% |
| Furniture and vehicles | 24 | €76,552 | €91,909 | +€15,357 | +20.1% |
| Assets under construction and advance payments | 27 | €19,500 | €0 | -€19,500 | -100.0% |
| Financial fixed assets | 28 | - | €16,200 | +€16,200 | |
| Current assets | 29/58 | €328,809 | €367,725 | +€38,915 | +11.8% |
| Stocks and contracts in progress | 3 | €172,100 | €183,045 | +€10,945 | +6.4% |
| Stocks | 30/36 | €172,100 | €183,045 | +€10,945 | +6.4% |
| Amounts receivable within one year | 40/41 | €106,962 | €155,316 | +€48,354 | +45.2% |
| Trade receivables | 40 | €98,827 | €130,086 | +€31,258 | +31.6% |
| Other amounts receivable | 41 | €8,135 | €25,231 | +€17,096 | +210.2% |
| Cash at bank and in hand | 54/58 | €42,946 | €7,729 | -€35,217 | -82.0% |
| Deferred charges and accrued income | 490/1 | €6,801 | €21,634 | +€14,833 | +218.1% |
| Total equity and liabilities | 10/49 | €704,628 | €510,408 | -€194,220 | -27.6% |
| Equity | 10/15 | €469,418 | €148,484 | -€320,934 | -68.4% |
| Contributions | 10/11 | €18,600 | €7,508 | -€11,092 | -59.6% |
| Reserves | 13 | €450,818 | €140,976 | -€309,842 | -68.7% |
| Tax-exempt reserves | 132 | €43,750 | €17,659 | -€26,091 | -59.6% |
| Distributable reserves | 133 | €407,068 | €123,317 | -€283,751 | -69.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €235,210 | €361,925 | +€126,714 | +53.9% |
| Amounts payable after more than one year | 17 | €69,991 | €53,229 | -€16,762 | -23.9% |
| Financial debts | 170/4 | €69,991 | €53,229 | -€16,762 | -23.9% |
| Amounts payable within one year | 42/48 | €155,237 | €301,488 | +€146,251 | +94.2% |
| Current portion of amounts payable after more than one year | 42 | €21,297 | €30,577 | +€9,280 | +43.6% |
| Financial debts | 43 | €4,298 | €80,000 | +€75,702 | +1761.4% |
| Credit institutions | 430/8 | €4,298 | €80,000 | +€75,702 | +1761.4% |
| Trade debts | 44 | €94,506 | €116,777 | +€22,271 | +23.6% |
| Suppliers | 440/4 | €94,506 | €116,777 | +€22,271 | +23.6% |
| Taxes, remuneration and social security | 45 | €35,136 | €31,516 | -€3,619 | -10.3% |
| Taxes | 450/3 | €13,092 | €0 | -€13,092 | -100.0% |
| Remuneration and social security | 454/9 | €22,044 | €31,516 | +€9,473 | +43.0% |
| Other amounts payable | 47/48 | - | €42,617 | +€42,617 | |
| Accrued charges and deferred income | 492/3 | €9,983 | €7,208 | -€2,775 | -27.8% |
| Remuneration, social security and pensions | 62 | €308,044 | €433,493 | +€125,449 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,422 | €47,964 | -€3,457 | -6.7% |
| Other operating charges | 640/8 | €6,520 | €8,107 | +€1,587 | +24.3% |
| Gross operating margin | 9900 | €465,964 | €510,041 | +€44,077 | +9.5% |
| Operating profit (loss) | 9901 | €99,978 | €20,476 | -€79,501 | -79.5% |
| Financial income | 75/76B | €3,382 | €3,118 | -€264 | -7.8% |
| Recurring financial income | 75 | €3,382 | €3,118 | -€264 | -7.8% |
| Financial charges | 65/66B | €15,736 | €11,211 | -€4,525 | -28.8% |
| Recurring financial charges | 65 | €15,736 | €11,211 | -€4,525 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €87,624 | €12,383 | -€75,241 | -85.9% |
| Income taxes | 67/77 | €19,827 | €2,888 | -€16,939 | -85.4% |
| Profit (loss) for the period | 9904 | €67,797 | €9,495 | -€58,302 | -86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,797 | €9,495 | -€58,302 | -86.0% |
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 11 October 2026 via checked.be.