SEGUY: 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.
SEGUY
Largest movements
- Tangible fixed assets +€95,166
up €95,166 (+57.5%), from €165,508 to €260,675
of which Leasing and similar rights: +€107,165
- Cash -€63,013
down €63,013 (-67.9%), from €92,812 to €29,798
mainly Investment in fixed assets (net) (-€154,146) and Other debts (-€116,981)
- Receivables within one year -€34,134
down €34,134 (-13.5%), from €252,399 to €218,266
of which Trade receivables: -€121,134
- Other debts -€116,981
down €116,981 (-35.7%), from €327,456 to €210,476
- Reserves +€90,442
up €90,442 (+31.2%), from €290,084 to €380,527
- Tax, wage and social debts -€34,415
down €34,415 (-35.0%), from €98,403 to €63,988
of which Taxes: -€26,139
- Short-term financial debts +€30,205
new in 2025: €30,205
- Debts after one year +€28,264
up €28,264 (+9.1%), from €309,947 to €338,210
of which Other amounts payable: +€90,675
- Depreciation +€39,240
up €39,240 (+198.8%), from €19,740 to €58,979
- Gross operating margin +€21,687
up €21,687 (+11.4%), from €190,103 to €211,790
- Other operating charges +€3,215
up €3,215 (+21.4%), from €15,035 to €18,251
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 | €1,092,827 | €1,095,577 | +€2,750 | +0.3% |
| Fixed assets | 21/28 | €695,508 | €790,675 | +€95,166 | +13.7% |
| Tangible fixed assets | 22/27 | €165,508 | €260,675 | +€95,166 | +57.5% |
| Furniture and vehicles | 24 | €165,508 | €153,510 | -€11,998 | -7.2% |
| Leasing and similar rights | 25 | - | €107,165 | +€107,165 | |
| Financial fixed assets | 28 | €530,000 | €530,000 | = | 0.0% |
| Current assets | 29/58 | €397,318 | €304,902 | -€92,416 | -23.3% |
| Amounts receivable within one year | 40/41 | €252,399 | €218,266 | -€34,134 | -13.5% |
| Trade receivables | 40 | €232,880 | €111,747 | -€121,134 | -52.0% |
| Other amounts receivable | 41 | €19,519 | €106,519 | +€87,000 | +445.7% |
| Cash at bank and in hand | 54/58 | €92,812 | €29,798 | -€63,013 | -67.9% |
| Deferred charges and accrued income | 490/1 | €52,107 | €56,838 | +€4,731 | +9.1% |
| Total equity and liabilities | 10/49 | €1,092,827 | €1,095,577 | +€2,750 | +0.3% |
| Equity | 10/15 | €295,084 | €385,527 | +€90,442 | +30.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €290,084 | €380,527 | +€90,442 | +31.2% |
| Distributable reserves | 133 | €290,084 | €380,527 | +€90,442 | +31.2% |
| Amounts payable | 17/49 | €797,742 | €710,050 | -€87,692 | -11.0% |
| Amounts payable after more than one year | 17 | €309,947 | €338,210 | +€28,264 | +9.1% |
| Financial debts | 170/4 | €309,947 | €247,535 | -€62,412 | -20.1% |
| Other amounts payable | 178/9 | - | €90,675 | +€90,675 | |
| Amounts payable within one year | 42/48 | €487,796 | €370,729 | -€117,067 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €61,280 | €62,412 | +€1,132 | +1.8% |
| Financial debts | 43 | - | €30,205 | +€30,205 | |
| Other loans | 439 | - | €30,205 | +€30,205 | |
| Trade debts | 44 | €656 | €3,649 | +€2,993 | +456.2% |
| Suppliers | 440/4 | €656 | €3,649 | +€2,993 | +456.2% |
| Taxes, remuneration and social security | 45 | €98,403 | €63,988 | -€34,415 | -35.0% |
| Taxes | 450/3 | €90,127 | €63,988 | -€26,139 | -29.0% |
| Remuneration and social security | 454/9 | €8,276 | - | -€8,276 | |
| Other amounts payable | 47/48 | €327,456 | €210,476 | -€116,981 | -35.7% |
| Accrued charges and deferred income | 492/3 | - | €1,111 | +€1,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,740 | €58,979 | +€39,240 | +198.8% |
| Other operating charges | 640/8 | €15,035 | €18,251 | +€3,215 | +21.4% |
| Gross operating margin | 9900 | €190,103 | €211,790 | +€21,687 | +11.4% |
| Operating profit (loss) | 9901 | €155,328 | €134,560 | -€20,768 | -13.4% |
| Financial charges | 65/66B | €7,669 | €8,968 | +€1,300 | +16.9% |
| Recurring financial charges | 65 | €7,669 | €8,968 | +€1,300 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €147,659 | €125,592 | -€22,067 | -14.9% |
| Income taxes | 67/77 | €33,137 | €35,150 | +€2,013 | +6.1% |
| Profit (loss) for the period | 9904 | €114,523 | €90,442 | -€24,080 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €114,523 | €90,442 | -€24,080 | -21.0% |
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.