Von Saigo: 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.
Von Saigo
Largest movements
- Stocks and contracts -€115,600
down €115,600 (-65.9%), from €175,414 to €59,814
- Cash -€80,096
down €80,096 (-96.4%), from €83,079 to €2,983
mainly Net result for the year (-€123,601) and Trade debts (-€40,550)
- Receivables within one year +€15,758
up €15,758 (+29.4%), from €53,520 to €69,278
of which Trade receivables: +€10,675
- Tangible fixed assets -€10,720
down €10,720 (-71.3%), from €15,037 to €4,317
- Profit (loss) carried forward -€123,601
down €123,601 (-26.6%), from -€464,073 to -€587,674
- Trade debts -€40,550
down €40,550 (-91.6%), from €44,281 to €3,732
- Other debts -€11,430
down €11,430 (-2.8%), from €410,095 to €398,665
- Current portion of long-term debt -€6,666
down €6,666 (-57.9%), from €11,508 to €4,842
- Debts after one year -€4,842
no longer reported in 2025 (was €4,842)
- Gross operating margin -€77,444
down €77,444 (-230%), from -€33,703 to -€111,146
- Staff costs -€17,471
no longer reported in 2025 (was €17,471)
- Write-downs +€7,810
up €7,810, from -€6,600 to €1,210
- Financial charges -€5,077
down €5,077 (-91.6%), from €5,541 to €464
of which Non-recurring financial charges: -€4,909
- Other operating charges -€1,899
down €1,899 (-96.9%), from €1,960 to €61
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 | €327,551 | €136,893 | -€190,658 | -58.2% |
| Fixed assets | 21/28 | €15,537 | €4,817 | -€10,720 | -69.0% |
| Tangible fixed assets | 22/27 | €15,037 | €4,317 | -€10,720 | -71.3% |
| Furniture and vehicles | 24 | €15,037 | €4,317 | -€10,720 | -71.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €312,013 | €132,076 | -€179,938 | -57.7% |
| Stocks and contracts in progress | 3 | €175,414 | €59,814 | -€115,600 | -65.9% |
| Stocks | 30/36 | €175,414 | €59,814 | -€115,600 | -65.9% |
| Amounts receivable within one year | 40/41 | €53,520 | €69,278 | +€15,758 | +29.4% |
| Trade receivables | 40 | €52,058 | €62,734 | +€10,675 | +20.5% |
| Other amounts receivable | 41 | €1,462 | €6,545 | +€5,083 | +348% |
| Cash at bank and in hand | 54/58 | €83,079 | €2,983 | -€80,096 | -96.4% |
| Total equity and liabilities | 10/49 | €327,551 | €136,893 | -€190,658 | -58.2% |
| Equity | 10/15 | -€147,014 | -€270,615 | -€123,601 | -84.1% |
| Contributions | 10/11 | €317,059 | €317,059 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€464,073 | -€587,674 | -€123,601 | -26.6% |
| Amounts payable | 17/49 | €474,565 | €407,508 | -€67,057 | -14.1% |
| Amounts payable after more than one year | 17 | €4,842 | - | -€4,842 | |
| Financial debts | 170/4 | €4,842 | - | -€4,842 | |
| Amounts payable within one year | 42/48 | €469,722 | €407,508 | -€62,214 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €11,508 | €4,842 | -€6,666 | -57.9% |
| Trade debts | 44 | €44,281 | €3,732 | -€40,550 | -91.6% |
| Suppliers | 440/4 | €44,281 | €3,732 | -€40,550 | -91.6% |
| Advances received on contracts in progress | 46 | €745 | €269 | -€476 | -63.9% |
| Taxes, remuneration and social security | 45 | €3,094 | - | -€3,094 | |
| Taxes | 450/3 | €30 | - | -€30 | |
| Remuneration and social security | 454/9 | €3,063 | - | -€3,063 | |
| Other amounts payable | 47/48 | €410,095 | €398,665 | -€11,430 | -2.8% |
| Remuneration, social security and pensions | 62 | €17,471 | - | -€17,471 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,225 | €10,720 | -€505 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,600 | €1,210 | +€7,810 | |
| Other operating charges | 640/8 | €1,960 | €61 | -€1,899 | -96.9% |
| Gross operating margin | 9900 | -€33,703 | -€111,146 | -€77,444 | -230% |
| Operating profit (loss) | 9901 | -€57,758 | -€123,137 | -€65,379 | -113% |
| Financial charges | 65/66B | €5,541 | €464 | -€5,077 | -91.6% |
| Recurring financial charges | 65 | €632 | €464 | -€168 | -26.6% |
| Non-recurring financial charges | 66B | €4,909 | - | -€4,909 | |
| Profit (loss) for the period before taxes | 9903 | -€63,299 | -€123,601 | -€60,302 | -95.3% |
| Profit (loss) for the period | 9904 | -€63,299 | -€123,601 | -€60,302 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,299 | -€123,601 | -€60,302 | -95.3% |
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 17 October 2026 via checked.be.