SAGRAS: 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.
SAGRAS
Largest movements
- Receivables within one year -€10,537
down €10,537 (-87.5%), from €12,037 to €1,500
of which Trade receivables: -€10,500
- Deferred charges and accrued income +€7,000
new in 2025: €7,000
- Cash -€6,326
down €6,326 (-21.2%), from €29,810 to €23,484
mainly Investment in fixed assets (net) (-€9,045) and Net result for the year (-€8,383)
- Intangible fixed assets -€2,000
down €2,000 (-11.1%), from €18,000 to €16,000
- Tangible fixed assets +€1,856
up €1,856 (+9.2%), from €20,287 to €22,143
of which Plant, machinery and equipment: +€5,499
- Reserves -€8,383
down €8,383 (-28.6%), from €29,290 to €20,907
- Other debts +€3,958
up €3,958 (+352.7%), from €1,122 to €5,080
- Debts after one year -€3,931
down €3,931 (-17.8%), from €22,041 to €18,109
of which Financial debts: -€3,931
- Tax, wage and social debts -€2,210
down €2,210 (-62.8%), from €3,522 to €1,312
- Gross operating margin +€8,310
up €8,310, from -€6,399 to €1,910
- Depreciation +€221
up €221 (+2.5%), from €8,967 to €9,189
- Financial charges +€187
up €187 (+15.6%), from €1,199 to €1,386
- Financial income +€160
up €160 (+130.2%), from €123 to €283
- Taxes +€118
up €118, from -€117 to €1
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 | €80,133 | €70,127 | -€10,006 | -12.5% |
| Fixed assets | 21/28 | €38,287 | €38,143 | -€144 | -0.4% |
| Intangible fixed assets | 21 | €18,000 | €16,000 | -€2,000 | -11.1% |
| Tangible fixed assets | 22/27 | €20,287 | €22,143 | +€1,856 | +9.2% |
| Plant, machinery and equipment | 23 | €4,580 | €10,080 | +€5,499 | +120.1% |
| Furniture and vehicles | 24 | €322 | €46 | -€276 | -85.8% |
| Other tangible fixed assets | 26 | €15,384 | €12,018 | -€3,367 | -21.9% |
| Current assets | 29/58 | €41,847 | €31,984 | -€9,862 | -23.6% |
| Amounts receivable within one year | 40/41 | €12,037 | €1,500 | -€10,537 | -87.5% |
| Trade receivables | 40 | €12,000 | €1,500 | -€10,500 | -87.5% |
| Other amounts receivable | 41 | €37 | €0 | -€37 | -100.0% |
| Cash at bank and in hand | 54/58 | €29,810 | €23,484 | -€6,326 | -21.2% |
| Deferred charges and accrued income | 490/1 | - | €7,000 | +€7,000 | |
| Total equity and liabilities | 10/49 | €80,133 | €70,127 | -€10,006 | -12.5% |
| Equity | 10/15 | €49,750 | €41,367 | -€8,383 | -16.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €29,290 | €20,907 | -€8,383 | -28.6% |
| Distributable reserves | 133 | €29,290 | €20,907 | -€8,383 | -28.6% |
| Amounts payable | 17/49 | €30,383 | €28,760 | -€1,623 | -5.3% |
| Amounts payable after more than one year | 17 | €22,041 | €18,109 | -€3,931 | -17.8% |
| Financial debts | 170/4 | €13,491 | €9,559 | -€3,931 | -29.1% |
| Other amounts payable | 178/9 | €8,550 | €8,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,343 | €10,651 | +€2,309 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €3,657 | €3,931 | +€274 | +7.5% |
| Trade debts | 44 | €41 | €328 | +€287 | +701.0% |
| Suppliers | 440/4 | €41 | €328 | +€287 | +701.0% |
| Taxes, remuneration and social security | 45 | €3,522 | €1,312 | -€2,210 | -62.8% |
| Taxes | 450/3 | €3,522 | €1,312 | -€2,210 | -62.8% |
| Other amounts payable | 47/48 | €1,122 | €5,080 | +€3,958 | +352.7% |
| Non-recurring operating income | 76A | €1,811 | €0 | -€1,811 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,967 | €9,189 | +€221 | +2.5% |
| Non-recurring operating charges | 66A | €42 | €0 | -€42 | -100.0% |
| Gross operating margin | 9900 | -€6,399 | €1,910 | +€8,310 | |
| Operating profit (loss) | 9901 | -€15,409 | -€7,278 | +€8,130 | +52.8% |
| Financial income | 75/76B | €123 | €283 | +€160 | +130.2% |
| Recurring financial income | 75 | €123 | €283 | +€160 | +130.2% |
| Financial charges | 65/66B | €1,199 | €1,386 | +€187 | +15.6% |
| Recurring financial charges | 65 | €1,199 | €1,386 | +€187 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,485 | -€8,382 | +€8,103 | +49.2% |
| Income taxes | 67/77 | -€117 | €1 | +€118 | |
| Profit (loss) for the period | 9904 | -€16,368 | -€8,383 | +€7,985 | +48.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,368 | -€8,383 | +€7,985 | +48.8% |
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 8 October 2026 via checked.be.