ANGELO SALAMONE: 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.
ANGELO SALAMONE
Largest movements
- Stocks and contracts -€108,900
down €108,900 (-63.9%), from €170,385 to €61,485
- Receivables within one year -€92,081
down €92,081 (-32.2%), from €286,128 to €194,046
of which Other amounts receivable: -€88,812
- Cash -€67,044
down €67,044 (-46.4%), from €144,411 to €77,367
mainly Debts after one year (-€175,202) and Trade debts (-€102,208)
- Tangible fixed assets -€23,673
down €23,673 (-3.1%), from €770,917 to €747,244
- Deferred charges and accrued income +€17,486
up €17,486 (+92.9%), from €18,820 to €36,306
- Debts after one year -€175,202
down €175,202 (-21.3%), from €823,013 to €647,811
- Trade debts -€102,208
down €102,208 (-38.5%), from €265,667 to €163,460
- Other debts -€24,993
down €24,993 (-25.5%), from €97,837 to €72,843
- Gross operating margin -€455,621
down €455,621 (-73.7%), from €618,471 to €162,850
- Depreciation -€189,429
down €189,429 (-82.7%), from €229,062 to €39,632
- Taxes -€76,487
down €76,487, from €56,162 to -€20,325
- Other operating charges -€46,327
down €46,327 (-70.6%), from €65,614 to €19,287
- Financial charges -€23,776
down €23,776 (-31.6%), from €75,281 to €51,505
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 | €1,578,932 | €1,289,761 | -€289,171 | -18.3% |
| Fixed assets | 21/28 | €959,189 | €920,556 | -€38,632 | -4.0% |
| Intangible fixed assets | 21 | €188,193 | €172,234 | -€15,959 | -8.5% |
| Tangible fixed assets | 22/27 | €770,917 | €747,244 | -€23,673 | -3.1% |
| Land and buildings | 22 | €174,861 | €169,388 | -€5,474 | -3.1% |
| Plant, machinery and equipment | 23 | €57,768 | €48,946 | -€8,822 | -15.3% |
| Furniture and vehicles | 24 | €30,708 | €21,330 | -€9,378 | -30.5% |
| Leasing and similar rights | 25 | €507,581 | €507,581 | = | 0.0% |
| Financial fixed assets | 28 | €79 | €1,079 | +€1,000 | +1,266% |
| Current assets | 29/58 | €619,743 | €369,205 | -€250,539 | -40.4% |
| Stocks and contracts in progress | 3 | €170,385 | €61,485 | -€108,900 | -63.9% |
| Stocks | 30/36 | €170,385 | €61,485 | -€108,900 | -63.9% |
| Amounts receivable within one year | 40/41 | €286,128 | €194,046 | -€92,081 | -32.2% |
| Trade receivables | 40 | €197,316 | €194,046 | -€3,270 | -1.7% |
| Other amounts receivable | 41 | €88,812 | - | -€88,812 | |
| Cash at bank and in hand | 54/58 | €144,411 | €77,367 | -€67,044 | -46.4% |
| Deferred charges and accrued income | 490/1 | €18,820 | €36,306 | +€17,486 | +92.9% |
| Total equity and liabilities | 10/49 | €1,578,932 | €1,289,761 | -€289,171 | -18.3% |
| Equity | 10/15 | €51,725 | €52,689 | +€964 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,128 | €3,128 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,268 | €1,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,998 | €30,962 | +€964 | +3.2% |
| Amounts payable | 17/49 | €1,527,207 | €1,237,071 | -€290,135 | -19.0% |
| Amounts payable after more than one year | 17 | €823,013 | €647,811 | -€175,202 | -21.3% |
| Financial debts | 170/4 | €823,013 | €647,811 | -€175,202 | -21.3% |
| Amounts payable within one year | 42/48 | €704,193 | €589,260 | -€114,933 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €132,645 | €140,888 | +€8,243 | +6.2% |
| Financial debts | 43 | €207,199 | €207,199 | = | 0.0% |
| Credit institutions | 430/8 | €207,199 | €207,199 | = | 0.0% |
| Trade debts | 44 | €265,667 | €163,460 | -€102,208 | -38.5% |
| Suppliers | 440/4 | €265,667 | €163,460 | -€102,208 | -38.5% |
| Taxes, remuneration and social security | 45 | €846 | €4,871 | +€4,025 | +476% |
| Taxes | 450/3 | €846 | €1,871 | +€1,025 | +121% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €97,837 | €72,843 | -€24,993 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €229,062 | €39,632 | -€189,429 | -82.7% |
| Other operating charges | 640/8 | €65,614 | €19,287 | -€46,327 | -70.6% |
| Non-recurring operating charges | 66A | - | €71,787 | +€71,787 | |
| Gross operating margin | 9900 | €618,471 | €162,850 | -€455,621 | -73.7% |
| Operating profit (loss) | 9901 | €323,795 | €32,144 | -€291,651 | -90.1% |
| Financial charges | 65/66B | €75,281 | €51,505 | -€23,776 | -31.6% |
| Recurring financial charges | 65 | €75,281 | €51,505 | -€23,776 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €248,513 | -€19,361 | -€267,875 | |
| Income taxes | 67/77 | €56,162 | -€20,325 | -€76,487 | |
| Profit (loss) for the period | 9904 | €192,352 | €964 | -€191,388 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €192,352 | €964 | -€191,388 | -99.5% |
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 21 October 2026 via checked.be.