Dr Morgane SALMON: what changed
Dr Morgane SALMON
Largest movements
- Cash +€22,192
up €22,192 (+90.4%), from €24,541 to €46,733
mainly Depreciation (+€17,196) and Net result for the year (+€13,937)
- Tangible fixed assets -€17,196
down €17,196 (-28.6%), from €60,186 to €42,990
- Deferred charges and accrued income -€13,088
no longer reported in 2025 (was €13,088)
- Receivables within one year +€4,789
up €4,789 (+43.0%), from €11,149 to €15,937
- Debts after one year -€16,763
down €16,763 (-26.4%), from €63,376 to €46,614
- Reserves +€13,937
up €13,937 (+37.4%), from €37,247 to €51,184
of which Distributable reserves: +€13,937
- Purchases and services +€18,865
up €18,865 (+22.9%), from €82,316 to €101,181
- Gross operating margin -€14,708
down €14,708 (-26.5%), from €55,432 to €40,724
- Turnover +€4,157
up €4,157 (+3.0%), from €137,748 to €141,905
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €108,964 | €105,661 | -€3,303 | -3.0% |
| Fixed assets | 21/28 | €60,186 | €42,990 | -€17,196 | -28.6% |
| Tangible fixed assets | 22/27 | €60,186 | €42,990 | -€17,196 | -28.6% |
| Furniture and vehicles | 24 | €60,186 | €42,990 | -€17,196 | -28.6% |
| Current assets | 29/58 | €48,778 | €62,671 | +€13,893 | +28.5% |
| Amounts receivable within one year | 40/41 | €11,149 | €15,937 | +€4,789 | +43.0% |
| Other amounts receivable | 41 | €11,149 | €15,937 | +€4,789 | +43.0% |
| Cash at bank and in hand | 54/58 | €24,541 | €46,733 | +€22,192 | +90.4% |
| Deferred charges and accrued income | 490/1 | €13,088 | - | -€13,088 | |
| Total equity and liabilities | 10/49 | €108,964 | €105,661 | -€3,303 | -3.0% |
| Equity | 10/15 | €43,447 | €57,384 | +€13,937 | +32.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €37,247 | €51,184 | +€13,937 | +37.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €35,387 | €49,324 | +€13,937 | +39.4% |
| Amounts payable | 17/49 | €65,517 | €48,276 | -€17,241 | -26.3% |
| Amounts payable after more than one year | 17 | €63,376 | €46,614 | -€16,763 | -26.4% |
| Financial debts | 170/4 | €63,376 | €46,614 | -€16,763 | -26.4% |
| Amounts payable within one year | 42/48 | €2,141 | €1,663 | -€478 | -22.3% |
| Trade debts | 44 | €1,763 | €1,663 | -€100 | -5.7% |
| Suppliers | 440/4 | €1,763 | €1,663 | -€100 | -5.7% |
| Taxes, remuneration and social security | 45 | €378 | - | -€378 | |
| Taxes | 450/3 | €378 | - | -€378 | |
| Turnover | 70 | €137,748 | €141,905 | +€4,157 | +3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €82,316 | €101,181 | +€18,865 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,196 | €17,196 | = | 0.0% |
| Other operating charges | 640/8 | €511 | €528 | +€17 | +3.4% |
| Gross operating margin | 9900 | €55,432 | €40,724 | -€14,708 | -26.5% |
| Operating profit (loss) | 9901 | €37,725 | €23,000 | -€14,725 | -39.0% |
| Financial income | 75/76B | €169 | €505 | +€336 | +199% |
| Recurring financial income | 75 | €169 | €505 | +€336 | +199% |
| Financial charges | 65/66B | €3,088 | €2,462 | -€626 | -20.3% |
| Recurring financial charges | 65 | €3,088 | €2,462 | -€626 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €34,806 | €21,043 | -€13,763 | -39.5% |
| Income taxes | 67/77 | €7,738 | €7,106 | -€633 | -8.2% |
| Profit (loss) for the period | 9904 | €27,067 | €13,937 | -€13,130 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,067 | €13,937 | -€13,130 | -48.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.