DR.ROBERTO SALGADO: 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.
DR.ROBERTO SALGADO
Largest movements
- Cash -€60,203
down €60,203 (-53.1%), from €113,430 to €53,227
mainly Contributions, distributions and other (-€203,765) and Debts after one year (-€35,680)
- Tangible fixed assets -€38,273
down €38,273 (-6.5%), from €587,533 to €549,260
of which Other tangible fixed assets: -€29,289
- Receivables after one year -€15,000
down €15,000 (-100.0%), from €15,000 to €0
- Receivables within one year -€14,089
down €14,089 (-11.4%), from €123,200 to €109,111
of which Other amounts receivable: -€45,667
- Reserves -€93,657
down €93,657 (-15.3%), from €611,027 to €517,369
- Debts after one year -€35,680
down €35,680 (-19.6%), from €182,116 to €146,435
- Gross operating margin +€63,256
up €63,256 (+42.2%), from €149,755 to €213,011
- Taxes +€25,480
up €25,480 (+103.3%), from €24,660 to €50,141
- Depreciation -€19,211
down €19,211 (-31.5%), from €60,919 to €41,708
- Financial income -€5,607
down €5,607 (-93.2%), from €6,018 to €412
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 | €847,735 | €719,254 | -€128,481 | -15.2% |
| Fixed assets | 21/28 | €587,533 | €549,260 | -€38,273 | -6.5% |
| Tangible fixed assets | 22/27 | €587,533 | €549,260 | -€38,273 | -6.5% |
| Land and buildings | 22 | €81,578 | €77,550 | -€4,028 | -4.9% |
| Plant, machinery and equipment | 23 | €153 | €0 | -€153 | -100.0% |
| Furniture and vehicles | 24 | €17,903 | €13,101 | -€4,803 | -26.8% |
| Other tangible fixed assets | 26 | €487,898 | €458,609 | -€29,289 | -6.0% |
| Current assets | 29/58 | €260,202 | €169,994 | -€90,208 | -34.7% |
| Amounts receivable after more than one year | 29 | €15,000 | €0 | -€15,000 | -100.0% |
| Other amounts receivable | 291 | €15,000 | €0 | -€15,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €123,200 | €109,111 | -€14,089 | -11.4% |
| Trade receivables | 40 | €55,172 | €86,749 | +€31,577 | +57.2% |
| Other amounts receivable | 41 | €68,029 | €22,362 | -€45,667 | -67.1% |
| Cash at bank and in hand | 54/58 | €113,430 | €53,227 | -€60,203 | -53.1% |
| Deferred charges and accrued income | 490/1 | €8,571 | €7,656 | -€916 | -10.7% |
| Total equity and liabilities | 10/49 | €847,735 | €719,254 | -€128,481 | -15.2% |
| Equity | 10/15 | €611,027 | €517,369 | -€93,657 | -15.3% |
| Reserves | 13 | €611,027 | €517,369 | -€93,657 | -15.3% |
| Distributable reserves | 133 | €611,027 | €517,369 | -€93,657 | -15.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €236,708 | €201,885 | -€34,823 | -14.7% |
| Amounts payable after more than one year | 17 | €182,116 | €146,435 | -€35,680 | -19.6% |
| Financial debts | 170/4 | €182,116 | €146,435 | -€35,680 | -19.6% |
| Amounts payable within one year | 42/48 | €53,947 | €54,804 | +€857 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €34,387 | €35,680 | +€1,294 | +3.8% |
| Financial debts | 43 | €1,435 | €2,615 | +€1,180 | +82.3% |
| Credit institutions | 430/8 | €1,435 | €2,615 | +€1,180 | +82.3% |
| Trade debts | 44 | €5,577 | €3,649 | -€1,927 | -34.6% |
| Suppliers | 440/4 | €5,577 | €3,649 | -€1,927 | -34.6% |
| Taxes, remuneration and social security | 45 | €12,550 | €12,860 | +€310 | +2.5% |
| Taxes | 450/3 | €12,550 | €12,860 | +€310 | +2.5% |
| Accrued charges and deferred income | 492/3 | €645 | €645 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,919 | €41,708 | -€19,211 | -31.5% |
| Other operating charges | 640/8 | €3,115 | €2,731 | -€385 | -12.3% |
| Gross operating margin | 9900 | €149,755 | €213,011 | +€63,256 | +42.2% |
| Operating profit (loss) | 9901 | €85,721 | €168,573 | +€82,852 | +96.7% |
| Financial income | 75/76B | €6,018 | €412 | -€5,607 | -93.2% |
| Recurring financial income | 75 | €6,018 | €412 | -€5,607 | -93.2% |
| Financial charges | 65/66B | €10,057 | €8,736 | -€1,321 | -13.1% |
| Recurring financial charges | 65 | €10,057 | €8,736 | -€1,321 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €81,682 | €160,249 | +€78,566 | +96.2% |
| Income taxes | 67/77 | €24,660 | €50,141 | +€25,480 | +103.3% |
| Profit (loss) for the period | 9904 | €57,022 | €110,108 | +€53,086 | +93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,022 | €110,108 | +€53,086 | +93.1% |
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.