DR. SALVAGGIO: 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.
DR. SALVAGGIO
Largest movements
- Deferred charges and accrued income -€11,097
down €11,097 (-80.4%), from €13,804 to €2,707
- Cash +€3,699
up €3,699 (+3.3%), from €112,280 to €115,979
mainly Net result for the year (+€26,570) and Deferred charges and accrued income (+€11,097)
- Other debts -€28,263
down €28,263 (-100.0%), from €28,263 to €0
- Profit (loss) carried forward +€26,570
up €26,570 (+40.1%), from €66,238 to €92,808
- Tax, wage and social debts -€7,830
down €7,830 (-27.2%), from €28,830 to €20,999
of which Taxes: -€5,721
- Trade debts +€4,206
up €4,206 (+36.1%), from €11,644 to €15,850
- Gross operating margin -€32,425
down €32,425 (-30.1%), from €107,579 to €75,154
- Taxes -€5,420
down €5,420 (-37.0%), from €14,637 to €9,218
- Staff costs -€2,554
down €2,554 (-8.4%), from €30,474 to €27,920
- Depreciation +€1,306
up €1,306 (+47.9%), from €2,725 to €4,031
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 | €137,647 | €131,658 | -€5,989 | -4.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €10,361 | €11,424 | +€1,063 | +10.3% |
| Tangible fixed assets | 22/27 | €9,987 | €11,050 | +€1,063 | +10.6% |
| Plant, machinery and equipment | 23 | €4,034 | €4,584 | +€551 | +13.6% |
| Furniture and vehicles | 24 | €4,795 | €5,585 | +€790 | +16.5% |
| Other tangible fixed assets | 26 | €1,158 | €881 | -€277 | -23.9% |
| Financial fixed assets | 28 | €374 | €374 | = | 0.0% |
| Current assets | 29/58 | €127,286 | €120,234 | -€7,052 | -5.5% |
| Amounts receivable within one year | 40/41 | €1,202 | €1,548 | +€346 | +28.8% |
| Trade receivables | 40 | €1,202 | €1,009 | -€193 | -16.1% |
| Other amounts receivable | 41 | - | €539 | +€539 | |
| Cash at bank and in hand | 54/58 | €112,280 | €115,979 | +€3,699 | +3.3% |
| Deferred charges and accrued income | 490/1 | €13,804 | €2,707 | -€11,097 | -80.4% |
| Total equity and liabilities | 10/49 | €137,647 | €131,658 | -€5,989 | -4.4% |
| Equity | 10/15 | €68,238 | €94,808 | +€26,570 | +38.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,238 | €92,808 | +€26,570 | +40.1% |
| Amounts payable | 17/49 | €69,408 | €36,849 | -€32,559 | -46.9% |
| Amounts payable within one year | 42/48 | €68,737 | €36,849 | -€31,888 | -46.4% |
| Trade debts | 44 | €11,644 | €15,850 | +€4,206 | +36.1% |
| Suppliers | 440/4 | €11,644 | €15,850 | +€4,206 | +36.1% |
| Taxes, remuneration and social security | 45 | €28,830 | €20,999 | -€7,830 | -27.2% |
| Taxes | 450/3 | €19,931 | €14,209 | -€5,721 | -28.7% |
| Remuneration and social security | 454/9 | €8,899 | €6,790 | -€2,109 | -23.7% |
| Other amounts payable | 47/48 | €28,263 | €0 | -€28,263 | -100.0% |
| Accrued charges and deferred income | 492/3 | €671 | €0 | -€671 | -100.0% |
| Remuneration, social security and pensions | 62 | €30,474 | €27,920 | -€2,554 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,725 | €4,031 | +€1,306 | +47.9% |
| Other operating charges | 640/8 | €1,082 | €402 | -€681 | -62.9% |
| Non-recurring operating charges | 66A | €3,558 | €6,239 | +€2,681 | +75.4% |
| Gross operating margin | 9900 | €107,579 | €75,154 | -€32,425 | -30.1% |
| Operating profit (loss) | 9901 | €69,740 | €36,563 | -€33,178 | -47.6% |
| Financial income | 75/76B | €28 | €373 | +€346 | +1240.6% |
| Recurring financial income | 75 | €28 | €373 | +€346 | +1240.6% |
| Financial charges | 65/66B | €1,348 | €1,148 | -€200 | -14.8% |
| Recurring financial charges | 65 | €1,348 | €1,148 | -€200 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €68,420 | €35,788 | -€32,632 | -47.7% |
| Income taxes | 67/77 | €14,637 | €9,218 | -€5,420 | -37.0% |
| Profit (loss) for the period | 9904 | €53,783 | €26,570 | -€27,213 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €53,783 | €26,570 | -€27,213 | -50.6% |
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 3 October 2026 via checked.be.