Luca Salvatore: 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.
Luca Salvatore
Largest movements
- Receivables within one year +€27,831
up €27,831 (+4,346%), from €640 to €28,471
of which Trade receivables: +€19,619
- Cash +€2,994
new in 2025: €2,994
mainly Trade debts (+€24,105) and Tax, wage and social debts (+€6,198)
- Tangible fixed assets -€611
down €611 (-21.0%), from €2,912 to €2,301
of which Plant, machinery and equipment: -€310
- Trade debts +€24,105
up €24,105 (+14,606%), from €165 to €24,270
- Tax, wage and social debts +€6,198
up €6,198 (+580%), from €1,068 to €7,266
- Short-term financial debts -€468
no longer reported in 2025 (was €468)
- Gross operating margin -€4,432
down €4,432 (-58.6%), from €7,569 to €3,137
- Other operating charges -€1,502
down €1,502 (-87.0%), from €1,726 to €224
- Financial income +€180
up €180 (+357%), from €50 to €230
- Depreciation +€127
up €127 (+6.7%), from €1,884 to €2,011
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 | €4,004 | €33,932 | +€29,928 | +747% |
| Fixed assets | 21/28 | €3,245 | €2,467 | -€777 | -24.0% |
| Intangible fixed assets | 21 | €333 | €166 | -€167 | -50.1% |
| Tangible fixed assets | 22/27 | €2,912 | €2,301 | -€611 | -21.0% |
| Plant, machinery and equipment | 23 | €2,311 | €2,002 | -€310 | -13.4% |
| Furniture and vehicles | 24 | €601 | €299 | -€301 | -50.1% |
| Current assets | 29/58 | €759 | €31,465 | +€30,705 | +4,044% |
| Amounts receivable within one year | 40/41 | €640 | €28,471 | +€27,831 | +4,346% |
| Trade receivables | 40 | €298 | €19,917 | +€19,619 | +6,595% |
| Other amounts receivable | 41 | €343 | €8,554 | +€8,211 | +2,395% |
| Cash at bank and in hand | 54/58 | - | €2,994 | +€2,994 | |
| Deferred charges and accrued income | 490/1 | €119 | - | -€119 | |
| Total equity and liabilities | 10/49 | €4,004 | €33,932 | +€29,928 | +747% |
| Equity | 10/15 | €2,303 | €2,396 | +€93 | +4.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197 | -€104 | +€93 | +47.3% |
| Amounts payable | 17/49 | €1,701 | €31,536 | +€29,835 | +1,754% |
| Amounts payable within one year | 42/48 | €1,701 | €31,536 | +€29,835 | +1,754% |
| Financial debts | 43 | €468 | - | -€468 | |
| Credit institutions | 430/8 | €468 | - | -€468 | |
| Trade debts | 44 | €165 | €24,270 | +€24,105 | +14,606% |
| Suppliers | 440/4 | €165 | €24,270 | +€24,105 | +14,606% |
| Taxes, remuneration and social security | 45 | €1,068 | €7,266 | +€6,198 | +580% |
| Taxes | 450/3 | €1,068 | €7,266 | +€6,198 | +580% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,884 | €2,011 | +€127 | +6.7% |
| Other operating charges | 640/8 | €1,726 | €224 | -€1,502 | -87.0% |
| Gross operating margin | 9900 | €7,569 | €3,137 | -€4,432 | -58.6% |
| Operating profit (loss) | 9901 | €3,958 | €902 | -€3,057 | -77.2% |
| Financial income | 75/76B | €50 | €230 | +€180 | +357% |
| Recurring financial income | 75 | €50 | €230 | +€180 | +357% |
| Financial charges | 65/66B | €307 | €247 | -€60 | -19.5% |
| Recurring financial charges | 65 | €307 | €247 | -€60 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €3,701 | €884 | -€2,817 | -76.1% |
| Income taxes | 67/77 | €832 | €791 | -€41 | -5.0% |
| Profit (loss) for the period | 9904 | €2,869 | €93 | -€2,776 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,869 | €93 | -€2,776 | -96.8% |
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 24 October 2026 via checked.be.