M SALMAN: 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.
M SALMAN
Largest movements
- Cash -€21,800
down €21,800 (-87.2%), from €25,011 to €3,211
mainly Trade debts (-€24,423) and Other debts (-€20,000)
- Tangible fixed assets -€12,727
down €12,727 (-36.0%), from €35,312 to €22,585
- Receivables within one year +€1,204
up €1,204 (+10.0%), from €12,006 to €13,210
of which Trade receivables: +€5,899
- Trade debts -€24,423
down €24,423 (-94.5%), from €25,836 to €1,413
- Other debts -€20,000
down €20,000 (-67.5%), from €29,617 to €9,617
- Profit (loss) carried forward +€12,331
up €12,331 (+131.8%), from €9,357 to €21,688
- Tax, wage and social debts -€1,231
down €1,231 (-27.2%), from €4,519 to €3,288
of which Remuneration and social security: -€2,143
- Gross operating margin +€26,350
up €26,350 (+97.6%), from €26,984 to €53,334
- Staff costs +€15,694
up €15,694 (+204.6%), from €7,670 to €23,364
- Depreciation +€8,039
up €8,039 (+139.5%), from €5,762 to €13,801
- Other operating charges -€1,290
down €1,290 (-71.0%), from €1,818 to €528
- Taxes +€912
up €912 (+38.4%), from €2,376 to €3,288
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 | €72,329 | €39,006 | -€33,323 | -46.1% |
| Fixed assets | 21/28 | €35,312 | €22,585 | -€12,727 | -36.0% |
| Tangible fixed assets | 22/27 | €35,312 | €22,585 | -€12,727 | -36.0% |
| Furniture and vehicles | 24 | €35,312 | €22,585 | -€12,727 | -36.0% |
| Current assets | 29/58 | €37,016 | €16,421 | -€20,595 | -55.6% |
| Amounts receivable within one year | 40/41 | €12,006 | €13,210 | +€1,204 | +10.0% |
| Trade receivables | 40 | €4,827 | €10,726 | +€5,899 | +122.2% |
| Other amounts receivable | 41 | €7,179 | €2,484 | -€4,695 | -65.4% |
| Cash at bank and in hand | 54/58 | €25,011 | €3,211 | -€21,800 | -87.2% |
| Total equity and liabilities | 10/49 | €72,329 | €39,006 | -€33,323 | -46.1% |
| Equity | 10/15 | €12,357 | €24,688 | +€12,331 | +99.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,357 | €21,688 | +€12,331 | +131.8% |
| Amounts payable | 17/49 | €59,972 | €14,318 | -€45,654 | -76.1% |
| Amounts payable within one year | 42/48 | €59,972 | €14,318 | -€45,654 | -76.1% |
| Trade debts | 44 | €25,836 | €1,413 | -€24,423 | -94.5% |
| Suppliers | 440/4 | €25,836 | €1,413 | -€24,423 | -94.5% |
| Taxes, remuneration and social security | 45 | €4,519 | €3,288 | -€1,231 | -27.2% |
| Taxes | 450/3 | €2,376 | €3,288 | +€912 | +38.4% |
| Remuneration and social security | 454/9 | €2,143 | - | -€2,143 | |
| Other amounts payable | 47/48 | €29,617 | €9,617 | -€20,000 | -67.5% |
| Remuneration, social security and pensions | 62 | €7,670 | €23,364 | +€15,694 | +204.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,762 | €13,801 | +€8,039 | +139.5% |
| Other operating charges | 640/8 | €1,818 | €528 | -€1,290 | -71.0% |
| Gross operating margin | 9900 | €26,984 | €53,334 | +€26,350 | +97.6% |
| Operating profit (loss) | 9901 | €11,733 | €15,641 | +€3,908 | +33.3% |
| Financial charges | 65/66B | - | €23 | +€23 | |
| Recurring financial charges | 65 | - | €23 | +€23 | |
| Profit (loss) for the period before taxes | 9903 | €11,733 | €15,618 | +€3,885 | +33.1% |
| Income taxes | 67/77 | €2,376 | €3,288 | +€912 | +38.4% |
| Profit (loss) for the period | 9904 | €9,357 | €12,330 | +€2,973 | +31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,357 | €12,330 | +€2,973 | +31.8% |
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 6 October 2026 via checked.be.