SALAER: 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.
SALAER
Largest movements
- Stocks and contracts -€100,826
down €100,826 (-87.3%), from €115,543 to €14,717
- Tangible fixed assets +€65,685
up €65,685 (+12.6%), from €519,791 to €585,476
of which Furniture and vehicles: +€77,447
- Cash -€53,606
down €53,606 (-29.9%), from €179,094 to €125,488
mainly Debts after one year (-€208,435) and Investment in fixed assets (net) (-€104,173)
- Debts after one year -€208,435
down €208,435 (-31.1%), from €670,418 to €461,983
- Reserves +€171,808
up €171,808 (+17.6%), from €975,234 to €1.1m
of which Distributable reserves: +€171,808
- Tax, wage and social debts -€25,592
down €25,592 (-32.8%), from €77,921 to €52,330
- Gross operating margin +€49,183
up €49,183 (+16.7%), from €294,950 to €344,133
- Taxes +€19,393
up €19,393 (+31.5%), from €61,591 to €80,984
- Depreciation +€4,194
up €4,194 (+12.2%), from €34,295 to €38,489
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 | €2,352,557 | €2,248,299 | -€104,258 | -4.4% |
| Fixed assets | 21/28 | €2,014,091 | €2,079,776 | +€65,685 | +3.3% |
| Tangible fixed assets | 22/27 | €519,791 | €585,476 | +€65,685 | +12.6% |
| Land and buildings | 22 | €490,590 | €479,273 | -€11,317 | -2.3% |
| Plant, machinery and equipment | 23 | €0 | €3,154 | +€3,154 | +7885950.0% |
| Furniture and vehicles | 24 | €9,310 | €86,758 | +€77,447 | +831.8% |
| Other tangible fixed assets | 26 | €19,891 | €16,291 | -€3,600 | -18.1% |
| Financial fixed assets | 28 | €1,494,300 | €1,494,300 | = | 0.0% |
| Current assets | 29/58 | €338,466 | €168,523 | -€169,943 | -50.2% |
| Stocks and contracts in progress | 3 | €115,543 | €14,717 | -€100,826 | -87.3% |
| Stocks | 30/36 | €115,543 | €14,717 | -€100,826 | -87.3% |
| Amounts receivable within one year | 40/41 | €41,541 | €23,996 | -€17,545 | -42.2% |
| Trade receivables | 40 | €28,852 | €11,307 | -€17,545 | -60.8% |
| Other amounts receivable | 41 | €12,689 | €12,689 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €179,094 | €125,488 | -€53,606 | -29.9% |
| Deferred charges and accrued income | 490/1 | €2,288 | €4,322 | +€2,035 | +88.9% |
| Total equity and liabilities | 10/49 | €2,352,557 | €2,248,299 | -€104,258 | -4.4% |
| Equity | 10/15 | €1,287,734 | €1,459,543 | +€171,808 | +13.3% |
| Contributions | 10/11 | €312,500 | €312,500 | = | 0.0% |
| Capital | 10 | €312,500 | €312,500 | = | 0.0% |
| Issued capital | 100 | €312,500 | €312,500 | = | 0.0% |
| Reserves | 13 | €975,234 | €1,147,043 | +€171,808 | +17.6% |
| Non-distributable reserves | 130/1 | €31,250 | €31,250 | = | 0.0% |
| Legal reserve | 130 | €31,250 | €31,250 | = | 0.0% |
| Distributable reserves | 133 | €943,984 | €1,115,793 | +€171,808 | +18.2% |
| Amounts payable | 17/49 | €1,064,823 | €788,756 | -€276,067 | -25.9% |
| Amounts payable after more than one year | 17 | €670,418 | €461,983 | -€208,435 | -31.1% |
| Financial debts | 170/4 | €670,418 | €461,983 | -€208,435 | -31.1% |
| Amounts payable within one year | 42/48 | €394,405 | €326,773 | -€67,631 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €223,271 | €208,435 | -€14,836 | -6.6% |
| Trade debts | 44 | €9,248 | €5,491 | -€3,757 | -40.6% |
| Suppliers | 440/4 | €9,248 | €5,491 | -€3,757 | -40.6% |
| Taxes, remuneration and social security | 45 | €77,921 | €52,330 | -€25,592 | -32.8% |
| Taxes | 450/3 | €77,921 | €52,330 | -€25,592 | -32.8% |
| Other amounts payable | 47/48 | €83,964 | €60,517 | -€23,447 | -27.9% |
| Non-recurring operating income | 76A | €65 | - | -€65 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,295 | €38,489 | +€4,194 | +12.2% |
| Other operating charges | 640/8 | €39,058 | €38,004 | -€1,054 | -2.7% |
| Gross operating margin | 9900 | €294,950 | €344,133 | +€49,183 | +16.7% |
| Operating profit (loss) | 9901 | €221,598 | €267,640 | +€46,043 | +20.8% |
| Financial income | 75/76B | €0 | €1,440 | +€1,440 | +7199150.0% |
| Recurring financial income | 75 | €0 | €1,440 | +€1,440 | +7199150.0% |
| Financial charges | 65/66B | €17,127 | €16,288 | -€839 | -4.9% |
| Recurring financial charges | 65 | €17,127 | €16,288 | -€839 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €204,471 | €252,793 | +€48,322 | +23.6% |
| Income taxes | 67/77 | €61,591 | €80,984 | +€19,393 | +31.5% |
| Profit (loss) for the period | 9904 | €142,880 | €171,808 | +€28,929 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €142,880 | €171,808 | +€28,929 | +20.2% |
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 4 October 2026 via checked.be.