SALAM: 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.
SALAM
Largest movements
- Tangible fixed assets -€32,869
down €32,869 (-7.7%), from €424,935 to €392,066
of which Land and buildings: -€30,557
- Receivables within one year +€19,375
up €19,375 (+12.7%), from €152,980 to €172,355
of which Trade receivables: +€18,503
- Stocks and contracts -€7,271
down €7,271 (-41.9%), from €17,339 to €10,068
- Debts after one year -€57,176
down €57,176 (-24.3%), from €235,696 to €178,521
- Profit (loss) carried forward +€29,170
up €29,170 (+47.2%), from -€61,861 to -€32,690
- Trade debts +€18,642
up €18,642 (+8.8%), from €212,215 to €230,857
- Current portion of long-term debt -€7,064
down €7,064 (-10.7%), from €65,810 to €58,746
- Gross operating margin +€61,205
up €61,205 (+30.9%), from €198,342 to €259,547
- Financial charges -€12,839
down €12,839 (-38.1%), from €33,692 to €20,853
- Staff costs +€11,978
up €11,978 (+8.0%), from €149,812 to €161,791
- Taxes +€6,143
up €6,143 (+1936.1%), from €317 to €6,460
- Other operating charges +€4,746
up €4,746 (+129.8%), from €3,657 to €8,404
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 | €600,858 | €579,647 | -€21,211 | -3.5% |
| Fixed assets | 21/28 | €424,935 | €392,066 | -€32,869 | -7.7% |
| Tangible fixed assets | 22/27 | €424,935 | €392,066 | -€32,869 | -7.7% |
| Land and buildings | 22 | €420,221 | €389,664 | -€30,557 | -7.3% |
| Plant, machinery and equipment | 23 | €1,847 | €1,347 | -€500 | -27.1% |
| Furniture and vehicles | 24 | €2,867 | €1,055 | -€1,812 | -63.2% |
| Current assets | 29/58 | €175,923 | €187,581 | +€11,657 | +6.6% |
| Stocks and contracts in progress | 3 | €17,339 | €10,068 | -€7,271 | -41.9% |
| Stocks | 30/36 | €17,339 | €10,068 | -€7,271 | -41.9% |
| Amounts receivable within one year | 40/41 | €152,980 | €172,355 | +€19,375 | +12.7% |
| Trade receivables | 40 | €70,914 | €89,417 | +€18,503 | +26.1% |
| Other amounts receivable | 41 | €82,066 | €82,938 | +€872 | +1.1% |
| Cash at bank and in hand | 54/58 | €3,964 | €2,267 | -€1,697 | -42.8% |
| Deferred charges and accrued income | 490/1 | €1,641 | €2,891 | +€1,250 | +76.2% |
| Total equity and liabilities | 10/49 | €600,858 | €579,647 | -€21,211 | -3.5% |
| Equity | 10/15 | €12,593 | €41,763 | +€29,170 | +231.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €68,253 | €68,253 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €66,393 | €66,393 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,861 | -€32,690 | +€29,170 | +47.2% |
| Amounts payable | 17/49 | €588,266 | €537,884 | -€50,382 | -8.6% |
| Amounts payable after more than one year | 17 | €235,696 | €178,521 | -€57,176 | -24.3% |
| Financial debts | 170/4 | €235,696 | €178,521 | -€57,176 | -24.3% |
| Amounts payable within one year | 42/48 | €352,569 | €359,363 | +€6,794 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €65,810 | €58,746 | -€7,064 | -10.7% |
| Financial debts | 43 | €14,593 | €13,880 | -€713 | -4.9% |
| Credit institutions | 430/8 | €14,593 | €13,880 | -€713 | -4.9% |
| Trade debts | 44 | €212,215 | €230,857 | +€18,642 | +8.8% |
| Suppliers | 440/4 | €212,215 | €230,857 | +€18,642 | +8.8% |
| Taxes, remuneration and social security | 45 | €53,168 | €52,613 | -€555 | -1.0% |
| Taxes | 450/3 | €37,143 | €39,871 | +€2,728 | +7.3% |
| Remuneration and social security | 454/9 | €16,026 | €12,742 | -€3,284 | -20.5% |
| Other amounts payable | 47/48 | €6,782 | €3,266 | -€3,516 | -51.8% |
| Remuneration, social security and pensions | 62 | €149,812 | €161,791 | +€11,978 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,848 | €32,869 | +€21 | +0.1% |
| Other operating charges | 640/8 | €3,657 | €8,404 | +€4,746 | +129.8% |
| Gross operating margin | 9900 | €198,342 | €259,547 | +€61,205 | +30.9% |
| Operating profit (loss) | 9901 | €12,024 | €56,484 | +€44,459 | +369.7% |
| Financial charges | 65/66B | €33,692 | €20,853 | -€12,839 | -38.1% |
| Recurring financial charges | 65 | €33,692 | €20,853 | -€12,839 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,668 | €35,631 | +€57,299 | |
| Income taxes | 67/77 | €317 | €6,460 | +€6,143 | +1936.1% |
| Profit (loss) for the period | 9904 | -€21,985 | €29,170 | +€51,155 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,985 | €29,170 | +€51,155 |
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 8 October 2026 via checked.be.