SALEF: 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.
SALEF
Largest movements
- Receivables within one year +€35,128
up €35,128 (+81.3%), from €43,189 to €78,317
of which Trade receivables: +€20,340
- Receivables after one year -€9,273
down €9,273 (-4.0%), from €231,687 to €222,414
- Cash +€7,447
up €7,447 (+54.7%), from €13,622 to €21,070
mainly Net result for the year (+€64,755) and Other debts (+€28,500)
- Other debts +€28,500
up €28,500 (+150%), from €19,020 to €47,520
- Debts after one year -€15,332
down €15,332 (-79.0%), from €19,403 to €4,071
- Reserves +€10,000
up €10,000 (+3.8%), from €263,587 to €273,587
- Tax, wage and social debts +€6,986
up €6,986 (+11.2%), from €62,130 to €69,116
- Financial income -€7,923
down €7,923 (-40.6%), from €19,494 to €11,571
- Gross operating margin +€2,125
up €2,125 (+2.5%), from €85,030 to €87,155
- Depreciation +€1,781
up €1,781 (+29.2%), from €6,094 to €7,874
- Taxes -€1,505
down €1,505 (-6.0%), from €25,025 to €23,520
- Other operating charges +€1,437
up €1,437 (+280%), from €513 to €1,951
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 | €581,767 | €614,218 | +€32,451 | +5.6% |
| Fixed assets | 21/28 | €293,269 | €292,418 | -€851 | -0.3% |
| Tangible fixed assets | 22/27 | €34,458 | €33,607 | -€851 | -2.5% |
| Land and buildings | 22 | €25,694 | €27,537 | +€1,843 | +7.2% |
| Furniture and vehicles | 24 | €8,764 | €6,070 | -€2,694 | -30.7% |
| Financial fixed assets | 28 | €258,811 | €258,811 | = | 0.0% |
| Current assets | 29/58 | €288,499 | €321,801 | +€33,302 | +11.5% |
| Amounts receivable after more than one year | 29 | €231,687 | €222,414 | -€9,273 | -4.0% |
| Other amounts receivable | 291 | €231,687 | €222,414 | -€9,273 | -4.0% |
| Amounts receivable within one year | 40/41 | €43,189 | €78,317 | +€35,128 | +81.3% |
| Trade receivables | 40 | €9,365 | €29,705 | +€20,340 | +217% |
| Other amounts receivable | 41 | €33,824 | €48,612 | +€14,788 | +43.7% |
| Cash at bank and in hand | 54/58 | €13,622 | €21,070 | +€7,447 | +54.7% |
| Total equity and liabilities | 10/49 | €581,767 | €614,218 | +€32,451 | +5.6% |
| Equity | 10/15 | €462,669 | €477,424 | +€14,755 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €263,587 | €273,587 | +€10,000 | +3.8% |
| Distributable reserves | 133 | €263,587 | €273,587 | +€10,000 | +3.8% |
| Profit (loss) carried forward | 14 | €180,482 | €185,238 | +€4,755 | +2.6% |
| Amounts payable | 17/49 | €119,098 | €136,794 | +€17,696 | +14.9% |
| Amounts payable after more than one year | 17 | €19,403 | €4,071 | -€15,332 | -79.0% |
| Financial debts | 170/4 | €19,403 | €4,071 | -€15,332 | -79.0% |
| Amounts payable within one year | 42/48 | €99,695 | €132,723 | +€33,028 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €15,204 | €15,332 | +€128 | +0.8% |
| Trade debts | 44 | €3,341 | €755 | -€2,587 | -77.4% |
| Suppliers | 440/4 | €3,341 | €755 | -€2,587 | -77.4% |
| Taxes, remuneration and social security | 45 | €62,130 | €69,116 | +€6,986 | +11.2% |
| Taxes | 450/3 | €62,130 | €69,116 | +€6,986 | +11.2% |
| Other amounts payable | 47/48 | €19,020 | €47,520 | +€28,500 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,094 | €7,874 | +€1,781 | +29.2% |
| Other operating charges | 640/8 | €513 | €1,951 | +€1,437 | +280% |
| Gross operating margin | 9900 | €85,030 | €87,155 | +€2,125 | +2.5% |
| Operating profit (loss) | 9901 | €78,423 | €77,330 | -€1,093 | -1.4% |
| Financial income | 75/76B | €19,494 | €11,571 | -€7,923 | -40.6% |
| Recurring financial income | 75 | €19,494 | €11,571 | -€7,923 | -40.6% |
| Financial charges | 65/66B | €1,126 | €627 | -€499 | -44.4% |
| Recurring financial charges | 65 | €1,126 | €627 | -€499 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | €96,791 | €88,275 | -€8,516 | -8.8% |
| Income taxes | 67/77 | €25,025 | €23,520 | -€1,505 | -6.0% |
| Profit (loss) for the period | 9904 | €71,766 | €64,755 | -€7,011 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,766 | €64,755 | -€7,011 | -9.8% |
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 16 October 2026 via checked.be.