SALENCO: 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.
What changed
SALENCO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.7m
2024 · €1.2m+€2.5m
Equity
€15.1m
2024 · €11.5m+€3.7m
Cash
€325,704
2024 · €109,371+€216,333
Balance sheet total
€21.9m
2024 · €18.6m+€3.3m
Largest movements
Assets
- Receivables within one year +€2.4m
up €2.4m (+22.5%), from €10.9m to €13.3m
of which Other amounts receivable: +€2.4m
- Tangible fixed assets +€638,284
up €638,284 (+16.8%), from €3.8m to €4.4m
of which Land and buildings: +€502,989
Equity and liabilities
- Profit (loss) carried forward +€3.7m
up €3.7m (+33.6%), from €11.0m to €14.6m
- Other debts -€1.1m
down €1.1m (-20.7%), from €5.3m to €4.2m
- Debts after one year +€659,532
up €659,532 (+46.0%), from €1.4m to €2.1m
Income statement
- Financial income +€3.3m
up €3.3m (+887.2%), from €373,290 to €3.7m
of which Financial income: +€3.1m
- Gross operating margin -€857,812
down €857,812 (-46.6%), from €1.8m to €982,372
- Taxes -€167,374
down €167,374 (-40.9%), from €408,963 to €241,589
- Depreciation +€109,287
up €109,287 (+96.0%), from €113,792 to €223,079
- Financial charges +€28,332
up €28,332 (+6.1%), from €463,961 to €492,293
of which Non-recurring financial charges: +€17,972
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.
Result 2024
€1.2m
Gross operating margin
-€857,812
Depreciation
-€109,287
Other operating charges
+€2,864
Other operating items
-€31,388
Financial income
+€3.3m
Financial charges
-€28,332
Taxes
+€167,374
Deferred taxes and other
+€2,586
Result 2025
€3.7m
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.
From operations
+€266,555
Investment
-€843,391
Financing
+€793,169
Cash 2024
€109,371
From operations (derived)
+€266,555
Net result for the year
+€3.7m
Depreciation
+€223,079
Receivables after one year
-€125,146
Receivables within one year
-€2.4m
Deferred charges and accrued income
+€138,521
Smaller working-capital items
-€7,672
Tax, wage and social debts
-€101,244
Other debts
-€1.1m
Accrued charges and deferred income
+€18,990
Investment (derived)
-€843,391
Investment in fixed assets (net)
-€843,391
Financing
+€793,169
Debts after one year
+€659,532
Current portion of long-term debt
+€133,637
Cash 2025
€325,704
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,642,419 | €21,912,418 | +€3.3m | +17.5% |
| Fixed assets | 21/28 | €7,030,727 | €7,651,038 | +€620,312 | +8.8% |
| Tangible fixed assets | 22/27 | €3,805,490 | €4,443,774 | +€638,284 | +16.8% |
| Land and buildings | 22 | €3,663,499 | €4,166,488 | +€502,989 | +13.7% |
| Plant, machinery and equipment | 23 | €5,014 | €137,865 | +€132,851 | +2649.8% |
| Furniture and vehicles | 24 | €136,977 | €139,422 | +€2,445 | +1.8% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €3,225,237 | €3,207,264 | -€17,972 | -0.6% |
| Current assets | 29/58 | €11,611,692 | €14,261,380 | +€2.6m | +22.8% |
| Amounts receivable after more than one year | 29 | - | €125,146 | +€125,146 | |
| Other amounts receivable | 291 | - | €125,146 | +€125,146 | |
| Amounts receivable within one year | 40/41 | €10,880,042 | €13,326,772 | +€2.4m | +22.5% |
| Trade receivables | 40 | €0 | €64,207 | +€64,207 | |
| Other amounts receivable | 41 | €10,880,042 | €13,262,565 | +€2.4m | +21.9% |
| Current investments | 50/53 | €9,538 | €9,538 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €109,371 | €325,704 | +€216,333 | +197.8% |
| Deferred charges and accrued income | 490/1 | €612,741 | €474,220 | -€138,521 | -22.6% |
| Total equity and liabilities | 10/49 | €18,642,419 | €21,912,418 | +€3.3m | +17.5% |
| Equity | 10/15 | €11,467,354 | €15,131,053 | +€3.7m | +31.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €453,492 | €435,387 | -€18,106 | -4.0% |
| Non-distributable reserves | 130/1 | €213,200 | €213,200 | = | 0.0% |
| Legal reserve | 130 | €213,200 | €213,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €177,390 | €159,285 | -€18,106 | -10.2% |
| Distributable reserves | 133 | €62,902 | €62,902 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,951,862 | €14,633,666 | +€3.7m | +33.6% |
| Provisions and deferred taxes | 16 | €72,354 | €64,591 | -€7,763 | -10.7% |
| Deferred taxes | 168 | €72,354 | €64,591 | -€7,763 | -10.7% |
| Amounts payable | 17/49 | €7,102,710 | €6,716,775 | -€385,936 | -5.4% |
| Amounts payable after more than one year | 17 | €1,432,564 | €2,092,095 | +€659,532 | +46.0% |
| Financial debts | 170/4 | €1,432,564 | €2,092,095 | +€659,532 | +46.0% |
| Amounts payable within one year | 42/48 | €5,527,882 | €4,463,425 | -€1.1m | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €94,395 | €228,033 | +€133,637 | +141.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,471 | €11,562 | +€91 | +0.8% |
| Suppliers | 440/4 | €11,471 | €11,562 | +€91 | +0.8% |
| Taxes, remuneration and social security | 45 | €111,160 | €9,916 | -€101,244 | -91.1% |
| Taxes | 450/3 | €111,160 | €1,962 | -€109,198 | -98.2% |
| Remuneration and social security | 454/9 | - | €7,955 | +€7,955 | |
| Other amounts payable | 47/48 | €5,310,855 | €4,213,914 | -€1.1m | -20.7% |
| Accrued charges and deferred income | 492/3 | €142,265 | €161,254 | +€18,990 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,792 | €223,079 | +€109,287 | +96.0% |
| Other operating charges | 640/8 | €26,022 | €23,158 | -€2,864 | -11.0% |
| Non-recurring operating charges | 66A | - | €31,388 | +€31,388 | |
| Gross operating margin | 9900 | €1,840,185 | €982,372 | -€857,812 | -46.6% |
| Operating profit (loss) | 9901 | €1,700,371 | €704,748 | -€995,623 | -58.6% |
| Financial income | 75/76B | €373,290 | €3,685,070 | +€3.3m | +887.2% |
| Recurring financial income | 75 | €373,290 | €3,452,530 | +€3.1m | +824.9% |
| Non-recurring financial income | 76B | - | €232,540 | +€232,540 | |
| Financial charges | 65/66B | €463,961 | €492,293 | +€28,332 | +6.1% |
| Recurring financial charges | 65 | €231,421 | €241,781 | +€10,360 | +4.5% |
| Non-recurring financial charges | 66B | €232,540 | €250,512 | +€17,972 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €1,609,700 | €3,897,524 | +€2.3m | +142.1% |
| Transfer from deferred taxes | 780 | €5,177 | €7,763 | +€2,586 | +50.0% |
| Income taxes | 67/77 | €408,963 | €241,589 | -€167,374 | -40.9% |
| Profit (loss) for the period | 9904 | €1,205,914 | €3,663,698 | +€2.5m | +203.8% |
| Transfer from tax-exempt reserves | 789 | €12,144 | €18,106 | +€5,962 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,218,058 | €3,681,804 | +€2.5m | +202.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.