SALFRA: 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.
SALFRA
Largest movements
- Cash -€109,379
down €109,379 (-47.7%), from €229,284 to €119,905
mainly Investment in fixed assets (net) (-€108,529) and Stocks and contracts (-€72,188)
- Stocks and contracts +€72,188
up €72,188 (+603%), from €11,976 to €84,164
- Tangible fixed assets +€57,457
up €57,457 (+40.5%), from €141,760 to €199,217
of which Furniture and vehicles: +€59,525
- Receivables after one year +€12,500
up €12,500 (+35.7%), from €35,000 to €47,500
- Deferred charges and accrued income +€7,787
up €7,787 (+257%), from €3,025 to €10,812
- Reserves -€30,500
down €30,500 (-17.5%), from €174,500 to €144,000
- Trade debts +€24,872
up €24,872 (+31.0%), from €80,195 to €105,067
- Debts after one year +€23,100
up €23,100 (+72.0%), from €32,070 to €55,170
- Other debts +€16,355
up €16,355 (+89.0%), from €18,378 to €34,734
- Gross operating margin -€110,893
down €110,893 (-24.3%), from €455,537 to €344,644
- Taxes -€49,767
down €49,767 (-93.3%), from €53,362 to €3,595
- Staff costs +€36,820
up €36,820 (+17.1%), from €214,998 to €251,818
- Depreciation -€4,739
down €4,739 (-8.5%), from €55,811 to €51,073
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 | €469,528 | €517,581 | +€48,054 | +10.2% |
| Fixed assets | 21/28 | €141,760 | €199,217 | +€57,457 | +40.5% |
| Tangible fixed assets | 22/27 | €141,760 | €199,217 | +€57,457 | +40.5% |
| Plant, machinery and equipment | 23 | €84,028 | €73,241 | -€10,787 | -12.8% |
| Furniture and vehicles | 24 | €46,770 | €106,294 | +€59,525 | +127% |
| Other tangible fixed assets | 26 | €10,962 | €19,681 | +€8,720 | +79.5% |
| Current assets | 29/58 | €327,768 | €318,365 | -€9,403 | -2.9% |
| Amounts receivable after more than one year | 29 | €35,000 | €47,500 | +€12,500 | +35.7% |
| Other amounts receivable | 291 | €35,000 | €47,500 | +€12,500 | +35.7% |
| Stocks and contracts in progress | 3 | €11,976 | €84,164 | +€72,188 | +603% |
| Stocks | 30/36 | €11,976 | €84,164 | +€72,188 | +603% |
| Amounts receivable within one year | 40/41 | €48,482 | €55,984 | +€7,502 | +15.5% |
| Trade receivables | 40 | €41,788 | €43,417 | +€1,629 | +3.9% |
| Other amounts receivable | 41 | €6,694 | €12,568 | +€5,873 | +87.7% |
| Cash at bank and in hand | 54/58 | €229,284 | €119,905 | -€109,379 | -47.7% |
| Deferred charges and accrued income | 490/1 | €3,025 | €10,812 | +€7,787 | +257% |
| Total equity and liabilities | 10/49 | €469,528 | €517,581 | +€48,054 | +10.2% |
| Equity | 10/15 | €193,868 | €163,734 | -€30,134 | -15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €174,500 | €144,000 | -€30,500 | -17.5% |
| Distributable reserves | 133 | €174,500 | €144,000 | -€30,500 | -17.5% |
| Profit (loss) carried forward | 14 | €768 | €1,134 | +€366 | +47.6% |
| Amounts payable | 17/49 | €275,659 | €353,847 | +€78,188 | +28.4% |
| Amounts payable after more than one year | 17 | €32,070 | €55,170 | +€23,100 | +72.0% |
| Financial debts | 170/4 | €32,070 | €55,170 | +€23,100 | +72.0% |
| Amounts payable within one year | 42/48 | €241,857 | €297,445 | +€55,588 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €42,955 | €47,507 | +€4,551 | +10.6% |
| Financial debts | 43 | €38,363 | €43,358 | +€4,994 | +13.0% |
| Credit institutions | 430/8 | €38,363 | €43,358 | +€4,994 | +13.0% |
| Trade debts | 44 | €80,195 | €105,067 | +€24,872 | +31.0% |
| Suppliers | 440/4 | €80,195 | €105,067 | +€24,872 | +31.0% |
| Taxes, remuneration and social security | 45 | €61,965 | €66,780 | +€4,815 | +7.8% |
| Taxes | 450/3 | €58,157 | €64,691 | +€6,534 | +11.2% |
| Remuneration and social security | 454/9 | €3,808 | €2,089 | -€1,719 | -45.1% |
| Other amounts payable | 47/48 | €18,378 | €34,734 | +€16,355 | +89.0% |
| Accrued charges and deferred income | 492/3 | €1,732 | €1,232 | -€500 | -28.9% |
| Non-recurring operating income | 76A | - | €15,455 | +€15,455 | |
| Remuneration, social security and pensions | 62 | €214,998 | €251,818 | +€36,820 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,811 | €51,073 | -€4,739 | -8.5% |
| Other operating charges | 640/8 | €12,716 | €11,642 | -€1,074 | -8.4% |
| Non-recurring operating charges | 66A | - | €19,465 | +€19,465 | |
| Gross operating margin | 9900 | €455,537 | €344,644 | -€110,893 | -24.3% |
| Operating profit (loss) | 9901 | €172,012 | €10,646 | -€161,366 | -93.8% |
| Financial income | 75/76B | €5,560 | €6,235 | +€675 | +12.1% |
| Recurring financial income | 75 | €5,560 | €6,235 | +€675 | +12.1% |
| Financial charges | 65/66B | €11,047 | €8,921 | -€2,126 | -19.2% |
| Recurring financial charges | 65 | €11,047 | €8,921 | -€2,126 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €166,525 | €7,960 | -€158,565 | -95.2% |
| Transfer from deferred taxes | 780 | €156 | - | -€156 | |
| Income taxes | 67/77 | €53,362 | €3,595 | -€49,767 | -93.3% |
| Profit (loss) for the period | 9904 | €113,319 | €4,366 | -€108,953 | -96.1% |
| Transfer from tax-exempt reserves | 789 | €469 | - | -€469 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,788 | €4,366 | -€109,422 | -96.2% |
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 18 October 2026 via checked.be.