Salino: 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.
Salino
Largest movements
- Receivables within one year +€225,152
up €225,152 (+59.1%), from €381,129 to €606,280
of which Trade receivables: +€311,049
- Tangible fixed assets +€147,961
up €147,961 (+73.8%), from €200,585 to €348,546
of which Assets under construction and advance payments: +€156,467
- Deferred charges and accrued income -€115,465
down €115,465 (-36.9%), from €313,131 to €197,666
- Cash -€112,030
down €112,030 (-63.3%), from €176,874 to €64,844
mainly Receivables within one year (-€225,152) and Investment in fixed assets (net) (-€181,775)
- Trade debts +€103,420
up €103,420 (+70.5%), from €146,592 to €250,012
- Debts after one year -€53,690
down €53,690 (-8.5%), from €630,666 to €576,975
- Short-term financial debts +€50,000
up €50,000 (+167%), from €30,000 to €80,000
- Tax, wage and social debts +€30,839
up €30,839 (+64.9%), from €47,488 to €78,327
of which Taxes: +€21,738
- Gross operating margin +€150,774
up €150,774 (+30.1%), from €500,709 to €651,483
- Staff costs +€149,980
up €149,980 (+34.7%), from €432,188 to €582,168
- Depreciation +€21,944
up €21,944 (+185%), from €11,871 to €33,814
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 | €1,071,719 | €1,217,336 | +€145,617 | +13.6% |
| Fixed assets | 21/28 | €200,585 | €348,546 | +€147,961 | +73.8% |
| Tangible fixed assets | 22/27 | €200,585 | €348,546 | +€147,961 | +73.8% |
| Plant, machinery and equipment | 23 | €1,477 | €1,022 | -€456 | -30.8% |
| Furniture and vehicles | 24 | €72,349 | €73,666 | +€1,317 | +1.8% |
| Other tangible fixed assets | 26 | €126,759 | €117,391 | -€9,368 | -7.4% |
| Assets under construction and advance payments | 27 | - | €156,467 | +€156,467 | |
| Current assets | 29/58 | €871,134 | €868,790 | -€2,344 | -0.3% |
| Amounts receivable within one year | 40/41 | €381,129 | €606,280 | +€225,152 | +59.1% |
| Trade receivables | 40 | €295,105 | €606,154 | +€311,049 | +105% |
| Other amounts receivable | 41 | €86,024 | €126 | -€85,898 | -99.9% |
| Cash at bank and in hand | 54/58 | €176,874 | €64,844 | -€112,030 | -63.3% |
| Deferred charges and accrued income | 490/1 | €313,131 | €197,666 | -€115,465 | -36.9% |
| Total equity and liabilities | 10/49 | €1,071,719 | €1,217,336 | +€145,617 | +13.6% |
| Equity | 10/15 | €155,041 | €160,664 | +€5,623 | +3.6% |
| Contributions | 10/11 | €16,520 | €16,520 | = | 0.0% |
| Reserves | 13 | €138,521 | €144,144 | +€5,623 | +4.1% |
| Distributable reserves | 133 | €138,521 | €144,144 | +€5,623 | +4.1% |
| Amounts payable | 17/49 | €916,678 | €1,056,672 | +€139,994 | +15.3% |
| Amounts payable after more than one year | 17 | €630,666 | €576,975 | -€53,690 | -8.5% |
| Financial debts | 170/4 | €630,666 | €576,975 | -€53,690 | -8.5% |
| Amounts payable within one year | 42/48 | €277,781 | €467,326 | +€189,545 | +68.2% |
| Current portion of amounts payable after more than one year | 42 | €51,617 | €53,690 | +€2,073 | +4.0% |
| Financial debts | 43 | €30,000 | €80,000 | +€50,000 | +167% |
| Credit institutions | 430/8 | €30,000 | €80,000 | +€50,000 | +167% |
| Trade debts | 44 | €146,592 | €250,012 | +€103,420 | +70.5% |
| Suppliers | 440/4 | €146,592 | €250,012 | +€103,420 | +70.5% |
| Advances received on contracts in progress | 46 | €195 | €195 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €47,488 | €78,327 | +€30,839 | +64.9% |
| Taxes | 450/3 | €0 | €21,738 | +€21,738 | |
| Remuneration and social security | 454/9 | €47,488 | €56,589 | +€9,101 | +19.2% |
| Other amounts payable | 47/48 | €1,890 | €5,103 | +€3,213 | +170% |
| Accrued charges and deferred income | 492/3 | €8,231 | €12,370 | +€4,140 | +50.3% |
| Remuneration, social security and pensions | 62 | €432,188 | €582,168 | +€149,980 | +34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,871 | €33,814 | +€21,944 | +185% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,337 | +€3,337 | |
| Other operating charges | 640/8 | €3,705 | €4,801 | +€1,096 | +29.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €500,709 | €651,483 | +€150,774 | +30.1% |
| Operating profit (loss) | 9901 | €52,945 | €27,363 | -€25,582 | -48.3% |
| Financial income | 75/76B | €26 | €3,676 | +€3,650 | +14,143% |
| Recurring financial income | 75 | €26 | €3,676 | +€3,650 | +14,143% |
| Financial charges | 65/66B | €12,315 | €13,871 | +€1,556 | +12.6% |
| Recurring financial charges | 65 | €12,315 | €13,871 | +€1,556 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | €40,656 | €17,168 | -€23,488 | -57.8% |
| Income taxes | 67/77 | €12,232 | €11,546 | -€687 | -5.6% |
| Profit (loss) for the period | 9904 | €28,423 | €5,623 | -€22,801 | -80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,423 | €5,623 | -€22,801 | -80.2% |
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 23 October 2026 via checked.be.