SALISBURY ASSOCIATES: 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.
SALISBURY ASSOCIATES
Largest movements
- Cash -€23,566
down €23,566 (-93.7%), from €25,158 to €1,592
mainly Debts after one year (-€25,942) and Trade debts (-€19,331)
- Tangible fixed assets -€8,176
down €8,176 (-3.6%), from €230,017 to €221,841
- Receivables within one year +€5,922
up €5,922 (+73.4%), from €8,072 to €13,994
of which Trade receivables: +€6,046
- Debts after one year -€25,942
down €25,942 (-18.6%), from €139,377 to €113,435
- Trade debts -€19,331
down €19,331 (-90.7%), from €21,302 to €1,971
- Profit (loss) carried forward +€18,141
up €18,141 (+45.2%), from -€40,165 to -€22,023
- Gross operating margin -€1,712
down €1,712 (-4.6%), from €37,213 to €35,501
- Financial charges +€1,128
up €1,128 (+24.2%), from €4,656 to €5,783
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 | €263,766 | €237,447 | -€26,319 | -10.0% |
| Fixed assets | 21/28 | €230,017 | €221,841 | -€8,176 | -3.6% |
| Tangible fixed assets | 22/27 | €230,017 | €221,841 | -€8,176 | -3.6% |
| Land and buildings | 22 | €230,017 | €221,841 | -€8,176 | -3.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €33,749 | €15,606 | -€18,143 | -53.8% |
| Amounts receivable within one year | 40/41 | €8,072 | €13,994 | +€5,922 | +73.4% |
| Trade receivables | 40 | €3,866 | €9,912 | +€6,046 | +156% |
| Other amounts receivable | 41 | €4,206 | €4,082 | -€124 | -2.9% |
| Cash at bank and in hand | 54/58 | €25,158 | €1,592 | -€23,566 | -93.7% |
| Deferred charges and accrued income | 490/1 | €520 | €20 | -€499 | -96.1% |
| Total equity and liabilities | 10/49 | €263,766 | €237,447 | -€26,319 | -10.0% |
| Equity | 10/15 | -€25,905 | -€7,763 | +€18,141 | +70.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,165 | -€22,023 | +€18,141 | +45.2% |
| Amounts payable | 17/49 | €289,670 | €245,210 | -€44,460 | -15.3% |
| Amounts payable after more than one year | 17 | €139,377 | €113,435 | -€25,942 | -18.6% |
| Financial debts | 170/4 | €139,377 | €113,435 | -€25,942 | -18.6% |
| Amounts payable within one year | 42/48 | €149,678 | €131,627 | -€18,051 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €25,534 | €26,185 | +€650 | +2.5% |
| Trade debts | 44 | €21,302 | €1,971 | -€19,331 | -90.7% |
| Suppliers | 440/4 | €21,302 | €1,971 | -€19,331 | -90.7% |
| Taxes, remuneration and social security | 45 | €3,442 | €1,979 | -€1,464 | -42.5% |
| Taxes | 450/3 | €3,442 | €1,979 | -€1,464 | -42.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €99,400 | €101,493 | +€2,093 | +2.1% |
| Accrued charges and deferred income | 492/3 | €615 | €148 | -€468 | -76.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,030 | €8,030 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,510 | €3,556 | +€46 | +1.3% |
| Gross operating margin | 9900 | €37,213 | €35,501 | -€1,712 | -4.6% |
| Operating profit (loss) | 9901 | €25,673 | €23,915 | -€1,758 | -6.8% |
| Financial income | 75/76B | €167 | €10 | -€157 | -94.0% |
| Recurring financial income | 75 | €167 | €10 | -€157 | -94.0% |
| Financial charges | 65/66B | €4,656 | €5,783 | +€1,128 | +24.2% |
| Recurring financial charges | 65 | €4,656 | €5,783 | +€1,128 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €21,184 | €18,141 | -€3,042 | -14.4% |
| Profit (loss) for the period | 9904 | €21,184 | €18,141 | -€3,042 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,184 | €18,141 | -€3,042 | -14.4% |
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 26 October 2026 via checked.be.