SALMANCO: 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.
SALMANCO
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+592.0%), from €186,475 to €1.3m
of which Other amounts receivable: +€1.1m
- Current investments -€456,898
down €456,898 (-76.7%), from €595,754 to €138,855
- Cash +€99,187
up €99,187 (+1323.7%), from €7,493 to €106,681
mainly Net result for the year (+€533,227) and Current investments (+€456,898)
- Receivables after one year -€80,000
down €80,000 (-80.0%), from €100,000 to €20,000
- Reserves +€496,422
up €496,422 (+56.8%), from €873,297 to €1.4m
of which Distributable reserves: +€496,422
- Tax, wage and social debts +€99,623
up €99,623 (+85.4%), from €116,705 to €216,328
of which Taxes: +€99,623
- Short-term financial debts +€43,707
new in 2025: €43,707
- Other debts +€33,127
up €33,127 (+900.7%), from €3,678 to €36,805
- Financial income +€78,956
up €78,956 (+1463.2%), from €5,396 to €84,352
- Gross operating margin +€23,098
up €23,098 (+3.4%), from €671,753 to €694,851
- Taxes +€7,670
up €7,670 (+3.5%), from €220,136 to €227,806
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,006,272 | €1,674,812 | +€668,540 | +66.4% |
| Fixed assets | 21/28 | €114,322 | €102,610 | -€11,712 | -10.2% |
| Tangible fixed assets | 22/27 | €112,609 | €100,898 | -€11,712 | -10.4% |
| Land and buildings | 22 | €73,806 | €66,178 | -€7,628 | -10.3% |
| Plant, machinery and equipment | 23 | €1,394 | €1,038 | -€356 | -25.6% |
| Furniture and vehicles | 24 | €1,807 | €1,326 | -€481 | -26.6% |
| Other tangible fixed assets | 26 | €35,603 | €32,356 | -€3,247 | -9.1% |
| Financial fixed assets | 28 | €1,712 | €1,712 | = | 0.0% |
| Current assets | 29/58 | €891,950 | €1,572,202 | +€680,252 | +76.3% |
| Amounts receivable after more than one year | 29 | €100,000 | €20,000 | -€80,000 | -80.0% |
| Other amounts receivable | 291 | €100,000 | €20,000 | -€80,000 | -80.0% |
| Amounts receivable within one year | 40/41 | €186,475 | €1,290,331 | +€1.1m | +592.0% |
| Trade receivables | 40 | €1,475 | €0 | -€1,475 | -100.0% |
| Other amounts receivable | 41 | €185,000 | €1,290,331 | +€1.1m | +597.5% |
| Current investments | 50/53 | €595,754 | €138,855 | -€456,898 | -76.7% |
| Cash at bank and in hand | 54/58 | €7,493 | €106,681 | +€99,187 | +1323.7% |
| Deferred charges and accrued income | 490/1 | €2,228 | €16,335 | +€14,107 | +633.1% |
| Total equity and liabilities | 10/49 | €1,006,272 | €1,674,812 | +€668,540 | +66.4% |
| Equity | 10/15 | €879,763 | €1,376,185 | +€496,422 | +56.4% |
| Contributions | 10/11 | €6,467 | €6,467 | = | 0.0% |
| Reserves | 13 | €873,297 | €1,369,719 | +€496,422 | +56.8% |
| Tax-exempt reserves | 132 | €168 | €168 | = | 0.0% |
| Distributable reserves | 133 | €873,129 | €1,369,551 | +€496,422 | +56.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €126,508 | €298,626 | +€172,118 | +136.1% |
| Amounts payable within one year | 42/48 | €126,508 | €298,626 | +€172,118 | +136.1% |
| Financial debts | 43 | - | €43,707 | +€43,707 | |
| Other loans | 439 | - | €43,707 | +€43,707 | |
| Trade debts | 44 | €6,125 | €1,787 | -€4,338 | -70.8% |
| Suppliers | 440/4 | €6,125 | €1,787 | -€4,338 | -70.8% |
| Taxes, remuneration and social security | 45 | €116,705 | €216,328 | +€99,623 | +85.4% |
| Taxes | 450/3 | €114,500 | €214,122 | +€99,623 | +87.0% |
| Remuneration and social security | 454/9 | €2,206 | €2,206 | = | 0.0% |
| Other amounts payable | 47/48 | €3,678 | €36,805 | +€33,127 | +900.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,652 | €15,952 | -€700 | -4.2% |
| Other operating charges | 640/8 | €628 | €528 | -€101 | -16.0% |
| Gross operating margin | 9900 | €671,753 | €694,851 | +€23,098 | +3.4% |
| Operating profit (loss) | 9901 | €654,472 | €678,371 | +€23,899 | +3.7% |
| Financial income | 75/76B | €5,396 | €84,352 | +€78,956 | +1463.2% |
| Recurring financial income | 75 | €5,396 | €84,352 | +€78,956 | +1463.2% |
| Financial charges | 65/66B | €328 | €1,691 | +€1,362 | +415.2% |
| Recurring financial charges | 65 | €328 | €1,691 | +€1,362 | +415.2% |
| Profit (loss) for the period before taxes | 9903 | €659,540 | €761,032 | +€101,492 | +15.4% |
| Income taxes | 67/77 | €220,136 | €227,806 | +€7,670 | +3.5% |
| Profit (loss) for the period | 9904 | €439,404 | €533,227 | +€93,822 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €439,404 | €533,227 | +€93,822 | +21.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.