SALPHEN: 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.
SALPHEN
Largest movements
- Receivables within one year -€345,599
down €345,599 (-81.5%), from €423,959 to €78,360
of which Other amounts receivable: -€326,270
- Cash +€104,847
up €104,847 (+236.5%), from €44,333 to €149,180
mainly Receivables within one year (+€345,599) and Net result for the year (+€290,762)
- Tangible fixed assets +€58,601
up €58,601 (+1.4%), from €4.3m to €4.3m
of which Land and buildings: +€105,628
- Debts after one year -€674,058
down €674,058 (-66.3%), from €1.0m to €342,730
- Profit (loss) carried forward +€290,762
up €290,762 (+41.2%), from -€705,815 to -€415,053
- Other debts +€101,431
new in 2025: €101,431
- Other operating charges -€2.2m
down €2.2m (-99.7%), from €2.2m to €7,652
- Write-downs +€2.2m
no longer reported in 2025 (was -€2.2m)
- Gross operating margin -€75,103
down €75,103 (-17.5%), from €429,658 to €354,555
- Financial income +€26,312
up €26,312 (+86.2%), from €30,535 to €56,848
of which Non-recurring financial income: +€54,506
- Staff costs -€14,815
down €14,815 (-43.3%), from €34,235 to €19,420
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 | €4,807,573 | €4,598,639 | -€208,935 | -4.3% |
| Fixed assets | 21/28 | €4,300,213 | €4,356,459 | +€56,246 | +1.3% |
| Intangible fixed assets | 21 | €10,909 | €8,554 | -€2,355 | -21.6% |
| Tangible fixed assets | 22/27 | €4,287,222 | €4,345,824 | +€58,601 | +1.4% |
| Land and buildings | 22 | €1,616,483 | €1,722,111 | +€105,628 | +6.5% |
| Plant, machinery and equipment | 23 | €45,880 | €36,619 | -€9,261 | -20.2% |
| Furniture and vehicles | 24 | €2,624,859 | €2,587,094 | -€37,765 | -1.4% |
| Financial fixed assets | 28 | €2,081 | €2,081 | = | 0.0% |
| Current assets | 29/58 | €507,361 | €242,179 | -€265,181 | -52.3% |
| Amounts receivable within one year | 40/41 | €423,959 | €78,360 | -€345,599 | -81.5% |
| Trade receivables | 40 | €72,552 | €53,223 | -€19,328 | -26.6% |
| Other amounts receivable | 41 | €351,407 | €25,137 | -€326,270 | -92.8% |
| Cash at bank and in hand | 54/58 | €44,333 | €149,180 | +€104,847 | +236.5% |
| Deferred charges and accrued income | 490/1 | €39,069 | €14,639 | -€24,430 | -62.5% |
| Total equity and liabilities | 10/49 | €4,807,573 | €4,598,639 | -€208,935 | -4.3% |
| Equity | 10/15 | €3,097,971 | €3,388,733 | +€290,762 | +9.4% |
| Contributions | 10/11 | €3,107,106 | €3,107,106 | = | 0.0% |
| Reserves | 13 | €696,680 | €696,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,509 | €36,509 | = | 0.0% |
| Reserves not available under the articles | 1311 | €36,509 | €36,509 | = | 0.0% |
| Distributable reserves | 133 | €660,171 | €660,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€705,815 | -€415,053 | +€290,762 | +41.2% |
| Amounts payable | 17/49 | €1,709,602 | €1,209,905 | -€499,697 | -29.2% |
| Amounts payable after more than one year | 17 | €1,016,788 | €342,730 | -€674,058 | -66.3% |
| Financial debts | 170/4 | €1,016,788 | €342,730 | -€674,058 | -66.3% |
| Amounts payable within one year | 42/48 | €692,511 | €867,175 | +€174,664 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €659,136 | €674,058 | +€14,922 | +2.3% |
| Trade debts | 44 | €14,444 | €41,028 | +€26,584 | +184.1% |
| Suppliers | 440/4 | €14,444 | €41,028 | +€26,584 | +184.1% |
| Advances received on contracts in progress | 46 | - | €39,000 | +€39,000 | |
| Taxes, remuneration and social security | 45 | €18,932 | €11,659 | -€7,273 | -38.4% |
| Taxes | 450/3 | €14,862 | €10,607 | -€4,254 | -28.6% |
| Remuneration and social security | 454/9 | €4,070 | €1,051 | -€3,019 | -74.2% |
| Other amounts payable | 47/48 | - | €101,431 | +€101,431 | |
| Accrued charges and deferred income | 492/3 | €302 | - | -€302 | |
| Remuneration, social security and pensions | 62 | €34,235 | €19,420 | -€14,815 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,867 | €56,663 | +€9,796 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,185,701 | - | +€2.2m | |
| Other operating charges | 640/8 | €2,193,934 | €7,652 | -€2.2m | -99.7% |
| Gross operating margin | 9900 | €429,658 | €354,555 | -€75,103 | -17.5% |
| Operating profit (loss) | 9901 | €340,324 | €270,820 | -€69,504 | -20.4% |
| Financial income | 75/76B | €30,535 | €56,848 | +€26,312 | +86.2% |
| Recurring financial income | 75 | €30,535 | €2,342 | -€28,193 | -92.3% |
| Non-recurring financial income | 76B | - | €54,506 | +€54,506 | |
| Financial charges | 65/66B | €35,892 | €36,906 | +€1,013 | +2.8% |
| Recurring financial charges | 65 | €35,892 | €36,906 | +€1,013 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €334,967 | €290,762 | -€44,205 | -13.2% |
| Income taxes | 67/77 | €3,620 | - | -€3,620 | |
| Profit (loss) for the period | 9904 | €331,347 | €290,762 | -€40,585 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €331,347 | €290,762 | -€40,585 | -12.2% |
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 30 September 2026 via checked.be.