SALT: 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.
SALT
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-28.4%), from €4.3m to €3.0m
of which Stocks: -€1.4m
- Receivables within one year -€262,676
down €262,676 (-7.3%), from €3.6m to €3.3m
of which Other amounts receivable: -€247,481
- Cash +€139,230
up €139,230 (+93.6%), from €148,736 to €287,966
mainly Stocks and contracts (+€1.2m) and Net result for the year (+€878,533)
- Tangible fixed assets -€130,319
down €130,319 (-9.1%), from €1.4m to €1.3m
of which Furniture and vehicles: -€71,678
- Short-term financial debts -€1.6m
down €1.6m (-93.9%), from €1.7m to €104,308
- Reserves +€878,533
up €878,533 (+22.5%), from €3.9m to €4.8m
of which Distributable reserves: +€878,533
- Other debts -€451,353
down €451,353 (-87.5%), from €515,683 to €64,330
- Debts after one year -€237,556
down €237,556 (-7.0%), from €3.4m to €3.1m
of which Financial debts: -€237,556
- Gross operating margin +€843,298
up €843,298, from -€68,693 to €774,605
- Financial income +€474,253
up €474,253 (+419.7%), from €113,010 to €587,263
- Other operating charges -€181,924
down €181,924 (-93.0%), from €195,589 to €13,666
- Write-downs +€165,000
up €165,000, from -€165,000 to €0
- Staff costs +€67,717
up €67,717 (+343.9%), from €19,691 to €87,408
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 | €10,067,307 | €8,601,029 | -€1.5m | -14.6% |
| Fixed assets | 21/28 | €2,042,393 | €1,910,814 | -€131,579 | -6.4% |
| Intangible fixed assets | 21 | €1,260 | €0 | -€1,260 | -100.0% |
| Tangible fixed assets | 22/27 | €1,436,086 | €1,305,767 | -€130,319 | -9.1% |
| Land and buildings | 22 | €1,129,348 | €1,075,905 | -€53,443 | -4.7% |
| Plant, machinery and equipment | 23 | €26,511 | €21,313 | -€5,198 | -19.6% |
| Furniture and vehicles | 24 | €280,227 | €208,549 | -€71,678 | -25.6% |
| Financial fixed assets | 28 | €605,048 | €605,048 | = | 0.0% |
| Current assets | 29/58 | €8,024,913 | €6,690,214 | -€1.3m | -16.6% |
| Stocks and contracts in progress | 3 | €4,257,578 | €3,049,461 | -€1.2m | -28.4% |
| Stocks | 30/36 | €1,400,834 | €3,764 | -€1.4m | -99.7% |
| Contracts in progress | 37 | €2,856,744 | €3,045,697 | +€188,952 | +6.6% |
| Amounts receivable within one year | 40/41 | €3,579,948 | €3,317,272 | -€262,676 | -7.3% |
| Trade receivables | 40 | €126,078 | €110,882 | -€15,196 | -12.1% |
| Other amounts receivable | 41 | €3,453,871 | €3,206,390 | -€247,481 | -7.2% |
| Current investments | 50/53 | €24,466 | €24,466 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €148,736 | €287,966 | +€139,230 | +93.6% |
| Deferred charges and accrued income | 490/1 | €14,185 | €11,049 | -€3,136 | -22.1% |
| Total equity and liabilities | 10/49 | €10,067,307 | €8,601,029 | -€1.5m | -14.6% |
| Equity | 10/15 | €4,125,016 | €5,003,549 | +€878,533 | +21.3% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €3,900,016 | €4,778,549 | +€878,533 | +22.5% |
| Non-distributable reserves | 130/1 | €22,500 | €22,500 | = | 0.0% |
| Legal reserve | 130 | €22,500 | €22,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,000 | €53,000 | = | 0.0% |
| Distributable reserves | 133 | €3,824,516 | €4,703,049 | +€878,533 | +23.0% |
| Amounts payable | 17/49 | €5,942,290 | €3,597,479 | -€2.3m | -39.5% |
| Amounts payable after more than one year | 17 | €3,380,268 | €3,142,712 | -€237,556 | -7.0% |
| Financial debts | 170/4 | €3,379,268 | €3,141,712 | -€237,556 | -7.0% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,424,581 | €374,048 | -€2.1m | -84.6% |
| Current portion of amounts payable after more than one year | 42 | €75,639 | €77,556 | +€1,917 | +2.5% |
| Financial debts | 43 | €1,697,100 | €104,308 | -€1.6m | -93.9% |
| Credit institutions | 430/8 | €1,697,100 | €104,308 | -€1.6m | -93.9% |
| Trade debts | 44 | €49,474 | €27,416 | -€22,058 | -44.6% |
| Suppliers | 440/4 | €49,474 | €27,416 | -€22,058 | -44.6% |
| Advances received on contracts in progress | 46 | €84,890 | €34,890 | -€50,000 | -58.9% |
| Taxes, remuneration and social security | 45 | €1,795 | €65,548 | +€63,753 | +3550.8% |
| Taxes | 450/3 | €237 | €56,343 | +€56,106 | +23694.5% |
| Remuneration and social security | 454/9 | €1,559 | €9,205 | +€7,647 | +490.6% |
| Other amounts payable | 47/48 | €515,683 | €64,330 | -€451,353 | -87.5% |
| Accrued charges and deferred income | 492/3 | €137,441 | €80,719 | -€56,722 | -41.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €19,691 | €87,408 | +€67,717 | +343.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,277 | €165,568 | +€6,291 | +3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€165,000 | €0 | +€165,000 | |
| Other operating charges | 640/8 | €195,589 | €13,666 | -€181,924 | -93.0% |
| Gross operating margin | 9900 | -€68,693 | €774,605 | +€843,298 | |
| Operating profit (loss) | 9901 | -€278,250 | €507,963 | +€786,213 | |
| Financial income | 75/76B | €113,010 | €587,263 | +€474,253 | +419.7% |
| Recurring financial income | 75 | €113,010 | €587,263 | +€474,253 | +419.7% |
| Financial charges | 65/66B | €206,602 | €215,622 | +€9,020 | +4.4% |
| Recurring financial charges | 65 | €206,602 | €199,622 | -€6,980 | -3.4% |
| Non-recurring financial charges | 66B | - | €16,000 | +€16,000 | |
| Profit (loss) for the period before taxes | 9903 | -€371,842 | €879,604 | +€1.3m | |
| Income taxes | 67/77 | €894 | €1,071 | +€177 | +19.8% |
| Profit (loss) for the period | 9904 | -€372,736 | €878,533 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€372,736 | €878,533 | +€1.3m |
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 2 October 2026 via checked.be.