Salt Estates: 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.
Salt Estates
Largest movements
- Stocks and contracts -€863,748
down €863,748 (-21.8%), from €4.0m to €3.1m
- Tangible fixed assets -€134,457
down €134,457 (-13.9%), from €965,487 to €831,030
- Cash +€76,247
up €76,247 (+119.0%), from €64,071 to €140,318
mainly Stocks and contracts (+€863,748) and Investment in fixed assets (net) (+€102,658)
- Receivables within one year +€71,199
up €71,199 (+35.4%), from €201,055 to €272,253
of which Other amounts receivable: +€55,699
- Short-term financial debts -€922,250
down €922,250 (-39.3%), from €2.3m to €1.4m
- Advances received +€73,000
new in 2025: €73,000
- Other debts +€56,571
up €56,571 (+1.6%), from €3.5m to €3.6m
- Debts after one year -€56,429
down €56,429 (-21.5%), from €261,905 to €205,476
- Gross operating margin +€276,206
up €276,206, from -€46,668 to €229,538
- Financial charges -€27,723
down €27,723 (-12.0%), from €230,743 to €203,021
- Depreciation -€2,870
down €2,870 (-8.3%), from €34,756 to €31,887
- Financial income +€2,744
up €2,744 (+59.1%), from €4,642 to €7,386
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 | €5,188,778 | €4,339,079 | -€849,699 | -16.4% |
| Formation expenses | 20 | €87 | €0 | -€87 | -100.0% |
| Fixed assets | 21/28 | €965,587 | €831,130 | -€134,457 | -13.9% |
| Tangible fixed assets | 22/27 | €965,487 | €831,030 | -€134,457 | -13.9% |
| Furniture and vehicles | 24 | €965,487 | €831,030 | -€134,457 | -13.9% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €4,223,104 | €3,507,949 | -€715,154 | -16.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €3,953,778 | €3,090,030 | -€863,748 | -21.8% |
| Stocks | 30/36 | €3,953,778 | €3,090,030 | -€863,748 | -21.8% |
| Amounts receivable within one year | 40/41 | €201,055 | €272,253 | +€71,199 | +35.4% |
| Trade receivables | 40 | €42,200 | €57,700 | +€15,500 | +36.7% |
| Other amounts receivable | 41 | €158,855 | €214,553 | +€55,699 | +35.1% |
| Cash at bank and in hand | 54/58 | €64,071 | €140,318 | +€76,247 | +119.0% |
| Deferred charges and accrued income | 490/1 | €4,200 | €5,348 | +€1,148 | +27.3% |
| Total equity and liabilities | 10/49 | €5,188,778 | €4,339,079 | -€849,699 | -16.4% |
| Equity | 10/15 | -€1,023,482 | -€1,028,518 | -€5,036 | -0.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,043,482 | -€1,048,518 | -€5,036 | -0.5% |
| Amounts payable | 17/49 | €6,212,259 | €5,367,596 | -€844,663 | -13.6% |
| Amounts payable after more than one year | 17 | €261,905 | €205,476 | -€56,429 | -21.5% |
| Financial debts | 170/4 | €261,905 | €205,476 | -€56,429 | -21.5% |
| Amounts payable within one year | 42/48 | €5,950,355 | €5,162,120 | -€788,234 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €71,429 | €71,429 | -€0 | 0.0% |
| Financial debts | 43 | €2,347,250 | €1,425,000 | -€922,250 | -39.3% |
| Credit institutions | 430/8 | €2,347,250 | €1,425,000 | -€922,250 | -39.3% |
| Trade debts | 44 | €1,436 | €5,941 | +€4,505 | +313.6% |
| Suppliers | 440/4 | €1,436 | €5,941 | +€4,505 | +313.6% |
| Advances received on contracts in progress | 46 | - | €73,000 | +€73,000 | |
| Taxes, remuneration and social security | 45 | €59 | €0 | -€59 | -100.0% |
| Taxes | 450/3 | €59 | €0 | -€59 | -100.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,530,180 | €3,586,751 | +€56,571 | +1.6% |
| Non-recurring operating income | 76A | - | €15,131 | +€15,131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,756 | €31,887 | -€2,870 | -8.3% |
| Other operating charges | 640/8 | €6,446 | €7,053 | +€607 | +9.4% |
| Non-recurring operating charges | 66A | €20,959 | €0 | -€20,959 | -100.0% |
| Gross operating margin | 9900 | -€46,668 | €229,538 | +€276,206 | |
| Operating profit (loss) | 9901 | -€108,828 | €190,599 | +€299,427 | |
| Financial income | 75/76B | €4,642 | €7,386 | +€2,744 | +59.1% |
| Recurring financial income | 75 | €4,642 | €7,386 | +€2,744 | +59.1% |
| Financial charges | 65/66B | €230,743 | €203,021 | -€27,723 | -12.0% |
| Recurring financial charges | 65 | €230,743 | €203,021 | -€27,723 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€334,930 | -€5,036 | +€329,894 | +98.5% |
| Income taxes | 67/77 | €115 | €0 | -€115 | -100.0% |
| Profit (loss) for the period | 9904 | -€335,045 | -€5,036 | +€330,009 | +98.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€335,045 | -€5,036 | +€330,009 | +98.5% |
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 9 October 2026 via checked.be.