SALT WATERS: 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 WATERS
Largest movements
- Tangible fixed assets -€11,897
down €11,897 (-63.3%), from €18,804 to €6,907
of which Furniture and vehicles: -€11,441
- Receivables within one year -€1,651
down €1,651 (-29.8%), from €5,542 to €3,891
- Deferred charges and accrued income +€595
up €595 (+49.2%), from €1,210 to €1,805
- Cash -€362
down €362 (-32.1%), from €1,126 to €764
mainly Net result for the year (-€25,137) and Tax, wage and social debts (-€1,397)
- Profit (loss) carried forward -€25,137
down €25,137 (-29.3%), from -€85,660 to -€110,797
- Other debts +€12,113
up €12,113 (+2,062%), from €588 to €12,701
- Tax, wage and social debts -€1,397
down €1,397 (-82.2%), from €1,700 to €303
- Trade debts +€1,147
up €1,147 (+486%), from €236 to €1,383
- Gross operating margin +€17,303
up €17,303 (+60.7%), from -€28,486 to -€11,183
- Depreciation -€2,039
down €2,039 (-14.6%), from €13,936 to €11,897
- Other operating charges -€1,743
down €1,743 (-69.4%), from €2,511 to €768
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 | €26,756 | €13,441 | -€13,315 | -49.8% |
| Fixed assets | 21/28 | €18,878 | €6,981 | -€11,897 | -63.0% |
| Tangible fixed assets | 22/27 | €18,804 | €6,907 | -€11,897 | -63.3% |
| Plant, machinery and equipment | 23 | €274 | €0 | -€274 | -100% |
| Furniture and vehicles | 24 | €15,348 | €3,907 | -€11,441 | -74.5% |
| Other tangible fixed assets | 26 | €3,181 | €3,000 | -€181 | -5.7% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €7,877 | €6,459 | -€1,418 | -18.0% |
| Amounts receivable within one year | 40/41 | €5,542 | €3,891 | -€1,651 | -29.8% |
| Other amounts receivable | 41 | €5,542 | €3,891 | -€1,651 | -29.8% |
| Cash at bank and in hand | 54/58 | €1,126 | €764 | -€362 | -32.1% |
| Deferred charges and accrued income | 490/1 | €1,210 | €1,805 | +€595 | +49.2% |
| Total equity and liabilities | 10/49 | €26,756 | €13,441 | -€13,315 | -49.8% |
| Equity | 10/15 | €24,191 | -€946 | -€25,137 | |
| Contributions | 10/11 | €65,900 | €65,900 | = | 0.0% |
| Reserves | 13 | €43,951 | €43,951 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,826 | €9,826 | = | 0.0% |
| Distributable reserves | 133 | €34,125 | €34,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,660 | -€110,797 | -€25,137 | -29.3% |
| Amounts payable | 17/49 | €2,565 | €14,386 | +€11,822 | +461% |
| Amounts payable within one year | 42/48 | €2,565 | €14,386 | +€11,822 | +461% |
| Financial debts | 43 | €41 | €0 | -€41 | -100% |
| Credit institutions | 430/8 | €41 | €0 | -€41 | -100% |
| Trade debts | 44 | €236 | €1,383 | +€1,147 | +486% |
| Suppliers | 440/4 | €236 | €1,383 | +€1,147 | +486% |
| Taxes, remuneration and social security | 45 | €1,700 | €303 | -€1,397 | -82.2% |
| Taxes | 450/3 | €1,700 | €303 | -€1,397 | -82.2% |
| Other amounts payable | 47/48 | €588 | €12,701 | +€12,113 | +2,062% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,936 | €11,897 | -€2,039 | -14.6% |
| Other operating charges | 640/8 | €2,511 | €768 | -€1,743 | -69.4% |
| Gross operating margin | 9900 | -€28,486 | -€11,183 | +€17,303 | +60.7% |
| Operating profit (loss) | 9901 | -€44,933 | -€23,848 | +€21,085 | +46.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €1,006 | €1,289 | +€283 | +28.1% |
| Recurring financial charges | 65 | €1,006 | €1,289 | +€283 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | -€45,939 | -€25,137 | +€20,802 | +45.3% |
| Profit (loss) for the period | 9904 | -€45,939 | -€25,137 | +€20,802 | +45.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,939 | -€25,137 | +€20,802 | +45.3% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.