SALTHO: 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.
SALTHO
Largest movements
- Cash +€66,436
up €66,436 (+66.1%), from €100,552 to €166,988
mainly Net result for the year (+€170,152) and Tax, wage and social debts (+€31,399)
- Current investments +€55,000
up €55,000 (+12.2%), from €450,000 to €505,000
- Tangible fixed assets -€22,544
down €22,544 (-6.9%), from €327,236 to €304,691
of which Other tangible fixed assets: -€16,960
- Reserves +€175,000
up €175,000 (+26.5%), from €659,500 to €834,500
- Other debts -€109,026
down €109,026 (-45.0%), from €242,070 to €133,044
- Tax, wage and social debts +€31,399
up €31,399 (+427%), from €7,358 to €38,757
- Gross operating margin +€89,146
up €89,146 (+52.8%), from €168,963 to €258,109
- Taxes +€40,667
up €40,667 (+116%), from €34,963 to €75,630
- Financial income +€3,519
up €3,519 (+40.7%), from €8,655 to €12,173
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 | €940,307 | €1,031,770 | +€91,463 | +9.7% |
| Fixed assets | 21/28 | €327,236 | €304,691 | -€22,544 | -6.9% |
| Tangible fixed assets | 22/27 | €327,236 | €304,691 | -€22,544 | -6.9% |
| Plant, machinery and equipment | 23 | €371 | €203 | -€169 | -45.4% |
| Furniture and vehicles | 24 | €13,303 | €7,887 | -€5,416 | -40.7% |
| Other tangible fixed assets | 26 | €313,562 | €296,602 | -€16,960 | -5.4% |
| Current assets | 29/58 | €613,071 | €727,078 | +€114,007 | +18.6% |
| Amounts receivable within one year | 40/41 | €59,617 | €52,330 | -€7,287 | -12.2% |
| Trade receivables | 40 | €32,438 | €29,696 | -€2,742 | -8.5% |
| Other amounts receivable | 41 | €27,179 | €22,633 | -€4,545 | -16.7% |
| Current investments | 50/53 | €450,000 | €505,000 | +€55,000 | +12.2% |
| Cash at bank and in hand | 54/58 | €100,552 | €166,988 | +€66,436 | +66.1% |
| Deferred charges and accrued income | 490/1 | €2,902 | €2,761 | -€142 | -4.9% |
| Total equity and liabilities | 10/49 | €940,307 | €1,031,770 | +€91,463 | +9.7% |
| Equity | 10/15 | €689,262 | €859,414 | +€170,152 | +24.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €659,500 | €834,500 | +€175,000 | +26.5% |
| Distributable reserves | 133 | €659,500 | €834,500 | +€175,000 | +26.5% |
| Profit (loss) carried forward | 14 | €7,762 | €2,914 | -€4,848 | -62.5% |
| Amounts payable | 17/49 | €251,045 | €172,355 | -€78,690 | -31.3% |
| Amounts payable within one year | 42/48 | €251,045 | €172,355 | -€78,690 | -31.3% |
| Trade debts | 44 | €1,616 | €554 | -€1,062 | -65.7% |
| Suppliers | 440/4 | €1,616 | €554 | -€1,062 | -65.7% |
| Taxes, remuneration and social security | 45 | €7,358 | €38,757 | +€31,399 | +427% |
| Taxes | 450/3 | €7,358 | €38,757 | +€31,399 | +427% |
| Other amounts payable | 47/48 | €242,070 | €133,044 | -€109,026 | -45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,544 | €22,544 | = | 0.0% |
| Other operating charges | 640/8 | €1,316 | €1,278 | -€38 | -2.9% |
| Non-recurring operating charges | 66A | €282 | - | -€282 | |
| Gross operating margin | 9900 | €168,963 | €258,109 | +€89,146 | +52.8% |
| Operating profit (loss) | 9901 | €144,821 | €234,287 | +€89,466 | +61.8% |
| Financial income | 75/76B | €8,655 | €12,173 | +€3,519 | +40.7% |
| Recurring financial income | 75 | €8,655 | €12,173 | +€3,519 | +40.7% |
| Financial charges | 65/66B | €580 | €678 | +€98 | +16.9% |
| Recurring financial charges | 65 | €580 | €678 | +€98 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €152,895 | €245,782 | +€92,887 | +60.8% |
| Income taxes | 67/77 | €34,963 | €75,630 | +€40,667 | +116% |
| Profit (loss) for the period | 9904 | €117,933 | €170,152 | +€52,220 | +44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €117,933 | €170,152 | +€52,220 | +44.3% |
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 24 October 2026 via checked.be.