SALU: 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.
SALU
Largest movements
- Tangible fixed assets -€279,451
down €279,451 (-25.5%), from €1.1m to €817,559
- Cash +€61,168
up €61,168 (+533.8%), from €11,459 to €72,627
mainly Investment in fixed assets (net) (+€223,059) and Net result for the year (+€161,579)
- Receivables within one year -€28,041
down €28,041 (-27.0%), from €103,960 to €75,919
of which Trade receivables: -€22,116
- Other debts -€407,902
down €407,902 (-97.9%), from €416,814 to €8,912
- Profit (loss) carried forward +€161,579
up €161,579 (+79.1%), from -€204,386 to -€42,807
- Gross operating margin +€176,052
up €176,052 (+308.9%), from €56,986 to €233,038
- Financial income -€10,199
down €10,199 (-100.0%), from €10,199 to €0
- Depreciation -€10,041
down €10,041 (-15.1%), from €66,432 to €56,391
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 | €1,212,428 | €966,105 | -€246,323 | -20.3% |
| Fixed assets | 21/28 | €1,097,009 | €817,559 | -€279,451 | -25.5% |
| Tangible fixed assets | 22/27 | €1,097,009 | €817,559 | -€279,451 | -25.5% |
| Land and buildings | 22 | €1,097,009 | €817,559 | -€279,451 | -25.5% |
| Current assets | 29/58 | €115,419 | €148,546 | +€33,127 | +28.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €103,960 | €75,919 | -€28,041 | -27.0% |
| Trade receivables | 40 | €25,000 | €2,884 | -€22,116 | -88.5% |
| Other amounts receivable | 41 | €78,960 | €73,035 | -€5,925 | -7.5% |
| Cash at bank and in hand | 54/58 | €11,459 | €72,627 | +€61,168 | +533.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,212,428 | €966,105 | -€246,323 | -20.3% |
| Equity | 10/15 | €795,614 | €957,193 | +€161,579 | +20.3% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Outside capital | 11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Share premium | 1100/10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€204,386 | -€42,807 | +€161,579 | +79.1% |
| Amounts payable | 17/49 | €416,814 | €8,912 | -€407,902 | -97.9% |
| Amounts payable within one year | 42/48 | €416,814 | €8,912 | -€407,902 | -97.9% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €416,814 | €8,912 | -€407,902 | -97.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,432 | €56,391 | -€10,041 | -15.1% |
| Other operating charges | 640/8 | €14,345 | €14,643 | +€297 | +2.1% |
| Gross operating margin | 9900 | €56,986 | €233,038 | +€176,052 | +308.9% |
| Operating profit (loss) | 9901 | -€23,791 | €162,004 | +€185,795 | |
| Financial income | 75/76B | €10,199 | €0 | -€10,199 | -100.0% |
| Recurring financial income | 75 | €10,199 | €0 | -€10,199 | -100.0% |
| Financial charges | 65/66B | €404 | €426 | +€22 | +5.4% |
| Recurring financial charges | 65 | €404 | €426 | +€22 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,996 | €161,579 | +€175,575 | |
| Profit (loss) for the period | 9904 | -€13,996 | €161,579 | +€175,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,996 | €161,579 | +€175,575 |
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.