SALUTE: 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.
SALUTE
Largest movements
- Cash -€252,857
down €252,857 (-81.6%), from €309,857 to €57,001
mainly Investment in fixed assets (net) (-€300,168) and Net result for the year (-€74,798)
- Tangible fixed assets +€237,908
up €237,908 (+18.4%), from €1.3m to €1.5m
- Reserves -€74,798
down €74,798 (-47.2%), from €158,432 to €83,634
- Short-term financial debts +€65,000
up €65,000 (+5.7%), from €1.1m to €1.2m
- Other debts +€45,411
up €45,411 (+18.9%), from €240,212 to €285,623
- Tax, wage and social debts -€44,695
no longer reported in 2025 (was €44,695)
- Gross operating margin -€400,097
down €400,097 (-91.7%), from €436,182 to €36,085
- Financial charges -€47,689
down €47,689 (-56.9%), from €83,781 to €36,091
- Taxes -€44,695
no longer reported in 2025 (was €44,695)
- Depreciation +€24,945
up €24,945 (+66.9%), from €37,314 to €62,260
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 | €1,603,542 | €1,591,704 | -€11,839 | -0.7% |
| Fixed assets | 21/28 | €1,291,651 | €1,529,559 | +€237,908 | +18.4% |
| Tangible fixed assets | 22/27 | €1,291,651 | €1,529,559 | +€237,908 | +18.4% |
| Land and buildings | 22 | €1,291,651 | €1,529,559 | +€237,908 | +18.4% |
| Current assets | 29/58 | €311,892 | €62,145 | -€249,747 | -80.1% |
| Amounts receivable within one year | 40/41 | - | €273 | +€273 | |
| Trade receivables | 40 | - | €273 | +€273 | |
| Cash at bank and in hand | 54/58 | €309,857 | €57,001 | -€252,857 | -81.6% |
| Deferred charges and accrued income | 490/1 | €2,034 | €4,871 | +€2,837 | +139% |
| Total equity and liabilities | 10/49 | €1,603,542 | €1,591,704 | -€11,839 | -0.7% |
| Equity | 10/15 | €168,432 | €93,634 | -€74,798 | -44.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €158,432 | €83,634 | -€74,798 | -47.2% |
| Distributable reserves | 133 | €158,432 | €83,634 | -€74,798 | -47.2% |
| Amounts payable | 17/49 | €1,435,111 | €1,498,070 | +€62,959 | +4.4% |
| Amounts payable after more than one year | 17 | - | €685 | +€685 | |
| Other amounts payable | 178/9 | - | €685 | +€685 | |
| Amounts payable within one year | 42/48 | €1,427,801 | €1,494,241 | +€66,440 | +4.7% |
| Financial debts | 43 | €1,140,000 | €1,205,000 | +€65,000 | +5.7% |
| Credit institutions | 430/8 | €1,140,000 | €1,205,000 | +€65,000 | +5.7% |
| Trade debts | 44 | €2,894 | €3,618 | +€724 | +25.0% |
| Suppliers | 440/4 | €2,894 | €3,618 | +€724 | +25.0% |
| Taxes, remuneration and social security | 45 | €44,695 | - | -€44,695 | |
| Taxes | 450/3 | €44,695 | - | -€44,695 | |
| Other amounts payable | 47/48 | €240,212 | €285,623 | +€45,411 | +18.9% |
| Accrued charges and deferred income | 492/3 | €7,309 | €3,143 | -€4,166 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,314 | €62,260 | +€24,945 | +66.9% |
| Other operating charges | 640/8 | €16,218 | €13,049 | -€3,169 | -19.5% |
| Gross operating margin | 9900 | €436,182 | €36,085 | -€400,097 | -91.7% |
| Operating profit (loss) | 9901 | €382,650 | -€39,223 | -€421,873 | |
| Financial income | 75/76B | €181 | €517 | +€336 | +186% |
| Recurring financial income | 75 | €181 | €517 | +€336 | +186% |
| Financial charges | 65/66B | €83,781 | €36,091 | -€47,689 | -56.9% |
| Recurring financial charges | 65 | €83,781 | €36,091 | -€47,689 | -56.9% |
| Profit (loss) for the period before taxes | 9903 | €299,050 | -€74,798 | -€373,848 | |
| Income taxes | 67/77 | €44,695 | - | -€44,695 | |
| Profit (loss) for the period | 9904 | €254,354 | -€74,798 | -€329,153 | |
| Profit (loss) for the period to be appropriated | 9905 | €254,354 | -€74,798 | -€329,153 |
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 13 October 2026 via checked.be.