SALVA-RSG: 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.
SALVA-RSG
Largest movements
- Intangible fixed assets -€60,000
down €60,000 (-50.0%), from €120,000 to €60,000
- Stocks and contracts +€43,192
up €43,192 (+14.4%), from €299,596 to €342,788
- Cash -€17,661
down €17,661 (-24.9%), from €70,811 to €53,149
mainly Debts after one year (-€58,099) and Investment in fixed assets (net) (-€54,801)
- Tangible fixed assets +€8,712
up €8,712 (+13.0%), from €66,881 to €75,593
of which Plant, machinery and equipment: +€5,572
- Deferred charges and accrued income +€7,526
up €7,526 (+81.3%), from €9,252 to €16,778
- Debts after one year -€58,099
no longer reported in 2025 (was €58,099)
- Advances received -€43,490
down €43,490 (-36.3%), from €119,735 to €76,245
- Reserves +€38,048
up €38,048 (+119%), from €32,102 to €70,150
of which Tax-exempt reserves: +€37,048
- Trade debts +€23,313
up €23,313 (+12.4%), from €188,726 to €212,039
- Profit (loss) carried forward +€16,190
up €16,190 (+22.3%), from €72,693 to €88,883
- Gross operating margin +€78,986
up €78,986 (+30.7%), from €257,276 to €336,262
- Staff costs +€51,185
up €51,185 (+49.9%), from €102,506 to €153,691
- Depreciation +€17,647
up €17,647 (+20.0%), from €88,442 to €106,089
- Taxes +€4,312
up €4,312 (+25.8%), from €16,687 to €20,999
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 | €630,467 | €616,205 | -€14,261 | -2.3% |
| Fixed assets | 21/28 | €190,481 | €139,193 | -€51,288 | -26.9% |
| Intangible fixed assets | 21 | €120,000 | €60,000 | -€60,000 | -50.0% |
| Tangible fixed assets | 22/27 | €66,881 | €75,593 | +€8,712 | +13.0% |
| Plant, machinery and equipment | 23 | €59,835 | €65,407 | +€5,572 | +9.3% |
| Furniture and vehicles | 24 | €7,045 | €10,186 | +€3,140 | +44.6% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €439,986 | €477,012 | +€37,026 | +8.4% |
| Stocks and contracts in progress | 3 | €299,596 | €342,788 | +€43,192 | +14.4% |
| Stocks | 30/36 | €299,596 | €342,788 | +€43,192 | +14.4% |
| Amounts receivable within one year | 40/41 | €60,326 | €64,297 | +€3,970 | +6.6% |
| Trade receivables | 40 | €50,483 | €58,044 | +€7,561 | +15.0% |
| Other amounts receivable | 41 | €9,843 | €6,253 | -€3,591 | -36.5% |
| Cash at bank and in hand | 54/58 | €70,811 | €53,149 | -€17,661 | -24.9% |
| Deferred charges and accrued income | 490/1 | €9,252 | €16,778 | +€7,526 | +81.3% |
| Total equity and liabilities | 10/49 | €630,467 | €616,205 | -€14,261 | -2.3% |
| Equity | 10/15 | €166,295 | €220,533 | +€54,238 | +32.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €32,102 | €70,150 | +€38,048 | +119% |
| Non-distributable reserves | 130/1 | €6,000 | €7,000 | +€1,000 | +16.7% |
| Legal reserve | 130 | €6,000 | €7,000 | +€1,000 | +16.7% |
| Tax-exempt reserves | 132 | €26,102 | €63,150 | +€37,048 | +142% |
| Profit (loss) carried forward | 14 | €72,693 | €88,883 | +€16,190 | +22.3% |
| Amounts payable | 17/49 | €464,171 | €395,672 | -€68,499 | -14.8% |
| Amounts payable after more than one year | 17 | €58,099 | - | -€58,099 | |
| Financial debts | 170/4 | €58,099 | - | -€58,099 | |
| Amounts payable within one year | 42/48 | €406,072 | €395,672 | -€10,400 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €57,030 | €58,099 | +€1,070 | +1.9% |
| Financial debts | 43 | €3,926 | €5,046 | +€1,120 | +28.5% |
| Credit institutions | 430/8 | €3,926 | €5,046 | +€1,120 | +28.5% |
| Trade debts | 44 | €188,726 | €212,039 | +€23,313 | +12.4% |
| Suppliers | 440/4 | €188,726 | €212,039 | +€23,313 | +12.4% |
| Advances received on contracts in progress | 46 | €119,735 | €76,245 | -€43,490 | -36.3% |
| Taxes, remuneration and social security | 45 | €36,105 | €27,990 | -€8,115 | -22.5% |
| Taxes | 450/3 | €15,954 | €14,003 | -€1,952 | -12.2% |
| Remuneration and social security | 454/9 | €20,151 | €13,988 | -€6,163 | -30.6% |
| Other amounts payable | 47/48 | €550 | €16,252 | +€15,702 | +2,856% |
| Remuneration, social security and pensions | 62 | €102,506 | €153,691 | +€51,185 | +49.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,442 | €106,089 | +€17,647 | +20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,000 | - | +€3,000 | |
| Other operating charges | 640/8 | €1,560 | €3,451 | +€1,891 | +121% |
| Gross operating margin | 9900 | €257,276 | €336,262 | +€78,986 | +30.7% |
| Operating profit (loss) | 9901 | €67,768 | €73,032 | +€5,264 | +7.8% |
| Financial income | 75/76B | €7,228 | €9,507 | +€2,279 | +31.5% |
| Recurring financial income | 75 | €7,228 | €9,507 | +€2,279 | +31.5% |
| Financial charges | 65/66B | €5,870 | €7,302 | +€1,432 | +24.4% |
| Recurring financial charges | 65 | €5,870 | €7,302 | +€1,432 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €69,126 | €75,237 | +€6,111 | +8.8% |
| Income taxes | 67/77 | €16,687 | €20,999 | +€4,312 | +25.8% |
| Profit (loss) for the period | 9904 | €52,439 | €54,238 | +€1,799 | +3.4% |
| Transfer to tax-exempt reserves | 689 | €26,102 | €37,048 | +€10,946 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,337 | €17,190 | -€9,147 | -34.7% |
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 25 October 2026 via checked.be.