SALVATORE: 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.
SALVATORE
Largest movements
- Receivables within one year +€59,242
up €59,242 (+72.2%), from €82,014 to €141,256
of which Trade receivables: +€49,741
- Current investments +€50,035
up €50,035 (+100%), from €49,965 to €100,000
- Tangible fixed assets -€46,848
down €46,848 (-26.6%), from €176,377 to €129,530
of which Furniture and vehicles: -€37,870
- Cash -€38,316
down €38,316 (-15.8%), from €243,263 to €204,947
mainly Receivables within one year (-€59,242) and Current investments (-€50,035)
- Reserves +€80,000
up €80,000 (+21.7%), from €369,456 to €449,456
of which Distributable reserves: +€80,000
- Current portion of long-term debt -€36,383
no longer reported in 2025 (was €36,383)
- Tax, wage and social debts -€23,610
down €23,610 (-59.7%), from €39,521 to €15,911
- Other debts +€23,252
up €23,252 (+1,606%), from €1,448 to €24,700
- Contributions -€18,600
no longer reported in 2025 (was €18,600)
- Taxes -€36,600
down €36,600 (-58.3%), from €62,829 to €26,229
- Depreciation +€13,493
up €13,493 (+39.8%), from €33,933 to €47,426
- Gross operating margin -€3,211
down €3,211 (-1.6%), from €199,118 to €195,907
- Financial income +€2,040
up €2,040 (+3,937%), from €52 to €2,092
of which Financial income: +€1,355
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 | €552,218 | €576,303 | +€24,085 | +4.4% |
| Fixed assets | 21/28 | €176,537 | €129,690 | -€46,848 | -26.5% |
| Tangible fixed assets | 22/27 | €176,377 | €129,530 | -€46,848 | -26.6% |
| Land and buildings | 22 | €79,083 | €70,550 | -€8,533 | -10.8% |
| Plant, machinery and equipment | 23 | €2,597 | €2,153 | -€444 | -17.1% |
| Furniture and vehicles | 24 | €94,697 | €56,827 | -€37,870 | -40.0% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €375,680 | €446,613 | +€70,933 | +18.9% |
| Stocks and contracts in progress | 3 | €439 | €411 | -€28 | -6.4% |
| Stocks | 30/36 | €439 | €411 | -€28 | -6.4% |
| Amounts receivable within one year | 40/41 | €82,014 | €141,256 | +€59,242 | +72.2% |
| Trade receivables | 40 | €80,196 | €129,936 | +€49,741 | +62.0% |
| Other amounts receivable | 41 | €1,818 | €11,320 | +€9,501 | +523% |
| Current investments | 50/53 | €49,965 | €100,000 | +€50,035 | +100% |
| Cash at bank and in hand | 54/58 | €243,263 | €204,947 | -€38,316 | -15.8% |
| Total equity and liabilities | 10/49 | €552,218 | €576,303 | +€24,085 | +4.4% |
| Equity | 10/15 | €392,281 | €455,694 | +€63,413 | +16.2% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €369,456 | €449,456 | +€80,000 | +21.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €367,596 | €447,596 | +€80,000 | +21.8% |
| Profit (loss) carried forward | 14 | €4,225 | €6,238 | +€2,013 | +47.7% |
| Amounts payable | 17/49 | €159,937 | €120,609 | -€39,328 | -24.6% |
| Amounts payable after more than one year | 17 | €61,856 | €61,856 | = | 0.0% |
| Financial debts | 170/4 | €61,856 | €61,856 | = | 0.0% |
| Amounts payable within one year | 42/48 | €98,081 | €58,753 | -€39,328 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €36,383 | - | -€36,383 | |
| Trade debts | 44 | €20,730 | €18,142 | -€2,588 | -12.5% |
| Suppliers | 440/4 | €20,730 | €18,142 | -€2,588 | -12.5% |
| Taxes, remuneration and social security | 45 | €39,521 | €15,911 | -€23,610 | -59.7% |
| Taxes | 450/3 | €39,521 | €15,911 | -€23,610 | -59.7% |
| Other amounts payable | 47/48 | €1,448 | €24,700 | +€23,252 | +1,606% |
| Remuneration, social security and pensions | 62 | - | €1,874 | +€1,874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,933 | €47,426 | +€13,493 | +39.8% |
| Other operating charges | 640/8 | €11,277 | €10,316 | -€961 | -8.5% |
| Non-recurring operating charges | 66A | €41 | - | -€41 | |
| Gross operating margin | 9900 | €199,118 | €195,907 | -€3,211 | -1.6% |
| Operating profit (loss) | 9901 | €153,867 | €136,290 | -€17,577 | -11.4% |
| Financial income | 75/76B | €52 | €2,092 | +€2,040 | +3,937% |
| Recurring financial income | 75 | €52 | €1,407 | +€1,355 | +2,615% |
| Non-recurring financial income | 76B | €52 | €685 | +€633 | +1,222% |
| Financial charges | 65/66B | €5,320 | €4,140 | -€1,180 | -22.2% |
| Recurring financial charges | 65 | €4,435 | €3,253 | -€1,182 | -26.6% |
| Non-recurring financial charges | 66B | €885 | €887 | +€2 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €148,599 | €134,242 | -€14,356 | -9.7% |
| Income taxes | 67/77 | €62,829 | €26,229 | -€36,600 | -58.3% |
| Profit (loss) for the period | 9904 | €85,770 | €108,013 | +€22,243 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,770 | €108,013 | +€22,243 | +25.9% |
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 28 October 2026 via checked.be.