SALVEX: what changed
SALVEX
Largest movements
- Cash +€106,414
up €106,414 (+3,252%), from €3,272 to €109,686
mainly Current investments (+€101,820) and Debts after one year (+€45,000)
- Current investments -€101,820
down €101,820 (-52.5%), from €193,820 to €92,000
- Tangible fixed assets -€3,988
down €3,988 (-10.3%), from €38,671 to €34,684
of which Land and buildings: -€6,105
- Debts after one year +€45,000
new in 2025: €45,000
- Other debts -€44,333
down €44,333 (-97.2%), from €45,609 to €1,276
- Financial charges +€2,254
up €2,254 (+3,338%), from €68 to €2,321
- Depreciation +€1,983
up €1,983 (+25.6%), from €7,760 to €9,744
- Taxes -€1,757
down €1,757 (-79.2%), from €2,218 to €461
- Financial income +€329
up €329 (+8.0%), from €4,119 to €4,449
- Gross operating margin -€246
down €246 (-2.4%), from €10,203 to €9,957
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €238,003 | €240,740 | +€2,736 | +1.1% |
| Fixed assets | 21/28 | €38,671 | €34,684 | -€3,988 | -10.3% |
| Tangible fixed assets | 22/27 | €38,671 | €34,684 | -€3,988 | -10.3% |
| Land and buildings | 22 | €30,523 | €24,419 | -€6,105 | -20.0% |
| Plant, machinery and equipment | 23 | - | €5,385 | +€5,385 | |
| Furniture and vehicles | 24 | €8,148 | €4,880 | -€3,268 | -40.1% |
| Current assets | 29/58 | €199,332 | €206,056 | +€6,724 | +3.4% |
| Amounts receivable within one year | 40/41 | €2,240 | €4,370 | +€2,130 | +95.1% |
| Trade receivables | 40 | €1,157 | €3,497 | +€2,340 | +202% |
| Other amounts receivable | 41 | €1,083 | €873 | -€210 | -19.4% |
| Current investments | 50/53 | €193,820 | €92,000 | -€101,820 | -52.5% |
| Cash at bank and in hand | 54/58 | €3,272 | €109,686 | +€106,414 | +3,252% |
| Total equity and liabilities | 10/49 | €238,003 | €240,740 | +€2,736 | +1.1% |
| Equity | 10/15 | €189,367 | €189,388 | +€21 | 0.0% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €175,107 | €175,128 | +€21 | 0.0% |
| Distributable reserves | 133 | €175,107 | €175,128 | +€21 | 0.0% |
| Amounts payable | 17/49 | €48,636 | €51,352 | +€2,716 | +5.6% |
| Amounts payable after more than one year | 17 | - | €45,000 | +€45,000 | |
| Other amounts payable | 178/9 | - | €45,000 | +€45,000 | |
| Amounts payable within one year | 42/48 | €48,636 | €6,352 | -€42,284 | -86.9% |
| Financial debts | 43 | €1,950 | €1,950 | = | 0.0% |
| Other loans | 439 | €1,950 | €1,950 | = | 0.0% |
| Trade debts | 44 | €1,071 | €1,019 | -€52 | -4.8% |
| Suppliers | 440/4 | €1,071 | €1,019 | -€52 | -4.8% |
| Taxes, remuneration and social security | 45 | €7 | €2,107 | +€2,100 | +31,490% |
| Taxes | 450/3 | €7 | €2,107 | +€2,100 | +31,490% |
| Other amounts payable | 47/48 | €45,609 | €1,276 | -€44,333 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,760 | €9,744 | +€1,983 | +25.6% |
| Other operating charges | 640/8 | €1,813 | €1,859 | +€46 | +2.6% |
| Gross operating margin | 9900 | €10,203 | €9,957 | -€246 | -2.4% |
| Operating profit (loss) | 9901 | €630 | -€1,646 | -€2,276 | |
| Financial income | 75/76B | €4,119 | €4,449 | +€329 | +8.0% |
| Recurring financial income | 75 | €4,119 | €4,449 | +€329 | +8.0% |
| Financial charges | 65/66B | €68 | €2,321 | +€2,254 | +3,338% |
| Recurring financial charges | 65 | €68 | €2,321 | +€2,254 | +3,338% |
| Profit (loss) for the period before taxes | 9903 | €4,682 | €482 | -€4,200 | -89.7% |
| Income taxes | 67/77 | €2,218 | €461 | -€1,757 | -79.2% |
| Profit (loss) for the period | 9904 | €2,464 | €21 | -€2,443 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,464 | €21 | -€2,443 | -99.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.