SALVO: 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.
SALVO
Largest movements
- Receivables within one year -€36,884
down €36,884 (-45.0%), from €82,004 to €45,121
of which Trade receivables: -€19,715
- Cash +€13,833
up €13,833 (+219.4%), from €6,306 to €20,139
mainly Receivables within one year (+€36,884) and Depreciation (+€4,984)
- Tangible fixed assets +€7,347
up €7,347 (+15.8%), from €46,426 to €53,773
of which Other tangible fixed assets: +€6,438
- Deferred charges and accrued income -€2,395
down €2,395 (-81.7%), from €2,931 to €536
- Other debts -€10,782
no longer reported in 2025 (was €10,782)
- Current portion of long-term debt -€7,796
down €7,796 (-29.9%), from €26,101 to €18,305
- Profit (loss) carried forward +€3,085
up €3,085 (+66.3%), from €4,650 to €7,735
- Tax, wage and social debts -€2,354
down €2,354 (-38.9%), from €6,045 to €3,691
of which Taxes: -€2,344
- Gross operating margin -€29,456
down €29,456 (-45.4%), from €64,870 to €35,415
- Depreciation -€26,241
down €26,241 (-84.0%), from €31,224 to €4,984
- Staff costs -€12,693
down €12,693 (-58.1%), from €21,857 to €9,164
- Taxes +€9,833
new in 2025: €9,833
- Financial charges +€2,761
up €2,761 (+49.7%), from €5,558 to €8,319
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 | €152,156 | €134,059 | -€18,098 | -11.9% |
| Fixed assets | 21/28 | €54,160 | €61,507 | +€7,347 | +13.6% |
| Tangible fixed assets | 22/27 | €46,426 | €53,773 | +€7,347 | +15.8% |
| Plant, machinery and equipment | 23 | €5,150 | €6,135 | +€985 | +19.1% |
| Furniture and vehicles | 24 | €6,502 | €6,266 | -€236 | -3.6% |
| Leasing and similar rights | 25 | €4,619 | €4,779 | +€160 | +3.5% |
| Other tangible fixed assets | 26 | €30,155 | €36,594 | +€6,438 | +21.4% |
| Financial fixed assets | 28 | €7,734 | €7,734 | = | 0.0% |
| Current assets | 29/58 | €97,996 | €72,551 | -€25,445 | -26.0% |
| Stocks and contracts in progress | 3 | €6,755 | €6,755 | = | 0.0% |
| Stocks | 30/36 | €6,755 | €6,755 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €82,004 | €45,121 | -€36,884 | -45.0% |
| Trade receivables | 40 | €22,558 | €2,843 | -€19,715 | -87.4% |
| Other amounts receivable | 41 | €59,446 | €42,278 | -€17,169 | -28.9% |
| Cash at bank and in hand | 54/58 | €6,306 | €20,139 | +€13,833 | +219.4% |
| Deferred charges and accrued income | 490/1 | €2,931 | €536 | -€2,395 | -81.7% |
| Total equity and liabilities | 10/49 | €152,156 | €134,059 | -€18,098 | -11.9% |
| Equity | 10/15 | €46,925 | €50,010 | +€3,085 | +6.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,682 | €23,682 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,492 | €12,492 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,492 | €12,492 | = | 0.0% |
| Distributable reserves | 133 | €11,190 | €11,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,650 | €7,735 | +€3,085 | +66.3% |
| Amounts payable | 17/49 | €105,231 | €84,049 | -€21,182 | -20.1% |
| Amounts payable after more than one year | 17 | €59,820 | €59,961 | +€141 | +0.2% |
| Financial debts | 170/4 | €59,820 | €59,961 | +€141 | +0.2% |
| Amounts payable within one year | 42/48 | €45,411 | €24,088 | -€21,323 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | €26,101 | €18,305 | -€7,796 | -29.9% |
| Trade debts | 44 | €2,483 | €2,092 | -€391 | -15.8% |
| Suppliers | 440/4 | €2,483 | €2,092 | -€391 | -15.8% |
| Taxes, remuneration and social security | 45 | €6,045 | €3,691 | -€2,354 | -38.9% |
| Taxes | 450/3 | €6,035 | €3,691 | -€2,344 | -38.8% |
| Remuneration and social security | 454/9 | €10 | - | -€10 | |
| Other amounts payable | 47/48 | €10,782 | - | -€10,782 | |
| Remuneration, social security and pensions | 62 | €21,857 | €9,164 | -€12,693 | -58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,224 | €4,984 | -€26,241 | -84.0% |
| Other operating charges | 640/8 | €1,581 | €31 | -€1,551 | -98.1% |
| Gross operating margin | 9900 | €64,870 | €35,415 | -€29,456 | -45.4% |
| Operating profit (loss) | 9901 | €10,208 | €21,237 | +€11,029 | +108.0% |
| Financial charges | 65/66B | €5,558 | €8,319 | +€2,761 | +49.7% |
| Recurring financial charges | 65 | €5,558 | €8,319 | +€2,761 | +49.7% |
| Profit (loss) for the period before taxes | 9903 | €4,650 | €12,918 | +€8,268 | +177.8% |
| Income taxes | 67/77 | - | €9,833 | +€9,833 | |
| Profit (loss) for the period | 9904 | €4,650 | €3,085 | -€1,565 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,650 | €3,085 | -€1,565 | -33.7% |
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 10 October 2026 via checked.be.