SILVER LINING
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 13 filings
Turnover
≈ €210,000
Estimated: probably between €180,000 and €270,000
Total assets
€374,732▲ 16.1%
2024 · €322,717
Net result
€43,071▲ 12.4%
2024 · €38,306
Working capital
€231,758▲ 40.1%
2024 · €165,385
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€61,057
▲ 9.6%
2025
20182025
Net result
€43,071
▲ 12.4%
2025
middle half of the sector
20182025
Equity
€287,169
▲ 17.6%
2025
highest quarter of the sector
20182025
Total assets
€374,732
▲ 16.1%
2025
highest quarter of the sector
20182025
Debt
€87,563
▲ 11.4%
2025
20182025
Working capital
€231,758
▲ 40.1%
2025
highest quarter of the sector
20182025
Solvency
76.6%
▲ 1.0pp
2025
middle half of the sector
20182025
Current ratio
3.75
▲ 0.56
2025
middle half of the sector
20182025
Return on assets (ROA)
11.5%
▼ 0.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€53,934-€25,306▼ 53.1%-€64,884€57,021€43,205▼ 24.2%€36,444▼ 15.7%€55,734▲ 52.9%€61,057▲ 9.6%
Net result€33,243-€21,633▼ 34.9%-€41,597below the sector's middle half€54,767above the sector's middle half€29,589within the sector's middle half▼ 46.0%€27,012within the sector's middle half▼ 8.7%€38,306within the sector's middle half▲ 41.8%€43,071within the sector's middle half▲ 12.4%
Equity€165,289-€186,021▲ 12.5%€144,424within the sector's middle half▼ 22.4%€199,191above the sector's middle half▲ 37.9%€198,780above the sector's middle half▼ 0.2%€205,792above the sector's middle half▲ 3.5%€244,098above the sector's middle half▲ 18.6%€287,169above the sector's middle half▲ 17.6%
Total assets€192,812-€195,048▲ 1.2%€154,016within the sector's middle half▼ 21.0%€214,721within the sector's middle half▲ 39.4%€274,569within the sector's middle half▲ 27.9%€306,575above the sector's middle half▲ 11.7%€322,717above the sector's middle half▲ 5.3%€374,732above the sector's middle half▲ 16.1%
Debt€27,523-€9,027▼ 67.2%€9,592▲ 6.3%€15,530▲ 61.9%€75,789▲ 388%€100,784▲ 33.0%€78,620▼ 22.0%€87,563▲ 11.4%
Working capital€159,068-€180,418▲ 13.4%€142,750above the sector's middle half▼ 20.9%€192,245above the sector's middle half▲ 34.7%€85,729within the sector's middle half▼ 55.4%€99,952within the sector's middle half▲ 16.6%€165,385above the sector's middle half▲ 65.5%€231,758above the sector's middle half▲ 40.1%
Solvency85.7%-95.4%▲ 9.6pp93.8%above the sector's middle half▼ 1.6pp92.8%above the sector's middle half▼ 1.0pp72.4%within the sector's middle half▼ 20.4pp67.1%within the sector's middle half▼ 5.3pp75.6%within the sector's middle half▲ 8.5pp76.6%within the sector's middle half▲ 1.0pp
Current ratio6.96-21.17▲ 14.2215.99above the sector's middle half▼ 5.1813.52above the sector's middle half▼ 2.472.13within the sector's middle half▼ 11.382.00within the sector's middle half▼ 0.133.19within the sector's middle half▲ 1.193.75within the sector's middle half▲ 0.56
Return on assets (ROA)17.2%-11.1%▼ 6.1pp-27.0%below the sector's middle half▼ 38.1pp25.5%within the sector's middle half▲ 52.5pp10.8%within the sector's middle half▼ 14.7pp8.8%within the sector's middle half▼ 2.0pp11.9%within the sector's middle half▲ 3.1pp11.5%within the sector's middle half▼ 0.4pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 10% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €374,732
Fixed assets
€58,674 ▼ 28.2%
Current assets
€316,058 ▲ 31.2%
Equity and liabilities €374,732
Equity
€287,169 ▲ 17.6%
Debt
€87,563 ▲ 11.4%
Debt's share of the balance-sheet total falls from 24.4% to 23.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€90,525▲
2024 · €84,157
Cash flow
€72,539▲
2024 · €66,729
Debt to equity
0.30▼
2024 · 0.32
ROE
15.0%▼
2024 · 15.7%
Interest coverage
17.81▲
2024 · 14.32
Debt ≤ 1 year
€84,300▲
2024 · €75,602
Income taxes
€14,930▲
2024 · €13,564
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,347 | €173,259 | €21,387 | €3,692 | €6,411 |
| Intangible fixed assets | - | - | - | €275 | - |
| Depreciation and write-downs of the year | €2,197 | €4,134 | €27,836 | €28,423 | €29,468 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €4,028 awarded · €4,028 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,792 | €1,792 |
| 2024 | 1 | €2,236 | €2,236 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €623 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,642 | €4,697 | €3,961 | €2,197 | €4,134 | €27,836 | €28,423 | €29,468 | ▲ 3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €12,512 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €543 | €544 | €601 | €1,159 | €1,129 | ▼ 2.6% |
| Non-recurring operating charges66A | - | - | - | - | €8,697 | - | €610 | €0 | ▼ 100% |
| Gross operating margin9900 | €59,024 | €31,235 | -€60,200 | €59,761 | €56,580 | €77,392 | €85,926 | €91,654 | ▲ 6.7% |
| Operating profit (loss)9901 | €53,934 | €25,306 | -€64,884 | €57,021 | €43,205 | €36,444 | €55,734 | €61,057 | ▲ 9.6% |
| Financial income75/76B | - | - | - | €751 | €1,063 | €1,102 | €2,012 | €2,028 | ▲ 0.8% |
| Recurring financial income75 | €1,256 | €1,246 | €15,361 | €751 | €1,063 | €1,102 | €2,012 | €2,028 | ▲ 0.8% |
| Financial charges65/66B | - | - | - | €625 | €4,494 | €2,764 | €5,876 | €5,084 | ▼ 13.5% |
| Recurring financial charges65 | €9,249 | €437 | -€8,326 | €625 | €4,494 | €2,764 | €5,876 | €5,084 | ▼ 13.5% |
| Profit (loss) for the period before taxes9903 | €45,941 | €26,116 | -€41,197 | €57,147 | €39,775 | €34,782 | €51,870 | €58,001 | ▲ 11.8% |
| Income taxes67/77 | €12,698 | €4,483 | €401 | €2,380 | €10,186 | €7,771 | €13,564 | €14,930 | ▲ 10.1% |
| Profit (loss) for the period9904 | €33,243 | €21,633 | -€41,597 | €54,767 | €29,589 | €27,012 | €38,306 | €43,071 | ▲ 12.4% |
| Profit (loss) for the period to be appropriated9905 | €27,807 | €16,322 | -€41,597 | €54,767 | €29,589 | €27,012 | €38,306 | €43,071 | ▲ 12.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €192,812 | €195,048 | €154,016 | €214,721 | €274,569 | €306,575 | €322,717 | €374,732 | ▲ 16.1% |
| Fixed assets21/28 | €7,036 | €5,687 | €1,742 | €7,115 | €113,246 | €106,797 | €81,730 | €58,674 | ▼ 28.2% |
| Intangible fixed assets21 | - | - | - | - | - | - | €185 | €93 | ▼ 49.7% |
| Tangible fixed assets22/27 | €7,036 | €5,687 | €1,742 | €7,115 | €113,246 | €106,797 | €81,546 | €58,581 | ▼ 28.2% |
| Plant, machinery and equipment23 | - | - | - | €2,092 | €5,087 | €4,912 | €5,612 | €8,217 | ▲ 46.4% |
| Furniture and vehicles24 | - | - | - | - | €104,804 | €100,197 | €75,187 | €50,177 | ▼ 33.3% |
| Other tangible fixed assets26 | - | - | - | €5,022 | €3,355 | €1,687 | €747 | €187 | ▼ 75.0% |
| Current assets29/58 | €185,776 | €189,362 | €152,274 | €207,606 | €161,323 | €199,779 | €240,987 | €316,058 | ▲ 31.2% |
| Stocks and contracts in progress3 | - | €251 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €23,440 | €2,435 | €16,984 | €42,362 | €26,576 | €33,850 | €15,136 | €36,204 | ▲ 139% |
| Trade receivables40 | - | - | - | €42,284 | €26,283 | €33,755 | €15,136 | €36,086 | ▲ 138% |
| Other amounts receivable41 | - | - | - | €78 | €292 | €95 | €0 | €118 | - |
| Current investments50/53 | €58,605 | €61,877 | €56,336 | €90,702 | €87,208 | €65,260 | €64,566 | €64,566 | = |
| Cash at bank and in hand54/58 | €103,225 | €124,192 | €78,273 | €74,004 | €46,839 | €99,744 | €160,497 | €214,673 | ▲ 33.8% |
| Deferred charges and accrued income490/1 | - | - | - | €537 | €700 | €925 | €787 | €616 | ▼ 21.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €192,812 | €195,048 | €154,016 | €214,721 | €274,569 | €306,575 | €322,717 | €374,732 | ▲ 16.1% |
| Equity10/15 | €165,289 | €186,021 | €144,424 | €199,191 | €198,780 | €205,792 | €244,098 | €287,169 | ▲ 17.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €159,089 | €179,821 | €138,224 | €192,991 | €192,580 | €199,592 | €237,898 | €280,969 | ▲ 18.1% |
| Tax-exempt reserves132 | - | - | - | €35,157 | €35,157 | €35,157 | €35,157 | €35,157 | = |
| Distributable reserves133 | - | - | - | €157,834 | €157,423 | €164,434 | €202,740 | €245,812 | ▲ 21.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - | - |
| Amounts payable17/49 | €27,523 | €9,027 | €9,592 | €15,530 | €75,789 | €100,784 | €78,620 | €87,563 | ▲ 11.4% |
| Amounts payable within one year42/48 | €26,708 | €8,943 | €9,524 | €15,361 | €75,594 | €99,826 | €75,602 | €84,300 | ▲ 11.5% |
| Trade debts44 | €20,593 | €6,226 | €674 | €2,999 | €3,632 | €2,756 | €231 | €725 | ▲ 214% |
| Suppliers440/4 | - | - | - | €2,999 | €3,632 | €2,756 | €231 | €725 | ▲ 214% |
| Taxes, remuneration and social security45 | - | - | - | €9,760 | €6,364 | €8,389 | €13,482 | €18,012 | ▲ 33.6% |
| Taxes450/3 | - | - | - | €9,760 | €6,364 | €8,389 | €13,482 | €18,012 | ▲ 33.6% |
| Other amounts payable47/48 | - | - | - | €2,601 | €65,598 | €88,682 | €61,889 | €65,563 | ▲ 5.9% |
| Accrued charges and deferred income492/3 | - | - | - | €169 | €194 | €957 | €3,018 | €3,263 | ▲ 8.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,243 | €21,633 | -€41,597 | €54,767 | €29,589 | €27,012 | €38,306 | €43,071 | ▲ 12.4% |
| + Depreciation and write-downs630 | €3,642 | €4,697 | €3,961 | €2,197 | €4,134 | €27,836 | €28,423 | €29,468 | ▲ 3.7% |
| Operating cash flow (approximation) | €36,884 | €26,329 | -€37,636 | €56,964 | €33,723 | €54,848 | €66,729 | €72,539 | ▲ 8.7% |
| Investment in fixed assets (approximation) | - | -€3,347 | -€16 | -€7,570 | -€110,265 | -€21,387 | -€3,357 | -€6,411 | ▼ 91.0% |
| Change in cash | - | €20,967 | -€45,919 | -€4,269 | -€27,165 | €52,906 | €60,753 | €54,176 | ▼ 10.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as SILVER LINING has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SILVER LINING itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for SILVER LINING. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00359349 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00345156 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00289392 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00272487 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20237218 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41400315 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34900232 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-29500322 | |
| 31-12-2017 | micro format | 05-07-2018 | 2018-29400248 | |
| 31-12-2016 | micro format | 04-07-2017 | 2017-27500039 |