SILVER ONE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-04-2026 PDF all 33 filings
Turnover
€595,453▲ 1.5%
2022 · €586,545
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€317,308▲ 129%
2024 · €138,364
Working capital
-€558,496▲ 39.6%
2024 · -€924,133
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€499,782
▲ 83.2%
2025
20192025
Net result
€317,308
▲ 129%
2025
highest quarter of the sector
20192025
Equity
€4.3m
▲ 7.9%
2025
highest quarter of the sector
20192025
Total assets
€6.6m
▲ 2.7%
2025
middle half of the sector
20192025
Debt
€1.8m
▼ 9.4%
2025
20192025
Working capital
-€558,496
▲ 39.6%
2025
lowest quarter of the sector
20192025
Solvency
65.6%
▲ 3.2pp
2025
middle half of the sector
20192025
Current ratio
0.67
▲ 0.17
2025
middle half of the sector
20192025
Return on assets (ROA)
4.8%
▲ 2.7pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1
=
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.6m€0.6m▲ 0.9%€0.6m▲ 1.5%
Operating result€0.06m-€0.07m▲ 30.5%€0.8m▲ 953%€0.4m▼ 50.7%€2.3m▲ 514%€0.3m▼ 88.3%€0.5m▲ 83.2%
Net result-€0.005m-€0.005mwithin the sector's middle half€0.5mabove the sector's middle half▲ 106×€0.2mabove the sector's middle half▼ 55.0%€1.7mabove the sector's middle half▲ 616%€0.1mabove the sector's middle half▼ 91.8%€0.3mabove the sector's middle half▲ 129%
Equity€1.6m-€1.6mwithin the sector's middle half▲ 0.3%€2.1mwithin the sector's middle half▲ 32.7%€2.3mwithin the sector's middle half▲ 11.1%€4.0mabove the sector's middle half▲ 71.5%€4.0mabove the sector's middle half▼ 0.4%€4.3mabove the sector's middle half▲ 7.9%
Total assets€3.6m-€3.6mwithin the sector's middle half▼ 0.1%€4.2mwithin the sector's middle half▲ 15.4%€4.2mwithin the sector's middle half▲ 0.5%€6.4mwithin the sector's middle half▲ 51.4%€6.4mwithin the sector's middle half▲ 0.8%€6.6mwithin the sector's middle half▲ 2.7%
Debt€2.1m-€2.0m▼ 0.3%€2.1m▲ 1.9%€1.9m▼ 10.3%€1.9m▲ 0.5%€2.0m▲ 4.3%€1.8m▼ 9.4%
Working capital-€1.2m--€1.2mbelow the sector's middle half▲ 2.0%-€0.6mbelow the sector's middle half▲ 51.1%-€1.0mbelow the sector's middle half▼ 75.3%€0.1mwithin the sector's middle half-€0.9mbelow the sector's middle half-€0.6mbelow the sector's middle half▲ 39.6%
Solvency43.6%-43.8%within the sector's middle half▲ 0.2pp50.4%within the sector's middle half▲ 6.6pp55.7%within the sector's middle half▲ 5.3pp63.1%above the sector's middle half▲ 7.4pp62.4%within the sector's middle half▼ 0.7pp65.6%within the sector's middle half▲ 3.2pp
Current ratio0.33-0.35below the sector's middle half▲ 0.020.69within the sector's middle half▲ 0.340.41below the sector's middle half▼ 0.281.05within the sector's middle half▲ 0.640.51within the sector's middle half▼ 0.550.67within the sector's middle half▲ 0.17
Return on assets (ROA)-0.1%-0.1%within the sector's middle half▲ 0.3pp12.4%above the sector's middle half▲ 12.3pp5.6%above the sector's middle half▼ 6.9pp26.3%above the sector's middle half▲ 20.7pp2.2%within the sector's middle half▼ 24.2pp4.8%above the sector's middle half▲ 2.7pp
Staff (FTE)1.9-2within the sector's middle half▲ 5.3%2within the sector's middle half=2within the sector's middle half=1.6within the sector's middle half▼ 20.0%1within the sector's middle half▼ 37.5%1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 83% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.6m
Fixed assets
€5.5m ▼ 0.5%
Current assets
€1.1m ▲ 20.7%
Equity and liabilities €6.6m
Equity
€4.3m ▲ 7.9%
Provisions
€499,898 ▲ 8.2%
Debt
€1.8m ▼ 9.4%
Debt's share of the balance-sheet total falls from 30.4% to 26.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€676,600▲
2024 · €443,978
Cash flow
€494,126▲
2024 · €309,559
Debt to equity
0.41▼
2024 · 0.49
ROE
7.3%▲
2024 · 3.4%
Interest coverage
8.10▲
2024 · 5.35
Debt ≤ 1 year
€1.7m▼
2024 · €1.9m
Debt > 1 year
€51,920▼
2024 · €76,920
Income taxes
€72,912▲
2024 · €65,881
Staff costs
€40,442▲
2024 · €35,094
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 1 | - | - |
| full-time | 2 | 2 | 1 | - | - |
| in full-time equivalents | 2 | 2 | 1 | - | - |
| Average over the year, in full-time equivalents | 2 | 2 | 1.6 | 1 | 1 |
| On a permanent contract | 2 | 2 | 1 | - | - |
| Joined | - | - | 0 | - | - |
| Left | - | - | 1 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €27,981 | €861,203 | €1.4m | €1.1m | €259,844 |
| Depreciation and write-downs of the year | €123,524 | €149,552 | €179,976 | €171,195 | €176,818 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €1.2m | €0.8m | €2.8m | - | - | - |
| Turnover70 | - | - | €0.6m | €0.6m | €0.6m | - | - | - |
| Other operating income74 | - | - | €0.6m | €0.2m | €2.2m | - | - | - |
| Operating charges60/66A | - | - | €0.4m | €0.5m | €0.4m | - | - | - |
| Services and other goods61 | - | - | €0.1m | €0.1m | €0.1m | - | - | - |
| Remuneration, social security and pensions62 | - | - | €0.1m | €0.1m | €0.1m | €0.04m | €0.04m | ▲ 15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 3.3% |
| Other operating charges640/8 | - | - | €0.04m | €0.04m | €0.03m | €0.03m | €0.04m | ▲ 24.4% |
| Gross operating margin9900 | €0.4m | €0.5m | - | - | - | €0.5m | €0.8m | ▲ 48.0% |
| Operating profit (loss)9901 | €0.06m | €0.07m | €0.8m | €0.4m | €2.3m | €0.3m | €0.5m | ▲ 83.2% |
| Financial income75/76B | - | - | - | €17 | - | - | €0.01m | - |
| Recurring financial income75 | €0 | €0 | - | €17 | - | - | €0.01m | - |
| Other financial income752/9 | - | - | - | €17 | - | - | - | - |
| Financial charges65/66B | - | - | €0.07m | €0.07m | €0.09m | €0.08m | €0.08m | ▲ 0.6% |
| Recurring financial charges65 | €0.06m | €0.06m | €0.07m | €0.07m | €0.09m | €0.08m | €0.08m | ▲ 0.6% |
| Debt charges650 | - | - | €0.07m | €0.07m | €0.09m | - | - | - |
| Other financial charges652/9 | - | - | €0.001m | €0.001m | €0.001m | - | - | - |
| Profit (loss) for the period before taxes9903 | -€399 | €0.01m | €0.7m | €0.3m | €2.2m | €0.2m | €0.4m | ▲ 126% |
| Transfer from deferred taxes780 | - | - | - | - | €0.01m | €0.01m | €0.02m | ▲ 23.2% |
| Transfer to deferred taxes680 | - | - | - | - | €0.5m | - | €0.06m | - |
| Income taxes67/77 | €0.006m | €0.01m | €0.2m | €0.07m | €0.08m | €0.07m | €0.07m | ▲ 10.7% |
| Taxes670/3 | - | - | €0.2m | €0.1m | €0.08m | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.04m | - | - | - | - |
| Profit (loss) for the period9904 | -€0.005m | €0.005m | €0.5m | €0.2m | €1.7m | €0.1m | €0.3m | ▲ 129% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.03m | €0.04m | €0.04m | €0.05m | ▲ 23.2% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €1.5m | - | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.001m | €0.03m | €0.5m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 12.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.6m | €3.6m | €4.2m | €4.2m | €6.4m | €6.4m | €6.6m | ▲ 2.7% |
| Fixed assets21/28 | €3.0m | €3.0m | €2.9m | €3.5m | €4.5m | €5.5m | €5.5m | ▼ 0.5% |
| Tangible fixed assets22/27 | €3.0m | €3.0m | €2.9m | €3.5m | €4.5m | €5.5m | €5.5m | ▼ 0.5% |
| Land and buildings22 | - | - | €2.8m | €3.4m | €4.4m | €5.4m | €5.1m | ▼ 4.2% |
| Plant, machinery and equipment23 | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.2m | ▲ 127% |
| Furniture and vehicles24 | - | - | €0.005m | €0.005m | €0.002m | €0.002m | €0.001m | ▼ 15.7% |
| Assets under construction and advance payments27 | - | - | - | €0.01m | - | €0.04m | €0.1m | ▲ 280% |
| Financial fixed assets28 | €140 | €140 | €140 | €29 | €29 | €29 | €29 | = |
| Other financial fixed assets284/8 | - | - | €140 | €29 | €29 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | €140 | €29 | €29 | - | - | - |
| Current assets29/58 | €0.6m | €0.6m | €1.3m | €0.7m | €1.9m | €0.9m | €1.1m | ▲ 20.7% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €151 | €0.07m | €0.1m | €0.003m | €0.02m | ▲ 541% |
| Trade receivables40 | - | - | - | - | €0.04m | - | €0.004m | - |
| Other amounts receivable41 | - | - | €151 | €0.07m | €0.07m | €0.003m | €0.01m | ▲ 384% |
| Current investments50/53 | - | - | - | - | - | - | €0.7m | - |
| Cash at bank and in hand54/58 | €0.5m | €0.6m | €1.3m | €0.6m | €1.7m | €0.9m | €0.4m | ▼ 55.8% |
| Deferred charges and accrued income490/1 | - | - | €0.04m | €0.04m | €0.05m | €0.04m | €0.03m | ▼ 34.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.6m | €3.6m | €4.2m | €4.2m | €6.4m | €6.4m | €6.6m | ▲ 2.7% |
| Equity10/15 | €1.6m | €1.6m | €2.1m | €2.3m | €4.0m | €4.0m | €4.3m | ▲ 7.9% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €1.7m | €1.5m | €1.6m | ▲ 7.7% |
| Non-distributable reserves130/1 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | - | €1.4m | €1.4m | €1.5m | ▲ 8.2% |
| Distributable reserves133 | - | - | €0.2m | €0.2m | €0.2m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | €1.2m | €1.2m | €1.7m | €2.0m | €2.2m | €2.4m | €2.6m | ▲ 8.6% |
| Provisions and deferred taxes16 | €0.002m | - | - | - | €0.5m | €0.5m | €0.5m | ▲ 8.2% |
| Deferred taxes168 | - | - | - | - | €0.5m | €0.5m | €0.5m | ▲ 8.2% |
| Amounts payable17/49 | €2.1m | €2.0m | €2.1m | €1.9m | €1.9m | €2.0m | €1.8m | ▼ 9.4% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | €0.05m | ▼ 32.5% |
| Financial debts170/4 | - | - | €0.2m | €0.1m | €0.1m | €0.08m | €0.05m | ▼ 33.3% |
| Credit institutions173 | - | - | €0.2m | €0.1m | €0.1m | - | - | - |
| Other amounts payable178/9 | - | - | €0.001m | €0.003m | €0.003m | €0.002m | €0.002m | = |
| Amounts payable within one year42/48 | €1.8m | €1.8m | €1.9m | €1.7m | €1.8m | €1.9m | €1.7m | ▼ 9.1% |
| Current portion of amounts payable after more than one year42 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.07m | €0.09m | €0.04m | €0.02m | ▼ 60.0% |
| Suppliers440/4 | - | - | €0.1m | €0.07m | €0.09m | €0.04m | €0.02m | ▼ 60.0% |
| Taxes, remuneration and social security45 | - | - | €0.1m | €0.02m | €0.002m | €0.003m | €0.003m | ▼ 16.9% |
| Taxes450/3 | - | - | €0.09m | - | - | €0.001m | - | - |
| Remuneration and social security454/9 | - | - | €0.02m | €0.02m | €0.002m | €0.002m | €0.003m | ▲ 16.5% |
| Other amounts payable47/48 | - | - | €1.6m | €1.6m | €1.6m | €1.8m | €1.7m | ▼ 7.9% |
| Accrued charges and deferred income492/3 | - | - | €0.05m | €0.004m | €0.005m | €0.009m | €0.02m | ▲ 118% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.005m | €0.005m | €0.5m | €0.2m | €1.7m | €0.1m | €0.3m | ▲ 129% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 3.3% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.6m | €0.4m | €1.9m | €0.3m | €0.5m | ▲ 59.6% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.01m | -€0.8m | -€1.2m | -€1.1m | -€0.2m | ▲ 86.7% |
| Change in cash | - | €0.04m | €0.7m | -€0.7m | €1.1m | -€0.8m | -€0.5m | ▲ 37.2% |
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, 17,041 companies had the same profile as SILVER ONE has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SILVER ONE 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 17,041 companies, not a prediction for SILVER ONE. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 29-04-2026 | 2026-00098154 | |
| 30-09-2024 | full format | 22-04-2025 | 2025-00083497 | |
| 30-09-2023 | full format | 30-04-2024 | 2024-00081240 | |
| 30-09-2022 | full format | 28-04-2023 | 2023-00071102 | |
| 30-09-2021 | full format | 29-04-2022 | 2022-20022437 | |
| 30-09-2020 | full format | 30-04-2021 | 2021-12400332 | |
| 30-09-2019 | full format | 30-04-2020 | 2020-11000471 | |
| 30-09-2018 | full format | 30-04-2019 | 2019-11500116 | |
| 30-09-2017 | full format | 27-04-2018 | 2018-11200280 | |
| 30-09-2016 | full format | 28-03-2017 | 2017-07800341 |