SILVERTREE
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00424572.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 5 filings
Turnover
≈ €330,000
Estimated: probably between €200,000 and €610,000
Total assets
€453,783▲ 0.2%
2024 · €452,753
Net result
€99,516▲ 2.2%
2024 · €97,345
Working capital
€423,891▲ 31.0%
2024 · €323,678
In the rankings
#4 company by equity in Holsbeek, Administrative and support services sector#8 company by total assets in Holsbeek, Administrative and support services sector
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€127,402
▼ 11.5%
2025
20212025
Net result
€99,516
▲ 2.2%
2025
middle half of the sector
20212025
Equity
€425,397
▲ 30.5%
2025
highest quarter of the sector
20212025
Total assets
€453,783
▲ 0.2%
2025
middle half of the sector
20212025
Debt
€28,386
▼ 77.6%
2025
20212025
Working capital
€423,891
▲ 31.0%
2025
highest quarter of the sector
20212025
Solvency
93.7%
▲ 21.8pp
2025
highest quarter of the sector
20212025
Current ratio
15.93
▲ 12.38
2025
highest quarter of the sector
20212025
Return on assets (ROA)
21.9%
▲ 0.4pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€31,169-€145,403▲ 367%€143,053▼ 1.6%€143,975▲ 0.6%€127,402▼ 11.5%
Net result€22,658within the sector's middle half-€103,356within the sector's middle half▲ 356%€101,522within the sector's middle half▼ 1.8%€97,345within the sector's middle half▼ 4.1%€99,516within the sector's middle half▲ 2.2%
Equity€23,658below the sector's middle half-€127,014within the sector's middle half▲ 437%€228,536within the sector's middle half▲ 79.9%€325,881within the sector's middle half▲ 42.6%€425,397above the sector's middle half▲ 30.5%
Total assets€55,436below the sector's middle half-€235,487below the sector's middle half▲ 325%€364,478within the sector's middle half▲ 54.8%€452,753within the sector's middle half▲ 24.2%€453,783within the sector's middle half▲ 0.2%
Debt€31,778-€108,473▲ 241%€135,943▲ 25.3%€126,872▼ 6.7%€28,386▼ 77.6%
Working capital€23,658within the sector's middle half-€127,014within the sector's middle half▲ 437%€225,636within the sector's middle half▲ 77.6%€323,678within the sector's middle half▲ 43.5%€423,891above the sector's middle half▲ 31.0%
Solvency42.7%within the sector's middle half-53.9%above the sector's middle half▲ 11.3pp62.7%above the sector's middle half▲ 8.8pp72.0%above the sector's middle half▲ 9.3pp93.7%above the sector's middle half▲ 21.8pp
Current ratio1.74within the sector's middle half-2.17above the sector's middle half▲ 0.432.66above the sector's middle half▲ 0.493.55above the sector's middle half▲ 0.8915.93above the sector's middle half▲ 12.38
Return on assets (ROA)40.9%above the sector's middle half-43.9%above the sector's middle half▲ 3.0pp27.9%above the sector's middle half▼ 16.0pp21.5%above the sector's middle half▼ 6.4pp21.9%above the sector's middle half▲ 0.4pp
above
within
below
The sector band is the middle half of the companies in Employment activities (NACE 78). 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 12% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €453,783
Fixed assets
€1,506 ▼ 31.6%
Current assets
€452,277 ▲ 0.4%
Equity and liabilities €453,783
Equity
€425,397 ▲ 30.5%
Debt
€28,386 ▼ 77.6%
Debt's share of the balance-sheet total falls from 28.0% to 6.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€128,098▼
2024 · €144,672
Cash flow
€100,212▲
2024 · €98,042
Debt to equity
0.07▼
2024 · 0.39
ROE
23.4%▼
2024 · 29.9%
Interest coverage
76.59▼
2024 · over 100
Debt ≤ 1 year
€28,386▼
2024 · €126,872
Income taxes
€26,213▼
2024 · €45,720
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 | - | - | €3,483 | - | - |
| Depreciation and write-downs of the year | - | - | €584 | €697 | €697 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €584 | €697 | €697 | = |
| Other operating charges640/8 | - | - | €362 | €384 | €408 | ▲ 6.0% |
| Gross operating margin9900 | €31,169 | €145,403 | €143,999 | €145,057 | €128,506 | ▼ 11.4% |
| Operating profit (loss)9901 | €31,169 | €145,403 | €143,053 | €143,975 | €127,402 | ▼ 11.5% |
| Financial income75/76B | - | - | - | €9 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | €9 | €0 | ▼ 100% |
| Financial charges65/66B | €14 | €481 | €914 | €919 | €1,673 | ▲ 81.9% |
| Recurring financial charges65 | €14 | €481 | €914 | €919 | €1,673 | ▲ 81.9% |
| Profit (loss) for the period before taxes9903 | €31,154 | €144,922 | €142,139 | €143,065 | €125,729 | ▼ 12.1% |
| Income taxes67/77 | €8,497 | €41,566 | €40,617 | €45,720 | €26,213 | ▼ 42.7% |
| Profit (loss) for the period9904 | €22,658 | €103,356 | €101,522 | €97,345 | €99,516 | ▲ 2.2% |
| Profit (loss) for the period to be appropriated9905 | €22,658 | €103,356 | €101,522 | €97,345 | €99,516 | ▲ 2.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €55,436 | €235,487 | €364,478 | €452,753 | €453,783 | ▲ 0.2% |
| Fixed assets21/28 | - | - | €2,899 | €2,203 | €1,506 | ▼ 31.6% |
| Tangible fixed assets22/27 | - | - | €2,899 | €2,203 | €1,506 | ▼ 31.6% |
| Furniture and vehicles24 | - | - | €2,899 | €2,203 | €1,506 | ▼ 31.6% |
| Current assets29/58 | €55,436 | €235,487 | €361,579 | €450,550 | €452,277 | ▲ 0.4% |
| Amounts receivable within one year40/41 | €54,452 | €145,207 | €221,487 | €435,607 | €203,537 | ▼ 53.3% |
| Trade receivables40 | €54,450 | €145,200 | €221,480 | €435,600 | €203,530 | ▼ 53.3% |
| Other amounts receivable41 | €2 | €7 | €7 | €7 | €7 | = |
| Cash at bank and in hand54/58 | €984 | €90,280 | €140,093 | €14,944 | €248,740 | ▲ 17× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €55,436 | €235,487 | €364,478 | €452,753 | €453,783 | ▲ 0.2% |
| Equity10/15 | €23,658 | €127,014 | €228,536 | €325,881 | €425,397 | ▲ 30.5% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €22,658 | €126,014 | €227,536 | €324,881 | €424,397 | ▲ 30.6% |
| Distributable reserves133 | €22,658 | €126,014 | €227,536 | €324,881 | €424,397 | ▲ 30.6% |
| Amounts payable17/49 | €31,778 | €108,473 | €135,943 | €126,872 | €28,386 | ▼ 77.6% |
| Amounts payable within one year42/48 | €31,778 | €108,473 | €135,943 | €126,872 | €28,386 | ▼ 77.6% |
| Trade debts44 | €1,064 | €1,924 | €3,195 | €0 | - | - |
| Suppliers440/4 | €1,064 | €1,924 | €3,195 | €0 | - | - |
| Taxes, remuneration and social security45 | €20,012 | €75,522 | €119,762 | €113,216 | €26,338 | ▼ 76.7% |
| Taxes450/3 | €20,012 | €75,522 | €119,762 | €94,812 | €26,338 | ▼ 72.2% |
| Remuneration and social security454/9 | - | - | - | €18,405 | €0 | ▼ 100% |
| Other amounts payable47/48 | €10,702 | €31,027 | €12,985 | €13,655 | €2,048 | ▼ 85.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,658 | €103,356 | €101,522 | €97,345 | €99,516 | ▲ 2.2% |
| + Depreciation and write-downs630 | - | - | €584 | €697 | €697 | = |
| Operating cash flow (approximation) | €22,658 | €103,356 | €102,106 | €98,042 | €100,212 | ▲ 2.2% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | - |
| Change in cash | - | €89,296 | €49,813 | -€125,149 | €233,796 | - |
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, 6,782 companies had the same profile as SILVERTREE has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of SILVERTREE 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 6,782 companies, not a prediction for SILVERTREE. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-08-2026 | 2026-00424572 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00212155 | |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00258970 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00430491 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20386050 |