Zilvermunt
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-12-2025 PDF all 5 filings
Turnover
≈ €330,000
Estimated: probably between €300,000 and €410,000
Total assets
€6.7m▼ 3.3%
2024 · €6.9m
Net result
-€121,034▲ 14.4%
2024 · -€141,313
Working capital
-€287,011▲ 6.5%
2024 · -€307,065
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€15,390
▲ 478%
2025
20212025
Net result
-€121,034
▲ 14.4%
2025
lowest quarter of the sector
20212025
Equity
-€1.3m
▼ 10.6%
2025
lowest quarter of the sector
20212025
Total assets
€6.7m
▼ 3.3%
2025
highest quarter of the sector
20212025
Debt
€7.9m
▼ 1.3%
2025
20212025
Working capital
-€287,011
▲ 6.5%
2025
lowest quarter of the sector
20212025
Solvency
-18.9%
▼ 2.4pp
2025
lowest quarter of the sector
20212025
Current ratio
0.29
▲ 0.06
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-1.8%
▲ 0.2pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€0.4m--€0.3m▲ 4.2%-€0.2m▲ 39.4%€0.003m€0.02m▲ 478%
Net result-€0.4mbelow the sector's middle half--€0.4mbelow the sector's middle half▼ 2.8%-€0.2mbelow the sector's middle half▲ 37.6%-€0.1mbelow the sector's middle half▲ 42.2%-€0.1mbelow the sector's middle half▲ 14.4%
Equity-€0.4mbelow the sector's middle half--€0.8mbelow the sector's middle half▼ 109%-€1.0mbelow the sector's middle half▼ 32.5%-€1.1mbelow the sector's middle half▼ 14.2%-€1.3mbelow the sector's middle half▼ 10.6%
Total assets€1.2mwithin the sector's middle half-€3.3mabove the sector's middle half▲ 182%€7.0mabove the sector's middle half▲ 109%€6.9mabove the sector's middle half▼ 0.7%€6.7mabove the sector's middle half▼ 3.3%
Debt€1.5m-€4.1m▲ 165%€7.9m▲ 94.5%€8.0m▲ 1.2%€7.9m▼ 1.3%
Working capital€0.1mwithin the sector's middle half-€0.6mabove the sector's middle half▲ 482%-€0.6mbelow the sector's middle half-€0.3mbelow the sector's middle half▲ 47.4%-€0.3mbelow the sector's middle half▲ 6.5%
Solvency-30.6%below the sector's middle half--22.6%below the sector's middle half▲ 8.0pp-14.4%below the sector's middle half▲ 8.2pp-16.5%below the sector's middle half▼ 2.1pp-18.9%below the sector's middle half▼ 2.4pp
Current ratio2.91above the sector's middle half0.21below the sector's middle half▼ 2.700.22below the sector's middle half▲ 0.010.29below the sector's middle half▲ 0.06
Return on assets (ROA)-32.3%below the sector's middle half--11.8%below the sector's middle half▲ 20.5pp-3.5%below the sector's middle half▲ 8.2pp-2.0%within the sector's middle half▲ 1.5pp-1.8%within the sector's middle half▲ 0.2pp
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 5.8 times that of 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €6.7m
Fixed assets
€6.6m ▼ 3.7%
Current assets
€114,964 ▲ 31.5%
Equity and liabilities
Equity-€1.3m
Debt€7.9m
Equity is negative. Debt (€7.9m) exceeds the balance-sheet total (€6.7m).
Key figures and ratios
EBITDA
€291,625▲
2024 · €268,961
Cash flow
€155,201▲
2024 · €124,984
Interest coverage
2.14▲
2024 · 1.84
Debt ≤ 1 year
€401,975▲
2024 · €394,514
Debt > 1 year
€7.3m▼
2024 · €7.5m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1.5m | €4.5m | €5.4m | €21,635 |
| Depreciation and write-downs of the year | €214,418 | €89,163 | €266,297 | €276,234 |
Source: notes to the 2022 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 | €107,500 | €214,418 | €89,163 | €266,297 | €276,234 | ▲ 3.7% |
| Other operating charges640/8 | - | €3,756 | €14,177 | €1,215 | €3,537 | ▲ 191% |
| Gross operating margin9900 | -€250,955 | -€128,378 | -€106,518 | €270,176 | €295,162 | ▲ 9.2% |
| Operating profit (loss)9901 | -€361,857 | -€346,552 | -€209,859 | €2,665 | €15,390 | ▲ 478% |
| Financial income75/76B | - | - | €21,796 | €1,839 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | €21,796 | €1,839 | €0 | ▼ 100% |
| Financial charges65/66B | - | €45,630 | €56,478 | €145,816 | €136,424 | ▼ 6.4% |
| Recurring financial charges65 | €19,474 | €45,630 | €56,478 | €145,816 | €136,424 | ▼ 6.4% |
| Profit (loss) for the period before taxes9903 | -€381,330 | -€392,182 | -€244,540 | -€141,313 | -€121,034 | ▲ 14.4% |
| Profit (loss) for the period9904 | -€381,330 | -€392,182 | -€244,540 | -€141,313 | -€121,034 | ▲ 14.4% |
| Profit (loss) for the period to be appropriated9905 | -€381,330 | -€392,182 | -€244,540 | -€141,313 | -€121,034 | ▲ 14.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €3.3m | €7.0m | €6.9m | €6.7m | ▼ 3.3% |
| Fixed assets21/28 | €1.1m | €2.4m | €6.8m | €6.8m | €6.6m | ▼ 3.7% |
| Tangible fixed assets22/27 | €1.1m | €2.4m | €6.8m | €6.8m | €6.6m | ▼ 3.7% |
| Land and buildings22 | - | €1.3m | €1.5m | €6.7m | €6.4m | ▼ 3.6% |
| Furniture and vehicles24 | - | - | €0.1m | €0.1m | €0.1m | ▼ 12.2% |
| Assets under construction and advance payments27 | - | €1.1m | €5.1m | €0 | - | - |
| Current assets29/58 | €0.1m | €0.9m | €0.2m | €0.09m | €0.1m | ▲ 31.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.06m | - |
| Other amounts receivable291 | - | - | - | - | €0.06m | - |
| Amounts receivable within one year40/41 | €0.03m | €0.6m | €0.04m | €0 | €0.01m | - |
| Trade receivables40 | - | €0 | €0.001m | €0 | €0.01m | - |
| Other amounts receivable41 | - | €0.6m | €0.04m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.08m | €0.4m | €0.08m | €0.08m | €0.04m | ▼ 55.8% |
| Deferred charges and accrued income490/1 | - | €0.002m | €0.04m | €0.003m | €0.003m | ▲ 0.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €3.3m | €7.0m | €6.9m | €6.7m | ▼ 3.3% |
| Equity10/15 | -€0.4m | -€0.8m | -€1.0m | -€1.1m | -€1.3m | ▼ 10.6% |
| Contributions10/11 | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.4m | -€0.8m | -€1.0m | -€1.2m | -€1.3m | ▼ 10.4% |
| Amounts payable17/49 | €1.5m | €4.1m | €7.9m | €8.0m | €7.9m | ▼ 1.3% |
| Amounts payable after more than one year17 | €1.5m | €3.7m | €7.2m | €7.5m | €7.3m | ▼ 2.7% |
| Financial debts170/4 | - | €3.7m | €7.2m | €7.5m | €7.3m | ▼ 2.7% |
| Amounts payable within one year42/48 | €177 | €0.3m | €0.7m | €0.4m | €0.4m | ▲ 1.9% |
| Current portion of amounts payable after more than one year42 | - | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 7.5% |
| Trade debts44 | €177 | €0.2m | €0.4m | €0.06m | €0.04m | ▼ 31.2% |
| Suppliers440/4 | - | €0.2m | €0.4m | €0.06m | €0.04m | ▼ 31.2% |
| Taxes, remuneration and social security45 | - | - | €0.009m | €0.02m | €0.02m | ▲ 13.6% |
| Taxes450/3 | - | - | €0.009m | €0.02m | €0.02m | ▲ 13.6% |
| Accrued charges and deferred income492/3 | - | €0.02m | €0.05m | €0.1m | €0.2m | ▲ 64.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.4m | -€0.4m | -€0.2m | -€0.1m | -€0.1m | ▲ 14.4% |
| + Depreciation and write-downs630 | €0.1m | €0.2m | €0.09m | €0.3m | €0.3m | ▲ 3.7% |
| Operating cash flow (approximation) | -€0.3m | -€0.2m | -€0.2m | €0.1m | €0.2m | ▲ 24.2% |
| Investment in fixed assets (approximation) | - | -€1.5m | -€4.5m | -€0.3m | -€0.02m | ▲ 92.5% |
| Change in cash | - | €0.3m | -€0.3m | €0.006m | -€0.05m | - |
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, 111 companies had the same profile as Zilvermunt has now. Two years later, 96.4% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 5 to 10 years old
- negative equity
- a small loss
96.4%
was still going
2.7%
stopped otherwise
0.0%
went bankrupt
Another 0.9% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Zilvermunt itself: 0.4% 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 111 companies, not a prediction for Zilvermunt. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-12-2025 | 2025-00588743 | |
| 30-06-2024 | micro format | 19-12-2024 | 2024-00619874 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00011455 | |
| 30-06-2022 | micro format | 02-01-2023 | 2023-20550860 | |
| 30-06-2021 | abbreviated format | 09-12-2021 | 2021-79900068 |