A Silber Lining: what changed
Two fiscal 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.
A Silber Lining
Largest movements
- Receivables after one year -€158,756
down €158,756 (-96.1%), from €165,256 to €6,500
- Cash +€79,921
up €79,921 (+50.0%), from €159,896 to €239,816
mainly Receivables after one year (+€158,756) and Net result for the year (+€77,183)
- Receivables within one year -€31,384
down €31,384 (-68.8%), from €45,606 to €14,223
of which Trade receivables: -€30,878
- Profit (loss) carried forward -€147,062
no longer reported in 2025 (was €147,062)
- Other debts +€39,341
up €39,341 (+21.3%), from €184,519 to €223,860
- Tax, wage and social debts -€6,772
down €6,772 (-18.8%), from €35,990 to €29,218
- Current portion of long-term debt +€4,847
new in 2025: €4,847
- Gross operating margin +€33,557
up €33,557 (+50.6%), from €66,310 to €99,867
- Financial charges -€13,993
down €13,993 (-98.2%), from €14,245 to €252
- Taxes +€9,983
up €9,983 (+81.9%), from €12,189 to €22,171
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 | €373,751 | €262,319 | -€111,432 | -29.8% |
| Fixed assets | 21/28 | €2,610 | €1,473 | -€1,137 | -43.6% |
| Tangible fixed assets | 22/27 | €2,510 | €1,473 | -€1,037 | -41.3% |
| Furniture and vehicles | 24 | €2,510 | €1,473 | -€1,037 | -41.3% |
| Financial fixed assets | 28 | €100 | - | -€100 | |
| Current assets | 29/58 | €371,141 | €260,846 | -€110,294 | -29.7% |
| Amounts receivable after more than one year | 29 | €165,256 | €6,500 | -€158,756 | -96.1% |
| Other amounts receivable | 291 | €165,256 | €6,500 | -€158,756 | -96.1% |
| Amounts receivable within one year | 40/41 | €45,606 | €14,223 | -€31,384 | -68.8% |
| Trade receivables | 40 | €45,100 | €14,223 | -€30,878 | -68.5% |
| Other amounts receivable | 41 | €506 | - | -€506 | |
| Cash at bank and in hand | 54/58 | €159,896 | €239,816 | +€79,921 | +50.0% |
| Deferred charges and accrued income | 490/1 | €383 | €307 | -€76 | -19.7% |
| Total equity and liabilities | 10/49 | €373,751 | €262,319 | -€111,432 | -29.8% |
| Equity | 10/15 | €149,562 | €2,500 | -€147,062 | -98.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,062 | - | -€147,062 | |
| Amounts payable | 17/49 | €224,189 | €259,819 | +€35,631 | +15.9% |
| Amounts payable within one year | 42/48 | €224,189 | €259,819 | +€35,631 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | - | €4,847 | +€4,847 | |
| Trade debts | 44 | €3,679 | €1,894 | -€1,785 | -48.5% |
| Suppliers | 440/4 | €3,679 | €1,894 | -€1,785 | -48.5% |
| Taxes, remuneration and social security | 45 | €35,990 | €29,218 | -€6,772 | -18.8% |
| Taxes | 450/3 | €35,990 | €29,218 | -€6,772 | -18.8% |
| Other amounts payable | 47/48 | €184,519 | €223,860 | +€39,341 | +21.3% |
| Non-recurring operating income | 76A | - | €16,456 | +€16,456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €602 | €1,037 | +€435 | +72.3% |
| Other operating charges | 640/8 | €74 | €120 | +€46 | +61.5% |
| Gross operating margin | 9900 | €66,310 | €99,867 | +€33,557 | +50.6% |
| Operating profit (loss) | 9901 | €65,634 | €98,710 | +€33,076 | +50.4% |
| Financial income | 75/76B | €1,328 | €896 | -€432 | -32.6% |
| Recurring financial income | 75 | €1,328 | €896 | -€432 | -32.6% |
| Financial charges | 65/66B | €14,245 | €252 | -€13,993 | -98.2% |
| Recurring financial charges | 65 | €14,245 | €252 | -€13,993 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | €52,717 | €99,354 | +€46,637 | +88.5% |
| Income taxes | 67/77 | €12,189 | €22,171 | +€9,983 | +81.9% |
| Profit (loss) for the period | 9904 | €40,528 | €77,183 | +€36,655 | +90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,528 | €77,183 | +€36,655 | +90.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.