New Silk Road: what changed
New Silk Road
Largest movements
- Tangible fixed assets +€5.3m
up €5.3m (+167%), from €3.2m to €8.5m
of which Land and buildings: +€5.5m
- Receivables within one year +€931,838
up €931,838 (+2,104%), from €44,286 to €976,124
of which Other amounts receivable: +€892,378
- Cash -€328,795
down €328,795 (-75.4%), from €436,342 to €107,547
mainly Investment in fixed assets (net) (-€5.9m) and Receivables within one year (-€931,838)
- Debts after one year +€5.0m
up €5.0m (+153%), from €3.3m to €8.2m
of which Financial debts: +€5.0m
- Short-term financial debts +€700,000
new in 2025: €700,000
- Current portion of long-term debt +€175,467
up €175,467 (+67.5%), from €259,925 to €435,393
- Depreciation +€212,772
up €212,772 (+69.1%), from €308,021 to €520,794
- Financial income +€69,964
up €69,964 (+2,787%), from €2,510 to €72,474
- Financial charges +€45,828
up €45,828 (+64.4%), from €71,197 to €117,025
- Gross operating margin +€43,107
up €43,107 (+7.4%), from €582,863 to €625,970
- Other operating charges -€32,046
down €32,046 (-29.2%), from €109,818 to €77,773
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,682,141 | €9,637,815 | +€6.0m | +162% |
| Fixed assets | 21/28 | €3,201,513 | €8,548,028 | +€5.3m | +167% |
| Tangible fixed assets | 22/27 | €3,201,513 | €8,548,028 | +€5.3m | +167% |
| Land and buildings | 22 | €1,729,074 | €7,205,974 | +€5.5m | +317% |
| Plant, machinery and equipment | 23 | €3,297 | €890 | -€2,407 | -73.0% |
| Leasing and similar rights | 25 | €1,465,202 | €1,337,702 | -€127,500 | -8.7% |
| Other tangible fixed assets | 26 | €3,939 | €3,462 | -€477 | -12.1% |
| Current assets | 29/58 | €480,628 | €1,089,786 | +€609,158 | +127% |
| Amounts receivable within one year | 40/41 | €44,286 | €976,124 | +€931,838 | +2,104% |
| Trade receivables | 40 | - | €39,461 | +€39,461 | |
| Other amounts receivable | 41 | €44,286 | €936,664 | +€892,378 | +2,015% |
| Cash at bank and in hand | 54/58 | €436,342 | €107,547 | -€328,795 | -75.4% |
| Deferred charges and accrued income | 490/1 | - | €6,115 | +€6,115 | |
| Total equity and liabilities | 10/49 | €3,682,141 | €9,637,815 | +€6.0m | +162% |
| Equity | 10/15 | €113,722 | €96,575 | -€17,147 | -15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,122 | €77,975 | -€17,147 | -18.0% |
| Distributable reserves | 133 | €95,122 | €77,975 | -€17,147 | -18.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,568,419 | €9,541,240 | +€6.0m | +167% |
| Amounts payable after more than one year | 17 | €3,258,912 | €8,240,271 | +€5.0m | +153% |
| Financial debts | 170/4 | €3,023,912 | €8,005,271 | +€5.0m | +165% |
| Other amounts payable | 178/9 | €235,000 | €235,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €309,507 | €1,279,741 | +€970,235 | +313% |
| Current portion of amounts payable after more than one year | 42 | €259,925 | €435,393 | +€175,467 | +67.5% |
| Financial debts | 43 | - | €700,000 | +€700,000 | |
| Credit institutions | 430/8 | - | €700,000 | +€700,000 | |
| Trade debts | 44 | €33,349 | €127,354 | +€94,005 | +282% |
| Suppliers | 440/4 | €33,349 | €127,354 | +€94,005 | +282% |
| Taxes, remuneration and social security | 45 | €16,232 | - | -€16,232 | |
| Taxes | 450/3 | €16,232 | - | -€16,232 | |
| Other amounts payable | 47/48 | - | €16,995 | +€16,995 | |
| Accrued charges and deferred income | 492/3 | - | €21,227 | +€21,227 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €308,021 | €520,794 | +€212,772 | +69.1% |
| Other operating charges | 640/8 | €109,818 | €77,773 | -€32,046 | -29.2% |
| Gross operating margin | 9900 | €582,863 | €625,970 | +€43,107 | +7.4% |
| Operating profit (loss) | 9901 | €165,024 | €27,403 | -€137,620 | -83.4% |
| Financial income | 75/76B | €2,510 | €72,474 | +€69,964 | +2,787% |
| Recurring financial income | 75 | €2,510 | €72,474 | +€69,964 | +2,787% |
| Financial charges | 65/66B | €71,197 | €117,025 | +€45,828 | +64.4% |
| Recurring financial charges | 65 | €71,197 | €117,025 | +€45,828 | +64.4% |
| Profit (loss) for the period before taxes | 9903 | €96,337 | -€17,147 | -€113,484 | |
| Income taxes | 67/77 | €24,084 | - | -€24,084 | |
| Profit (loss) for the period | 9904 | €72,253 | -€17,147 | -€89,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,253 | -€17,147 | -€89,400 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.