Retsilver Linings: what changed
Two financial 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.
Retsilver Linings
Largest movements
- Financial fixed assets +€375,155
up €375,155 (+23.9%), from €1.6m to €1.9m
- Receivables within one year -€137,767
down €137,767 (-66.2%), from €208,069 to €70,301
of which Trade receivables: -€188,725
- Tangible fixed assets -€38,460
down €38,460 (-3.3%), from €1.2m to €1.1m
of which Land and buildings: -€37,927
- Other debts +€497,247
up €497,247 (+580%), from €85,720 to €582,966
- Debts after one year -€245,985
down €245,985 (-11.8%), from €2.1m to €1.8m
- Reserves -€39,193
down €39,193 (-9.2%), from €425,044 to €385,851
- Gross operating margin -€96,866
down €96,866 (-31.5%), from €307,841 to €210,976
- Taxes -€34,927
down €34,927 (-59.8%), from €58,447 to €23,520
- Financial charges +€34,419
up €34,419 (+63.5%), from €54,223 to €88,642
- Financial income -€3,862
no longer reported in 2025 (was €3,862)
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.
Derived cash bridge
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 | €2,967,405 | €3,149,207 | +€181,803 | +6.1% |
| Fixed assets | 21/28 | €2,728,652 | €3,065,348 | +€336,695 | +12.3% |
| Tangible fixed assets | 22/27 | €1,156,359 | €1,117,900 | -€38,460 | -3.3% |
| Land and buildings | 22 | €1,136,938 | €1,099,012 | -€37,927 | -3.3% |
| Furniture and vehicles | 24 | €2,291 | €1,758 | -€533 | -23.3% |
| Other tangible fixed assets | 26 | €17,130 | €17,130 | = | 0.0% |
| Financial fixed assets | 28 | €1,572,293 | €1,947,448 | +€375,155 | +23.9% |
| Current assets | 29/58 | €238,753 | €83,860 | -€154,893 | -64.9% |
| Amounts receivable within one year | 40/41 | €208,069 | €70,301 | -€137,767 | -66.2% |
| Trade receivables | 40 | €206,875 | €18,150 | -€188,725 | -91.2% |
| Other amounts receivable | 41 | €1,194 | €52,151 | +€50,958 | +4,269% |
| Cash at bank and in hand | 54/58 | €19,528 | €10,653 | -€8,874 | -45.4% |
| Deferred charges and accrued income | 490/1 | €11,156 | €2,905 | -€8,251 | -74.0% |
| Total equity and liabilities | 10/49 | €2,967,405 | €3,149,207 | +€181,803 | +6.1% |
| Equity | 10/15 | €443,644 | €404,451 | -€39,193 | -8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €425,044 | €385,851 | -€39,193 | -9.2% |
| Distributable reserves | 133 | €425,044 | €385,851 | -€39,193 | -9.2% |
| Amounts payable | 17/49 | €2,523,761 | €2,744,756 | +€220,996 | +8.8% |
| Amounts payable after more than one year | 17 | €2,085,301 | €1,839,316 | -€245,985 | -11.8% |
| Financial debts | 170/4 | €2,085,301 | €1,839,316 | -€245,985 | -11.8% |
| Amounts payable within one year | 42/48 | €435,051 | €903,730 | +€468,679 | +108% |
| Current portion of amounts payable after more than one year | 42 | €237,382 | €245,985 | +€8,603 | +3.6% |
| Financial debts | 43 | €45,000 | €20,000 | -€25,000 | -55.6% |
| Credit institutions | 430/8 | €45,000 | €20,000 | -€25,000 | -55.6% |
| Trade debts | 44 | €6,012 | €7,846 | +€1,834 | +30.5% |
| Suppliers | 440/4 | €6,012 | €7,846 | +€1,834 | +30.5% |
| Taxes, remuneration and social security | 45 | €60,937 | €46,933 | -€14,004 | -23.0% |
| Taxes | 450/3 | €59,937 | €46,933 | -€13,004 | -21.7% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €85,720 | €582,966 | +€497,247 | +580% |
| Accrued charges and deferred income | 492/3 | €3,409 | €1,710 | -€1,699 | -49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,667 | €38,460 | +€2,792 | +7.8% |
| Other operating charges | 640/8 | €9,737 | €10,547 | +€810 | +8.3% |
| Gross operating margin | 9900 | €307,841 | €210,976 | -€96,866 | -31.5% |
| Operating profit (loss) | 9901 | €262,437 | €161,969 | -€100,468 | -38.3% |
| Financial income | 75/76B | €3,862 | - | -€3,862 | |
| Recurring financial income | 75 | €3,862 | - | -€3,862 | |
| Financial charges | 65/66B | €54,223 | €88,642 | +€34,419 | +63.5% |
| Recurring financial charges | 65 | €54,223 | €88,642 | +€34,419 | +63.5% |
| Profit (loss) for the period before taxes | 9903 | €212,076 | €73,327 | -€138,749 | -65.4% |
| Income taxes | 67/77 | €58,447 | €23,520 | -€34,927 | -59.8% |
| Profit (loss) for the period | 9904 | €153,629 | €49,807 | -€103,822 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €153,629 | €49,807 | -€103,822 | -67.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.