SILFIN: 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.
What changed
SILFIN
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10.3m
2024 · -€1.3m+€11.6m
Equity
€215.3m
2024 · €365.3m-€150.0m
Cash
€102.6m
2024 · €129.7m-€27.0m
Balance sheet total
€1.36bn
2024 · €1.62bn-€257.0m
Largest movements
Assets
- Receivables within one year -€120.5m
down €120.5m (-12.4%), from €972.3m to €851.7m
of which Other amounts receivable: -€121.0m
- Current investments -€73.7m
down €73.7m (-77.2%), from €95.5m to €21.8m
- Financial fixed assets -€31.5m
down €31.5m (-7.8%), from €405.6m to €374.0m
- Cash -€27.0m
down €27.0m (-20.8%), from €129.7m to €102.6m
mainly Contributions, distributions and other (-€160.3m) and Other debts (-€91.5m)
Equity and liabilities
- Contributions -€149.7m
down €149.7m (-43.5%), from €343.9m to €194.2m
- Other debts -€91.5m
down €91.5m (-26.9%), from €340.3m to €248.8m
- Short-term financial debts -€32.5m
down €32.5m (-99.8%), from €32.6m to €49,497
of which Other loans: -€32.6m
- Debts after one year +€22.5m
up €22.5m (+2.6%), from €856.6m to €879.1m
of which Financial debts: +€30.9m
Income statement
- Financial charges -€21.2m
down €21.2m (-17.7%), from €119.8m to €98.6m
of which Non-recurring financial charges: -€10.9m
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.
Result 2024
-€1.3m
Staff costs
+€228,452
Depreciation
+€373
Provisions
+€10,415
Other operating charges
+€6,990
Other operating items
+€1.1m
Financial income
-€10.9m
Financial charges
+€21.2m
Taxes
-€9,080
Result 2025
€10.3m
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.
From operations
+€38.6m
Investment
+€104.7m
Financing
-€170.3m
Cash 2024
€129.7m
From operations (derived)
+€38.6m
Net result for the year
+€10.3m
Smaller working-capital items
+€118,240
Receivables within one year
+€120.5m
Deferred charges and accrued income
+€4.8m
Other debts
-€91.5m
Accrued charges and deferred income
-€5.6m
Investment (derived)
+€104.7m
Investment in fixed assets (net)
+€31.0m
Current investments
+€73.7m
Financing
-€170.3m
Debts after one year
+€22.5m
Short-term financial debts
-€32.5m
Contributions, distributions and other
-€160.3m
Cash 2025
€102.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,616,179,833 | €1,359,151,257 | -€257.0m | -15.9% |
| Formation expenses | 20 | €3,537,048 | €4,117,394 | +€580,346 | +16.4% |
| Fixed assets | 21/28 | €405,564,265 | €374,029,650 | -€31.5m | -7.8% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Financial fixed assets | 28 | €405,564,265 | €374,029,650 | -€31.5m | -7.8% |
| Affiliated companies | 280/1 | €405,564,265 | €374,029,650 | -€31.5m | -7.8% |
| Amounts receivable | 281 | €405,564,265 | €374,029,650 | -€31.5m | -7.8% |
| Current assets | 29/58 | €1,207,078,521 | €981,004,213 | -€226.1m | -18.7% |
| Amounts receivable after more than one year | 29 | - | €20,249 | +€20,249 | |
| Other amounts receivable | 291 | - | €20,249 | +€20,249 | |
| Amounts receivable within one year | 40/41 | €972,282,405 | €851,732,688 | -€120.5m | -12.4% |
| Trade receivables | 40 | €1,095,168 | €1,533,601 | +€438,433 | +40.0% |
| Other amounts receivable | 41 | €971,187,237 | €850,199,087 | -€121.0m | -12.5% |
| Current investments | 50/53 | €95,501,362 | €21,757,293 | -€73.7m | -77.2% |
| Other investments | 51/53 | €95,501,362 | €21,757,293 | -€73.7m | -77.2% |
| Cash at bank and in hand | 54/58 | €129,651,280 | €102,639,791 | -€27.0m | -20.8% |
| Deferred charges and accrued income | 490/1 | €9,643,474 | €4,854,191 | -€4.8m | -49.7% |
| Total equity and liabilities | 10/49 | €1,616,179,833 | €1,359,151,257 | -€257.0m | -15.9% |
| Equity | 10/15 | €365,348,347 | €215,348,347 | -€150.0m | -41.1% |
| Contributions | 10/11 | €343,904,128 | €194,214,228 | -€149.7m | -43.5% |
| Capital | 10 | €343,904,128 | €194,214,228 | -€149.7m | -43.5% |
| Issued capital | 100 | €343,904,128 | €194,214,228 | -€149.7m | -43.5% |
| Reserves | 13 | €21,444,219 | €21,134,119 | -€310,100 | -1.4% |
| Non-distributable reserves | 130/1 | €20,731,783 | €20,731,783 | = | 0.0% |
| Legal reserve | 130 | €20,731,783 | €20,731,783 | = | 0.0% |
| Distributable reserves | 133 | €712,436 | €402,337 | -€310,100 | -43.5% |
| Provisions and deferred taxes | 16 | €49,796 | €36,806 | -€12,990 | -26.1% |
| Provisions for liabilities and charges | 160/5 | €49,796 | €36,806 | -€12,990 | -26.1% |
| Pensions and similar obligations | 160 | €49,796 | €36,806 | -€12,990 | -26.1% |
| Amounts payable | 17/49 | €1,250,781,691 | €1,143,766,105 | -€107.0m | -8.6% |
| Amounts payable after more than one year | 17 | €856,598,452 | €879,127,000 | +€22.5m | +2.6% |
| Financial debts | 170/4 | €848,185,000 | €879,127,000 | +€30.9m | +3.6% |
| Credit institutions | 173 | €848,185,000 | €848,185,000 | = | 0.0% |
| Other loans | 174 | - | €30,942,000 | +€30.9m | |
| Other amounts payable | 178/9 | €8,413,452 | - | -€8.4m | |
| Amounts payable within one year | 42/48 | €373,996,103 | €250,098,627 | -€123.9m | -33.1% |
| Financial debts | 43 | €32,562,507 | €49,497 | -€32.5m | -99.8% |
| Credit institutions | 430/8 | - | €49,497 | +€49,497 | |
| Other loans | 439 | €32,562,507 | €0 | -€32.6m | -100.0% |
| Trade debts | 44 | €611,287 | €694,204 | +€82,917 | +13.6% |
| Suppliers | 440/4 | €611,287 | €694,204 | +€82,917 | +13.6% |
| Taxes, remuneration and social security | 45 | €476,959 | €545,522 | +€68,562 | +14.4% |
| Taxes | 450/3 | €173,504 | €192,280 | +€18,776 | +10.8% |
| Remuneration and social security | 454/9 | €303,455 | €353,241 | +€49,786 | +16.4% |
| Other amounts payable | 47/48 | €340,345,350 | €248,809,404 | -€91.5m | -26.9% |
| Accrued charges and deferred income | 492/3 | €20,187,136 | €14,540,478 | -€5.6m | -28.0% |
| Operating income | 70/76A | €897,172 | €2,511,282 | +€1.6m | +179.9% |
| Other operating income | 74 | €897,172 | €2,511,282 | +€1.6m | +179.9% |
| Operating charges | 60/66A | €1,583,391 | €1,856,331 | +€272,941 | +17.2% |
| Services and other goods | 61 | €466,095 | €985,266 | +€519,171 | +111.4% |
| Remuneration, social security and pensions | 62 | €1,086,414 | €857,962 | -€228,452 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373 | €0 | -€373 | -100.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,575 | -€12,990 | -€10,415 | -404.5% |
| Other operating charges | 640/8 | €33,084 | €26,093 | -€6,990 | -21.1% |
| Operating profit (loss) | 9901 | -€686,219 | €654,951 | +€1.3m | |
| Financial income | 75/76B | €123,480,099 | €112,561,830 | -€10.9m | -8.8% |
| Recurring financial income | 75 | €123,480,099 | €112,561,830 | -€10.9m | -8.8% |
| Income from financial fixed assets | 750 | €67,529,151 | €53,809,692 | -€13.7m | -20.3% |
| Income from current assets | 751 | €8,800,166 | €7,720,666 | -€1.1m | -12.3% |
| Other financial income | 752/9 | €47,150,782 | €51,031,472 | +€3.9m | +8.2% |
| Financial charges | 65/66B | €119,795,493 | €98,621,727 | -€21.2m | -17.7% |
| Recurring financial charges | 65 | €103,011,493 | €92,713,632 | -€10.3m | -10.0% |
| Debt charges | 650 | €54,994,914 | €51,172,810 | -€3.8m | -6.9% |
| Other financial charges | 652/9 | €48,016,579 | €41,540,822 | -€6.5m | -13.5% |
| Non-recurring financial charges | 66B | €16,784,000 | €5,908,095 | -€10.9m | -64.8% |
| Profit (loss) for the period before taxes | 9903 | €2,998,387 | €14,595,054 | +€11.6m | +386.8% |
| Income taxes | 67/77 | €4,299,706 | €4,308,786 | +€9,080 | +0.2% |
| Taxes | 670/3 | €4,299,706 | €6,204,289 | +€1.9m | +44.3% |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,895,504 | +€1.9m | |
| Profit (loss) for the period | 9904 | -€1,301,319 | €10,286,268 | +€11.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,301,319 | €10,286,268 | +€11.6m |
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 1 October 2026 via checked.be.