Silk Road Group: 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.
Silk Road Group
Largest movements
- Tangible fixed assets -€38,475
down €38,475 (-21.9%), from €175,413 to €136,938
- Intangible fixed assets +€34,552
up €34,552 (+8,292%), from €417 to €34,968
- Receivables within one year +€6,975
up €6,975 (+69.8%), from €9,997 to €16,972
of which Trade receivables: +€5,009
- Cash -€3,198
down €3,198 (-18.6%), from €17,157 to €13,960
- Debts after one year +€165,000
new in 2025: €165,000
- Profit (loss) carried forward -€75,987
down €75,987 (-1,088%), from -€6,985 to -€82,972
- Other debts -€47,872
down €47,872 (-55.8%), from €85,775 to €37,903
- Provisions -€15,000
down €15,000 (-100%), from €15,000 to €0
- Trade debts -€14,885
down €14,885 (-64.0%), from €23,261 to €8,376
- Gross operating margin +€134,784
up €134,784, from -€100,175 to €34,609
- Provisions +€95,000
up €95,000 (+86.4%), from -€110,000 to -€15,000
- Taxes +€28,495
up €28,495 (+2,004%), from €1,422 to €29,917
- Depreciation +€17,804
up €17,804 (+150%), from €11,845 to €29,650
- Staff costs +€10,800
new in 2025: €10,800
From the 2022 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,032 | €203,754 | +€723 | +0.4% |
| Fixed assets | 21/28 | €175,829 | €171,906 | -€3,923 | -2.2% |
| Intangible fixed assets | 21 | €417 | €34,968 | +€34,552 | +8,292% |
| Tangible fixed assets | 22/27 | €175,413 | €136,938 | -€38,475 | -21.9% |
| Land and buildings | 22 | €124,097 | €120,052 | -€4,045 | -3.3% |
| Plant, machinery and equipment | 23 | €30,402 | €12,944 | -€17,457 | -57.4% |
| Furniture and vehicles | 24 | €20,913 | €3,941 | -€16,972 | -81.2% |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €27,202 | €31,848 | +€4,646 | +17.1% |
| Amounts receivable within one year | 40/41 | €9,997 | €16,972 | +€6,975 | +69.8% |
| Trade receivables | 40 | - | €5,009 | +€5,009 | |
| Other amounts receivable | 41 | €9,997 | €11,962 | +€1,965 | +19.7% |
| Cash at bank and in hand | 54/58 | €17,157 | €13,960 | -€3,198 | -18.6% |
| Deferred charges and accrued income | 490/1 | €48 | €917 | +€869 | +1,810% |
| Total equity and liabilities | 10/49 | €203,032 | €203,754 | +€723 | +0.4% |
| Equity | 10/15 | €54,775 | -€21,211 | -€75,987 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | - | -€1,000 | |
| Other | 1109/19 | €1,000 | - | -€1,000 | |
| Reserves | 13 | €60,760 | €60,760 | = | 0.0% |
| Distributable reserves | 133 | €60,760 | €60,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,985 | -€82,972 | -€75,987 | -1,088% |
| Provisions and deferred taxes | 16 | €15,000 | €0 | -€15,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €15,000 | €0 | -€15,000 | -100% |
| Major repairs and maintenance | 162 | €15,000 | €0 | -€15,000 | -100% |
| Amounts payable | 17/49 | €133,256 | €224,966 | +€91,709 | +68.8% |
| Amounts payable after more than one year | 17 | - | €165,000 | +€165,000 | |
| Financial debts | 170/4 | - | €165,000 | +€165,000 | |
| Amounts payable within one year | 42/48 | €133,256 | €58,873 | -€74,383 | -55.8% |
| Trade debts | 44 | €23,261 | €8,376 | -€14,885 | -64.0% |
| Suppliers | 440/4 | €23,261 | €8,376 | -€14,885 | -64.0% |
| Taxes, remuneration and social security | 45 | €24,220 | €12,594 | -€11,626 | -48.0% |
| Taxes | 450/3 | €17,333 | €4,882 | -€12,451 | -71.8% |
| Remuneration and social security | 454/9 | €6,887 | €7,712 | +€825 | +12.0% |
| Other amounts payable | 47/48 | €85,775 | €37,903 | -€47,872 | -55.8% |
| Accrued charges and deferred income | 492/3 | - | €1,093 | +€1,093 | |
| Remuneration, social security and pensions | 62 | - | €10,800 | +€10,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,845 | €29,650 | +€17,804 | +150% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€110,000 | -€15,000 | +€95,000 | +86.4% |
| Other operating charges | 640/8 | €3,257 | €7,480 | +€4,223 | +130% |
| Gross operating margin | 9900 | -€100,175 | €34,609 | +€134,784 | |
| Operating profit (loss) | 9901 | -€5,277 | €1,680 | +€6,957 | |
| Financial income | 75/76B | - | €57 | +€57 | |
| Recurring financial income | 75 | - | €57 | +€57 | |
| Financial charges | 65/66B | €286 | €1,160 | +€875 | +306% |
| Recurring financial charges | 65 | €286 | €1,160 | +€875 | +306% |
| Profit (loss) for the period before taxes | 9903 | -€5,563 | €576 | +€6,139 | |
| Income taxes | 67/77 | €1,422 | €29,917 | +€28,495 | +2,004% |
| Profit (loss) for the period | 9904 | -€6,985 | -€29,341 | -€22,356 | -320% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,985 | -€29,341 | -€22,356 | -320% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.