SILMAR: 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.
SILMAR
Largest movements
- Tangible fixed assets +€886,660
up €886,660 (+648%), from €136,777 to €1.0m
of which Land and buildings: +€893,790
- Cash +€73,546
up €73,546 (+22.9%), from €321,512 to €395,058
mainly Contributions, distributions and other (+€874,860) and Net result for the year (+€123,775)
- Contributions +€874,860
up €874,860 (+14,111%), from €6,200 to €881,060
- Reserves +€123,775
up €123,775 (+26.0%), from €475,415 to €599,190
- Tax, wage and social debts -€25,167
down €25,167 (-52.1%), from €48,345 to €23,178
- Gross operating margin -€20,029
down €20,029 (-9.5%), from €210,875 to €190,846
- Taxes -€8,022
down €8,022 (-13.5%), from €59,461 to €51,439
- Depreciation +€5,712
up €5,712 (+77.0%), from €7,419 to €13,131
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 | €627,374 | €1,592,193 | +€964,819 | +154% |
| Fixed assets | 21/28 | €136,777 | €1,023,436 | +€886,660 | +648% |
| Tangible fixed assets | 22/27 | €136,777 | €1,023,436 | +€886,660 | +648% |
| Land and buildings | 22 | €100,000 | €993,790 | +€893,790 | +894% |
| Plant, machinery and equipment | 23 | €35,398 | €29,333 | -€6,065 | -17.1% |
| Furniture and vehicles | 24 | €1,379 | €313 | -€1,065 | -77.3% |
| Current assets | 29/58 | €490,597 | €568,757 | +€78,159 | +15.9% |
| Amounts receivable within one year | 40/41 | €167,326 | €171,949 | +€4,623 | +2.8% |
| Trade receivables | 40 | €153,608 | €146,545 | -€7,063 | -4.6% |
| Other amounts receivable | 41 | €13,718 | €25,404 | +€11,686 | +85.2% |
| Cash at bank and in hand | 54/58 | €321,512 | €395,058 | +€73,546 | +22.9% |
| Deferred charges and accrued income | 490/1 | €1,760 | €1,750 | -€10 | -0.6% |
| Total equity and liabilities | 10/49 | €627,374 | €1,592,193 | +€964,819 | +154% |
| Equity | 10/15 | €481,615 | €1,480,250 | +€998,635 | +207% |
| Contributions | 10/11 | €6,200 | €881,060 | +€874,860 | +14,111% |
| Reserves | 13 | €475,415 | €599,190 | +€123,775 | +26.0% |
| Distributable reserves | 133 | €475,415 | €599,190 | +€123,775 | +26.0% |
| Amounts payable | 17/49 | €145,759 | €111,943 | -€33,816 | -23.2% |
| Amounts payable after more than one year | 17 | €83,645 | €73,258 | -€10,387 | -12.4% |
| Financial debts | 170/4 | €83,645 | €73,258 | -€10,387 | -12.4% |
| Amounts payable within one year | 42/48 | €59,614 | €36,184 | -€23,429 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €10,166 | €10,387 | +€221 | +2.2% |
| Trade debts | 44 | €1,103 | €2,620 | +€1,517 | +138% |
| Suppliers | 440/4 | €1,103 | €2,620 | +€1,517 | +138% |
| Taxes, remuneration and social security | 45 | €48,345 | €23,178 | -€25,167 | -52.1% |
| Taxes | 450/3 | €48,345 | €23,178 | -€25,167 | -52.1% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,419 | €13,131 | +€5,712 | +77.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €210,875 | €190,846 | -€20,029 | -9.5% |
| Operating profit (loss) | 9901 | €202,950 | €177,196 | -€25,755 | -12.7% |
| Financial income | 75/76B | €231 | €1,084 | +€854 | +370% |
| Recurring financial income | 75 | €231 | €1,084 | +€854 | +370% |
| Financial charges | 65/66B | €2,569 | €3,066 | +€497 | +19.3% |
| Recurring financial charges | 65 | €2,569 | €3,066 | +€497 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €200,612 | €175,214 | -€25,398 | -12.7% |
| Income taxes | 67/77 | €59,461 | €51,439 | -€8,022 | -13.5% |
| Profit (loss) for the period | 9904 | €141,151 | €123,775 | -€17,375 | -12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €141,151 | €123,775 | -€17,375 | -12.3% |
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 27 October 2026 via checked.be.