SILMARILS: 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.
SILMARILS
Largest movements
- Stocks and contracts -€19,301
down €19,301 (-20.4%), from €94,645 to €75,344
- Receivables within one year -€7,796
down €7,796 (-73.6%), from €10,590 to €2,794
- Tangible fixed assets -€5,178
down €5,178 (-30.4%), from €17,031 to €11,853
of which Leasing and similar rights: -€4,886
- Profit (loss) carried forward -€52,126
down €52,126 (-58.6%), from -€89,012 to -€141,138
- Debts after one year +€28,236
up €28,236 (+96.8%), from €29,181 to €57,417
- Tax, wage and social debts -€7,615
down €7,615 (-24.9%), from €30,607 to €22,992
of which Taxes: -€6,741
- Other debts -€6,333
down €6,333 (-7.0%), from €90,793 to €84,460
- Current portion of long-term debt +€4,459
up €4,459 (+55.1%), from €8,087 to €12,545
- Gross operating margin -€48,521
down €48,521 (-77.3%), from €62,741 to €14,220
- Staff costs -€24,751
down €24,751 (-32.5%), from €76,161 to €51,410
- Financial charges +€2,486
up €2,486 (+75.1%), from €3,311 to €5,796
- Other operating charges +€999
up €999 (+43.1%), from €2,318 to €3,318
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €135,973 | €104,348 | -€31,626 | -23.3% |
| Fixed assets | 21/28 | €19,141 | €14,685 | -€4,456 | -23.3% |
| Intangible fixed assets | 21 | €930 | €1,652 | +€722 | +77.6% |
| Tangible fixed assets | 22/27 | €17,031 | €11,853 | -€5,178 | -30.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €143 | €0 | -€143 | -100.0% |
| Leasing and similar rights | 25 | €15,555 | €10,669 | -€4,886 | -31.4% |
| Other tangible fixed assets | 26 | €1,333 | €1,184 | -€149 | -11.2% |
| Financial fixed assets | 28 | €1,180 | €1,180 | = | 0.0% |
| Current assets | 29/58 | €116,832 | €89,663 | -€27,170 | -23.3% |
| Stocks and contracts in progress | 3 | €94,645 | €75,344 | -€19,301 | -20.4% |
| Stocks | 30/36 | €94,645 | €75,344 | -€19,301 | -20.4% |
| Amounts receivable within one year | 40/41 | €10,590 | €2,794 | -€7,796 | -73.6% |
| Trade receivables | 40 | €10,590 | €2,794 | -€7,796 | -73.6% |
| Cash at bank and in hand | 54/58 | €8,068 | €7,179 | -€889 | -11.0% |
| Deferred charges and accrued income | 490/1 | €3,530 | €4,345 | +€815 | +23.1% |
| Total equity and liabilities | 10/49 | €135,973 | €104,348 | -€31,626 | -23.3% |
| Equity | 10/15 | -€39,654 | -€91,780 | -€52,126 | -131.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,758 | €30,758 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €30,758 | €30,758 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,012 | -€141,138 | -€52,126 | -58.6% |
| Amounts payable | 17/49 | €175,627 | €196,128 | +€20,500 | +11.7% |
| Amounts payable after more than one year | 17 | €29,181 | €57,417 | +€28,236 | +96.8% |
| Financial debts | 170/4 | €29,181 | €57,417 | +€28,236 | +96.8% |
| Amounts payable within one year | 42/48 | €146,141 | €138,399 | -€7,741 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €8,087 | €12,545 | +€4,459 | +55.1% |
| Financial debts | 43 | €1,619 | €6,071 | +€4,453 | +275.1% |
| Credit institutions | 430/8 | €1,619 | €6,071 | +€4,453 | +275.1% |
| Trade debts | 44 | €15,035 | €12,330 | -€2,705 | -18.0% |
| Suppliers | 440/4 | €15,035 | €12,330 | -€2,705 | -18.0% |
| Taxes, remuneration and social security | 45 | €30,607 | €22,992 | -€7,615 | -24.9% |
| Taxes | 450/3 | €9,248 | €2,507 | -€6,741 | -72.9% |
| Remuneration and social security | 454/9 | €21,360 | €20,485 | -€875 | -4.1% |
| Other amounts payable | 47/48 | €90,793 | €84,460 | -€6,333 | -7.0% |
| Accrued charges and deferred income | 492/3 | €306 | €312 | +€6 | +1.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €76,161 | €51,410 | -€24,751 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,443 | €5,556 | +€113 | +2.1% |
| Other operating charges | 640/8 | €2,318 | €3,318 | +€999 | +43.1% |
| Gross operating margin | 9900 | €62,741 | €14,220 | -€48,521 | -77.3% |
| Operating profit (loss) | 9901 | -€21,182 | -€46,064 | -€24,883 | -117.5% |
| Financial income | 75/76B | €9 | €11 | +€2 | +28.4% |
| Recurring financial income | 75 | €9 | €11 | +€2 | +28.4% |
| Financial charges | 65/66B | €3,311 | €5,796 | +€2,486 | +75.1% |
| Recurring financial charges | 65 | €3,311 | €5,796 | +€2,486 | +75.1% |
| Profit (loss) for the period before taxes | 9903 | -€24,484 | -€51,850 | -€27,366 | -111.8% |
| Income taxes | 67/77 | €286 | €277 | -€10 | -3.4% |
| Profit (loss) for the period | 9904 | -€24,770 | -€52,126 | -€27,356 | -110.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,770 | -€52,126 | -€27,356 | -110.4% |
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 11 October 2026 via checked.be.