SILVER ARROW: 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.
SILVER ARROW
Largest movements
- Cash +€36,108
up €36,108 (+1050.5%), from €3,437 to €39,545
mainly Depreciation (+€33,258) and Current investments (+€22,757)
- Tangible fixed assets -€27,511
down €27,511 (-26.3%), from €104,728 to €77,217
of which Furniture and vehicles: -€24,658
- Current investments -€22,757
down €22,757 (-82.9%), from €27,438 to €4,682
- Receivables within one year +€2,694
up €2,694 (+25.4%), from €10,590 to €13,284
of which Trade receivables: +€1,813
- Debts after one year -€18,463
down €18,463 (-53.7%), from €34,400 to €15,937
- Other debts -€11,292
down €11,292 (-46.0%), from €24,551 to €13,259
- Profit (loss) carried forward +€11,060
up €11,060 (+23.1%), from €47,946 to €59,007
- Trade debts +€3,604
up €3,604 (+132.3%), from €2,723 to €6,327
- Tax, wage and social debts +€1,904
up €1,904 (+75.3%), from €2,527 to €4,431
- Gross operating margin +€48,708
up €48,708 (+9372.0%), from €520 to €49,228
- Financial income -€3,761
down €3,761 (-87.8%), from €4,285 to €524
- Financial charges -€1,149
down €1,149 (-24.0%), from €4,794 to €3,645
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 | €148,694 | €136,024 | -€12,670 | -8.5% |
| Fixed assets | 21/28 | €104,728 | €77,217 | -€27,511 | -26.3% |
| Tangible fixed assets | 22/27 | €104,728 | €77,217 | -€27,511 | -26.3% |
| Plant, machinery and equipment | 23 | €18,197 | €15,344 | -€2,853 | -15.7% |
| Furniture and vehicles | 24 | €86,531 | €61,873 | -€24,658 | -28.5% |
| Current assets | 29/58 | €43,966 | €58,807 | +€14,841 | +33.8% |
| Amounts receivable within one year | 40/41 | €10,590 | €13,284 | +€2,694 | +25.4% |
| Trade receivables | 40 | €10,339 | €12,152 | +€1,813 | +17.5% |
| Other amounts receivable | 41 | €251 | €1,132 | +€881 | +351.4% |
| Current investments | 50/53 | €27,438 | €4,682 | -€22,757 | -82.9% |
| Cash at bank and in hand | 54/58 | €3,437 | €39,545 | +€36,108 | +1050.5% |
| Deferred charges and accrued income | 490/1 | €2,500 | €1,296 | -€1,204 | -48.2% |
| Total equity and liabilities | 10/49 | €148,694 | €136,024 | -€12,670 | -8.5% |
| Equity | 10/15 | €66,546 | €77,607 | +€11,060 | +16.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,946 | €59,007 | +€11,060 | +23.1% |
| Amounts payable | 17/49 | €82,147 | €58,417 | -€23,730 | -28.9% |
| Amounts payable after more than one year | 17 | €34,400 | €15,937 | -€18,463 | -53.7% |
| Financial debts | 170/4 | €34,400 | €15,937 | -€18,463 | -53.7% |
| Amounts payable within one year | 42/48 | €47,747 | €42,480 | -€5,268 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €17,946 | €18,463 | +€517 | +2.9% |
| Trade debts | 44 | €2,723 | €6,327 | +€3,604 | +132.3% |
| Suppliers | 440/4 | €2,723 | €6,327 | +€3,604 | +132.3% |
| Taxes, remuneration and social security | 45 | €2,527 | €4,431 | +€1,904 | +75.3% |
| Taxes | 450/3 | €2,527 | €4,431 | +€1,904 | +75.3% |
| Other amounts payable | 47/48 | €24,551 | €13,259 | -€11,292 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,535 | €33,258 | -€277 | -0.8% |
| Other operating charges | 640/8 | €1,571 | €1,394 | -€177 | -11.2% |
| Gross operating margin | 9900 | €520 | €49,228 | +€48,708 | +9372.0% |
| Operating profit (loss) | 9901 | -€34,586 | €14,576 | +€49,162 | |
| Financial income | 75/76B | €4,285 | €524 | -€3,761 | -87.8% |
| Recurring financial income | 75 | €4,285 | €524 | -€3,761 | -87.8% |
| Financial charges | 65/66B | €4,794 | €3,645 | -€1,149 | -24.0% |
| Recurring financial charges | 65 | €4,794 | €3,645 | -€1,149 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | -€35,095 | €11,455 | +€46,550 | |
| Income taxes | 67/77 | €397 | €395 | -€3 | -0.7% |
| Profit (loss) for the period | 9904 | -€35,493 | €11,060 | +€46,553 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,493 | €11,060 | +€46,553 |
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 12 October 2026 via checked.be.