SILVER FERN: 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 FERN
Largest movements
- Cash -€92,997
down €92,997 (-57.2%), from €162,702 to €69,706
mainly Contributions, distributions and other (-€118,811) and Current investments (-€13,141)
- Current investments +€13,141
up €13,141 (+13.9%), from €94,524 to €107,665
- Tangible fixed assets -€10,113
down €10,113 (-23.6%), from €42,765 to €32,652
of which Furniture and vehicles: -€11,717
- Reserves -€94,355
no longer reported in 2025 (was €94,355)
- Other debts +€17,214
up €17,214 (+9.9%), from €173,101 to €190,315
- Debts after one year -€10,358
down €10,358 (-40.2%), from €25,759 to €15,401
- Gross operating margin -€53,518
down €53,518 (-53.0%), from €101,028 to €47,510
- Taxes -€9,348
down €9,348 (-49.5%), from €18,891 to €9,543
- Financial income -€8,203
down €8,203 (-83.4%), from €9,835 to €1,632
- Financial charges -€4,682
down €4,682 (-76.1%), from €6,152 to €1,470
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 | €317,234 | €228,221 | -€89,013 | -28.1% |
| Fixed assets | 21/28 | €42,765 | €32,652 | -€10,113 | -23.6% |
| Tangible fixed assets | 22/27 | €42,765 | €32,652 | -€10,113 | -23.6% |
| Land and buildings | 22 | €2,381 | €2,101 | -€279 | -11.7% |
| Plant, machinery and equipment | 23 | €2,194 | €4,078 | +€1,884 | +85.8% |
| Furniture and vehicles | 24 | €38,191 | €26,473 | -€11,717 | -30.7% |
| Current assets | 29/58 | €274,468 | €195,568 | -€78,900 | -28.7% |
| Amounts receivable within one year | 40/41 | €17,242 | €18,198 | +€956 | +5.5% |
| Trade receivables | 40 | €17,230 | €12,000 | -€5,230 | -30.4% |
| Other amounts receivable | 41 | €12 | €6,198 | +€6,186 | +53,100% |
| Current investments | 50/53 | €94,524 | €107,665 | +€13,141 | +13.9% |
| Cash at bank and in hand | 54/58 | €162,702 | €69,706 | -€92,997 | -57.2% |
| Total equity and liabilities | 10/49 | €317,234 | €228,221 | -€89,013 | -28.1% |
| Equity | 10/15 | €97,355 | €3,000 | -€94,355 | -96.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €94,355 | - | -€94,355 | |
| Distributable reserves | 133 | €94,355 | - | -€94,355 | |
| Amounts payable | 17/49 | €219,879 | €225,221 | +€5,342 | +2.4% |
| Amounts payable after more than one year | 17 | €25,759 | €15,401 | -€10,358 | -40.2% |
| Financial debts | 170/4 | €25,759 | €15,401 | -€10,358 | -40.2% |
| Amounts payable within one year | 42/48 | €194,120 | €209,819 | +€15,700 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €9,952 | €10,358 | +€406 | +4.1% |
| Financial debts | 43 | €88 | €119 | +€30 | +34.3% |
| Credit institutions | 430/8 | €88 | €119 | +€30 | +34.3% |
| Trade debts | 44 | €433 | €963 | +€530 | +123% |
| Suppliers | 440/4 | €433 | €963 | +€530 | +123% |
| Taxes, remuneration and social security | 45 | €10,546 | €8,065 | -€2,481 | -23.5% |
| Taxes | 450/3 | €10,546 | €8,065 | -€2,481 | -23.5% |
| Other amounts payable | 47/48 | €173,101 | €190,315 | +€17,214 | +9.9% |
| Non-recurring operating income | 76A | - | €3,658 | +€3,658 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,594 | €12,936 | +€343 | +2.7% |
| Other operating charges | 640/8 | €669 | €736 | +€66 | +9.9% |
| Gross operating margin | 9900 | €101,028 | €47,510 | -€53,518 | -53.0% |
| Operating profit (loss) | 9901 | €87,764 | €33,838 | -€53,927 | -61.4% |
| Financial income | 75/76B | €9,835 | €1,632 | -€8,203 | -83.4% |
| Recurring financial income | 75 | €9,835 | €1,632 | -€8,203 | -83.4% |
| Financial charges | 65/66B | €6,152 | €1,470 | -€4,682 | -76.1% |
| Recurring financial charges | 65 | €6,152 | €1,470 | -€4,682 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €91,447 | €33,999 | -€57,448 | -62.8% |
| Income taxes | 67/77 | €18,891 | €9,543 | -€9,348 | -49.5% |
| Profit (loss) for the period | 9904 | €72,556 | €24,457 | -€48,100 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,556 | €24,457 | -€48,100 | -66.3% |
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 22 October 2026 via checked.be.