Silver Garden: 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 Garden
Largest movements
- Tangible fixed assets +€106,424
up €106,424 (+19.6%), from €541,970 to €648,394
of which Leasing and similar rights: +€90,555
- Cash -€37,509
down €37,509 (-41.1%), from €91,369 to €53,859
mainly Investment in fixed assets (net) (-€213,237) and Tax, wage and social debts (-€28,493)
- Receivables within one year +€22,357
up €22,357 (+8.9%), from €250,431 to €272,787
of which Trade receivables: +€24,955
- Deferred charges and accrued income +€13,621
up €13,621 (+135%), from €10,055 to €23,676
- Debts after one year +€79,606
up €79,606 (+33.2%), from €239,579 to €319,185
- Current portion of long-term debt +€42,811
up €42,811 (+58.3%), from €73,403 to €116,214
- Tax, wage and social debts -€28,493
down €28,493 (-55.4%), from €51,441 to €22,948
of which Taxes: -€30,556
- Reserves +€14,577
up €14,577 (+3.8%), from €380,741 to €395,319
of which Distributable reserves: +€14,577
- Gross operating margin -€32,409
down €32,409 (-10.8%), from €300,193 to €267,784
- Staff costs +€23,315
up €23,315 (+29.3%), from €79,563 to €102,878
- Taxes -€23,137
down €23,137 (-78.0%), from €29,654 to €6,517
- Depreciation +€13,812
up €13,812 (+14.9%), from €93,002 to €106,814
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 | €893,959 | €998,852 | +€104,893 | +11.7% |
| Fixed assets | 21/28 | €542,105 | €648,529 | +€106,424 | +19.6% |
| Tangible fixed assets | 22/27 | €541,970 | €648,394 | +€106,424 | +19.6% |
| Land and buildings | 22 | €188,167 | €184,085 | -€4,082 | -2.2% |
| Plant, machinery and equipment | 23 | €147,862 | €175,293 | +€27,431 | +18.6% |
| Furniture and vehicles | 24 | €39,034 | €34,777 | -€4,256 | -10.9% |
| Leasing and similar rights | 25 | €154,082 | €244,637 | +€90,555 | +58.8% |
| Other tangible fixed assets | 26 | €12,826 | €9,601 | -€3,224 | -25.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €351,854 | €350,323 | -€1,531 | -0.4% |
| Amounts receivable within one year | 40/41 | €250,431 | €272,787 | +€22,357 | +8.9% |
| Trade receivables | 40 | €236,480 | €261,435 | +€24,955 | +10.6% |
| Other amounts receivable | 41 | €13,950 | €11,352 | -€2,598 | -18.6% |
| Cash at bank and in hand | 54/58 | €91,369 | €53,859 | -€37,509 | -41.1% |
| Deferred charges and accrued income | 490/1 | €10,055 | €23,676 | +€13,621 | +135% |
| Total equity and liabilities | 10/49 | €893,959 | €998,852 | +€104,893 | +11.7% |
| Equity | 10/15 | €386,941 | €401,519 | +€14,577 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €380,741 | €395,319 | +€14,577 | +3.8% |
| Tax-exempt reserves | 132 | €19,000 | €19,000 | = | 0.0% |
| Distributable reserves | 133 | €361,741 | €376,319 | +€14,577 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €507,018 | €597,333 | +€90,315 | +17.8% |
| Amounts payable after more than one year | 17 | €239,579 | €319,185 | +€79,606 | +33.2% |
| Financial debts | 170/4 | €239,579 | €319,185 | +€79,606 | +33.2% |
| Amounts payable within one year | 42/48 | €264,183 | €274,027 | +€9,844 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €73,403 | €116,214 | +€42,811 | +58.3% |
| Financial debts | 43 | €3,573 | €6,833 | +€3,260 | +91.2% |
| Credit institutions | 430/8 | €3,573 | €6,833 | +€3,260 | +91.2% |
| Trade debts | 44 | €59,010 | €50,542 | -€8,468 | -14.4% |
| Suppliers | 440/4 | €59,010 | €50,542 | -€8,468 | -14.4% |
| Taxes, remuneration and social security | 45 | €51,441 | €22,948 | -€28,493 | -55.4% |
| Taxes | 450/3 | €44,178 | €13,622 | -€30,556 | -69.2% |
| Remuneration and social security | 454/9 | €7,263 | €9,326 | +€2,063 | +28.4% |
| Other amounts payable | 47/48 | €76,756 | €77,490 | +€734 | +1.0% |
| Accrued charges and deferred income | 492/3 | €3,256 | €4,121 | +€865 | +26.6% |
| Remuneration, social security and pensions | 62 | €79,563 | €102,878 | +€23,315 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,002 | €106,814 | +€13,812 | +14.9% |
| Other operating charges | 640/8 | €5,379 | €5,672 | +€293 | +5.4% |
| Gross operating margin | 9900 | €300,193 | €267,784 | -€32,409 | -10.8% |
| Operating profit (loss) | 9901 | €122,250 | €52,420 | -€69,830 | -57.1% |
| Financial income | 75/76B | €326 | €39 | -€287 | -88.0% |
| Recurring financial income | 75 | €326 | €39 | -€287 | -88.0% |
| Financial charges | 65/66B | €17,845 | €18,428 | +€583 | +3.3% |
| Recurring financial charges | 65 | €17,845 | €18,428 | +€583 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €104,731 | €34,031 | -€70,700 | -67.5% |
| Income taxes | 67/77 | €29,654 | €6,517 | -€23,137 | -78.0% |
| Profit (loss) for the period | 9904 | €75,077 | €27,514 | -€47,563 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,077 | €27,514 | -€47,563 | -63.4% |
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 20 October 2026 via checked.be.