Silver Horde: 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 Horde
Largest movements
- Current investments +€217,416
up €217,416 (+33.5%), from €649,387 to €866,803
- Cash -€125,354
down €125,354 (-44.8%), from €279,896 to €154,542
mainly Current investments (-€217,416) and Other debts (-€65,834)
- Receivables within one year -€59,768
down €59,768 (-33.4%), from €178,793 to €119,025
of which Trade receivables: -€36,000
- Reserves +€93,802
up €93,802 (+9.8%), from €953,798 to €1.0m
of which Distributable reserves: +€93,802
- Other debts -€65,834
down €65,834 (-43.8%), from €150,200 to €84,366
- Financial charges +€37,543
up €37,543 (+1,183%), from €3,175 to €40,717
- Financial income +€34,463
up €34,463 (+30.7%), from €112,385 to €146,847
- Taxes +€6,254
up €6,254 (+43.5%), from €14,376 to €20,630
- Gross operating margin +€782
up €782 (+9.1%), from €8,631 to €9,413
- Other operating charges -€121
down €121 (-9.8%), from €1,231 to €1,110
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 | €1,458,358 | €1,490,370 | +€32,012 | +2.2% |
| Fixed assets | 21/28 | €350,000 | €350,000 | = | 0.0% |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €1,108,358 | €1,140,370 | +€32,012 | +2.9% |
| Amounts receivable after more than one year | 29 | €282 | €0 | -€282 | -100% |
| Other amounts receivable | 291 | €282 | €0 | -€282 | -100% |
| Amounts receivable within one year | 40/41 | €178,793 | €119,025 | -€59,768 | -33.4% |
| Trade receivables | 40 | €37,000 | €1,000 | -€36,000 | -97.3% |
| Other amounts receivable | 41 | €141,793 | €118,025 | -€23,768 | -16.8% |
| Current investments | 50/53 | €649,387 | €866,803 | +€217,416 | +33.5% |
| Cash at bank and in hand | 54/58 | €279,896 | €154,542 | -€125,354 | -44.8% |
| Total equity and liabilities | 10/49 | €1,458,358 | €1,490,370 | +€32,012 | +2.2% |
| Equity | 10/15 | €1,303,798 | €1,397,601 | +€93,802 | +7.2% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €953,798 | €1,047,601 | +€93,802 | +9.8% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €918,798 | €1,012,601 | +€93,802 | +10.2% |
| Amounts payable | 17/49 | €154,559 | €92,769 | -€61,790 | -40.0% |
| Amounts payable within one year | 42/48 | €152,307 | €92,769 | -€59,538 | -39.1% |
| Trade debts | 44 | €1,679 | €2,153 | +€474 | +28.2% |
| Suppliers | 440/4 | €1,679 | €2,153 | +€474 | +28.2% |
| Taxes, remuneration and social security | 45 | €428 | €6,251 | +€5,822 | +1,360% |
| Taxes | 450/3 | €428 | €6,251 | +€5,822 | +1,360% |
| Other amounts payable | 47/48 | €150,200 | €84,366 | -€65,834 | -43.8% |
| Accrued charges and deferred income | 492/3 | €2,253 | €0 | -€2,253 | -100% |
| Other operating charges | 640/8 | €1,231 | €1,110 | -€121 | -9.8% |
| Gross operating margin | 9900 | €8,631 | €9,413 | +€782 | +9.1% |
| Operating profit (loss) | 9901 | €7,399 | €8,302 | +€903 | +12.2% |
| Financial income | 75/76B | €112,385 | €146,847 | +€34,463 | +30.7% |
| Recurring financial income | 75 | €112,385 | €146,847 | +€34,463 | +30.7% |
| Financial charges | 65/66B | €3,175 | €40,717 | +€37,543 | +1,183% |
| Recurring financial charges | 65 | €3,175 | €40,717 | +€37,543 | +1,183% |
| Profit (loss) for the period before taxes | 9903 | €116,609 | €114,432 | -€2,177 | -1.9% |
| Income taxes | 67/77 | €14,376 | €20,630 | +€6,254 | +43.5% |
| Profit (loss) for the period | 9904 | €102,234 | €93,802 | -€8,431 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,234 | €93,802 | -€8,431 | -8.2% |
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 26 October 2026 via checked.be.