SILVER LINING: 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 LINING
Largest movements
- Cash +€54,176
up €54,176 (+33.8%), from €160,497 to €214,673
mainly Net result for the year (+€43,071) and Depreciation (+€29,468)
- Tangible fixed assets -€22,965
down €22,965 (-28.2%), from €81,546 to €58,581
of which Furniture and vehicles: -€25,010
- Receivables within one year +€21,067
up €21,067 (+139.2%), from €15,136 to €36,204
of which Trade receivables: +€20,950
- Reserves +€43,071
up €43,071 (+18.1%), from €237,898 to €280,969
of which Distributable reserves: +€43,071
- Tax, wage and social debts +€4,530
up €4,530 (+33.6%), from €13,482 to €18,012
- Gross operating margin +€5,728
up €5,728 (+6.7%), from €85,926 to €91,654
- Taxes +€1,366
up €1,366 (+10.1%), from €13,564 to €14,930
- Depreciation +€1,044
up €1,044 (+3.7%), from €28,423 to €29,468
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 | €322,717 | €374,732 | +€52,015 | +16.1% |
| Fixed assets | 21/28 | €81,730 | €58,674 | -€23,057 | -28.2% |
| Intangible fixed assets | 21 | €185 | €93 | -€92 | -49.7% |
| Tangible fixed assets | 22/27 | €81,546 | €58,581 | -€22,965 | -28.2% |
| Plant, machinery and equipment | 23 | €5,612 | €8,217 | +€2,605 | +46.4% |
| Furniture and vehicles | 24 | €75,187 | €50,177 | -€25,010 | -33.3% |
| Other tangible fixed assets | 26 | €747 | €187 | -€560 | -75.0% |
| Current assets | 29/58 | €240,987 | €316,058 | +€75,072 | +31.2% |
| Amounts receivable within one year | 40/41 | €15,136 | €36,204 | +€21,067 | +139.2% |
| Trade receivables | 40 | €15,136 | €36,086 | +€20,950 | +138.4% |
| Other amounts receivable | 41 | €0 | €118 | +€118 | |
| Current investments | 50/53 | €64,566 | €64,566 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €160,497 | €214,673 | +€54,176 | +33.8% |
| Deferred charges and accrued income | 490/1 | €787 | €616 | -€171 | -21.8% |
| Total equity and liabilities | 10/49 | €322,717 | €374,732 | +€52,015 | +16.1% |
| Equity | 10/15 | €244,098 | €287,169 | +€43,071 | +17.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €237,898 | €280,969 | +€43,071 | +18.1% |
| Tax-exempt reserves | 132 | €35,157 | €35,157 | = | 0.0% |
| Distributable reserves | 133 | €202,740 | €245,812 | +€43,071 | +21.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €78,620 | €87,563 | +€8,944 | +11.4% |
| Amounts payable within one year | 42/48 | €75,602 | €84,300 | +€8,698 | +11.5% |
| Trade debts | 44 | €231 | €725 | +€495 | +214.4% |
| Suppliers | 440/4 | €231 | €725 | +€495 | +214.4% |
| Taxes, remuneration and social security | 45 | €13,482 | €18,012 | +€4,530 | +33.6% |
| Taxes | 450/3 | €13,482 | €18,012 | +€4,530 | +33.6% |
| Other amounts payable | 47/48 | €61,889 | €65,563 | +€3,673 | +5.9% |
| Accrued charges and deferred income | 492/3 | €3,018 | €3,263 | +€246 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,423 | €29,468 | +€1,044 | +3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,159 | €1,129 | -€30 | -2.6% |
| Non-recurring operating charges | 66A | €610 | €0 | -€610 | -100.0% |
| Gross operating margin | 9900 | €85,926 | €91,654 | +€5,728 | +6.7% |
| Operating profit (loss) | 9901 | €55,734 | €61,057 | +€5,323 | +9.6% |
| Financial income | 75/76B | €2,012 | €2,028 | +€17 | +0.8% |
| Recurring financial income | 75 | €2,012 | €2,028 | +€17 | +0.8% |
| Financial charges | 65/66B | €5,876 | €5,084 | -€792 | -13.5% |
| Recurring financial charges | 65 | €5,876 | €5,084 | -€792 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €51,870 | €58,001 | +€6,132 | +11.8% |
| Income taxes | 67/77 | €13,564 | €14,930 | +€1,366 | +10.1% |
| Profit (loss) for the period | 9904 | €38,306 | €43,071 | +€4,765 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,306 | €43,071 | +€4,765 | +12.4% |
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 12 October 2026 via checked.be.