SILVER-MED: 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-MED
Largest movements
- Receivables within one year +€275,805
up €275,805 (+53.0%), from €520,190 to €795,995
of which Trade receivables: +€255,551
- Deferred charges and accrued income -€102,202
down €102,202 (-88.0%), from €116,165 to €13,962
- Cash -€89,176
down €89,176 (-66.9%), from €133,392 to €44,216
mainly Receivables within one year (-€275,805) and Investment in fixed assets (net) (-€129,377)
- Tangible fixed assets +€59,838
up €59,838 (+6.6%), from €911,608 to €971,446
of which Plant, machinery and equipment: +€107,110
- Reserves +€200,000
up €200,000 (+14.1%), from €1.4m to €1.6m
of which Distributable reserves: +€200,000
- Trade debts -€66,141
down €66,141 (-18.5%), from €357,563 to €291,423
- Gross operating margin -€164,649
down €164,649 (-16.7%), from €983,668 to €819,019
- Staff costs +€79,771
up €79,771 (+21.9%), from €364,997 to €444,768
- Taxes -€59,794
down €59,794 (-46.3%), from €129,051 to €69,257
- Depreciation +€11,558
up €11,558 (+18.6%), from €62,103 to €73,661
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 | €2,700,095 | €2,840,219 | +€140,123 | +5.2% |
| Fixed assets | 21/28 | €920,736 | €976,452 | +€55,716 | +6.1% |
| Intangible fixed assets | 21 | €7,671 | €3,549 | -€4,122 | -53.7% |
| Tangible fixed assets | 22/27 | €911,608 | €971,446 | +€59,838 | +6.6% |
| Land and buildings | 22 | €796,744 | €755,391 | -€41,353 | -5.2% |
| Plant, machinery and equipment | 23 | €98,538 | €205,648 | +€107,110 | +109% |
| Furniture and vehicles | 24 | €16,326 | €10,408 | -€5,918 | -36.2% |
| Financial fixed assets | 28 | €1,457 | €1,457 | = | 0.0% |
| Current assets | 29/58 | €1,779,360 | €1,863,767 | +€84,407 | +4.7% |
| Stocks and contracts in progress | 3 | €1,009,612 | €1,009,594 | -€19 | 0.0% |
| Stocks | 30/36 | €1,009,612 | €1,009,594 | -€19 | 0.0% |
| Amounts receivable within one year | 40/41 | €520,190 | €795,995 | +€275,805 | +53.0% |
| Trade receivables | 40 | €479,701 | €735,252 | +€255,551 | +53.3% |
| Other amounts receivable | 41 | €40,489 | €60,743 | +€20,253 | +50.0% |
| Cash at bank and in hand | 54/58 | €133,392 | €44,216 | -€89,176 | -66.9% |
| Deferred charges and accrued income | 490/1 | €116,165 | €13,962 | -€102,202 | -88.0% |
| Total equity and liabilities | 10/49 | €2,700,095 | €2,840,219 | +€140,123 | +5.2% |
| Equity | 10/15 | €1,866,770 | €2,061,031 | +€194,261 | +10.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €1,415,023 | €1,615,023 | +€200,000 | +14.1% |
| Tax-exempt reserves | 132 | €16,363 | €16,363 | = | 0.0% |
| Distributable reserves | 133 | €1,398,660 | €1,598,660 | +€200,000 | +14.3% |
| Profit (loss) carried forward | 14 | €4,227 | €865 | -€3,363 | -79.5% |
| Investment grants | 15 | €47,520 | €45,144 | -€2,376 | -5.0% |
| Amounts payable | 17/49 | €833,325 | €779,187 | -€54,138 | -6.5% |
| Amounts payable within one year | 42/48 | €809,311 | €755,173 | -€54,138 | -6.7% |
| Trade debts | 44 | €357,563 | €291,423 | -€66,141 | -18.5% |
| Suppliers | 440/4 | €357,563 | €291,423 | -€66,141 | -18.5% |
| Taxes, remuneration and social security | 45 | €48,748 | €60,750 | +€12,003 | +24.6% |
| Taxes | 450/3 | €518 | €11,451 | +€10,933 | +2,110% |
| Remuneration and social security | 454/9 | €48,230 | €49,300 | +€1,070 | +2.2% |
| Other amounts payable | 47/48 | €403,000 | €403,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €24,014 | €24,014 | = | 0.0% |
| Non-recurring operating income | 76A | - | €13,575 | +€13,575 | |
| Remuneration, social security and pensions | 62 | €364,997 | €444,768 | +€79,771 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,103 | €73,661 | +€11,558 | +18.6% |
| Other operating charges | 640/8 | €12,278 | €12,645 | +€367 | +3.0% |
| Gross operating margin | 9900 | €983,668 | €819,019 | -€164,649 | -16.7% |
| Operating profit (loss) | 9901 | €544,290 | €287,945 | -€256,345 | -47.1% |
| Financial income | 75/76B | €2,509 | €2,380 | -€128 | -5.1% |
| Recurring financial income | 75 | €2,509 | €2,380 | -€128 | -5.1% |
| Financial charges | 65/66B | €24,424 | €24,431 | +€7 | 0.0% |
| Recurring financial charges | 65 | €24,424 | €24,431 | +€7 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €522,375 | €265,894 | -€256,480 | -49.1% |
| Income taxes | 67/77 | €129,051 | €69,257 | -€59,794 | -46.3% |
| Profit (loss) for the period | 9904 | €393,324 | €196,637 | -€196,686 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €393,324 | €196,637 | -€196,686 | -50.0% |
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 13 October 2026 via checked.be.