SILVER RAY: 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 RAY
Largest movements
- Deferred charges and accrued income -€78,564
down €78,564 (-91.8%), from €85,539 to €6,976
- Receivables after one year -€51,015
down €51,015 (-84.2%), from €60,612 to €9,597
- Cash +€19,711
up €19,711 (+683.6%), from €2,884 to €22,595
mainly Deferred charges and accrued income (+€78,564) and Receivables after one year (+€51,015)
- Receivables within one year +€10,838
up €10,838 (+12.7%), from €85,174 to €96,012
of which Other amounts receivable: +€11,820
- Tangible fixed assets -€7,999
down €7,999 (-4.1%), from €194,863 to €186,863
of which Plant, machinery and equipment: -€10,267
- Trade debts -€56,508
down €56,508 (-46.3%), from €122,099 to €65,592
- Advances received -€48,000
no longer reported in 2024 (was €48,000)
- Tax, wage and social debts -€19,446
down €19,446 (-38.1%), from €51,027 to €31,580
of which Taxes: -€19,446
- Current portion of long-term debt +€14,525
up €14,525 (+116.3%), from €12,486 to €27,011
- Reserves +€6,888
up €6,888 (+41.4%), from €16,628 to €23,517
of which Distributable reserves: +€6,888
- Gross operating margin +€13,288
up €13,288 (+29.0%), from €45,767 to €59,056
- Depreciation +€4,285
up €4,285 (+13.8%), from €31,016 to €35,301
- Taxes +€2,163
up €2,163 (+35.6%), from €6,082 to €8,245
- Financial charges +€1,660
up €1,660 (+50.4%), from €3,296 to €4,955
- Staff costs -€735
down €735 (-48.8%), from €1,509 to €773
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €429,071 | €322,043 | -€107,029 | -24.9% |
| Fixed assets | 21/28 | €194,863 | €186,863 | -€7,999 | -4.1% |
| Tangible fixed assets | 22/27 | €194,863 | €186,863 | -€7,999 | -4.1% |
| Land and buildings | 22 | €79,513 | €76,734 | -€2,779 | -3.5% |
| Plant, machinery and equipment | 23 | €68,456 | €58,188 | -€10,267 | -15.0% |
| Furniture and vehicles | 24 | €42,765 | €48,139 | +€5,374 | +12.6% |
| Other tangible fixed assets | 26 | €4,129 | €3,802 | -€326 | -7.9% |
| Current assets | 29/58 | €234,209 | €135,179 | -€99,029 | -42.3% |
| Amounts receivable after more than one year | 29 | €60,612 | €9,597 | -€51,015 | -84.2% |
| Other amounts receivable | 291 | €60,612 | €9,597 | -€51,015 | -84.2% |
| Amounts receivable within one year | 40/41 | €85,174 | €96,012 | +€10,838 | +12.7% |
| Trade receivables | 40 | €63,859 | €62,877 | -€982 | -1.5% |
| Other amounts receivable | 41 | €21,315 | €33,135 | +€11,820 | +55.5% |
| Cash at bank and in hand | 54/58 | €2,884 | €22,595 | +€19,711 | +683.6% |
| Deferred charges and accrued income | 490/1 | €85,539 | €6,976 | -€78,564 | -91.8% |
| Total equity and liabilities | 10/49 | €429,071 | €322,043 | -€107,029 | -24.9% |
| Equity | 10/15 | €140,609 | €147,497 | +€6,888 | +4.9% |
| Contributions | 10/11 | €96,483 | €96,483 | = | 0.0% |
| Revaluation surpluses | 12 | €23,833 | €23,833 | = | 0.0% |
| Reserves | 13 | €16,628 | €23,517 | +€6,888 | +41.4% |
| Non-distributable reserves | 130/1 | €2,128 | €2,128 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,128 | €2,128 | = | 0.0% |
| Distributable reserves | 133 | €14,500 | €21,388 | +€6,888 | +47.5% |
| Profit (loss) carried forward | 14 | €3,664 | €3,664 | = | 0.0% |
| Amounts payable | 17/49 | €288,463 | €174,545 | -€113,917 | -39.5% |
| Amounts payable after more than one year | 17 | €54,600 | €50,187 | -€4,413 | -8.1% |
| Financial debts | 170/4 | €33,580 | €29,166 | -€4,413 | -13.1% |
| Other amounts payable | 178/9 | €21,020 | €21,020 | = | 0.0% |
| Amounts payable within one year | 42/48 | €233,848 | €124,183 | -€109,664 | -46.9% |
| Current portion of amounts payable after more than one year | 42 | €12,486 | €27,011 | +€14,525 | +116.3% |
| Trade debts | 44 | €122,099 | €65,592 | -€56,508 | -46.3% |
| Suppliers | 440/4 | €122,099 | €65,592 | -€56,508 | -46.3% |
| Advances received on contracts in progress | 46 | €48,000 | - | -€48,000 | |
| Taxes, remuneration and social security | 45 | €51,027 | €31,580 | -€19,446 | -38.1% |
| Taxes | 450/3 | €47,469 | €28,023 | -€19,446 | -41.0% |
| Remuneration and social security | 454/9 | €3,558 | €3,558 | = | 0.0% |
| Other amounts payable | 47/48 | €236 | - | -€236 | |
| Accrued charges and deferred income | 492/3 | €15 | €175 | +€161 | +1072.9% |
| Remuneration, social security and pensions | 62 | €1,509 | €773 | -€735 | -48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,016 | €35,301 | +€4,285 | +13.8% |
| Other operating charges | 640/8 | €2,094 | €2,564 | +€470 | +22.4% |
| Non-recurring operating charges | 66A | €911 | €332 | -€579 | -63.5% |
| Gross operating margin | 9900 | €45,767 | €59,056 | +€13,288 | +29.0% |
| Operating profit (loss) | 9901 | €10,238 | €20,086 | +€9,848 | +96.2% |
| Financial income | 75/76B | €1 | €3 | +€2 | +193.6% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +193.6% |
| Financial charges | 65/66B | €3,296 | €4,955 | +€1,660 | +50.4% |
| Recurring financial charges | 65 | €3,296 | €4,955 | +€1,660 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €6,943 | €15,133 | +€8,191 | +118.0% |
| Income taxes | 67/77 | €6,082 | €8,245 | +€2,163 | +35.6% |
| Profit (loss) for the period | 9904 | €861 | €6,888 | +€6,028 | +700.2% |
| Profit (loss) for the period to be appropriated | 9905 | €861 | €6,888 | +€6,028 | +700.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.