SILVER SQUARE: what changed
Two fiscal 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 SQUARE
Largest movements
- Tangible fixed assets -€2.8m
down €2.8m (-44.1%), from €6.3m to €3.5m
- Receivables within one year +€566,487
up €566,487 (+77.1%), from €734,674 to €1.3m
of which Other amounts receivable: +€595,713
- Revaluation surpluses -€2.7m
down €2.7m (-49.1%), from €5.5m to €2.8m
- Current portion of long-term debt +€2.1m
new in 2025: €2.1m
- Debts after one year -€2.0m
down €2.0m (-90.9%), from €2.2m to €200,000
of which Financial debts: -€2.0m
- Provisions +€241,529
up €241,529 (+89.7%), from €269,395 to €510,924
- Trade debts +€169,796
up €169,796 (+61.3%), from €276,773 to €446,569
- Provisions +€241,529
new in 2025: €241,529
- Gross operating margin +€140,819
up €140,819 (+33.9%), from €415,592 to €556,411
- Other operating charges +€85,493
up €85,493 (+106.8%), from €80,038 to €165,531
- Financial charges +€64,321
up €64,321 (+98.0%), from €65,628 to €129,949
- Staff costs +€8,708
up €8,708 (+66.8%), from €13,029 to €21,737
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,675,221 | €6,481,976 | -€2.2m | -25.3% |
| Fixed assets | 21/28 | €6,257,962 | €3,498,228 | -€2.8m | -44.1% |
| Tangible fixed assets | 22/27 | €6,257,962 | €3,498,228 | -€2.8m | -44.1% |
| Land and buildings | 22 | €6,257,962 | €3,498,228 | -€2.8m | -44.1% |
| Current assets | 29/58 | €2,417,260 | €2,983,747 | +€566,487 | +23.4% |
| Amounts receivable after more than one year | 29 | €1,682,586 | €1,682,586 | = | 0.0% |
| Other amounts receivable | 291 | €1,682,586 | €1,682,586 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €734,674 | €1,301,161 | +€566,487 | +77.1% |
| Trade receivables | 40 | €29,226 | - | -€29,226 | |
| Other amounts receivable | 41 | €705,448 | €1,301,161 | +€595,713 | +84.4% |
| Total equity and liabilities | 10/49 | €8,675,221 | €6,481,976 | -€2.2m | -25.3% |
| Equity | 10/15 | €5,918,449 | €3,158,821 | -€2.8m | -46.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Revaluation surpluses | 12 | €5,500,000 | €2,800,000 | -€2.7m | -49.1% |
| Reserves | 13 | €282,705 | €282,705 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €280,227 | €280,227 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,954 | €51,326 | -€59,628 | -53.7% |
| Provisions and deferred taxes | 16 | €269,395 | €510,924 | +€241,529 | +89.7% |
| Provisions for liabilities and charges | 160/5 | €269,395 | €510,924 | +€241,529 | +89.7% |
| Environmental obligations | 163 | €269,395 | €510,924 | +€241,529 | +89.7% |
| Amounts payable | 17/49 | €2,487,378 | €2,812,231 | +€324,853 | +13.1% |
| Amounts payable after more than one year | 17 | €2,200,000 | €200,000 | -€2.0m | -90.9% |
| Financial debts | 170/4 | €2,000,000 | - | -€2.0m | |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €287,378 | €2,574,731 | +€2.3m | +795.9% |
| Current portion of amounts payable after more than one year | 42 | - | €2,108,438 | +€2.1m | |
| Trade debts | 44 | €276,773 | €446,569 | +€169,796 | +61.3% |
| Suppliers | 440/4 | €276,773 | €446,569 | +€169,796 | +61.3% |
| Taxes, remuneration and social security | 45 | €9,645 | €18,763 | +€9,118 | +94.5% |
| Taxes | 450/3 | €143 | €374 | +€232 | +162.5% |
| Remuneration and social security | 454/9 | €9,502 | €18,389 | +€8,887 | +93.5% |
| Other amounts payable | 47/48 | €960 | €960 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €37,500 | +€37,500 | |
| Remuneration, social security and pensions | 62 | €13,029 | €21,737 | +€8,708 | +66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,964 | €59,733 | -€4,231 | -6.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €241,529 | +€241,529 | |
| Other operating charges | 640/8 | €80,038 | €165,531 | +€85,493 | +106.8% |
| Gross operating margin | 9900 | €415,592 | €556,411 | +€140,819 | +33.9% |
| Operating profit (loss) | 9901 | €258,562 | €67,881 | -€190,681 | -73.7% |
| Financial income | 75/76B | - | €2,440 | +€2,440 | |
| Recurring financial income | 75 | - | €2,440 | +€2,440 | |
| Financial charges | 65/66B | €65,628 | €129,949 | +€64,321 | +98.0% |
| Recurring financial charges | 65 | €65,628 | €129,949 | +€64,321 | +98.0% |
| Profit (loss) for the period before taxes | 9903 | €192,934 | -€59,628 | -€252,562 | |
| Profit (loss) for the period | 9904 | €192,934 | -€59,628 | -€252,562 | |
| Profit (loss) for the period to be appropriated | 9905 | €192,934 | -€59,628 | -€252,562 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.