SILVER WOLVES: 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 WOLVES
Largest movements
- Receivables within one year -€91,897
down €91,897 (-35.5%), from €259,058 to €167,161
of which Trade receivables: -€101,541
- Tangible fixed assets +€44,836
up €44,836 (+50.6%), from €88,585 to €133,421
of which Furniture and vehicles: +€28,951
- Cash +€24,509
up €24,509 (+20.9%), from €117,298 to €141,807
mainly Receivables within one year (+€91,897) and Depreciation (+€54,361)
- Profit (loss) carried forward -€108,905
down €108,905, from €58,039 to -€50,866
- Other debts +€30,710
up €30,710 (+20.2%), from €151,690 to €182,400
- Tax, wage and social debts +€30,697
up €30,697 (+44.3%), from €69,290 to €99,987
of which Taxes: +€29,825
- Trade debts +€28,114
up €28,114 (+9.9%), from €285,159 to €313,273
- Gross operating margin -€113,594
down €113,594 (-22.4%), from €508,221 to €394,627
- Depreciation +€17,798
up €17,798 (+48.7%), from €36,563 to €54,361
- Write-downs -€16,945
down €16,945, from €8,473 to -€8,473
- Taxes -€14,386
down €14,386 (-97.6%), from €14,742 to €356
- Financial charges +€5,285
up €5,285 (+47.1%), from €11,232 to €16,517
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 | €584,630 | €565,246 | -€19,385 | -3.3% |
| Fixed assets | 21/28 | €88,585 | €133,421 | +€44,836 | +50.6% |
| Tangible fixed assets | 22/27 | €88,585 | €133,421 | +€44,836 | +50.6% |
| Plant, machinery and equipment | 23 | €86,685 | €102,570 | +€15,884 | +18.3% |
| Furniture and vehicles | 24 | €1,900 | €30,851 | +€28,951 | +1524.0% |
| Current assets | 29/58 | €496,045 | €431,825 | -€64,220 | -12.9% |
| Stocks and contracts in progress | 3 | €119,690 | €122,858 | +€3,168 | +2.6% |
| Stocks | 30/36 | €119,690 | €122,858 | +€3,168 | +2.6% |
| Amounts receivable within one year | 40/41 | €259,058 | €167,161 | -€91,897 | -35.5% |
| Trade receivables | 40 | €252,852 | €151,311 | -€101,541 | -40.2% |
| Other amounts receivable | 41 | €6,206 | €15,850 | +€9,644 | +155.4% |
| Cash at bank and in hand | 54/58 | €117,298 | €141,807 | +€24,509 | +20.9% |
| Total equity and liabilities | 10/49 | €584,630 | €565,246 | -€19,385 | -3.3% |
| Equity | 10/15 | €78,491 | -€30,414 | -€108,905 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,039 | -€50,866 | -€108,905 | |
| Amounts payable | 17/49 | €506,139 | €595,660 | +€89,521 | +17.7% |
| Amounts payable within one year | 42/48 | €506,139 | €595,660 | +€89,521 | +17.7% |
| Trade debts | 44 | €285,159 | €313,273 | +€28,114 | +9.9% |
| Suppliers | 440/4 | €285,159 | €313,273 | +€28,114 | +9.9% |
| Taxes, remuneration and social security | 45 | €69,290 | €99,987 | +€30,697 | +44.3% |
| Taxes | 450/3 | €33,060 | €62,885 | +€29,825 | +90.2% |
| Remuneration and social security | 454/9 | €36,230 | €37,102 | +€872 | +2.4% |
| Other amounts payable | 47/48 | €151,690 | €182,400 | +€30,710 | +20.2% |
| Non-recurring operating income | 76A | - | €23,000 | +€23,000 | |
| Remuneration, social security and pensions | 62 | €396,787 | €401,100 | +€4,313 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,563 | €54,361 | +€17,798 | +48.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,473 | -€8,473 | -€16,945 | |
| Other operating charges | 640/8 | €11,524 | €10,783 | -€741 | -6.4% |
| Non-recurring operating charges | 66A | - | €31,192 | +€31,192 | |
| Gross operating margin | 9900 | €508,221 | €394,627 | -€113,594 | -22.4% |
| Operating profit (loss) | 9901 | €54,874 | -€94,336 | -€149,210 | |
| Financial income | 75/76B | €763 | €2,305 | +€1,542 | +202.2% |
| Recurring financial income | 75 | €763 | €2,305 | +€1,542 | +202.2% |
| Financial charges | 65/66B | €11,232 | €16,517 | +€5,285 | +47.1% |
| Recurring financial charges | 65 | €11,232 | €16,517 | +€5,285 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €44,404 | -€108,549 | -€152,953 | |
| Income taxes | 67/77 | €14,742 | €356 | -€14,386 | -97.6% |
| Profit (loss) for the period | 9904 | €29,662 | -€108,905 | -€138,567 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,662 | -€108,905 | -€138,567 |
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 9 October 2026 via checked.be.