Silverfin: what changed
What changed
Silverfin
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€13.2m
2024 · €6.5m+€6.7m
Equity
€40.7m
2024 · €27.5m+€13.2m
Cash
€36.5m
2024 · €21.3m+€15.2m
Balance sheet total
€67.1m
2024 · €50.7m+€16.4m
Largest movements
Assets
- Cash +€15.2m
up €15.2m (+71.2%), from €21.3m to €36.5m
mainly Net result for the year (+€13.2m) and Depreciation (+€10.4m)
- Receivables within one year +€3.6m
up €3.6m (+32.3%), from €11.2m to €14.9m
of which Trade receivables: +€3.5m
- Intangible fixed assets -€2.5m
down €2.5m (-15.7%), from €15.9m to €13.4m
Equity and liabilities
- Profit (loss) carried forward +€13.2m
up €13.2m, from -€32,335 to €13.2m
- Advances received +€2.5m
up €2.5m (+13.8%), from €18.3m to €20.8m
Income statement
- Turnover -€16.0m
down €16.0m (-25.3%), from €63.3m to €47.2m
- Services and other goods -€14.5m
down €14.5m (-40.3%), from €35.8m to €21.4m
- Depreciation -€5.7m
down €5.7m (-35.2%), from €16.1m to €10.4m
- Staff costs -€5.0m
down €5.0m (-32.3%), from €15.4m to €10.4m
- Financial charges -€856,339
down €856,339 (-72.9%), from €1.2m to €318,602
of which Financial charges: -€851,339
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€6.5m
Turnover
-€16.0m
Other operating income
-€609,570
Services and other goods
+€14.5m
Staff costs
+€5.0m
Depreciation
+€5.7m
Write-downs
-€122,724
Other operating charges
+€141,367
Other operating items
-€2.0m
Financial income
-€441,125
Financial charges
+€856,339
Taxes
-€172,098
Result 2025
€13.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€23.0m
Investment
-€7.8m
Financing
€0
Cash 2024
€21.3m
From operations (derived)
+€23.0m
Net result for the year
+€13.2m
Depreciation
+€10.4m
Smaller working-capital items
+€32,267
Receivables within one year
-€3.6m
Deferred charges and accrued income
-€227,041
Trade debts
+€504,930
Tax, wage and social debts
+€251,312
Advances received
+€2.5m
Accrued charges and deferred income
-€132,660
Investment (derived)
-€7.8m
Investment in fixed assets (net)
-€7.8m
Cash 2025
€36.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,736,453 | €67,141,570 | +€16.4m | +32.3% |
| Formation expenses | 20 | €55,108 | €18,368 | -€36,740 | -66.7% |
| Fixed assets | 21/28 | €16,209,153 | €13,652,322 | -€2.6m | -15.8% |
| Intangible fixed assets | 21 | €15,851,648 | €13,356,594 | -€2.5m | -15.7% |
| Tangible fixed assets | 22/27 | €344,112 | €282,435 | -€61,676 | -17.9% |
| Plant, machinery and equipment | 23 | €114,690 | €122,714 | +€8,024 | +7.0% |
| Furniture and vehicles | 24 | €47,908 | €32,146 | -€15,762 | -32.9% |
| Other tangible fixed assets | 26 | €115,318 | €126,492 | +€11,174 | +9.7% |
| Assets under construction and advance payments | 27 | €66,196 | €1,084 | -€65,112 | -98.4% |
| Financial fixed assets | 28 | €13,393 | €13,293 | -€100 | -0.7% |
| Affiliated companies | 280/1 | €12,214 | €12,214 | = | 0.0% |
| Participating interests | 280 | €12,214 | €12,214 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,178 | €1,078 | -€100 | -8.5% |
| Amounts receivable and cash guarantees | 285/8 | €1,178 | €1,078 | -€100 | -8.5% |
| Current assets | 29/58 | €34,472,192 | €53,470,880 | +€19.0m | +55.1% |
| Amounts receivable after more than one year | 29 | €1,245,518 | €1,217,598 | -€27,919 | -2.2% |
| Other amounts receivable | 291 | €1,245,518 | €1,217,598 | -€27,919 | -2.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €11,236,483 | €14,866,374 | +€3.6m | +32.3% |
| Trade receivables | 40 | €10,906,267 | €14,362,093 | +€3.5m | +31.7% |
| Other amounts receivable | 41 | €330,216 | €504,280 | +€174,065 | +52.7% |
| Cash at bank and in hand | 54/58 | €21,315,536 | €36,485,211 | +€15.2m | +71.2% |
| Deferred charges and accrued income | 490/1 | €674,655 | €901,696 | +€227,041 | +33.7% |
| Total equity and liabilities | 10/49 | €50,736,453 | €67,141,570 | +€16.4m | +32.3% |
| Equity | 10/15 | €27,478,095 | €40,722,865 | +€13.2m | +48.2% |
| Contributions | 10/11 | €16,008,569 | €16,008,569 | = | 0.0% |
| Capital | 10 | €98,379 | €98,379 | = | 0.0% |
| Issued capital | 100 | €98,379 | €98,379 | = | 0.0% |
| Contributions outside capital | 11 | €15,910,190 | €15,910,190 | = | 0.0% |
| Share premium | 1100/10 | €15,910,190 | €15,910,190 | = | 0.0% |
| Reserves | 13 | €11,501,860 | €11,509,838 | +€7,978 | +0.1% |
| Non-distributable reserves | 130/1 | €11,501,860 | €11,509,838 | +€7,978 | +0.1% |
| Legal reserve | 130 | €1,860 | €9,838 | +€7,978 | +429% |
| Reserves not available under the articles | 1311 | €11,500,000 | €11,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,335 | €13,204,458 | +€13.2m | |
| Amounts payable | 17/49 | €23,258,358 | €26,418,705 | +€3.2m | +13.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Subordinated loans | 170 | €0 | - | = | |
| Credit institutions | 173 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €22,321,979 | €25,614,986 | +€3.3m | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,661,557 | €2,166,487 | +€504,930 | +30.4% |
| Suppliers | 440/4 | €1,661,557 | €2,166,487 | +€504,930 | +30.4% |
| Advances received on contracts in progress | 46 | €18,301,619 | €20,834,036 | +€2.5m | +13.8% |
| Taxes, remuneration and social security | 45 | €1,937,941 | €2,189,254 | +€251,312 | +13.0% |
| Taxes | 450/3 | €1,123,381 | €1,361,294 | +€237,913 | +21.2% |
| Remuneration and social security | 454/9 | €814,560 | €827,960 | +€13,400 | +1.6% |
| Other amounts payable | 47/48 | €420,862 | €425,210 | +€4,348 | +1.0% |
| Accrued charges and deferred income | 492/3 | €936,379 | €803,719 | -€132,660 | -14.2% |
| Operating income | 70/76A | €75,997,435 | €55,504,235 | -€20.5m | -27.0% |
| Turnover | 70 | €63,251,378 | €47,233,927 | -€16.0m | -25.3% |
| Own construction capitalised | 72 | €11,730,356 | €7,864,177 | -€3.9m | -33.0% |
| Other operating income | 74 | €1,015,701 | €406,131 | -€609,570 | -60.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €69,625,571 | €42,650,120 | -€27.0m | -38.7% |
| Services and other goods | 61 | €35,844,534 | €21,393,654 | -€14.5m | -40.3% |
| Remuneration, social security and pensions | 62 | €15,379,474 | €10,408,245 | -€5.0m | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,085,928 | €10,420,770 | -€5.7m | -35.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€120,075 | €2,649 | +€122,724 | |
| Other operating charges | 640/8 | €203,719 | €62,352 | -€141,367 | -69.4% |
| Non-recurring operating charges | 66A | €2,231,991 | €362,450 | -€1.9m | -83.8% |
| Operating profit (loss) | 9901 | €6,371,864 | €12,854,115 | +€6.5m | +102% |
| Financial income | 75/76B | €884,966 | €443,841 | -€441,125 | -49.8% |
| Recurring financial income | 75 | €884,966 | €443,841 | -€441,125 | -49.8% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €750,142 | €364,158 | -€385,984 | -51.5% |
| Other financial income | 752/9 | €134,824 | €79,683 | -€55,142 | -40.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,174,941 | €318,602 | -€856,339 | -72.9% |
| Recurring financial charges | 65 | €1,169,941 | €318,602 | -€851,339 | -72.8% |
| Debt charges | 650 | €1,037,125 | €0 | -€1.0m | -100% |
| Other financial charges | 652/9 | €132,816 | €318,602 | +€185,786 | +140% |
| Non-recurring financial charges | 66B | €5,000 | €0 | -€5,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €6,081,890 | €12,979,354 | +€6.9m | +113% |
| Income taxes | 67/77 | -€437,514 | -€265,416 | +€172,098 | +39.3% |
| Taxes | 670/3 | €17,037 | €0 | -€17,037 | -100% |
| Tax adjustments and reversals of tax provisions | 77 | €454,551 | €265,416 | -€189,135 | -41.6% |
| Profit (loss) for the period | 9904 | €6,519,403 | €13,244,770 | +€6.7m | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €6,519,403 | €13,244,770 | +€6.7m | +103% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.