SILVERGEST: 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.
SILVERGEST
Largest movements
- Receivables within one year -€69,793
down €69,793 (-89.6%), from €77,879 to €8,086
of which Other amounts receivable: -€37,469
- Cash -€26,364
down €26,364 (-6.2%), from €424,793 to €398,429
mainly Contributions, distributions and other (-€470,935) and Deferred charges and accrued income (-€24,289)
- Deferred charges and accrued income +€24,289
up €24,289 (+954%), from €2,546 to €26,834
- Profit (loss) carried forward -€312,009
down €312,009 (-96.9%), from €322,009 to €10,000
- Other debts +€120,708
up €120,708 (+1,424%), from €8,478 to €129,186
- Debts after one year +€85,000
up €85,000 (+170%), from €50,000 to €135,000
- Tax, wage and social debts +€36,952
up €36,952 (+161%), from €23,007 to €59,959
of which Taxes: +€34,024
- Gross operating margin +€33,075
up €33,075 (+13.8%), from €239,298 to €272,373
- Taxes +€6,797
up €6,797 (+16.1%), from €42,171 to €48,968
- Financial income -€6,772
no longer reported in 2025 (was €6,772)
- Financial charges -€3,908
down €3,908 (-6.4%), from €60,859 to €56,951
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 | €807,543 | €740,377 | -€67,166 | -8.3% |
| Fixed assets | 21/28 | €302,326 | €307,028 | +€4,702 | +1.6% |
| Tangible fixed assets | 22/27 | €98,475 | €103,178 | +€4,702 | +4.8% |
| Land and buildings | 22 | €98,475 | €93,975 | -€4,500 | -4.6% |
| Furniture and vehicles | 24 | - | €9,202 | +€9,202 | |
| Financial fixed assets | 28 | €203,850 | €203,850 | = | 0.0% |
| Current assets | 29/58 | €505,218 | €433,349 | -€71,869 | -14.2% |
| Amounts receivable within one year | 40/41 | €77,879 | €8,086 | -€69,793 | -89.6% |
| Trade receivables | 40 | €32,387 | €63 | -€32,324 | -99.8% |
| Other amounts receivable | 41 | €45,491 | €8,023 | -€37,469 | -82.4% |
| Cash at bank and in hand | 54/58 | €424,793 | €398,429 | -€26,364 | -6.2% |
| Deferred charges and accrued income | 490/1 | €2,546 | €26,834 | +€24,289 | +954% |
| Total equity and liabilities | 10/49 | €807,543 | €740,377 | -€67,166 | -8.3% |
| Equity | 10/15 | €725,978 | €413,970 | -€312,009 | -43.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €385,370 | €385,370 | = | 0.0% |
| Distributable reserves | 133 | €385,370 | €385,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | €322,009 | €10,000 | -€312,009 | -96.9% |
| Amounts payable | 17/49 | €81,565 | €326,407 | +€244,842 | +300% |
| Amounts payable after more than one year | 17 | €50,000 | €135,000 | +€85,000 | +170% |
| Financial debts | 170/4 | €50,000 | €135,000 | +€85,000 | +170% |
| Amounts payable within one year | 42/48 | €31,565 | €191,407 | +€159,842 | +506% |
| Trade debts | 44 | €79 | €2,262 | +€2,183 | +2,751% |
| Suppliers | 440/4 | €79 | €2,262 | +€2,183 | +2,751% |
| Taxes, remuneration and social security | 45 | €23,007 | €59,959 | +€36,952 | +161% |
| Taxes | 450/3 | €23,007 | €57,031 | +€34,024 | +148% |
| Remuneration and social security | 454/9 | - | €2,928 | +€2,928 | |
| Other amounts payable | 47/48 | €8,478 | €129,186 | +€120,708 | +1,424% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,500 | €6,147 | +€1,647 | +36.6% |
| Other operating charges | 640/8 | €1,081 | €1,380 | +€299 | +27.6% |
| Gross operating margin | 9900 | €239,298 | €272,373 | +€33,075 | +13.8% |
| Operating profit (loss) | 9901 | €233,717 | €264,846 | +€31,129 | +13.3% |
| Financial income | 75/76B | €6,772 | - | -€6,772 | |
| Recurring financial income | 75 | €6,772 | - | -€6,772 | |
| Financial charges | 65/66B | €60,859 | €56,951 | -€3,908 | -6.4% |
| Recurring financial charges | 65 | €60,859 | €56,951 | -€3,908 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €179,629 | €207,894 | +€28,265 | +15.7% |
| Income taxes | 67/77 | €42,171 | €48,968 | +€6,797 | +16.1% |
| Profit (loss) for the period | 9904 | €137,458 | €158,926 | +€21,468 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €137,458 | €158,926 | +€21,468 | +15.6% |
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 30 October 2026 via checked.be.