Silverstone III: 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.
What changed
Silverstone III
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€34,384
2024 · -€3.6m+€3.6m
Equity
-€7.8m
2024 · -€7.7m-€34,384
Cash
€810,102
2024 · €810,102
Balance sheet total
€26.6m
2024 · €25.5m+€1.1m
Largest movements
Assets
- Receivables after one year +€1.9m
up €1.9m (+25.2%), from €7.6m to €9.5m
- Tangible fixed assets -€726,199
down €726,199 (-4.3%), from €17.0m to €16.3m
of which Land and buildings: -€726,074
Equity and liabilities
- Debts after one year +€1.8m
up €1.8m (+5.7%), from €31.9m to €33.7m
- Current portion of long-term debt -€789,185
down €789,185 (-94.0%), from €839,185 to €50,000
Income statement
- Financial charges -€980,599
down €980,599 (-47.6%), from €2.1m to €1.1m
of which Non-recurring financial charges: -€868,948
- Depreciation -€108,492
down €108,492 (-13.0%), from €834,691 to €726,199
- Gross operating margin +€23,870
up €23,870 (+1.6%), from €1.5m to €1.6m
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.
Result 2024
-€3.6m
Gross operating margin
+€23,870
Depreciation
+€108,492
Other operating charges
-€1,274
Other operating items
+€2.4m
Financial income
+€14,989
Financial charges
+€980,599
Taxes
-€4,289
Result 2025
-€34,384
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.0m
Investment
€0
Financing
+€1.0m
Cash 2024
€810,102
From operations (derived)
-€1.0m
Net result for the year
-€34,384
Depreciation
+€726,199
Receivables after one year
-€1.9m
Receivables within one year
+€88,520
Deferred charges and accrued income
-€5,462
Trade debts
+€8,594
Tax, wage and social debts
-€9,711
Other debts
+€101,603
Accrued charges and deferred income
-€3,269
Financing
+€1.0m
Debts after one year
+€1.8m
Current portion of long-term debt
-€789,185
Cash 2025
€810,102
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,487,459 | €26,593,766 | +€1.1m | +4.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €16,981,019 | €16,254,821 | -€726,199 | -4.3% |
| Tangible fixed assets | 22/27 | €16,981,019 | €16,254,821 | -€726,199 | -4.3% |
| Land and buildings | 22 | €16,980,895 | €16,254,821 | -€726,074 | -4.3% |
| Furniture and vehicles | 24 | €124 | €0 | -€124 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €8,506,440 | €10,338,945 | +€1.8m | +21.5% |
| Amounts receivable after more than one year | 29 | €7,595,868 | €9,511,431 | +€1.9m | +25.2% |
| Other amounts receivable | 291 | €7,595,868 | €9,511,431 | +€1.9m | +25.2% |
| Amounts receivable within one year | 40/41 | €88,520 | €0 | -€88,520 | -100% |
| Other amounts receivable | 41 | €88,520 | €0 | -€88,520 | -100% |
| Cash at bank and in hand | 54/58 | €810,102 | €810,102 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €11,950 | €17,412 | +€5,462 | +45.7% |
| Total equity and liabilities | 10/49 | €25,487,459 | €26,593,766 | +€1.1m | +4.3% |
| Equity | 10/15 | -€7,726,662 | -€7,761,047 | -€34,384 | -0.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €43,781 | €43,781 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,831,944 | -€7,866,328 | -€34,384 | -0.4% |
| Amounts payable | 17/49 | €33,214,121 | €34,354,812 | +€1.1m | +3.4% |
| Amounts payable after more than one year | 17 | €31,874,397 | €33,707,057 | +€1.8m | +5.7% |
| Financial debts | 170/4 | €31,874,397 | €33,707,057 | +€1.8m | +5.7% |
| Amounts payable within one year | 42/48 | €1,086,107 | €397,407 | -€688,700 | -63.4% |
| Current portion of amounts payable after more than one year | 42 | €839,185 | €50,000 | -€789,185 | -94.0% |
| Trade debts | 44 | €3,200 | €11,794 | +€8,594 | +269% |
| Suppliers | 440/4 | €3,200 | €11,794 | +€8,594 | +269% |
| Taxes, remuneration and social security | 45 | €140,393 | €130,681 | -€9,711 | -6.9% |
| Taxes | 450/3 | €140,393 | €130,681 | -€9,711 | -6.9% |
| Other amounts payable | 47/48 | €103,329 | €204,932 | +€101,603 | +98.3% |
| Accrued charges and deferred income | 492/3 | €253,617 | €250,348 | -€3,269 | -1.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €834,691 | €726,199 | -€108,492 | -13.0% |
| Other operating charges | 640/8 | - | €1,274 | +€1,274 | |
| Non-recurring operating charges | 66A | €2,449,883 | €0 | -€2.4m | -100% |
| Gross operating margin | 9900 | €1,532,791 | €1,556,661 | +€23,870 | +1.6% |
| Operating profit (loss) | 9901 | -€1,751,784 | €829,188 | +€2.6m | |
| Financial income | 75/76B | €259,491 | €274,480 | +€14,989 | +5.8% |
| Recurring financial income | 75 | €259,491 | €274,480 | +€14,989 | +5.8% |
| Financial charges | 65/66B | €2,058,807 | €1,078,207 | -€980,599 | -47.6% |
| Recurring financial charges | 65 | €1,177,824 | €1,066,172 | -€111,651 | -9.5% |
| Non-recurring financial charges | 66B | €880,983 | €12,035 | -€868,948 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,551,099 | €25,461 | +€3.6m | |
| Income taxes | 67/77 | €55,556 | €59,845 | +€4,289 | +7.7% |
| Profit (loss) for the period | 9904 | -€3,606,655 | -€34,384 | +€3.6m | +99.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,606,655 | -€34,384 | +€3.6m | +99.0% |
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 15 October 2026 via checked.be.