ZILVERPIJL: 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
ZILVERPIJL
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€7.5m
2024 · €69,404-€7.6m
Equity
€23.5m
2024 · €36.2m-€12.7m
Cash
€58,716
2024 · €447,630-€388,914
Balance sheet total
€103.5m
2024 · €88.6m+€14.9m
Largest movements
Assets
- Financial fixed assets +€14.7m
up €14.7m (+23.0%), from €63.8m to €78.5m
- Receivables after one year -€13.1m
no longer reported in 2025 (was €13.1m)
- Tangible fixed assets +€7.7m
up €7.7m (+123.5%), from €6.2m to €13.9m
of which Assets under construction and advance payments: +€5.2m
- Receivables within one year +€7.0m
up €7.0m (+184.0%), from €3.8m to €10.8m
of which Other amounts receivable: +€6.0m
Equity and liabilities
- Other debts +€15.0m
up €15.0m (+81.3%), from €18.5m to €33.5m
- Reserves -€12.7m
down €12.7m (-42.8%), from €29.7m to €17.0m
of which Distributable reserves: -€12.7m
- Debts after one year +€4.3m
up €4.3m (+29.7%), from €14.5m to €18.8m
- Short-term financial debts +€4.0m
up €4.0m (+25.8%), from €15.5m to €19.5m
- Current portion of long-term debt +€2.1m
up €2.1m (+79.6%), from €2.6m to €4.7m
Income statement
- Financial charges +€6.7m
up €6.7m (+211.2%), from €3.2m to €9.9m
of which Non-recurring financial charges: +€6.9m
- Other operating charges -€2.6m
down €2.6m (-99.3%), from €2.7m to €19,259
- Other operating income -€2.6m
down €2.6m (-95.3%), from €2.7m to €125,016
- Turnover +€2.1m
up €2.1m (+49.6%), from €4.3m to €6.4m
- Financial income -€1.4m
down €1.4m (-90.2%), from €1.5m to €146,672
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
€69,404
Turnover
+€2.1m
Other operating income
-€2.6m
Services and other goods
-€1.2m
Staff costs
+€24,049
Depreciation
+€52,361
Other operating charges
+€2.6m
Other operating items
-€600,000
Financial income
-€1.4m
Financial charges
-€6.7m
Taxes
+€747
Result 2025
-€7.5m
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.
From operations
+€17.0m
Investment
-€22.6m
Financing
+€5.2m
Cash 2024
€447,630
From operations (derived)
+€17.0m
Net result for the year
-€7.5m
Depreciation
+€266,043
Receivables after one year
+€13.1m
Receivables within one year
-€7.0m
Deferred charges and accrued income
+€934,409
Trade debts
+€2.0m
Tax, wage and social debts
+€78,075
Other debts
+€15.0m
Accrued charges and deferred income
+€167,178
Investment (derived)
-€22.6m
Investment in fixed assets (net)
-€22.6m
Financing
+€5.2m
Debts after one year
+€4.3m
Current portion of long-term debt
+€2.1m
Short-term financial debts
+€4.0m
Contributions, distributions and other
-€5.2m
Cash 2025
€58,716
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €88,575,200 | €103,523,538 | +€14.9m | +16.9% |
| Fixed assets | 21/28 | €70,022,820 | €92,380,964 | +€22.4m | +31.9% |
| Intangible fixed assets | 21 | €23,844 | €26,501 | +€2,657 | +11.1% |
| Tangible fixed assets | 22/27 | €6,205,312 | €13,868,329 | +€7.7m | +123.5% |
| Land and buildings | 22 | €5,805,948 | €8,289,658 | +€2.5m | +42.8% |
| Assets under construction and advance payments | 27 | €399,364 | €5,578,671 | +€5.2m | +1296.9% |
| Financial fixed assets | 28 | €63,793,664 | €78,486,135 | +€14.7m | +23.0% |
| Affiliated companies | 280/1 | €63,793,664 | €78,486,135 | +€14.7m | +23.0% |
| Participating interests | 280 | €63,793,664 | €78,486,135 | +€14.7m | +23.0% |
| Current assets | 29/58 | €18,552,379 | €11,142,574 | -€7.4m | -39.9% |
| Amounts receivable after more than one year | 29 | €13,084,915 | - | -€13.1m | |
| Other amounts receivable | 291 | €13,084,915 | - | -€13.1m | |
| Amounts receivable within one year | 40/41 | €3,803,114 | €10,801,548 | +€7.0m | +184.0% |
| Trade receivables | 40 | €3,515,703 | €4,548,342 | +€1.0m | +29.4% |
| Other amounts receivable | 41 | €287,411 | €6,253,206 | +€6.0m | +2075.7% |
| Cash at bank and in hand | 54/58 | €447,630 | €58,716 | -€388,914 | -86.9% |
| Deferred charges and accrued income | 490/1 | €1,216,720 | €282,310 | -€934,409 | -76.8% |
| Total equity and liabilities | 10/49 | €88,575,200 | €103,523,538 | +€14.9m | +16.9% |
| Equity | 10/15 | €36,202,076 | €23,522,114 | -€12.7m | -35.0% |
| Contributions | 10/11 | €6,550,000 | €6,550,000 | = | 0.0% |
| Capital | 10 | €6,550,000 | €6,550,000 | = | 0.0% |
| Issued capital | 100 | €6,550,000 | €6,550,000 | = | 0.0% |
| Reserves | 13 | €29,652,076 | €16,972,114 | -€12.7m | -42.8% |
| Non-distributable reserves | 130/1 | €655,000 | €655,000 | = | 0.0% |
| Legal reserve | 130 | €655,000 | €655,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €294,700 | €294,700 | = | 0.0% |
| Distributable reserves | 133 | €28,702,376 | €16,022,414 | -€12.7m | -44.2% |
| Provisions and deferred taxes | 16 | €120,510 | €120,510 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €120,510 | €120,510 | = | 0.0% |
| Other liabilities and charges | 164/5 | €120,510 | €120,510 | = | 0.0% |
| Amounts payable | 17/49 | €52,252,613 | €79,880,915 | +€27.6m | +52.9% |
| Amounts payable after more than one year | 17 | €14,516,589 | €18,823,452 | +€4.3m | +29.7% |
| Financial debts | 170/4 | €14,516,589 | €18,823,452 | +€4.3m | +29.7% |
| Credit institutions | 173 | €14,516,589 | €18,823,452 | +€4.3m | +29.7% |
| Amounts payable within one year | 42/48 | €37,007,038 | €60,161,298 | +€23.2m | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €2,613,137 | €4,693,137 | +€2.1m | +79.6% |
| Financial debts | 43 | €15,500,000 | €19,500,000 | +€4.0m | +25.8% |
| Credit institutions | 430/8 | €15,500,000 | €19,500,000 | +€4.0m | +25.8% |
| Trade debts | 44 | €369,932 | €2,332,423 | +€2.0m | +530.5% |
| Suppliers | 440/4 | €369,932 | €2,332,423 | +€2.0m | +530.5% |
| Taxes, remuneration and social security | 45 | €39,198 | €117,273 | +€78,075 | +199.2% |
| Taxes | 450/3 | €9,970 | €95,638 | +€85,668 | +859.3% |
| Remuneration and social security | 454/9 | €29,228 | €21,635 | -€7,593 | -26.0% |
| Other amounts payable | 47/48 | €18,484,770 | €33,518,465 | +€15.0m | +81.3% |
| Accrued charges and deferred income | 492/3 | €728,987 | €896,165 | +€167,178 | +22.9% |
| Operating income | 70/76A | €6,953,985 | €6,510,021 | -€443,964 | -6.4% |
| Turnover | 70 | €4,268,581 | €6,385,005 | +€2.1m | +49.6% |
| Other operating income | 74 | €2,685,404 | €125,016 | -€2.6m | -95.3% |
| Operating charges | 60/66A | €5,218,141 | €4,289,052 | -€929,089 | -17.8% |
| Services and other goods | 61 | €2,058,212 | €3,243,350 | +€1.2m | +57.6% |
| Remuneration, social security and pensions | 62 | €184,449 | €160,400 | -€24,049 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €318,404 | €266,043 | -€52,361 | -16.4% |
| Other operating charges | 640/8 | €2,657,076 | €19,259 | -€2.6m | -99.3% |
| Non-recurring operating charges | 66A | - | €600,000 | +€600,000 | |
| Operating profit (loss) | 9901 | €1,735,844 | €2,220,969 | +€485,125 | +27.9% |
| Financial income | 75/76B | €1,502,337 | €146,672 | -€1.4m | -90.2% |
| Recurring financial income | 75 | €1,502,337 | €146,672 | -€1.4m | -90.2% |
| Income from financial fixed assets | 750 | €1,551 | - | -€1,551 | |
| Income from current assets | 751 | €699,848 | €11,342 | -€688,506 | -98.4% |
| Other financial income | 752/9 | €800,939 | €135,331 | -€665,608 | -83.1% |
| Financial charges | 65/66B | €3,167,684 | €9,857,258 | +€6.7m | +211.2% |
| Recurring financial charges | 65 | €3,167,684 | €2,999,557 | -€168,127 | -5.3% |
| Debt charges | 650 | €3,158,613 | €2,935,593 | -€223,020 | -7.1% |
| Other financial charges | 652/9 | €9,071 | €63,964 | +€54,893 | +605.2% |
| Non-recurring financial charges | 66B | - | €6,857,702 | +€6.9m | |
| Profit (loss) for the period before taxes | 9903 | €70,497 | -€7,489,617 | -€7.6m | |
| Income taxes | 67/77 | €1,093 | €346 | -€747 | -68.4% |
| Taxes | 670/3 | €1,093 | €476 | -€617 | -56.5% |
| Tax adjustments and reversals of tax provisions | 77 | - | €130 | +€130 | |
| Profit (loss) for the period | 9904 | €69,404 | -€7,489,963 | -€7.6m | |
| Transfer to tax-exempt reserves | 689 | €294,700 | - | -€294,700 | |
| Profit (loss) for the period to be appropriated | 9905 | -€225,296 | -€7,489,963 | -€7.3m | -3224.5% |
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 10 October 2026 via checked.be.