Zilverwerf Holding: 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
Zilverwerf Holding
NACE 64.210, Activities of holding companies
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€103,210
31-12-2024 · -€208,818+€312,028
Equity
€7.5m
31-12-2024 · €7.4m+€103,210
Cash
€178,778
31-12-2024 · €238,043-€59,265
Balance sheet total
€7.6m
31-12-2024 · €7.6m-€35,176
Largest movements
Assets
- Receivables after one year -€700,000
down €700,000 (-18.1%), from €3.9m to €3.2m
- Current investments +€700,000
up €700,000 (+70.0%), from €1.0m to €1.7m
Equity and liabilities
- Profit (loss) carried forward +€103,210
up €103,210 (+2.0%), from €5.2m to €5.3m
- Other debts -€78,170
down €78,170 (-57.5%), from €136,066 to €57,896
Income statement
- Financial income -€37,936
down €37,936 (-26.3%), from €144,429 to €106,493
- Depreciation +€7,677
new in 2025: €7,677
- Gross operating margin +€3,629
up €3,629 (+22.5%), from €16,123 to €19,751
- Other operating charges -€3,227
down €3,227 (-70.2%), from €4,599 to €1,371
- Taxes -€749
down €749 (-85.7%), from €874 to €125
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
-€208,818
Gross operating margin
+€3,629
Staff costs
+€152
Depreciation
-€7,677
Other operating charges
+€3,227
Other operating items
+€350,000
Financial income
-€37,936
Financial charges
-€115
Taxes
+€749
Result 31-12-2025
€103,210
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€683,789
Investment
-€743,054
Financing
€0
Cash 31-12-2024
€238,043
From operations (derived)
+€683,789
Net result for the year
+€103,210
Depreciation
+€7,677
Receivables after one year
+€700,000
Receivables within one year
+€11,642
Deferred charges and accrued income
-€355
Trade debts
-€53,426
Tax, wage and social debts
-€11,039
Other debts
-€78,170
Accrued charges and deferred income
+€4,250
Investment (derived)
-€743,054
Investment in fixed assets (net)
-€43,054
Current investments
-€700,000
Cash 31-12-2025
€178,778
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,611,450 | €7,576,274 | -€35,176 | -0.5% |
| Fixed assets | 21/28 | €2,221,501 | €2,256,878 | +€35,376 | +1.6% |
| Tangible fixed assets | 22/27 | - | €35,376 | +€35,376 | |
| Furniture and vehicles | 24 | - | €33,190 | +€33,190 | |
| Other tangible fixed assets | 26 | - | €2,187 | +€2,187 | |
| Financial fixed assets | 28 | €2,221,501 | €2,221,501 | = | 0.0% |
| Current assets | 29/58 | €5,389,948 | €5,319,396 | -€70,552 | -1.3% |
| Amounts receivable after more than one year | 29 | €3,870,776 | €3,170,776 | -€700,000 | -18.1% |
| Other amounts receivable | 291 | €3,870,776 | €3,170,776 | -€700,000 | -18.1% |
| Amounts receivable within one year | 40/41 | €280,848 | €269,205 | -€11,642 | -4.1% |
| Trade receivables | 40 | €60,000 | €61,252 | +€1,252 | +2.1% |
| Other amounts receivable | 41 | €220,848 | €207,954 | -€12,894 | -5.8% |
| Current investments | 50/53 | €1,000,000 | €1,700,000 | +€700,000 | +70.0% |
| Cash at bank and in hand | 54/58 | €238,043 | €178,778 | -€59,265 | -24.9% |
| Deferred charges and accrued income | 490/1 | €282 | €636 | +€355 | +126% |
| Total equity and liabilities | 10/49 | €7,611,450 | €7,576,274 | -€35,176 | -0.5% |
| Equity | 10/15 | €7,395,370 | €7,498,580 | +€103,210 | +1.4% |
| Contributions | 10/11 | €18,152 | €18,152 | = | 0.0% |
| Reserves | 13 | €2,173,316 | €2,173,316 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,815 | €1,815 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,815 | €1,815 | = | 0.0% |
| Distributable reserves | 133 | €2,171,501 | €2,171,501 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,203,902 | €5,307,112 | +€103,210 | +2.0% |
| Amounts payable | 17/49 | €216,080 | €77,694 | -€138,386 | -64.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €216,080 | €73,444 | -€142,636 | -66.0% |
| Trade debts | 44 | €68,974 | €15,548 | -€53,426 | -77.5% |
| Suppliers | 440/4 | €68,974 | €15,548 | -€53,426 | -77.5% |
| Taxes, remuneration and social security | 45 | €11,039 | €0 | -€11,039 | -100% |
| Taxes | 450/3 | €11,039 | €0 | -€11,039 | -100% |
| Other amounts payable | 47/48 | €136,066 | €57,896 | -€78,170 | -57.5% |
| Accrued charges and deferred income | 492/3 | - | €4,250 | +€4,250 | |
| Remuneration, social security and pensions | 62 | €13,628 | €13,476 | -€152 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,677 | +€7,677 | |
| Other operating charges | 640/8 | €4,599 | €1,371 | -€3,227 | -70.2% |
| Non-recurring operating charges | 66A | €350,000 | €0 | -€350,000 | -100% |
| Gross operating margin | 9900 | €16,123 | €19,751 | +€3,629 | +22.5% |
| Operating profit (loss) | 9901 | -€352,104 | -€2,774 | +€349,331 | +99.2% |
| Financial income | 75/76B | €144,429 | €106,493 | -€37,936 | -26.3% |
| Recurring financial income | 75 | €144,429 | €106,493 | -€37,936 | -26.3% |
| Financial charges | 65/66B | €269 | €384 | +€115 | +42.7% |
| Recurring financial charges | 65 | €269 | €384 | +€115 | +42.7% |
| Profit (loss) for the period before taxes | 9903 | -€207,944 | €103,335 | +€311,280 | |
| Income taxes | 67/77 | €874 | €125 | -€749 | -85.7% |
| Profit (loss) for the period | 9904 | -€208,818 | €103,210 | +€312,028 | |
| Profit (loss) for the period to be appropriated | 9905 | -€208,818 | €103,210 | +€312,028 |
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 24 October 2026 via checked.be.