SILVER RAY: 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
SILVER RAY
NACE 59.114, Motion picture, video and television programme production, sound recording and music publishing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16,363
2024 · €6,888+€9,475
Equity
€163,861
2024 · €147,497+€16,363
Cash
€4,618
2024 · €22,595-€17,977
Balance sheet total
€427,621
2024 · €322,043+€105,578
Largest movements
Assets
- Receivables within one year +€87,111
up €87,111 (+90.7%), from €96,012 to €183,123
of which Trade receivables: +€84,237
- Stocks and contracts +€55,435
new in 2025: €55,435
of which Stocks: +€55,435
- Tangible fixed assets -€23,041
down €23,041 (-12.3%), from €186,863 to €163,822
of which Plant, machinery and equipment: -€12,872
- Cash -€17,977
down €17,977 (-79.6%), from €22,595 to €4,618
mainly Receivables within one year (-€87,111) and Stocks and contracts (-€55,435)
- Receivables after one year +€5,900
up €5,900 (+61.5%), from €9,597 to €15,497
of which Other amounts receivable: +€5,900
Equity and liabilities
- Trade debts +€81,022
up €81,022 (+124%), from €65,592 to €146,614
of which Suppliers: +€81,022
- Short-term financial debts +€17,542
new in 2025: €17,542
of which Credit institutions: +€17,542
- Profit (loss) carried forward +€16,363
up €16,363 (+447%), from €3,664 to €20,028
- Other debts +€13,700
new in 2025: €13,700
- Debts after one year -€11,992
down €11,992 (-23.9%), from €50,187 to €38,194
of which Financial debts: -€11,992
Income statement
- Gross operating margin +€12,274
up €12,274 (+20.8%), from €59,056 to €71,330
- Write-downs +€2,097
new in 2025: €2,097
- Financial charges +€1,975
up €1,975 (+39.9%), from €4,955 to €6,930
- Depreciation +€1,111
up €1,111 (+3.1%), from €35,301 to €36,412
- Taxes -€1,019
down €1,019 (-12.4%), from €8,245 to €7,226
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
€6,888
Gross operating margin
+€12,274
Staff costs
+€773
Depreciation
-€1,111
Write-downs
-€2,097
Other operating charges
+€616
Other operating items
-€21
Financial income
-€3
Financial charges
-€1,975
Taxes
+€1,019
Result 2025
€16,363
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
+€1,416
Investment
-€13,371
Financing
-€6,022
Cash 2024
€22,595
From operations (derived)
+€1,416
Net result for the year
+€16,363
Depreciation
+€36,412
Receivables after one year
-€5,900
Stocks and contracts
-€55,435
Receivables within one year
-€87,111
Deferred charges and accrued income
+€1,849
Trade debts
+€81,022
Tax, wage and social debts
+€674
Other debts
+€13,700
Accrued charges and deferred income
-€160
Investment (derived)
-€13,371
Investment in fixed assets (net)
-€13,371
Financing
-€6,022
Debts after one year
-€11,992
Current portion of long-term debt
-€11,572
Short-term financial debts
+€17,542
Cash 2025
€4,618
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €322,043 | €427,621 | +€105,578 | +32.8% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €186,863 | €163,822 | -€23,041 | -12.3% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €186,863 | €163,822 | -€23,041 | -12.3% |
| Land and buildings | 22 | €76,734 | €73,945 | -€2,789 | -3.6% |
| Plant, machinery and equipment | 23 | €58,188 | €45,316 | -€12,872 | -22.1% |
| Furniture and vehicles | 24 | €48,139 | €41,455 | -€6,684 | -13.9% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | €3,802 | €3,106 | -€696 | -18.3% |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €135,179 | €263,799 | +€128,619 | +95.1% |
| Amounts receivable after more than one year | 29 | €9,597 | €15,497 | +€5,900 | +61.5% |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | €9,597 | €15,497 | +€5,900 | +61.5% |
| Stocks and contracts in progress | 3 | - | €55,435 | +€55,435 | |
| Stocks | 30/36 | - | €55,435 | +€55,435 | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €96,012 | €183,123 | +€87,111 | +90.7% |
| Trade receivables | 40 | €62,877 | €147,114 | +€84,237 | +134% |
| Other amounts receivable | 41 | €33,135 | €36,009 | +€2,874 | +8.7% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €22,595 | €4,618 | -€17,977 | -79.6% |
| Deferred charges and accrued income | 490/1 | €6,976 | €5,126 | -€1,849 | -26.5% |
| Total equity and liabilities | 10/49 | €322,043 | €427,621 | +€105,578 | +32.8% |
| Equity | 10/15 | €147,497 | €163,861 | +€16,363 | +11.1% |
| Contributions | 10/11 | €96,483 | €96,483 | = | 0.0% |
| Revaluation surpluses | 12 | €23,833 | €23,833 | = | 0.0% |
| Reserves | 13 | €23,517 | €23,517 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,128 | €2,128 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,128 | €2,128 | = | 0.0% |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | €21,388 | €21,388 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,664 | €20,028 | +€16,363 | +447% |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €174,545 | €263,760 | +€89,215 | +51.1% |
| Amounts payable after more than one year | 17 | €50,187 | €38,194 | -€11,992 | -23.9% |
| Financial debts | 170/4 | €29,166 | €17,174 | -€11,992 | -41.1% |
| Trade debts | 175 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | €21,020 | €21,020 | = | 0.0% |
| Amounts payable within one year | 42/48 | €124,183 | €225,550 | +€101,367 | +81.6% |
| Current portion of amounts payable after more than one year | 42 | €27,011 | €15,439 | -€11,572 | -42.8% |
| Financial debts | 43 | - | €17,542 | +€17,542 | |
| Credit institutions | 430/8 | - | €17,542 | +€17,542 | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €65,592 | €146,614 | +€81,022 | +124% |
| Suppliers | 440/4 | €65,592 | €146,614 | +€81,022 | +124% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €31,580 | €32,255 | +€674 | +2.1% |
| Taxes | 450/3 | €28,023 | €32,255 | +€4,232 | +15.1% |
| Remuneration and social security | 454/9 | €3,558 | €0 | -€3,558 | -100% |
| Other amounts payable | 47/48 | - | €13,700 | +€13,700 | |
| Accrued charges and deferred income | 492/3 | €175 | €16 | -€160 | -91.0% |
| Remuneration, social security and pensions | 62 | €773 | €0 | -€773 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,301 | €36,412 | +€1,111 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,097 | +€2,097 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €0 | = | |
| Other operating charges | 640/8 | €2,564 | €1,947 | -€616 | -24.0% |
| Non-recurring operating charges | 66A | €332 | €354 | +€21 | +6.4% |
| Gross operating margin | 9900 | €59,056 | €71,330 | +€12,274 | +20.8% |
| Operating profit (loss) | 9901 | €20,086 | €30,520 | +€10,434 | +51.9% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.7% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.7% |
| Financial charges | 65/66B | €4,955 | €6,930 | +€1,975 | +39.9% |
| Recurring financial charges | 65 | €4,955 | €6,930 | +€1,975 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | €15,133 | €23,590 | +€8,456 | +55.9% |
| Income taxes | 67/77 | €8,245 | €7,226 | -€1,019 | -12.4% |
| Profit (loss) for the period | 9904 | €6,888 | €16,363 | +€9,475 | +138% |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €6,888 | €16,363 | +€9,475 | +138% |
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.