BEL-SWAN: 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.
BEL-SWAN
Largest movements
- Cash +€100,728
up €100,728 (+142%), from €70,780 to €171,508
mainly Current investments (+€52,109) and Receivables within one year (+€37,231)
- Current investments -€52,109
down €52,109 (-37.2%), from €140,000 to €87,891
- Receivables within one year -€37,231
down €37,231 (-37.0%), from €100,721 to €63,490
of which Trade receivables: -€37,671
- Tangible fixed assets -€14,718
down €14,718 (-35.5%), from €41,507 to €26,789
of which Furniture and vehicles: -€14,015
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€18,382
down €18,382 (-47.3%), from €38,833 to €20,450
- Taxes -€6,512
down €6,512 (-76.5%), from €8,510 to €1,997
- Financial income -€3,998
down €3,998 (-66.3%), from €6,027 to €2,030
- Financial charges +€2,032
up €2,032 (+113%), from €1,799 to €3,831
- Depreciation -€635
down €635 (-4.0%), from €16,013 to €15,378
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 | €386,833 | €382,696 | -€4,136 | -1.1% |
| Fixed assets | 21/28 | €44,169 | €28,791 | -€15,378 | -34.8% |
| Intangible fixed assets | 21 | €1,305 | €645 | -€660 | -50.6% |
| Tangible fixed assets | 22/27 | €41,507 | €26,789 | -€14,718 | -35.5% |
| Plant, machinery and equipment | 23 | €1,973 | €1,270 | -€703 | -35.6% |
| Furniture and vehicles | 24 | €39,534 | €25,519 | -€14,015 | -35.5% |
| Financial fixed assets | 28 | €1,358 | €1,358 | = | 0.0% |
| Current assets | 29/58 | €342,664 | €353,905 | +€11,242 | +3.3% |
| Stocks and contracts in progress | 3 | €23,264 | €22,768 | -€496 | -2.1% |
| Stocks | 30/36 | €23,264 | €22,768 | -€496 | -2.1% |
| Amounts receivable within one year | 40/41 | €100,721 | €63,490 | -€37,231 | -37.0% |
| Trade receivables | 40 | €100,721 | €63,050 | -€37,671 | -37.4% |
| Other amounts receivable | 41 | - | €440 | +€440 | |
| Current investments | 50/53 | €140,000 | €87,891 | -€52,109 | -37.2% |
| Cash at bank and in hand | 54/58 | €70,780 | €171,508 | +€100,728 | +142% |
| Deferred charges and accrued income | 490/1 | €7,899 | €8,249 | +€350 | +4.4% |
| Total equity and liabilities | 10/49 | €386,833 | €382,696 | -€4,136 | -1.1% |
| Equity | 10/15 | €360,395 | €360,626 | +€231 | +0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €298,395 | €298,626 | +€231 | +0.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €292,195 | €292,426 | +€231 | +0.1% |
| Amounts payable | 17/49 | €26,438 | €22,071 | -€4,367 | -16.5% |
| Amounts payable within one year | 42/48 | €26,438 | €22,050 | -€4,389 | -16.6% |
| Trade debts | 44 | €13,481 | €11,829 | -€1,652 | -12.3% |
| Suppliers | 440/4 | €13,481 | €11,829 | -€1,652 | -12.3% |
| Taxes, remuneration and social security | 45 | €8,206 | €6,453 | -€1,753 | -21.4% |
| Taxes | 450/3 | €8,206 | €6,453 | -€1,753 | -21.4% |
| Other amounts payable | 47/48 | €4,751 | €3,768 | -€984 | -20.7% |
| Accrued charges and deferred income | 492/3 | - | €21 | +€21 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,013 | €15,378 | -€635 | -4.0% |
| Other operating charges | 640/8 | €1,029 | €1,042 | +€14 | +1.3% |
| Gross operating margin | 9900 | €38,833 | €20,450 | -€18,382 | -47.3% |
| Operating profit (loss) | 9901 | €21,791 | €4,030 | -€17,761 | -81.5% |
| Financial income | 75/76B | €6,027 | €2,030 | -€3,998 | -66.3% |
| Recurring financial income | 75 | €6,027 | €2,030 | -€3,998 | -66.3% |
| Financial charges | 65/66B | €1,799 | €3,831 | +€2,032 | +113% |
| Recurring financial charges | 65 | €1,799 | €3,831 | +€2,032 | +113% |
| Profit (loss) for the period before taxes | 9903 | €26,019 | €2,228 | -€23,790 | -91.4% |
| Income taxes | 67/77 | €8,510 | €1,997 | -€6,512 | -76.5% |
| Profit (loss) for the period | 9904 | €17,509 | €231 | -€17,278 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,509 | €231 | -€17,278 | -98.7% |
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 28 October 2026 via checked.be.