De Swaantjes: 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.
De Swaantjes
Largest movements
- Tangible fixed assets -€27,399
down €27,399 (-33.3%), from €82,242 to €54,844
of which Plant, machinery and equipment: -€14,553
- Receivables within one year +€4,432
up €4,432 (+63.8%), from €6,952 to €11,384
of which Trade receivables: +€3,915
- Deferred charges and accrued income -€2,641
down €2,641 (-50.9%), from €5,188 to €2,548
- Cash -€2,032
down €2,032 (-3.1%), from €65,976 to €63,944
mainly Tax, wage and social debts (-€34,837) and Net result for the year (-€27,895)
- Tax, wage and social debts -€34,837
down €34,837 (-42.2%), from €82,534 to €47,697
of which Remuneration and social security: -€37,030
- Reserves -€19,056
down €19,056 (-100%), from €19,056 to €0
- Trade debts +€13,885
up €13,885 (+65.8%), from €21,112 to €34,997
- Current portion of long-term debt +€10,823
up €10,823 (+166%), from €6,538 to €17,361
- Debts after one year +€10,286
up €10,286 (+44.2%), from €23,264 to €33,550
- Staff costs -€45,961
down €45,961 (-29.2%), from €157,189 to €111,228
- Gross operating margin -€41,730
down €41,730 (-25.1%), from €166,486 to €124,756
- Other operating charges -€2,362
down €2,362 (-30.0%), from €7,864 to €5,502
- Depreciation -€1,831
down €1,831 (-6.3%), from €29,230 to €27,399
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 | €175,732 | €148,093 | -€27,639 | -15.7% |
| Fixed assets | 21/28 | €83,615 | €56,217 | -€27,399 | -32.8% |
| Tangible fixed assets | 22/27 | €82,242 | €54,844 | -€27,399 | -33.3% |
| Land and buildings | 22 | €22,946 | €18,714 | -€4,231 | -18.4% |
| Plant, machinery and equipment | 23 | €26,111 | €11,559 | -€14,553 | -55.7% |
| Furniture and vehicles | 24 | €4,003 | €2,472 | -€1,532 | -38.3% |
| Leasing and similar rights | 25 | €29,182 | €22,099 | -€7,083 | -24.3% |
| Financial fixed assets | 28 | €1,373 | €1,373 | = | 0.0% |
| Current assets | 29/58 | €92,116 | €91,876 | -€240 | -0.3% |
| Stocks and contracts in progress | 3 | €14,000 | €14,000 | = | 0.0% |
| Stocks | 30/36 | €14,000 | €14,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,952 | €11,384 | +€4,432 | +63.8% |
| Trade receivables | 40 | €1,118 | €5,034 | +€3,915 | +350% |
| Other amounts receivable | 41 | €5,833 | €6,350 | +€517 | +8.9% |
| Cash at bank and in hand | 54/58 | €65,976 | €63,944 | -€2,032 | -3.1% |
| Deferred charges and accrued income | 490/1 | €5,188 | €2,548 | -€2,641 | -50.9% |
| Total equity and liabilities | 10/49 | €175,732 | €148,093 | -€27,639 | -15.7% |
| Equity | 10/15 | €37,656 | €9,761 | -€27,895 | -74.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,056 | €0 | -€19,056 | -100% |
| Distributable reserves | 133 | €19,056 | €0 | -€19,056 | -100% |
| Profit (loss) carried forward | 14 | - | -€8,839 | -€8,839 | |
| Amounts payable | 17/49 | €138,076 | €138,331 | +€256 | +0.2% |
| Amounts payable after more than one year | 17 | €23,264 | €33,550 | +€10,286 | +44.2% |
| Financial debts | 170/4 | €23,264 | €33,550 | +€10,286 | +44.2% |
| Amounts payable within one year | 42/48 | €114,812 | €104,782 | -€10,030 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €6,538 | €17,361 | +€10,823 | +166% |
| Financial debts | 43 | €4,629 | €4,728 | +€99 | +2.1% |
| Credit institutions | 430/8 | €4,629 | €4,728 | +€99 | +2.1% |
| Trade debts | 44 | €21,112 | €34,997 | +€13,885 | +65.8% |
| Suppliers | 440/4 | €21,112 | €34,997 | +€13,885 | +65.8% |
| Taxes, remuneration and social security | 45 | €82,534 | €47,697 | -€34,837 | -42.2% |
| Taxes | 450/3 | €35,336 | €37,529 | +€2,193 | +6.2% |
| Remuneration and social security | 454/9 | €47,198 | €10,168 | -€37,030 | -78.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €157,189 | €111,228 | -€45,961 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,230 | €27,399 | -€1,831 | -6.3% |
| Other operating charges | 640/8 | €7,864 | €5,502 | -€2,362 | -30.0% |
| Gross operating margin | 9900 | €166,486 | €124,756 | -€41,730 | -25.1% |
| Operating profit (loss) | 9901 | -€27,796 | -€19,372 | +€8,425 | +30.3% |
| Financial income | 75/76B | €396 | €721 | +€325 | +81.9% |
| Recurring financial income | 75 | €396 | €721 | +€325 | +81.9% |
| Financial charges | 65/66B | €10,359 | €8,899 | -€1,461 | -14.1% |
| Recurring financial charges | 65 | €10,359 | €8,899 | -€1,461 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | -€37,760 | -€27,550 | +€10,210 | +27.0% |
| Income taxes | 67/77 | €316 | €345 | +€29 | +9.2% |
| Profit (loss) for the period | 9904 | -€38,076 | -€27,895 | +€10,181 | +26.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,076 | -€27,895 | +€10,181 | +26.7% |
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 24 October 2026 via checked.be.