De Swaef: 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 Swaef
Largest movements
- Tangible fixed assets +€149,183
up €149,183 (+56.1%), from €265,853 to €415,035
of which Furniture and vehicles: +€142,788
- Cash -€86,940
down €86,940 (-20.9%), from €415,692 to €328,752
mainly Investment in fixed assets (net) (-€179,454) and Other debts (-€92,998)
- Deferred charges and accrued income +€25,980
up €25,980 (+62.6%), from €41,511 to €67,490
- Debts after one year +€103,885
new in 2025: €103,885
- Other debts -€92,998
down €92,998 (-63.7%), from €145,998 to €53,000
- Reserves +€49,508
up €49,508 (+8.9%), from €556,380 to €605,888
- Current portion of long-term debt +€24,921
new in 2025: €24,921
- Gross operating margin +€22,863
up €22,863 (+11.5%), from €198,922 to €221,784
- Taxes +€8,049
up €8,049 (+16.2%), from €49,790 to €57,839
- Financial income +€3,614
new in 2025: €3,614
of which Financial income: +€3,614
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €723,055 | €811,278 | +€88,223 | +12.2% |
| Fixed assets | 21/28 | €265,853 | €415,035 | +€149,183 | +56.1% |
| Tangible fixed assets | 22/27 | €265,853 | €415,035 | +€149,183 | +56.1% |
| Land and buildings | 22 | €245,549 | €250,414 | +€4,865 | +2.0% |
| Plant, machinery and equipment | 23 | €1,343 | €2,873 | +€1,530 | +113.9% |
| Furniture and vehicles | 24 | €18,960 | €161,748 | +€142,788 | +753.1% |
| Current assets | 29/58 | €457,203 | €396,243 | -€60,960 | -13.3% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €415,692 | €328,752 | -€86,940 | -20.9% |
| Deferred charges and accrued income | 490/1 | €41,511 | €67,490 | +€25,980 | +62.6% |
| Total equity and liabilities | 10/49 | €723,055 | €811,278 | +€88,223 | +12.2% |
| Equity | 10/15 | €564,224 | €613,733 | +€49,508 | +8.8% |
| Contributions | 10/11 | €7,845 | €7,845 | = | 0.0% |
| Reserves | 13 | €556,380 | €605,888 | +€49,508 | +8.9% |
| Distributable reserves | 133 | €556,380 | €605,888 | +€49,508 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,831 | €197,546 | +€38,715 | +24.4% |
| Amounts payable after more than one year | 17 | - | €103,885 | +€103,885 | |
| Financial debts | 170/4 | - | €103,885 | +€103,885 | |
| Amounts payable within one year | 42/48 | €158,831 | €93,661 | -€65,170 | -41.0% |
| Current portion of amounts payable after more than one year | 42 | - | €24,921 | +€24,921 | |
| Trade debts | 44 | €3,043 | €4,126 | +€1,083 | +35.6% |
| Suppliers | 440/4 | €3,043 | €4,126 | +€1,083 | +35.6% |
| Taxes, remuneration and social security | 45 | €9,790 | €11,614 | +€1,823 | +18.6% |
| Taxes | 450/3 | €9,790 | €11,614 | +€1,823 | +18.6% |
| Other amounts payable | 47/48 | €145,998 | €53,000 | -€92,998 | -63.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,572 | €30,271 | -€1,301 | -4.1% |
| Other operating charges | 640/8 | €3,964 | €3,718 | -€246 | -6.2% |
| Gross operating margin | 9900 | €198,922 | €221,784 | +€22,863 | +11.5% |
| Operating profit (loss) | 9901 | €163,386 | €187,796 | +€24,410 | +14.9% |
| Financial income | 75/76B | - | €3,614 | +€3,614 | |
| Recurring financial income | 75 | - | €3,614 | +€3,614 | |
| Non-recurring financial income | 76B | - | €3,614 | +€3,614 | |
| Financial charges | 65/66B | €1,044 | €2,572 | +€1,528 | +146.4% |
| Recurring financial charges | 65 | €1,044 | €2,572 | +€1,528 | +146.4% |
| Profit (loss) for the period before taxes | 9903 | €162,342 | €188,838 | +€26,496 | +16.3% |
| Income taxes | 67/77 | €49,790 | €57,839 | +€8,049 | +16.2% |
| Profit (loss) for the period | 9904 | €112,552 | €130,999 | +€18,447 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €112,552 | €130,999 | +€18,447 | +16.4% |
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 11 October 2026 via checked.be.