DE SWAEN: 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 SWAEN
Largest movements
- Cash -€104,547
down €104,547 (-42.5%), from €246,144 to €141,597
mainly Net result for the year (-€127,707) and Investment in fixed assets (net) (-€50,848)
- Profit (loss) carried forward -€127,707
down €127,707 (-1,880%), from -€6,794 to -€134,501
- Other debts +€51,236
up €51,236 (+13.6%), from €376,243 to €427,480
- Debts after one year -€25,528
down €25,528 (-49.6%), from €51,420 to €25,892
- Gross operating margin -€183,534
down €183,534, from €110,149 to -€73,385
- Depreciation +€7,917
up €7,917 (+19.1%), from €41,484 to €49,401
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 | €472,358 | €373,612 | -€98,746 | -20.9% |
| Fixed assets | 21/28 | €218,950 | €220,398 | +€1,448 | +0.7% |
| Tangible fixed assets | 22/27 | €218,950 | €220,398 | +€1,448 | +0.7% |
| Plant, machinery and equipment | 23 | €2,897 | €2,618 | -€279 | -9.6% |
| Furniture and vehicles | 24 | €98,906 | €79,793 | -€19,113 | -19.3% |
| Other tangible fixed assets | 26 | €117,147 | €137,987 | +€20,840 | +17.8% |
| Current assets | 29/58 | €253,408 | €153,214 | -€100,194 | -39.5% |
| Stocks and contracts in progress | 3 | €837 | €920 | +€84 | +10.0% |
| Stocks | 30/36 | €837 | €920 | +€84 | +10.0% |
| Amounts receivable within one year | 40/41 | €4,752 | €8,576 | +€3,824 | +80.5% |
| Trade receivables | 40 | €4,752 | €1,670 | -€3,082 | -64.9% |
| Other amounts receivable | 41 | - | €6,906 | +€6,906 | |
| Cash at bank and in hand | 54/58 | €246,144 | €141,597 | -€104,547 | -42.5% |
| Deferred charges and accrued income | 490/1 | €1,675 | €2,121 | +€445 | +26.6% |
| Total equity and liabilities | 10/49 | €472,358 | €373,612 | -€98,746 | -20.9% |
| Equity | 10/15 | €13,206 | -€114,501 | -€127,707 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,794 | -€134,501 | -€127,707 | -1,880% |
| Amounts payable | 17/49 | €459,152 | €488,113 | +€28,961 | +6.3% |
| Amounts payable after more than one year | 17 | €51,420 | €25,892 | -€25,528 | -49.6% |
| Financial debts | 170/4 | €51,420 | €25,892 | -€25,528 | -49.6% |
| Amounts payable within one year | 42/48 | €407,732 | €462,221 | +€54,489 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €25,170 | €25,528 | +€358 | +1.4% |
| Trade debts | 44 | €3,122 | €6,461 | +€3,339 | +107% |
| Suppliers | 440/4 | €3,122 | €6,461 | +€3,339 | +107% |
| Taxes, remuneration and social security | 45 | €3,196 | €2,752 | -€444 | -13.9% |
| Taxes | 450/3 | €812 | €336 | -€475 | -58.6% |
| Remuneration and social security | 454/9 | €2,385 | €2,416 | +€31 | +1.3% |
| Other amounts payable | 47/48 | €376,243 | €427,480 | +€51,236 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,484 | €49,401 | +€7,917 | +19.1% |
| Other operating charges | 640/8 | €2,024 | €2,033 | +€9 | +0.5% |
| Gross operating margin | 9900 | €110,149 | -€73,385 | -€183,534 | |
| Operating profit (loss) | 9901 | €66,641 | -€124,819 | -€191,460 | |
| Financial income | 75/76B | €108 | - | -€108 | |
| Recurring financial income | 75 | €108 | - | -€108 | |
| Financial charges | 65/66B | €2,869 | €2,745 | -€124 | -4.3% |
| Recurring financial charges | 65 | €2,869 | €2,745 | -€124 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €63,880 | -€127,564 | -€191,444 | |
| Income taxes | 67/77 | €334 | €143 | -€191 | -57.2% |
| Profit (loss) for the period | 9904 | €63,546 | -€127,707 | -€191,253 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,546 | -€127,707 | -€191,253 |
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 19 October 2026 via checked.be.