De Swaene: 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 Swaene
Largest movements
- Receivables within one year +€199,920
up €199,920 (+484%), from €41,266 to €241,186
of which Other amounts receivable: +€206,165
- Receivables after one year -€180,000
no longer reported in 2025 (was €180,000)
- Cash -€59,376
down €59,376 (-16.3%), from €363,918 to €304,542
mainly Receivables within one year (-€199,920) and Trade debts (-€80,814)
- Tangible fixed assets -€31,601
down €31,601 (-9.6%), from €330,399 to €298,798
of which Plant, machinery and equipment: -€22,189
- Reserves +€158,106
up €158,106 (+29.6%), from €534,150 to €692,256
- Trade debts -€80,814
down €80,814 (-84.3%), from €95,855 to €15,041
- Other debts -€65,455
no longer reported in 2025 (was €65,455)
- Profit (loss) carried forward -€42,798
no longer reported in 2025 (was €42,798)
- Debts after one year -€38,963
down €38,963 (-48.9%), from €79,599 to €40,636
- Gross operating margin +€98,859
up €98,859 (+17.5%), from €565,777 to €664,636
- Staff costs +€32,957
up €32,957 (+8.9%), from €369,776 to €402,733
- Taxes +€25,542
up €25,542 (+79.9%), from €31,965 to €57,507
- Financial income +€12,034
up €12,034 (+448%), from €2,686 to €14,720
- Depreciation +€8,408
up €8,408 (+11.4%), from €74,070 to €82,478
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 | €934,454 | €858,961 | -€75,493 | -8.1% |
| Fixed assets | 21/28 | €332,721 | €300,146 | -€32,575 | -9.8% |
| Intangible fixed assets | 21 | €2,323 | €1,348 | -€975 | -42.0% |
| Tangible fixed assets | 22/27 | €330,399 | €298,798 | -€31,601 | -9.6% |
| Plant, machinery and equipment | 23 | €208,168 | €185,979 | -€22,189 | -10.7% |
| Furniture and vehicles | 24 | €13,446 | €7,123 | -€6,323 | -47.0% |
| Other tangible fixed assets | 26 | €108,785 | €105,697 | -€3,088 | -2.8% |
| Current assets | 29/58 | €601,733 | €558,815 | -€42,918 | -7.1% |
| Amounts receivable after more than one year | 29 | €180,000 | - | -€180,000 | |
| Other amounts receivable | 291 | €180,000 | - | -€180,000 | |
| Stocks and contracts in progress | 3 | €10,369 | €11,097 | +€728 | +7.0% |
| Stocks | 30/36 | €10,369 | €11,097 | +€728 | +7.0% |
| Amounts receivable within one year | 40/41 | €41,266 | €241,186 | +€199,920 | +484% |
| Trade receivables | 40 | €13,072 | €6,827 | -€6,245 | -47.8% |
| Other amounts receivable | 41 | €28,194 | €234,359 | +€206,165 | +731% |
| Cash at bank and in hand | 54/58 | €363,918 | €304,542 | -€59,376 | -16.3% |
| Deferred charges and accrued income | 490/1 | €6,180 | €1,991 | -€4,190 | -67.8% |
| Total equity and liabilities | 10/49 | €934,454 | €858,961 | -€75,493 | -8.1% |
| Equity | 10/15 | €595,548 | €710,856 | +€115,308 | +19.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €534,150 | €692,256 | +€158,106 | +29.6% |
| Distributable reserves | 133 | €534,150 | €692,256 | +€158,106 | +29.6% |
| Profit (loss) carried forward | 14 | €42,798 | - | -€42,798 | |
| Amounts payable | 17/49 | €338,907 | €148,106 | -€190,801 | -56.3% |
| Amounts payable after more than one year | 17 | €79,599 | €40,636 | -€38,963 | -48.9% |
| Financial debts | 170/4 | €79,599 | €40,636 | -€38,963 | -48.9% |
| Amounts payable within one year | 42/48 | €257,610 | €107,469 | -€150,141 | -58.3% |
| Current portion of amounts payable after more than one year | 42 | €43,734 | €40,382 | -€3,352 | -7.7% |
| Financial debts | 43 | €15,266 | €15,199 | -€68 | -0.4% |
| Credit institutions | 430/8 | €15,266 | €15,199 | -€68 | -0.4% |
| Trade debts | 44 | €95,855 | €15,041 | -€80,814 | -84.3% |
| Suppliers | 440/4 | €95,855 | €15,041 | -€80,814 | -84.3% |
| Taxes, remuneration and social security | 45 | €37,300 | €36,847 | -€453 | -1.2% |
| Taxes | 450/3 | €2,234 | €6,881 | +€4,647 | +208% |
| Remuneration and social security | 454/9 | €35,066 | €29,966 | -€5,099 | -14.5% |
| Other amounts payable | 47/48 | €65,455 | - | -€65,455 | |
| Accrued charges and deferred income | 492/3 | €1,697 | - | -€1,697 | |
| Remuneration, social security and pensions | 62 | €369,776 | €402,733 | +€32,957 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,070 | €82,478 | +€8,408 | +11.4% |
| Other operating charges | 640/8 | €2,833 | €2,674 | -€159 | -5.6% |
| Non-recurring operating charges | 66A | €1,152 | - | -€1,152 | |
| Gross operating margin | 9900 | €565,777 | €664,636 | +€98,859 | +17.5% |
| Operating profit (loss) | 9901 | €117,946 | €176,751 | +€58,805 | +49.9% |
| Financial income | 75/76B | €2,686 | €14,720 | +€12,034 | +448% |
| Recurring financial income | 75 | €2,686 | €14,720 | +€12,034 | +448% |
| Financial charges | 65/66B | €16,073 | €18,656 | +€2,583 | +16.1% |
| Recurring financial charges | 65 | €16,073 | €18,656 | +€2,583 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €104,560 | €172,815 | +€68,255 | +65.3% |
| Income taxes | 67/77 | €31,965 | €57,507 | +€25,542 | +79.9% |
| Profit (loss) for the period | 9904 | €72,595 | €115,308 | +€42,713 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,595 | €115,308 | +€42,713 | +58.8% |
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 18 October 2026 via checked.be.