DE SWERT FRERES: what changed
DE SWERT FRERES
Largest movements
- Cash +€13,655
up €13,655 (+13.9%), from €98,480 to €112,135
mainly Advances received (+€11,168) and Receivables within one year (+€9,065)
- Receivables within one year -€9,065
down €9,065 (-33.0%), from €27,455 to €18,390
of which Trade receivables: -€14,040
- Tangible fixed assets -€7,682
down €7,682 (-12.6%), from €60,870 to €53,188
of which Furniture and vehicles: -€6,500
- Deferred charges and accrued income +€2,720
new in 2025: €2,720
- Advances received +€11,168
new in 2025: €11,168
- Short-term financial debts -€6,239
no longer reported in 2025 (was €6,239)
- Reserves +€6,164
up €6,164 (+5.0%), from €123,440 to €129,604
- Tax, wage and social debts -€3,819
down €3,819 (-27.8%), from €13,762 to €9,943
of which Taxes: -€6,763
- Debts after one year -€3,602
no longer reported in 2025 (was €3,602)
- Gross operating margin +€17,695
up €17,695 (+13.2%), from €133,743 to €151,438
- Staff costs +€15,799
up €15,799 (+13.6%), from €115,884 to €131,683
- Taxes +€1,613
up €1,613 (+66.6%), from €2,423 to €4,037
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €186,855 | €186,483 | -€371 | -0.2% |
| Fixed assets | 21/28 | €60,920 | €53,238 | -€7,682 | -12.6% |
| Tangible fixed assets | 22/27 | €60,870 | €53,188 | -€7,682 | -12.6% |
| Land and buildings | 22 | €50,000 | €50,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,325 | €143 | -€1,182 | -89.2% |
| Furniture and vehicles | 24 | €9,545 | €3,045 | -€6,500 | -68.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €125,935 | €133,246 | +€7,311 | +5.8% |
| Amounts receivable within one year | 40/41 | €27,455 | €18,390 | -€9,065 | -33.0% |
| Trade receivables | 40 | €25,878 | €11,838 | -€14,040 | -54.3% |
| Other amounts receivable | 41 | €1,577 | €6,552 | +€4,975 | +316% |
| Cash at bank and in hand | 54/58 | €98,480 | €112,135 | +€13,655 | +13.9% |
| Deferred charges and accrued income | 490/1 | - | €2,720 | +€2,720 | |
| Total equity and liabilities | 10/49 | €186,855 | €186,483 | -€371 | -0.2% |
| Equity | 10/15 | €142,040 | €148,204 | +€6,164 | +4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,440 | €129,604 | +€6,164 | +5.0% |
| Distributable reserves | 133 | €123,440 | €129,604 | +€6,164 | +5.0% |
| Amounts payable | 17/49 | €44,815 | €38,280 | -€6,536 | -14.6% |
| Amounts payable after more than one year | 17 | €3,602 | - | -€3,602 | |
| Financial debts | 170/4 | €3,602 | - | -€3,602 | |
| Amounts payable within one year | 42/48 | €41,213 | €38,280 | -€2,934 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €6,305 | €3,602 | -€2,703 | -42.9% |
| Financial debts | 43 | €6,239 | - | -€6,239 | |
| Credit institutions | 430/8 | €6,239 | - | -€6,239 | |
| Trade debts | 44 | €13,716 | €11,212 | -€2,504 | -18.3% |
| Suppliers | 440/4 | €13,716 | €11,212 | -€2,504 | -18.3% |
| Advances received on contracts in progress | 46 | - | €11,168 | +€11,168 | |
| Taxes, remuneration and social security | 45 | €13,762 | €9,943 | -€3,819 | -27.8% |
| Taxes | 450/3 | €11,399 | €4,636 | -€6,763 | -59.3% |
| Remuneration and social security | 454/9 | €2,363 | €5,307 | +€2,944 | +125% |
| Other amounts payable | 47/48 | €1,192 | €2,355 | +€1,163 | +97.6% |
| Non-recurring operating income | 76A | €5,372 | - | -€5,372 | |
| Remuneration, social security and pensions | 62 | €115,884 | €131,683 | +€15,799 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,034 | €7,682 | -€352 | -4.4% |
| Other operating charges | 640/8 | €1,166 | €1,565 | +€399 | +34.2% |
| Gross operating margin | 9900 | €133,743 | €151,438 | +€17,695 | +13.2% |
| Operating profit (loss) | 9901 | €8,659 | €10,509 | +€1,849 | +21.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -70.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -70.0% |
| Financial charges | 65/66B | €354 | €308 | -€46 | -13.1% |
| Recurring financial charges | 65 | €354 | €308 | -€46 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €8,306 | €10,201 | +€1,896 | +22.8% |
| Income taxes | 67/77 | €2,423 | €4,037 | +€1,613 | +66.6% |
| Profit (loss) for the period | 9904 | €5,882 | €6,164 | +€282 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,882 | €6,164 | +€282 | +4.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.