De Zwaan: 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 Zwaan
Largest movements
- Tangible fixed assets +€37,421
up €37,421 (+304%), from €12,319 to €49,740
of which Furniture and vehicles: +€41,969
- Cash -€2,595
down €2,595 (-3.2%), from €81,840 to €79,245
mainly Investment in fixed assets (net) (-€48,223) and Trade debts (-€4,294)
- Reserves +€39,627
up €39,627 (+226%), from €17,558 to €57,185
- Profit (loss) carried forward -€16,468
down €16,468 (-41.6%), from €39,626 to €23,158
- Tax, wage and social debts +€11,738
up €11,738 (+80.5%), from €14,590 to €26,328
of which Remuneration and social security: +€10,224
- Trade debts -€4,294
down €4,294 (-30.4%), from €14,133 to €9,839
- Other debts +€2,647
up €2,647 (+129%), from €2,052 to €4,699
- Gross operating margin -€10,024
down €10,024 (-7.3%), from €137,381 to €127,357
- Taxes -€5,951
down €5,951 (-40.2%), from €14,811 to €8,860
- Depreciation +€5,336
up €5,336 (+97.6%), from €5,466 to €10,802
- Staff costs +€4,169
up €4,169 (+5.8%), from €71,408 to €75,577
- Financial charges +€2,815
up €2,815 (+127%), from €2,218 to €5,033
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 | €106,559 | €140,578 | +€34,019 | +31.9% |
| Fixed assets | 21/28 | €19,819 | €57,240 | +€37,421 | +189% |
| Tangible fixed assets | 22/27 | €12,319 | €49,740 | +€37,421 | +304% |
| Land and buildings | 22 | €2,012 | €1,039 | -€973 | -48.4% |
| Plant, machinery and equipment | 23 | €10,114 | €6,539 | -€3,575 | -35.3% |
| Furniture and vehicles | 24 | €193 | €42,162 | +€41,969 | +21,746% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €86,740 | €83,338 | -€3,402 | -3.9% |
| Stocks and contracts in progress | 3 | €4,554 | €4,057 | -€497 | -10.9% |
| Stocks | 30/36 | €4,554 | €4,057 | -€497 | -10.9% |
| Amounts receivable within one year | 40/41 | €346 | €36 | -€310 | -89.6% |
| Other amounts receivable | 41 | €346 | €36 | -€310 | -89.6% |
| Cash at bank and in hand | 54/58 | €81,840 | €79,245 | -€2,595 | -3.2% |
| Total equity and liabilities | 10/49 | €106,559 | €140,578 | +€34,019 | +31.9% |
| Equity | 10/15 | €75,784 | €98,943 | +€23,159 | +30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,558 | €57,185 | +€39,627 | +226% |
| Distributable reserves | 133 | €17,558 | €57,185 | +€39,627 | +226% |
| Profit (loss) carried forward | 14 | €39,626 | €23,158 | -€16,468 | -41.6% |
| Amounts payable | 17/49 | €30,775 | €41,635 | +€10,860 | +35.3% |
| Amounts payable within one year | 42/48 | €30,775 | €40,866 | +€10,091 | +32.8% |
| Trade debts | 44 | €14,133 | €9,839 | -€4,294 | -30.4% |
| Suppliers | 440/4 | €14,133 | €9,839 | -€4,294 | -30.4% |
| Taxes, remuneration and social security | 45 | €14,590 | €26,328 | +€11,738 | +80.5% |
| Taxes | 450/3 | €8,418 | €9,932 | +€1,514 | +18.0% |
| Remuneration and social security | 454/9 | €6,172 | €16,396 | +€10,224 | +166% |
| Other amounts payable | 47/48 | €2,052 | €4,699 | +€2,647 | +129% |
| Accrued charges and deferred income | 492/3 | - | €769 | +€769 | |
| Remuneration, social security and pensions | 62 | €71,408 | €75,577 | +€4,169 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,466 | €10,802 | +€5,336 | +97.6% |
| Other operating charges | 640/8 | €3,874 | €3,962 | +€88 | +2.3% |
| Gross operating margin | 9900 | €137,381 | €127,357 | -€10,024 | -7.3% |
| Operating profit (loss) | 9901 | €56,633 | €37,016 | -€19,617 | -34.6% |
| Financial income | 75/76B | €22 | €35 | +€13 | +59.1% |
| Recurring financial income | 75 | €22 | €35 | +€13 | +59.1% |
| Financial charges | 65/66B | €2,218 | €5,033 | +€2,815 | +127% |
| Recurring financial charges | 65 | €2,218 | €5,033 | +€2,815 | +127% |
| Profit (loss) for the period before taxes | 9903 | €54,437 | €32,018 | -€22,419 | -41.2% |
| Income taxes | 67/77 | €14,811 | €8,860 | -€5,951 | -40.2% |
| Profit (loss) for the period | 9904 | €39,626 | €23,158 | -€16,468 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,626 | €23,158 | -€16,468 | -41.6% |
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 20 October 2026 via checked.be.