De Zwaene: what changed
What changed
De Zwaene
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€47,841
2024 · -€14,932+€62,773
Equity
€94,869
2024 · €47,027+€47,841
Cash
€3,349
2024 · €1,422+€1,927
Balance sheet total
€593,867
2024 · €441,920+€151,948
Largest movements
Assets
- Stocks and contracts +€150,940
up €150,940 (+34.6%), from €436,111 to €587,051
Equity and liabilities
- Short-term financial debts +€57,975
up €57,975 (+27.7%), from €209,000 to €266,975
- Profit (loss) carried forward +€47,841
up €47,841 (+117%), from €40,827 to €88,669
- Other debts +€32,088
up €32,088 (+24.7%), from €129,692 to €161,780
- Trade debts +€12,012
up €12,012 (+21.6%), from €55,626 to €67,637
Income statement
- Gross operating margin +€76,402
up €76,402, from -€6,310 to €70,091
- Financial charges +€12,945
up €12,945 (+177%), from €7,331 to €20,276
- Write-downs -€6,417
new in 2025: -€6,417
- Other operating charges +€5,711
up €5,711 (+442%), from €1,291 to €7,001
- Taxes +€1,389
new in 2025: €1,389
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.
Result 2024
-€14,932
Gross operating margin
+€76,402
Write-downs
+€6,417
Other operating charges
-€5,711
Financial income
-€0
Financial charges
-€12,945
Taxes
-€1,389
Result 2025
€47,841
raises the resultlowers the result
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.
From operations
-€56,048
Investment
€0
Financing
+€57,975
Cash 2024
€1,422
From operations (derived)
-€56,048
Net result for the year
+€47,841
Stocks and contracts
-€150,940
Receivables within one year
+€1,279
Smaller working-capital items
-€395
Trade debts
+€12,012
Tax, wage and social debts
+€2,067
Other debts
+€32,088
Financing
+€57,975
Short-term financial debts
+€57,975
Cash 2025
€3,349
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €441,920 | €593,867 | +€151,948 | +34.4% |
| Fixed assets | 21/28 | €1,000 | €1,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €440,920 | €592,867 | +€151,948 | +34.5% |
| Stocks and contracts in progress | 3 | €436,111 | €587,051 | +€150,940 | +34.6% |
| Stocks | 30/36 | €436,111 | €587,051 | +€150,940 | +34.6% |
| Amounts receivable within one year | 40/41 | €3,387 | €2,108 | -€1,279 | -37.8% |
| Other amounts receivable | 41 | €3,387 | €2,108 | -€1,279 | -37.8% |
| Cash at bank and in hand | 54/58 | €1,422 | €3,349 | +€1,927 | +136% |
| Deferred charges and accrued income | 490/1 | €0 | €360 | +€360 | |
| Total equity and liabilities | 10/49 | €441,920 | €593,867 | +€151,948 | +34.4% |
| Equity | 10/15 | €47,027 | €94,869 | +€47,841 | +102% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,827 | €88,669 | +€47,841 | +117% |
| Amounts payable | 17/49 | €394,892 | €498,998 | +€104,106 | +26.4% |
| Amounts payable within one year | 42/48 | €394,318 | €498,459 | +€104,141 | +26.4% |
| Financial debts | 43 | €209,000 | €266,975 | +€57,975 | +27.7% |
| Credit institutions | 430/8 | €209,000 | €266,975 | +€57,975 | +27.7% |
| Trade debts | 44 | €55,626 | €67,637 | +€12,012 | +21.6% |
| Suppliers | 440/4 | €55,626 | €67,637 | +€12,012 | +21.6% |
| Taxes, remuneration and social security | 45 | - | €2,067 | +€2,067 | |
| Taxes | 450/3 | - | €2,067 | +€2,067 | |
| Other amounts payable | 47/48 | €129,692 | €161,780 | +€32,088 | +24.7% |
| Accrued charges and deferred income | 492/3 | €574 | €539 | -€35 | -6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€6,417 | -€6,417 | |
| Other operating charges | 640/8 | €1,291 | €7,001 | +€5,711 | +442% |
| Gross operating margin | 9900 | -€6,310 | €70,091 | +€76,402 | |
| Operating profit (loss) | 9901 | -€7,601 | €69,507 | +€77,108 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €7,331 | €20,276 | +€12,945 | +177% |
| Recurring financial charges | 65 | €7,331 | €20,276 | +€12,945 | +177% |
| Profit (loss) for the period before taxes | 9903 | -€14,932 | €49,231 | +€64,163 | |
| Income taxes | 67/77 | - | €1,389 | +€1,389 | |
| Profit (loss) for the period | 9904 | -€14,932 | €47,841 | +€62,773 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,932 | €47,841 | +€62,773 |
Next steps
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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 1 November 2026 via checked.be.