De Zwaluw: 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 Zwaluw
Largest movements
- Stocks and contracts -€266,611
down €266,611 (-14.7%), from €1.8m to €1.6m
- Receivables within one year +€55,400
up €55,400 (+52.6%), from €105,294 to €160,694
of which Trade receivables: +€40,945
- Deferred charges and accrued income +€41,704
up €41,704 (+399%), from €10,453 to €52,157
- Cash -€33,514
down €33,514 (-63.2%), from €53,068 to €19,554
mainly Short-term financial debts (-€200,000) and Receivables within one year (-€55,400)
- Tangible fixed assets -€32,306
down €32,306 (-12.4%), from €260,622 to €228,316
of which Land and buildings: -€31,449
- Short-term financial debts -€200,000
down €200,000 (-33.3%), from €600,000 to €400,000
- Debts after one year -€37,253
down €37,253 (-54.6%), from €68,223 to €30,970
- Gross operating margin +€31,043
up €31,043 (+5.9%), from €527,140 to €558,183
- Financial charges -€17,129
down €17,129 (-37.0%), from €46,256 to €29,126
- Depreciation -€15,785
down €15,785 (-23.6%), from €66,769 to €50,985
- Write-downs +€15,047
up €15,047 (+29.6%), from €50,759 to €65,806
- Staff costs +€11,975
up €11,975 (+3.0%), from €402,614 to €414,589
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 | €2,249,646 | €2,014,185 | -€235,461 | -10.5% |
| Fixed assets | 21/28 | €263,966 | €231,527 | -€32,440 | -12.3% |
| Tangible fixed assets | 22/27 | €260,622 | €228,316 | -€32,306 | -12.4% |
| Land and buildings | 22 | €185,070 | €153,621 | -€31,449 | -17.0% |
| Plant, machinery and equipment | 23 | €61,932 | €68,243 | +€6,310 | +10.2% |
| Furniture and vehicles | 24 | €13,620 | €6,453 | -€7,167 | -52.6% |
| Financial fixed assets | 28 | €3,344 | €3,210 | -€134 | -4.0% |
| Current assets | 29/58 | €1,985,680 | €1,782,658 | -€203,021 | -10.2% |
| Stocks and contracts in progress | 3 | €1,816,864 | €1,550,253 | -€266,611 | -14.7% |
| Stocks | 30/36 | €1,816,864 | €1,550,253 | -€266,611 | -14.7% |
| Amounts receivable within one year | 40/41 | €105,294 | €160,694 | +€55,400 | +52.6% |
| Trade receivables | 40 | €29,694 | €70,639 | +€40,945 | +138% |
| Other amounts receivable | 41 | €75,600 | €90,055 | +€14,455 | +19.1% |
| Cash at bank and in hand | 54/58 | €53,068 | €19,554 | -€33,514 | -63.2% |
| Deferred charges and accrued income | 490/1 | €10,453 | €52,157 | +€41,704 | +399% |
| Total equity and liabilities | 10/49 | €2,249,646 | €2,014,185 | -€235,461 | -10.5% |
| Equity | 10/15 | €1,380,348 | €1,380,375 | +€27 | 0.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,312,470 | €1,312,470 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €1,305,970 | €1,305,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,877 | €2,905 | +€27 | +1.0% |
| Amounts payable | 17/49 | €869,298 | €633,810 | -€235,488 | -27.1% |
| Amounts payable after more than one year | 17 | €68,223 | €30,970 | -€37,253 | -54.6% |
| Financial debts | 170/4 | €68,223 | €30,970 | -€37,253 | -54.6% |
| Amounts payable within one year | 42/48 | €796,870 | €601,633 | -€195,237 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €44,033 | €23,701 | -€20,333 | -46.2% |
| Financial debts | 43 | €600,000 | €400,000 | -€200,000 | -33.3% |
| Credit institutions | 430/8 | €600,000 | €400,000 | -€200,000 | -33.3% |
| Trade debts | 44 | €54,251 | €76,027 | +€21,776 | +40.1% |
| Suppliers | 440/4 | €54,251 | €76,027 | +€21,776 | +40.1% |
| Taxes, remuneration and social security | 45 | €75,403 | €84,044 | +€8,641 | +11.5% |
| Taxes | 450/3 | €21,287 | €24,401 | +€3,114 | +14.6% |
| Remuneration and social security | 454/9 | €54,115 | €59,642 | +€5,527 | +10.2% |
| Other amounts payable | 47/48 | €23,183 | €17,862 | -€5,321 | -23.0% |
| Accrued charges and deferred income | 492/3 | €4,205 | €1,208 | -€2,998 | -71.3% |
| Remuneration, social security and pensions | 62 | €402,614 | €414,589 | +€11,975 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,769 | €50,985 | -€15,785 | -23.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €50,759 | €65,806 | +€15,047 | +29.6% |
| Other operating charges | 640/8 | €6,491 | €7,208 | +€718 | +11.1% |
| Gross operating margin | 9900 | €527,140 | €558,183 | +€31,043 | +5.9% |
| Operating profit (loss) | 9901 | €507 | €19,595 | +€19,088 | +3,766% |
| Financial income | 75/76B | €12,451 | €9,936 | -€2,514 | -20.2% |
| Recurring financial income | 75 | €12,451 | €9,936 | -€2,514 | -20.2% |
| Financial charges | 65/66B | €46,256 | €29,126 | -€17,129 | -37.0% |
| Recurring financial charges | 65 | €46,256 | €29,126 | -€17,129 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,298 | €404 | +€33,703 | |
| Income taxes | 67/77 | €398 | €377 | -€21 | -5.4% |
| Profit (loss) for the period | 9904 | -€33,697 | €27 | +€33,724 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,697 | €27 | +€33,724 |
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 25 October 2026 via checked.be.