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
- Tangible fixed assets -€22,462
down €22,462 (-4.9%), from €454,103 to €431,642
of which Land and buildings: -€22,462
- Cash -€13,082
down €13,082 (-6.3%), from €207,577 to €194,494
mainly Net result for the year (-€33,428) and Provisions (-€3,402)
- Profit (loss) carried forward -€26,822
down €26,822 (-112%), from -€23,852 to -€50,674
- Gross operating margin -€10,913
down €10,913, from €7,025 to -€3,887
- Financial charges -€7,291
down €7,291 (-50.0%), from €14,588 to €7,297
- Other operating charges -€426
down €426 (-11.8%), from €3,610 to €3,185
- Taxes -€126
no longer reported in 2025 (was €126)
- Depreciation -€100
down €100 (-0.4%), from €22,562 to €22,462
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 | €661,680 | €626,330 | -€35,349 | -5.3% |
| Fixed assets | 21/28 | €454,103 | €431,642 | -€22,462 | -4.9% |
| Tangible fixed assets | 22/27 | €454,103 | €431,642 | -€22,462 | -4.9% |
| Land and buildings | 22 | €454,103 | €431,642 | -€22,462 | -4.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €207,577 | €194,689 | -€12,888 | -6.2% |
| Cash at bank and in hand | 54/58 | €207,577 | €194,494 | -€13,082 | -6.3% |
| Deferred charges and accrued income | 490/1 | - | €194 | +€194 | |
| Total equity and liabilities | 10/49 | €661,680 | €626,330 | -€35,349 | -5.3% |
| Equity | 10/15 | €498,436 | €465,008 | -€33,428 | -6.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €460,289 | €453,682 | -€6,606 | -1.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €112,608 | €106,002 | -€6,606 | -5.9% |
| Distributable reserves | 133 | €341,480 | €341,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,852 | -€50,674 | -€26,822 | -112% |
| Provisions and deferred taxes | 16 | €57,985 | €54,583 | -€3,402 | -5.9% |
| Deferred taxes | 168 | €57,985 | €54,583 | -€3,402 | -5.9% |
| Amounts payable | 17/49 | €105,259 | €106,740 | +€1,481 | +1.4% |
| Amounts payable within one year | 42/48 | €105,259 | €105,960 | +€701 | +0.7% |
| Trade debts | 44 | €4,775 | €2,586 | -€2,189 | -45.8% |
| Suppliers | 440/4 | €4,775 | €2,586 | -€2,189 | -45.8% |
| Taxes, remuneration and social security | 45 | €4,454 | €2,152 | -€2,301 | -51.7% |
| Taxes | 450/3 | €4,454 | €2,152 | -€2,301 | -51.7% |
| Other amounts payable | 47/48 | €96,030 | €101,222 | +€5,191 | +5.4% |
| Accrued charges and deferred income | 492/3 | - | €780 | +€780 | |
| Non-recurring operating income | 76A | €15,000 | - | -€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,562 | €22,462 | -€100 | -0.4% |
| Other operating charges | 640/8 | €3,610 | €3,185 | -€426 | -11.8% |
| Gross operating margin | 9900 | €7,025 | -€3,887 | -€10,913 | |
| Operating profit (loss) | 9901 | -€19,147 | -€29,534 | -€10,387 | -54.2% |
| Financial charges | 65/66B | €14,588 | €7,297 | -€7,291 | -50.0% |
| Recurring financial charges | 65 | €14,588 | €7,297 | -€7,291 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,734 | -€36,830 | -€3,096 | -9.2% |
| Transfer from deferred taxes | 780 | €3,402 | €3,402 | = | 0.0% |
| Income taxes | 67/77 | €126 | - | -€126 | |
| Profit (loss) for the period | 9904 | -€30,459 | -€33,428 | -€2,970 | -9.7% |
| Transfer from tax-exempt reserves | 789 | €6,606 | €6,606 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,852 | -€26,822 | -€2,970 | -12.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.