DE ZWALUWEN: 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 ZWALUWEN
Largest movements
- Tangible fixed assets -€23,108
down €23,108 (-5.1%), from €453,615 to €430,507
of which Land and buildings: -€17,469
- Deferred charges and accrued income +€5,400
up €5,400 (+300%), from €1,800 to €7,200
- Current portion of long-term debt -€9,070
down €9,070 (-100%), from €9,070 to €0
- Reserves -€9,008
down €9,008 (-3.8%), from €234,087 to €225,080
of which Distributable reserves: -€4,740
- Gross operating margin -€8,780
down €8,780 (-34.6%), from €25,369 to €16,588
- Depreciation -€697
down €697 (-2.9%), from €23,805 to €23,108
- Financial charges -€328
down €328 (-59.9%), from €548 to €220
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 | €486,786 | €464,683 | -€22,102 | -4.5% |
| Fixed assets | 21/28 | €453,615 | €430,507 | -€23,108 | -5.1% |
| Tangible fixed assets | 22/27 | €453,615 | €430,507 | -€23,108 | -5.1% |
| Land and buildings | 22 | €442,337 | €424,868 | -€17,469 | -3.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €11,278 | €5,639 | -€5,639 | -50.0% |
| Current assets | 29/58 | €33,171 | €34,177 | +€1,006 | +3.0% |
| Amounts receivable within one year | 40/41 | €14,953 | €13,956 | -€997 | -6.7% |
| Trade receivables | 40 | €1,234 | €1,234 | = | 0.0% |
| Other amounts receivable | 41 | €13,719 | €12,722 | -€997 | -7.3% |
| Cash at bank and in hand | 54/58 | €16,417 | €13,021 | -€3,397 | -20.7% |
| Deferred charges and accrued income | 490/1 | €1,800 | €7,200 | +€5,400 | +300% |
| Total equity and liabilities | 10/49 | €486,786 | €464,683 | -€22,102 | -4.5% |
| Equity | 10/15 | €296,087 | €287,080 | -€9,008 | -3.0% |
| 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 | €234,087 | €225,080 | -€9,008 | -3.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,015 | €79,747 | -€4,268 | -5.1% |
| Distributable reserves | 133 | €143,873 | €139,133 | -€4,740 | -3.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €43,283 | €41,085 | -€2,198 | -5.1% |
| Deferred taxes | 168 | €43,283 | €41,085 | -€2,198 | -5.1% |
| Amounts payable | 17/49 | €147,416 | €136,519 | -€10,897 | -7.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €147,416 | €136,519 | -€10,897 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €9,070 | €0 | -€9,070 | -100% |
| Trade debts | 44 | €2,100 | €2,007 | -€93 | -4.4% |
| Suppliers | 440/4 | €2,100 | €2,007 | -€93 | -4.4% |
| Other amounts payable | 47/48 | €136,246 | €134,512 | -€1,734 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,805 | €23,108 | -€697 | -2.9% |
| Other operating charges | 640/8 | €4,168 | €4,294 | +€125 | +3.0% |
| Gross operating margin | 9900 | €25,369 | €16,588 | -€8,780 | -34.6% |
| Operating profit (loss) | 9901 | -€2,605 | -€10,814 | -€8,209 | -315% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €548 | €220 | -€328 | -59.9% |
| Recurring financial charges | 65 | €548 | €220 | -€328 | -59.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,154 | -€11,032 | -€7,878 | -250% |
| Transfer from deferred taxes | 780 | €2,198 | €2,198 | -€0 | 0.0% |
| Income taxes | 67/77 | €173 | €173 | +€1 | +0.5% |
| Profit (loss) for the period | 9904 | -€1,128 | -€9,008 | -€7,880 | -698% |
| Transfer from tax-exempt reserves | 789 | €4,269 | €4,268 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,141 | -€4,740 | -€7,881 |
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 30 October 2026 via checked.be.