De Zwerver: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
De Zwerver
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Financial fixed assets -€341,800
down €341,800 (-99.3%), from €344,279 to €2,479
- Receivables within one year -€268,903
down €268,903 (-77.2%), from €348,281 to €79,378
of which Trade receivables: -€274,022
- Cash +€98,937
up €98,937 (+182%), from €54,330 to €153,266
mainly Investment in fixed assets (net) (+€418,843) and Receivables within one year (+€268,903)
- Tangible fixed assets -€77,043
down €77,043 (-100%), from €77,043 to €0
- Profit (loss) carried forward -€99,496
down €99,496 (-341%), from -€29,201 to -€128,697
- Short-term financial debts -€45,739
no longer reported in 2025 (was €45,739)
- Trade debts +€37,269
up €37,269 (+2,934%), from €1,270 to €38,539
- Other debts +€17,201
new in 2025: €17,201
- Financial charges +€607,868
up €607,868 (+6,972%), from €8,718 to €616,586
of which Non-recurring financial charges: +€611,042
- Gross operating margin +€406,778
up €406,778 (+328%), from €123,908 to €530,686
- Staff costs -€27,619
down €27,619 (-97.1%), from €28,447 to €828
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €825,270 | €735,123 | -€90,147 | -10.9% |
| Fixed assets | 21/28 | €421,322 | €2,479 | -€418,843 | -99.4% |
| Tangible fixed assets | 22/27 | €77,043 | €0 | -€77,043 | -100% |
| Land and buildings | 22 | €77,043 | €0 | -€77,043 | -100% |
| Financial fixed assets | 28 | €344,279 | €2,479 | -€341,800 | -99.3% |
| Current assets | 29/58 | €403,948 | €732,644 | +€328,696 | +81.4% |
| Amounts receivable within one year | 40/41 | €348,281 | €79,378 | -€268,903 | -77.2% |
| Trade receivables | 40 | €274,022 | - | -€274,022 | |
| Other amounts receivable | 41 | €74,259 | €79,378 | +€5,118 | +6.9% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €54,330 | €153,266 | +€98,937 | +182% |
| Deferred charges and accrued income | 490/1 | €1,337 | - | -€1,337 | |
| Total equity and liabilities | 10/49 | €825,270 | €735,123 | -€90,147 | -10.9% |
| Equity | 10/15 | €778,261 | €678,765 | -€99,496 | -12.8% |
| Contributions | 10/11 | €618,753 | €618,753 | = | 0.0% |
| Capital | 10 | €618,753 | €618,753 | = | 0.0% |
| Issued capital | 100 | €618,753 | €618,753 | = | 0.0% |
| Reserves | 13 | €188,708 | €188,708 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,835 | €13,835 | = | 0.0% |
| Legal reserve | 130 | €13,835 | €13,835 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,035 | €19,035 | = | 0.0% |
| Distributable reserves | 133 | €155,839 | €155,839 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,201 | -€128,697 | -€99,496 | -341% |
| Amounts payable | 17/49 | €47,009 | €56,358 | +€9,349 | +19.9% |
| Amounts payable within one year | 42/48 | €47,009 | €56,358 | +€9,349 | +19.9% |
| Financial debts | 43 | €45,739 | - | -€45,739 | |
| Other loans | 439 | €45,739 | - | -€45,739 | |
| Trade debts | 44 | €1,270 | €38,539 | +€37,269 | +2,934% |
| Suppliers | 440/4 | €1,270 | €38,539 | +€37,269 | +2,934% |
| Taxes, remuneration and social security | 45 | - | €618 | +€618 | |
| Taxes | 450/3 | - | €618 | +€618 | |
| Other amounts payable | 47/48 | - | €17,201 | +€17,201 | |
| Non-recurring operating income | 76A | - | €620,657 | +€620,657 | |
| Remuneration, social security and pensions | 62 | €28,447 | €828 | -€27,619 | -97.1% |
| Other operating charges | 640/8 | €13,407 | €12,769 | -€638 | -4.8% |
| Non-recurring operating charges | 66A | €69,738 | - | -€69,738 | |
| Gross operating margin | 9900 | €123,908 | €530,686 | +€406,778 | +328% |
| Operating profit (loss) | 9901 | €12,316 | €517,090 | +€504,773 | +4,098% |
| Financial charges | 65/66B | €8,718 | €616,586 | +€607,868 | +6,972% |
| Recurring financial charges | 65 | €8,718 | €5,543 | -€3,175 | -36.4% |
| Non-recurring financial charges | 66B | - | €611,042 | +€611,042 | |
| Profit (loss) for the period before taxes | 9903 | €3,598 | -€99,496 | -€103,094 | |
| Income taxes | 67/77 | €236 | - | -€236 | |
| Profit (loss) for the period | 9904 | €3,362 | -€99,496 | -€102,858 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,362 | -€99,496 | -€102,858 |
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.