DIRK SWINNEN: 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.
DIRK SWINNEN
Largest movements
- Cash +€71,248
up €71,248 (+77.3%), from €92,163 to €163,411
mainly Net result for the year (+€99,816) and Depreciation (+€29,312)
- Tangible fixed assets -€27,898
down €27,898 (-3.3%), from €838,196 to €810,298
of which Land and buildings: -€27,402
- Reserves +€99,816
up €99,816 (+22.0%), from €453,312 to €553,128
of which Distributable reserves: +€99,816
- Debts after one year -€50,912
down €50,912 (-13.8%), from €369,600 to €318,687
- Gross operating margin +€62,609
up €62,609 (+52.2%), from €119,957 to €182,566
- Taxes +€11,108
up €11,108 (+37.9%), from €29,322 to €40,430
- Financial income -€7,787
down €7,787 (-63.2%), from €12,325 to €4,538
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 | €934,147 | €977,141 | +€42,994 | +4.6% |
| Fixed assets | 21/28 | €840,796 | €812,898 | -€27,898 | -3.3% |
| Tangible fixed assets | 22/27 | €838,196 | €810,298 | -€27,898 | -3.3% |
| Land and buildings | 22 | €811,989 | €784,587 | -€27,402 | -3.4% |
| Plant, machinery and equipment | 23 | €26,207 | €24,341 | -€1,866 | -7.1% |
| Furniture and vehicles | 24 | €0 | €1,369 | +€1,369 | |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €93,351 | €164,243 | +€70,892 | +75.9% |
| Amounts receivable within one year | 40/41 | - | €304 | +€304 | |
| Other amounts receivable | 41 | - | €304 | +€304 | |
| Cash at bank and in hand | 54/58 | €92,163 | €163,411 | +€71,248 | +77.3% |
| Deferred charges and accrued income | 490/1 | €1,188 | €528 | -€660 | -55.6% |
| Total equity and liabilities | 10/49 | €934,147 | €977,141 | +€42,994 | +4.6% |
| Equity | 10/15 | €473,312 | €573,128 | +€99,816 | +21.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €453,312 | €553,128 | +€99,816 | +22.0% |
| Tax-exempt reserves | 132 | €73,603 | €73,603 | = | 0.0% |
| Distributable reserves | 133 | €379,709 | €479,525 | +€99,816 | +26.3% |
| Amounts payable | 17/49 | €460,834 | €404,013 | -€56,822 | -12.3% |
| Amounts payable after more than one year | 17 | €369,600 | €318,687 | -€50,912 | -13.8% |
| Financial debts | 170/4 | €369,600 | €318,687 | -€50,912 | -13.8% |
| Amounts payable within one year | 42/48 | €91,235 | €85,326 | -€5,909 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €61,463 | €57,255 | -€4,208 | -6.8% |
| Trade debts | 44 | €110 | €2,149 | +€2,039 | +1,851% |
| Suppliers | 440/4 | €110 | €2,149 | +€2,039 | +1,851% |
| Taxes, remuneration and social security | 45 | €5,650 | €6,560 | +€910 | +16.1% |
| Taxes | 450/3 | €5,650 | €6,560 | +€910 | +16.1% |
| Other amounts payable | 47/48 | €24,012 | €19,362 | -€4,650 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,651 | €29,312 | +€662 | +2.3% |
| Other operating charges | 640/8 | €3,331 | €3,250 | -€82 | -2.5% |
| Gross operating margin | 9900 | €119,957 | €182,566 | +€62,609 | +52.2% |
| Operating profit (loss) | 9901 | €87,975 | €150,004 | +€62,029 | +70.5% |
| Financial income | 75/76B | €12,325 | €4,538 | -€7,787 | -63.2% |
| Recurring financial income | 75 | €12,325 | €4,538 | -€7,787 | -63.2% |
| Financial charges | 65/66B | €14,623 | €14,296 | -€327 | -2.2% |
| Recurring financial charges | 65 | €14,623 | €14,296 | -€327 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €85,677 | €140,246 | +€54,569 | +63.7% |
| Income taxes | 67/77 | €29,322 | €40,430 | +€11,108 | +37.9% |
| Profit (loss) for the period | 9904 | €56,355 | €99,816 | +€43,460 | +77.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,355 | €99,816 | +€43,460 | +77.1% |
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 29 October 2026 via checked.be.