Dr. C.Swinnen: what changed
Dr. C.Swinnen
Largest movements
- Cash +€76,450
up €76,450 (+253%), from €30,176 to €106,626
mainly Net result for the year (+€80,674) and Other debts (+€47,822)
- Intangible fixed assets -€18,000
down €18,000 (-26.6%), from €67,548 to €49,548
- Receivables within one year +€8,006
up €8,006 (+10.5%), from €76,572 to €84,578
of which Trade receivables: +€6,906
- Current investments -€5,933
no longer reported in 2025 (was €5,933)
- Tangible fixed assets +€4,006
up €4,006 (+40.5%), from €9,897 to €13,903
of which Furniture and vehicles: +€5,351
- Other debts +€47,822
up €47,822 (+51.7%), from €92,460 to €140,283
- Profit (loss) carried forward +€31,617
new in 2025: €31,617
- Trade debts -€15,201
down €15,201 (-95.6%), from €15,900 to €698
- Gross operating margin -€11,858
down €11,858 (-8.6%), from €137,635 to €125,777
- Depreciation -€4,837
down €4,837 (-18.3%), from €26,455 to €21,618
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 | €190,476 | €254,949 | +€64,473 | +33.8% |
| Fixed assets | 21/28 | €77,445 | €63,452 | -€13,994 | -18.1% |
| Intangible fixed assets | 21 | €67,548 | €49,548 | -€18,000 | -26.6% |
| Tangible fixed assets | 22/27 | €9,897 | €13,903 | +€4,006 | +40.5% |
| Furniture and vehicles | 24 | €8,553 | €13,903 | +€5,351 | +62.6% |
| Leasing and similar rights | 25 | €1,344 | - | -€1,344 | |
| Current assets | 29/58 | €113,031 | €191,498 | +€78,467 | +69.4% |
| Amounts receivable within one year | 40/41 | €76,572 | €84,578 | +€8,006 | +10.5% |
| Trade receivables | 40 | €76,572 | €83,478 | +€6,906 | +9.0% |
| Other amounts receivable | 41 | - | €1,100 | +€1,100 | |
| Current investments | 50/53 | €5,933 | - | -€5,933 | |
| Cash at bank and in hand | 54/58 | €30,176 | €106,626 | +€76,450 | +253% |
| Deferred charges and accrued income | 490/1 | €350 | €293 | -€57 | -16.3% |
| Total equity and liabilities | 10/49 | €190,476 | €254,949 | +€64,473 | +33.8% |
| Equity | 10/15 | €76,983 | €110,157 | +€33,174 | +43.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,383 | €59,940 | +€1,557 | +2.7% |
| Distributable reserves | 133 | €58,383 | €59,940 | +€1,557 | +2.7% |
| Profit (loss) carried forward | 14 | - | €31,617 | +€31,617 | |
| Amounts payable | 17/49 | €113,493 | €144,792 | +€31,299 | +27.6% |
| Amounts payable within one year | 42/48 | €112,074 | €144,792 | +€32,718 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €1,206 | - | -€1,206 | |
| Trade debts | 44 | €15,900 | €698 | -€15,201 | -95.6% |
| Suppliers | 440/4 | €15,900 | €698 | -€15,201 | -95.6% |
| Taxes, remuneration and social security | 45 | €2,508 | €3,811 | +€1,303 | +51.9% |
| Taxes | 450/3 | €29 | €3,811 | +€3,782 | +13,202% |
| Remuneration and social security | 454/9 | €2,480 | - | -€2,480 | |
| Other amounts payable | 47/48 | €92,460 | €140,283 | +€47,822 | +51.7% |
| Accrued charges and deferred income | 492/3 | €1,419 | - | -€1,419 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,455 | €21,618 | -€4,837 | -18.3% |
| Other operating charges | 640/8 | €2,177 | €899 | -€1,278 | -58.7% |
| Gross operating margin | 9900 | €137,635 | €125,777 | -€11,858 | -8.6% |
| Operating profit (loss) | 9901 | €109,003 | €103,260 | -€5,743 | -5.3% |
| Financial income | 75/76B | €20 | €936 | +€916 | +4,595% |
| Recurring financial income | 75 | €20 | €936 | +€916 | +4,595% |
| Financial charges | 65/66B | €1,598 | €605 | -€993 | -62.2% |
| Recurring financial charges | 65 | €1,598 | €605 | -€993 | -62.2% |
| Profit (loss) for the period before taxes | 9903 | €107,425 | €103,592 | -€3,833 | -3.6% |
| Income taxes | 67/77 | €23,529 | €22,917 | -€611 | -2.6% |
| Profit (loss) for the period | 9904 | €83,896 | €80,674 | -€3,222 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,896 | €80,674 | -€3,222 | -3.8% |
Next steps
Calculation and sources
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 4 November 2026 via checked.be.