Dr. Sander Swennen: 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.
Dr. Sander Swennen
Largest movements
- Deferred charges and accrued income +€91,234
up €91,234 (+330%), from €27,665 to €118,899
- Cash +€47,053
up €47,053 (+1,627%), from €2,892 to €49,945
mainly Net result for the year (+€123,109) and Tax, wage and social debts (+€29,131)
- Current investments +€21,844
new in 2025: €21,844
- Profit (loss) carried forward +€123,109
up €123,109 (+729%), from €16,879 to €139,988
- Tax, wage and social debts +€29,131
up €29,131 (+690%), from €4,220 to €33,351
of which Taxes: +€17,317
- Trade debts +€8,650
up €8,650 (+133%), from €6,499 to €15,149
- Gross operating margin +€137,724
up €137,724 (+653%), from €21,101 to €158,825
- Taxes +€30,718
up €30,718 (+728%), from €4,220 to €34,938
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 | €30,598 | €191,488 | +€160,890 | +526% |
| Fixed assets | 21/28 | - | €799 | +€799 | |
| Tangible fixed assets | 22/27 | - | €799 | +€799 | |
| Plant, machinery and equipment | 23 | - | €799 | +€799 | |
| Current assets | 29/58 | €30,598 | €190,688 | +€160,091 | +523% |
| Amounts receivable within one year | 40/41 | €41 | €0 | -€41 | -100% |
| Other amounts receivable | 41 | €41 | €0 | -€41 | -100% |
| Current investments | 50/53 | - | €21,844 | +€21,844 | |
| Cash at bank and in hand | 54/58 | €2,892 | €49,945 | +€47,053 | +1,627% |
| Deferred charges and accrued income | 490/1 | €27,665 | €118,899 | +€91,234 | +330% |
| Total equity and liabilities | 10/49 | €30,598 | €191,488 | +€160,890 | +526% |
| Equity | 10/15 | €19,879 | €142,988 | +€123,109 | +619% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,879 | €139,988 | +€123,109 | +729% |
| Amounts payable | 17/49 | €10,719 | €48,500 | +€37,781 | +352% |
| Amounts payable within one year | 42/48 | €10,719 | €48,500 | +€37,781 | +352% |
| Trade debts | 44 | €6,499 | €15,149 | +€8,650 | +133% |
| Suppliers | 440/4 | €6,499 | €15,149 | +€8,650 | +133% |
| Taxes, remuneration and social security | 45 | €4,220 | €33,351 | +€29,131 | +690% |
| Taxes | 450/3 | €4,220 | €21,537 | +€17,317 | +410% |
| Remuneration and social security | 454/9 | - | €11,814 | +€11,814 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €21,101 | €158,825 | +€137,724 | +653% |
| Operating profit (loss) | 9901 | €21,101 | €158,425 | +€137,324 | +651% |
| Financial income | 75/76B | €0 | €15 | +€15 | +4,735% |
| Recurring financial income | 75 | €0 | €15 | +€15 | +4,735% |
| Financial charges | 65/66B | €3 | €393 | +€390 | +15,610% |
| Recurring financial charges | 65 | €3 | €393 | +€390 | +15,610% |
| Profit (loss) for the period before taxes | 9903 | €21,098 | €158,047 | +€136,949 | +649% |
| Income taxes | 67/77 | €4,220 | €34,938 | +€30,718 | +728% |
| Profit (loss) for the period | 9904 | €16,879 | €123,109 | +€106,230 | +629% |
| Profit (loss) for the period to be appropriated | 9905 | €16,879 | €123,109 | +€106,230 | +629% |
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 31 October 2026 via checked.be.