Effective Swing: 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.
Effective Swing
Largest movements
- Stocks and contracts +€9,679
new in 2025: €9,679
- Deferred charges and accrued income -€4,476
down €4,476 (-99.2%), from €4,512 to €36
- Cash +€3,451
up €3,451 (+227.0%), from €1,521 to €4,972
mainly Other debts (+€12,394) and Depreciation (+€8,094)
- Receivables within one year +€709
up €709 (+30.7%), from €2,309 to €3,019
of which Trade receivables: +€841
- Other debts +€12,394
up €12,394 (+46.7%), from €26,532 to €38,926
- Debts after one year -€8,125
down €8,125 (-7.8%), from €104,375 to €96,250
of which Financial debts: -€8,125
- Profit (loss) carried forward +€3,814
up €3,814 (+3.6%), from -€105,265 to -€101,451
- Tax, wage and social debts +€3,080
up €3,080 (+925.8%), from €333 to €3,412
- Trade debts -€1,952
down €1,952 (-97.2%), from €2,008 to €56
- Gross operating margin +€19,449
up €19,449, from -€3,469 to €15,980
- Depreciation +€4,453
up €4,453 (+122.3%), from €3,641 to €8,094
- Financial charges -€1,292
down €1,292 (-35.4%), from €3,652 to €2,360
- Other operating charges -€1,005
down €1,005 (-40.4%), from €2,490 to €1,485
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.
Cash bridge derived
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 | €29,984 | €39,194 | +€9,210 | +30.7% |
| Fixed assets | 21/28 | €21,642 | €21,488 | -€154 | -0.7% |
| Tangible fixed assets | 22/27 | €21,642 | €21,488 | -€154 | -0.7% |
| Plant, machinery and equipment | 23 | €9,840 | €12,785 | +€2,945 | +29.9% |
| Furniture and vehicles | 24 | €11,802 | €8,703 | -€3,099 | -26.3% |
| Current assets | 29/58 | €8,341 | €17,705 | +€9,364 | +112.3% |
| Stocks and contracts in progress | 3 | - | €9,679 | +€9,679 | |
| Stocks | 30/36 | - | €9,679 | +€9,679 | |
| Amounts receivable within one year | 40/41 | €2,309 | €3,019 | +€709 | +30.7% |
| Trade receivables | 40 | €2,178 | €3,019 | +€841 | +38.6% |
| Other amounts receivable | 41 | €131 | €0 | -€131 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,521 | €4,972 | +€3,451 | +227.0% |
| Deferred charges and accrued income | 490/1 | €4,512 | €36 | -€4,476 | -99.2% |
| Total equity and liabilities | 10/49 | €29,984 | €39,194 | +€9,210 | +30.7% |
| Equity | 10/15 | -€103,265 | -€99,451 | +€3,814 | +3.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,265 | -€101,451 | +€3,814 | +3.6% |
| Amounts payable | 17/49 | €133,248 | €138,644 | +€5,396 | +4.0% |
| Amounts payable after more than one year | 17 | €104,375 | €96,250 | -€8,125 | -7.8% |
| Financial debts | 170/4 | €14,375 | €6,250 | -€8,125 | -56.5% |
| Other amounts payable | 178/9 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €28,873 | €42,394 | +€13,521 | +46.8% |
| Trade debts | 44 | €2,008 | €56 | -€1,952 | -97.2% |
| Suppliers | 440/4 | €2,008 | €56 | -€1,952 | -97.2% |
| Taxes, remuneration and social security | 45 | €333 | €3,412 | +€3,080 | +925.8% |
| Taxes | 450/3 | €333 | €3,412 | +€3,080 | +925.8% |
| Other amounts payable | 47/48 | €26,532 | €38,926 | +€12,394 | +46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,641 | €8,094 | +€4,453 | +122.3% |
| Other operating charges | 640/8 | €2,490 | €1,485 | -€1,005 | -40.4% |
| Gross operating margin | 9900 | -€3,469 | €15,980 | +€19,449 | |
| Operating profit (loss) | 9901 | -€9,600 | €6,401 | +€16,001 | |
| Financial income | 75/76B | €2 | €35 | +€33 | +2089.4% |
| Recurring financial income | 75 | €2 | €35 | +€33 | +2089.4% |
| Financial charges | 65/66B | €3,652 | €2,360 | -€1,292 | -35.4% |
| Recurring financial charges | 65 | €3,652 | €2,360 | -€1,292 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,250 | €4,076 | +€17,327 | |
| Income taxes | 67/77 | €286 | €263 | -€23 | -8.2% |
| Profit (loss) for the period | 9904 | -€13,536 | €3,814 | +€17,350 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,536 | €3,814 | +€17,350 |
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 9 October 2026 via checked.be.