Els 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.
Els Swinnen
Largest movements
- Receivables within one year +€15,741
up €15,741 (+540,927%), from €3 to €15,744
- Tangible fixed assets -€10,350
down €10,350 (-52.2%), from €19,843 to €9,494
- Stocks and contracts +€7,016
up €7,016 (+209%), from €3,364 to €10,380
- Deferred charges and accrued income +€2,909
new in 2025: €2,909
- Debts after one year +€13,996
up €13,996 (+58.7%), from €23,832 to €37,828
- Trade debts +€12,002
up €12,002 (+220%), from €5,458 to €17,460
- Tax, wage and social debts -€6,405
no longer reported in 2025 (was €6,405)
- Current portion of long-term debt +€6,296
up €6,296 (+82.1%), from €7,670 to €13,967
- Profit (loss) carried forward -€4,214
down €4,214, from €1,604 to -€2,610
- Gross operating margin -€9,468
down €9,468 (-46.3%), from €20,467 to €10,999
- Taxes -€1,700
down €1,700 (-93.4%), from €1,820 to €121
- Depreciation -€922
down €922 (-8.2%), from €11,271 to €10,350
- Financial income -€481
down €481 (-90.6%), from €531 to €50
- Other operating charges +€385
up €385 (+70.8%), from €543 to €928
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,210 | €73,526 | +€15,316 | +26.3% |
| Fixed assets | 21/28 | €19,843 | €9,494 | -€10,350 | -52.2% |
| Tangible fixed assets | 22/27 | €19,843 | €9,494 | -€10,350 | -52.2% |
| Plant, machinery and equipment | 23 | €19,843 | €9,494 | -€10,350 | -52.2% |
| Current assets | 29/58 | €38,367 | €64,033 | +€25,665 | +66.9% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,364 | €10,380 | +€7,016 | +209% |
| Stocks | 30/36 | €3,364 | €10,380 | +€7,016 | +209% |
| Amounts receivable within one year | 40/41 | €3 | €15,744 | +€15,741 | +540,927% |
| Other amounts receivable | 41 | €3 | €15,744 | +€15,741 | +540,927% |
| Deferred charges and accrued income | 490/1 | - | €2,909 | +€2,909 | |
| Total equity and liabilities | 10/49 | €58,210 | €73,526 | +€15,316 | +26.3% |
| Equity | 10/15 | €8,486 | €4,272 | -€4,214 | -49.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €3,882 | €3,882 | = | 0.0% |
| Distributable reserves | 133 | €3,882 | €3,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,604 | -€2,610 | -€4,214 | |
| Amounts payable | 17/49 | €49,724 | €69,254 | +€19,530 | +39.3% |
| Amounts payable after more than one year | 17 | €23,832 | €37,828 | +€13,996 | +58.7% |
| Financial debts | 170/4 | €23,832 | €37,828 | +€13,996 | +58.7% |
| Amounts payable within one year | 42/48 | €25,892 | €31,427 | +€5,534 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €7,670 | €13,967 | +€6,296 | +82.1% |
| Financial debts | 43 | €4,174 | - | -€4,174 | |
| Credit institutions | 430/8 | €4,174 | - | -€4,174 | |
| Trade debts | 44 | €5,458 | €17,460 | +€12,002 | +220% |
| Suppliers | 440/4 | €5,458 | €17,460 | +€12,002 | +220% |
| Taxes, remuneration and social security | 45 | €6,405 | - | -€6,405 | |
| Taxes | 450/3 | €6,405 | - | -€6,405 | |
| Other amounts payable | 47/48 | €2,185 | - | -€2,185 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,271 | €10,350 | -€922 | -8.2% |
| Other operating charges | 640/8 | €543 | €928 | +€385 | +70.8% |
| Gross operating margin | 9900 | €20,467 | €10,999 | -€9,468 | -46.3% |
| Operating profit (loss) | 9901 | €8,652 | -€278 | -€8,931 | |
| Financial income | 75/76B | €531 | €50 | -€481 | -90.6% |
| Recurring financial income | 75 | €531 | €50 | -€481 | -90.6% |
| Financial charges | 65/66B | €3,481 | €3,865 | +€384 | +11.0% |
| Recurring financial charges | 65 | €3,481 | €3,865 | +€384 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €5,702 | -€4,093 | -€9,795 | |
| Income taxes | 67/77 | €1,820 | €121 | -€1,700 | -93.4% |
| Profit (loss) for the period | 9904 | €3,882 | -€4,214 | -€8,096 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,882 | -€4,214 | -€8,096 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.