IMAGO - SWOLFS: 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.
IMAGO - SWOLFS
Largest movements
- Tangible fixed assets -€27,802
down €27,802 (-5.6%), from €492,540 to €464,738
- Cash -€23,076
down €23,076 (-86.9%), from €26,540 to €3,464
mainly Debts after one year (-€117,011) and Net result for the year (-€35,159)
- Debts after one year -€117,011
no longer reported in 2025 (was €117,011)
- Other debts +€117,011
up €117,011 (+34.8%), from €336,717 to €453,728
- Profit (loss) carried forward -€33,300
down €33,300, from €27,390 to -€5,910
- Current portion of long-term debt -€13,752
no longer reported in 2025 (was €13,752)
- Gross operating margin -€11,806
down €11,806, from €11,337 to -€470
- Financial charges -€510
down €510 (-11.6%), from €4,401 to €3,891
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 | €519,552 | €469,605 | -€49,946 | -9.6% |
| Fixed assets | 21/28 | €492,540 | €464,738 | -€27,802 | -5.6% |
| Tangible fixed assets | 22/27 | €492,540 | €464,738 | -€27,802 | -5.6% |
| Land and buildings | 22 | €492,540 | €464,738 | -€27,802 | -5.6% |
| Current assets | 29/58 | €27,012 | €4,867 | -€22,145 | -82.0% |
| Amounts receivable within one year | 40/41 | - | €908 | +€908 | |
| Other amounts receivable | 41 | - | €908 | +€908 | |
| Cash at bank and in hand | 54/58 | €26,540 | €3,464 | -€23,076 | -86.9% |
| Deferred charges and accrued income | 490/1 | €472 | €495 | +€23 | +4.8% |
| Total equity and liabilities | 10/49 | €519,552 | €469,605 | -€49,946 | -9.6% |
| Equity | 10/15 | €47,898 | €12,740 | -€35,159 | -73.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,917 | €57 | -€1,859 | -97.0% |
| Non-distributable reserves | 130/1 | €57 | €57 | = | 0.0% |
| Reserves not available under the articles | 1311 | €57 | €57 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | - | -€1,859 | |
| Profit (loss) carried forward | 14 | €27,390 | -€5,910 | -€33,300 | |
| Amounts payable | 17/49 | €471,653 | €456,866 | -€14,787 | -3.1% |
| Amounts payable after more than one year | 17 | €117,011 | - | -€117,011 | |
| Financial debts | 170/4 | €117,011 | - | -€117,011 | |
| Amounts payable within one year | 42/48 | €350,469 | €456,214 | +€105,745 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €13,752 | - | -€13,752 | |
| Trade debts | 44 | - | €380 | +€380 | |
| Suppliers | 440/4 | - | €380 | +€380 | |
| Taxes, remuneration and social security | 45 | - | €2,106 | +€2,106 | |
| Taxes | 450/3 | - | €2,106 | +€2,106 | |
| Other amounts payable | 47/48 | €336,717 | €453,728 | +€117,011 | +34.8% |
| Accrued charges and deferred income | 492/3 | €4,174 | €652 | -€3,521 | -84.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,814 | €27,802 | -€12 | 0.0% |
| Other operating charges | 640/8 | €2,906 | €2,996 | +€90 | +3.1% |
| Gross operating margin | 9900 | €11,337 | -€470 | -€11,806 | |
| Operating profit (loss) | 9901 | -€19,383 | -€31,268 | -€11,884 | -61.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,401 | €3,891 | -€510 | -11.6% |
| Recurring financial charges | 65 | €4,401 | €3,891 | -€510 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,784 | -€35,159 | -€11,375 | -47.8% |
| Profit (loss) for the period | 9904 | -€23,784 | -€35,159 | -€11,375 | -47.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,784 | -€35,159 | -€11,375 | -47.8% |
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 26 October 2026 via checked.be.