Isabelle 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.
Isabelle SWOLFS
Largest movements
- Receivables within one year +€59,726
up €59,726 (+34.4%), from €173,646 to €233,372
of which Other amounts receivable: +€47,674
- Tangible fixed assets +€40,507
up €40,507 (+926%), from €4,375 to €44,882
- Cash -€27,777
down €27,777 (-97.1%), from €28,609 to €831
mainly Receivables within one year (-€59,726) and Investment in fixed assets (net) (-€42,673)
- Reserves +€51,772
up €51,772 (+27.6%), from €187,443 to €239,215
- Debts after one year +€10,146
new in 2025: €10,146
- Current portion of long-term debt +€9,854
new in 2025: €9,854
- Financial income +€10,159
up €10,159 (+4,837,462%), from €0 to €10,159
- Gross operating margin +€9,022
up €9,022 (+14.7%), from €61,230 to €70,252
- Taxes +€5,382
up €5,382 (+27.9%), from €19,294 to €24,676
- Other operating charges +€1,089
up €1,089 (+258%), from €422 to €1,510
- Depreciation +€918
up €918 (+73.5%), from €1,249 to €2,166
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 | €206,629 | €280,661 | +€74,032 | +35.8% |
| Fixed assets | 21/28 | €4,375 | €44,882 | +€40,507 | +926% |
| Tangible fixed assets | 22/27 | €4,375 | €44,882 | +€40,507 | +926% |
| Furniture and vehicles | 24 | €4,375 | €44,882 | +€40,507 | +926% |
| Current assets | 29/58 | €202,254 | €235,780 | +€33,525 | +16.6% |
| Amounts receivable within one year | 40/41 | €173,646 | €233,372 | +€59,726 | +34.4% |
| Trade receivables | 40 | €10,018 | €22,070 | +€12,052 | +120% |
| Other amounts receivable | 41 | €163,628 | €211,302 | +€47,674 | +29.1% |
| Cash at bank and in hand | 54/58 | €28,609 | €831 | -€27,777 | -97.1% |
| Deferred charges and accrued income | 490/1 | - | €1,577 | +€1,577 | |
| Total equity and liabilities | 10/49 | €206,629 | €280,661 | +€74,032 | +35.8% |
| Equity | 10/15 | €189,943 | €241,715 | +€51,772 | +27.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €187,443 | €239,215 | +€51,772 | +27.6% |
| Distributable reserves | 133 | €187,443 | €239,215 | +€51,772 | +27.6% |
| Amounts payable | 17/49 | €16,686 | €38,946 | +€22,260 | +133% |
| Amounts payable after more than one year | 17 | - | €10,146 | +€10,146 | |
| Financial debts | 170/4 | - | €10,146 | +€10,146 | |
| Amounts payable within one year | 42/48 | €16,671 | €27,690 | +€11,019 | +66.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,854 | +€9,854 | |
| Trade debts | 44 | €1,500 | €1,700 | +€200 | +13.3% |
| Suppliers | 440/4 | €1,500 | €1,700 | +€200 | +13.3% |
| Taxes, remuneration and social security | 45 | €15,116 | €16,081 | +€965 | +6.4% |
| Taxes | 450/3 | €15,116 | €16,081 | +€965 | +6.4% |
| Other amounts payable | 47/48 | €55 | €55 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €15 | €1,111 | +€1,095 | +7,221% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,249 | €2,166 | +€918 | +73.5% |
| Other operating charges | 640/8 | €422 | €1,510 | +€1,089 | +258% |
| Gross operating margin | 9900 | €61,230 | €70,252 | +€9,022 | +14.7% |
| Operating profit (loss) | 9901 | €59,560 | €66,576 | +€7,016 | +11.8% |
| Financial income | 75/76B | €0 | €10,159 | +€10,159 | +4,837,462% |
| Recurring financial income | 75 | €0 | €10,159 | +€10,159 | +4,837,462% |
| Financial charges | 65/66B | €186 | €287 | +€102 | +54.7% |
| Recurring financial charges | 65 | €186 | €287 | +€102 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | €59,374 | €76,447 | +€17,073 | +28.8% |
| Income taxes | 67/77 | €19,294 | €24,676 | +€5,382 | +27.9% |
| Profit (loss) for the period | 9904 | €40,080 | €51,772 | +€11,691 | +29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,080 | €51,772 | +€11,691 | +29.2% |
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 27 October 2026 via checked.be.