JUDITH SWERTS: 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.
JUDITH SWERTS
Largest movements
- Tangible fixed assets +€2,104
up €2,104 (+19.1%), from €11,021 to €13,124
of which Furniture and vehicles: +€1,411
- Reserves +€14,359
up €14,359 (+12.3%), from €117,046 to €131,406
of which Distributable reserves: +€14,359
- Trade debts -€10,889
no longer reported in 2025 (was €10,889)
- Gross operating margin +€20,306
up €20,306 (+62.3%), from €32,591 to €52,898
- Taxes +€6,891
up €6,891 (+76.5%), from €9,013 to €15,904
- Staff costs -€4,570
down €4,570 (-87.8%), from €5,203 to €633
- Depreciation +€674
up €674 (+29.9%), from €2,253 to €2,927
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 | €173,264 | €174,617 | +€1,353 | +0.8% |
| Fixed assets | 21/28 | €11,271 | €13,374 | +€2,104 | +18.7% |
| Tangible fixed assets | 22/27 | €11,021 | €13,124 | +€2,104 | +19.1% |
| Land and buildings | 22 | €2,837 | €2,128 | -€709 | -25.0% |
| Plant, machinery and equipment | 23 | €6,949 | €8,351 | +€1,402 | +20.2% |
| Furniture and vehicles | 24 | €1,235 | €2,646 | +€1,411 | +114% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €161,993 | €161,243 | -€750 | -0.5% |
| Amounts receivable within one year | 40/41 | €151,548 | €152,478 | +€930 | +0.6% |
| Trade receivables | 40 | €66,949 | €70,798 | +€3,849 | +5.7% |
| Other amounts receivable | 41 | €84,599 | €81,680 | -€2,919 | -3.5% |
| Deferred charges and accrued income | 490/1 | €10,446 | €8,765 | -€1,680 | -16.1% |
| Total equity and liabilities | 10/49 | €173,264 | €174,617 | +€1,353 | +0.8% |
| Equity | 10/15 | €152,091 | €166,450 | +€14,359 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €117,046 | €131,406 | +€14,359 | +12.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €115,186 | €129,546 | +€14,359 | +12.5% |
| Profit (loss) carried forward | 14 | €28,844 | €28,844 | = | 0.0% |
| Amounts payable | 17/49 | €21,173 | €8,167 | -€13,006 | -61.4% |
| Amounts payable within one year | 42/48 | €19,085 | €7,292 | -€11,792 | -61.8% |
| Financial debts | 43 | €4,163 | €3,389 | -€774 | -18.6% |
| Credit institutions | 430/8 | €4,163 | €3,389 | -€774 | -18.6% |
| Trade debts | 44 | €10,889 | - | -€10,889 | |
| Suppliers | 440/4 | €10,889 | - | -€10,889 | |
| Taxes, remuneration and social security | 45 | €4,033 | €3,904 | -€130 | -3.2% |
| Taxes | 450/3 | €4,033 | €3,904 | -€130 | -3.2% |
| Accrued charges and deferred income | 492/3 | €2,089 | €875 | -€1,214 | -58.1% |
| Remuneration, social security and pensions | 62 | €5,203 | €633 | -€4,570 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,253 | €2,927 | +€674 | +29.9% |
| Other operating charges | 640/8 | €656 | €764 | +€108 | +16.4% |
| Gross operating margin | 9900 | €32,591 | €52,898 | +€20,306 | +62.3% |
| Operating profit (loss) | 9901 | €24,479 | €48,574 | +€24,095 | +98.4% |
| Financial charges | 65/66B | €1,296 | €1,316 | +€20 | +1.6% |
| Recurring financial charges | 65 | €1,296 | €1,316 | +€20 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €23,183 | €47,258 | +€24,075 | +104% |
| Income taxes | 67/77 | €9,013 | €15,904 | +€6,891 | +76.5% |
| Profit (loss) for the period | 9904 | €14,170 | €31,354 | +€17,184 | +121% |
| Profit (loss) for the period to be appropriated | 9905 | €14,170 | €31,354 | +€17,184 | +121% |
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.