L. SWYNEN: 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.
L. SWYNEN
Largest movements
- Receivables within one year -€7,464
down €7,464 (-70.7%), from €10,553 to €3,089
of which Trade receivables: -€6,038
- Deferred charges and accrued income +€4,813
up €4,813 (+170%), from €2,836 to €7,649
- Reserves +€13,204
up €13,204 (+6.4%), from €205,243 to €218,447
of which Distributable reserves: +€13,204
- Trade debts -€7,807
down €7,807 (-87.6%), from €8,908 to €1,101
- Debts after one year -€7,110
down €7,110 (-34.4%), from €20,689 to €13,579
- Gross operating margin +€11,601
up €11,601 (+37.2%), from €31,169 to €42,770
- Taxes +€2,093
up €2,093 (+56.2%), from €3,721 to €5,814
- Depreciation +€1,367
up €1,367 (+8.3%), from €16,395 to €17,762
- Other operating charges -€939
down €939 (-16.5%), from €5,684 to €4,745
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 | €367,000 | €365,599 | -€1,401 | -0.4% |
| Fixed assets | 21/28 | €101,038 | €101,604 | +€566 | +0.6% |
| Tangible fixed assets | 22/27 | €95,221 | €95,787 | +€566 | +0.6% |
| Land and buildings | 22 | €53,324 | €51,641 | -€1,683 | -3.2% |
| Plant, machinery and equipment | 23 | €13,329 | €25,393 | +€12,063 | +90.5% |
| Furniture and vehicles | 24 | €2,497 | €398 | -€2,098 | -84.0% |
| Leasing and similar rights | 25 | €26,071 | €18,356 | -€7,716 | -29.6% |
| Financial fixed assets | 28 | €5,816 | €5,816 | = | 0.0% |
| Current assets | 29/58 | €265,963 | €263,996 | -€1,967 | -0.7% |
| Amounts receivable after more than one year | 29 | €64,698 | €64,698 | = | 0.0% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €64,698 | €64,698 | = | 0.0% |
| Stocks and contracts in progress | 3 | €16,778 | €13,889 | -€2,889 | -17.2% |
| Stocks | 30/36 | €16,778 | €13,889 | -€2,889 | -17.2% |
| Amounts receivable within one year | 40/41 | €10,553 | €3,089 | -€7,464 | -70.7% |
| Trade receivables | 40 | €6,038 | €0 | -€6,038 | -100% |
| Other amounts receivable | 41 | €4,515 | €3,089 | -€1,426 | -31.6% |
| Cash at bank and in hand | 54/58 | €171,098 | €174,670 | +€3,573 | +2.1% |
| Deferred charges and accrued income | 490/1 | €2,836 | €7,649 | +€4,813 | +170% |
| Total equity and liabilities | 10/49 | €367,000 | €365,599 | -€1,401 | -0.4% |
| Equity | 10/15 | €315,243 | €328,447 | +€13,204 | +4.2% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €205,243 | €218,447 | +€13,204 | +6.4% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €194,243 | €207,447 | +€13,204 | +6.8% |
| Amounts payable | 17/49 | €51,757 | €37,152 | -€14,605 | -28.2% |
| Amounts payable after more than one year | 17 | €20,689 | €13,579 | -€7,110 | -34.4% |
| Financial debts | 170/4 | €20,689 | €13,579 | -€7,110 | -34.4% |
| Amounts payable within one year | 42/48 | €31,068 | €23,574 | -€7,494 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €6,809 | €7,110 | +€301 | +4.4% |
| Trade debts | 44 | €8,908 | €1,101 | -€7,807 | -87.6% |
| Suppliers | 440/4 | €8,908 | €1,101 | -€7,807 | -87.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €15,351 | €15,362 | +€11 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,395 | €17,762 | +€1,367 | +8.3% |
| Other operating charges | 640/8 | €5,684 | €4,745 | -€939 | -16.5% |
| Gross operating margin | 9900 | €31,169 | €42,770 | +€11,601 | +37.2% |
| Operating profit (loss) | 9901 | €9,090 | €20,263 | +€11,173 | +123% |
| Financial income | 75/76B | €6 | €0 | -€6 | -100% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100% |
| Financial charges | 65/66B | €1,525 | €1,245 | -€280 | -18.4% |
| Recurring financial charges | 65 | €1,525 | €1,245 | -€280 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €7,571 | €19,018 | +€11,447 | +151% |
| Income taxes | 67/77 | €3,721 | €5,814 | +€2,093 | +56.2% |
| Profit (loss) for the period | 9904 | €3,850 | €13,204 | +€9,354 | +243% |
| Profit (loss) for the period to be appropriated | 9905 | €3,850 | €13,204 | +€9,354 | +243% |
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.