LIESBETH SWITTEN: 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.
LIESBETH SWITTEN
Largest movements
- Current investments +€86,867
up €86,867 (+32.3%), from €269,163 to €356,030
- Cash -€49,652
down €49,652 (-48.2%), from €102,959 to €53,306
mainly Contributions, distributions and other (-€392,455) and Current investments (-€86,867)
- Tangible fixed assets +€33,693
up €33,693 (+108%), from €31,272 to €64,965
of which Furniture and vehicles: +€37,270
- Receivables within one year -€22,917
down €22,917 (-91.9%), from €24,934 to €2,017
of which Trade receivables: -€14,046
- Deferred charges and accrued income +€15,353
up €15,353 (+11,709%), from €131 to €15,484
- Other debts +€348,023
up €348,023 (+276%), from €126,140 to €474,162
- Reserves -€275,336
down €275,336 (-100%), from €275,336 to €0
- Tax, wage and social debts -€9,517
down €9,517 (-46.0%), from €20,687 to €11,171
- Financial charges +€19,596
up €19,596, from -€15,803 to €3,793
- Gross operating margin +€11,513
up €11,513 (+7.5%), from €153,130 to €164,643
- Other operating charges -€2,536
down €2,536 (-70.4%), from €3,605 to €1,069
- Taxes -€1,659
down €1,659 (-4.1%), from €40,795 to €39,136
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 | €428,459 | €491,802 | +€63,343 | +14.8% |
| Fixed assets | 21/28 | €31,272 | €64,965 | +€33,693 | +108% |
| Tangible fixed assets | 22/27 | €31,272 | €64,965 | +€33,693 | +108% |
| Plant, machinery and equipment | 23 | €3,199 | €2,257 | -€942 | -29.4% |
| Furniture and vehicles | 24 | €2,398 | €39,668 | +€37,270 | +1,554% |
| Other tangible fixed assets | 26 | €25,675 | €23,040 | -€2,635 | -10.3% |
| Current assets | 29/58 | €397,187 | €426,837 | +€29,650 | +7.5% |
| Amounts receivable within one year | 40/41 | €24,934 | €2,017 | -€22,917 | -91.9% |
| Trade receivables | 40 | €14,046 | €0 | -€14,046 | -100% |
| Other amounts receivable | 41 | €10,888 | €2,017 | -€8,871 | -81.5% |
| Current investments | 50/53 | €269,163 | €356,030 | +€86,867 | +32.3% |
| Cash at bank and in hand | 54/58 | €102,959 | €53,306 | -€49,652 | -48.2% |
| Deferred charges and accrued income | 490/1 | €131 | €15,484 | +€15,353 | +11,709% |
| Total equity and liabilities | 10/49 | €428,459 | €491,802 | +€63,343 | +14.8% |
| Equity | 10/15 | €277,836 | €2,500 | -€275,336 | -99.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €275,336 | €0 | -€275,336 | -100% |
| Distributable reserves | 133 | €275,336 | €0 | -€275,336 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €150,623 | €489,302 | +€338,679 | +225% |
| Amounts payable within one year | 42/48 | €150,623 | €486,738 | +€336,116 | +223% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,796 | €1,406 | -€2,390 | -63.0% |
| Suppliers | 440/4 | €3,796 | €1,406 | -€2,390 | -63.0% |
| Taxes, remuneration and social security | 45 | €20,687 | €11,171 | -€9,517 | -46.0% |
| Taxes | 450/3 | €20,687 | €11,171 | -€9,517 | -46.0% |
| Other amounts payable | 47/48 | €126,140 | €474,162 | +€348,023 | +276% |
| Accrued charges and deferred income | 492/3 | - | €2,564 | +€2,564 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,188 | €7,798 | -€390 | -4.8% |
| Other operating charges | 640/8 | €3,605 | €1,069 | -€2,536 | -70.4% |
| Gross operating margin | 9900 | €153,130 | €164,643 | +€11,513 | +7.5% |
| Operating profit (loss) | 9901 | €141,337 | €155,776 | +€14,440 | +10.2% |
| Financial income | 75/76B | €3,842 | €4,272 | +€430 | +11.2% |
| Recurring financial income | 75 | €3,842 | €4,272 | +€430 | +11.2% |
| Financial charges | 65/66B | -€15,803 | €3,793 | +€19,596 | |
| Recurring financial charges | 65 | -€15,803 | €3,793 | +€19,596 | |
| Profit (loss) for the period before taxes | 9903 | €160,982 | €156,255 | -€4,727 | -2.9% |
| Income taxes | 67/77 | €40,795 | €39,136 | -€1,659 | -4.1% |
| Profit (loss) for the period | 9904 | €120,186 | €117,119 | -€3,067 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €120,186 | €117,119 | -€3,067 | -2.6% |
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 21 October 2026 via checked.be.