PAULA SWINNEN: 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.
PAULA SWINNEN
Largest movements
- Stocks and contracts +€8,480
new in 2025: €8,480
- Tangible fixed assets +€5,862
new in 2025: €5,862
of which Leasing and similar rights: +€3,769
- Receivables within one year -€2,731
down €2,731 (-27.6%), from €9,906 to €7,175
of which Trade receivables: -€5,906
- Cash -€504
down €504 (-1.8%), from €28,532 to €28,028
mainly Stocks and contracts (-€8,480) and Investment in fixed assets (net) (-€6,577)
- Trade debts +€14,346
up €14,346 (+3,856%), from €372 to €14,718
- Profit (loss) carried forward -€2,187
down €2,187 (-9.0%), from €24,294 to €22,107
- Other debts -€743
no longer reported in 2025 (was €743)
- Gross operating margin -€24,084
down €24,084, from €23,029 to -€1,055
- Other operating charges -€6,144
down €6,144 (-93.9%), from €6,540 to €396
- Taxes -€4,804
no longer reported in 2025 (was €4,804)
- Depreciation +€715
new in 2025: €715
- Financial charges -€489
down €489 (-77.1%), from €634 to €145
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 | €38,493 | €49,600 | +€11,107 | +28.9% |
| Fixed assets | 21/28 | €55 | €5,917 | +€5,862 | +10,658% |
| Tangible fixed assets | 22/27 | - | €5,862 | +€5,862 | |
| Plant, machinery and equipment | 23 | - | €2,093 | +€2,093 | |
| Leasing and similar rights | 25 | - | €3,769 | +€3,769 | |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €38,438 | €43,683 | +€5,245 | +13.6% |
| Stocks and contracts in progress | 3 | - | €8,480 | +€8,480 | |
| Stocks | 30/36 | - | €8,480 | +€8,480 | |
| Amounts receivable within one year | 40/41 | €9,906 | €7,175 | -€2,731 | -27.6% |
| Trade receivables | 40 | €9,906 | €4,000 | -€5,906 | -59.6% |
| Other amounts receivable | 41 | - | €3,175 | +€3,175 | |
| Cash at bank and in hand | 54/58 | €28,532 | €28,028 | -€504 | -1.8% |
| Total equity and liabilities | 10/49 | €38,493 | €49,600 | +€11,107 | +28.9% |
| Equity | 10/15 | €31,690 | €29,503 | -€2,187 | -6.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €5,896 | €5,896 | = | 0.0% |
| Distributable reserves | 133 | €5,896 | €5,896 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,294 | €22,107 | -€2,187 | -9.0% |
| Amounts payable | 17/49 | €6,803 | €20,097 | +€13,294 | +195% |
| Amounts payable within one year | 42/48 | €6,803 | €20,097 | +€13,294 | +195% |
| Trade debts | 44 | €372 | €14,718 | +€14,346 | +3,856% |
| Suppliers | 440/4 | €372 | €14,718 | +€14,346 | +3,856% |
| Taxes, remuneration and social security | 45 | €5,688 | €5,379 | -€309 | -5.4% |
| Taxes | 450/3 | €5,688 | €5,379 | -€309 | -5.4% |
| Other amounts payable | 47/48 | €743 | - | -€743 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €715 | +€715 | |
| Other operating charges | 640/8 | €6,540 | €396 | -€6,144 | -93.9% |
| Gross operating margin | 9900 | €23,029 | -€1,055 | -€24,084 | |
| Operating profit (loss) | 9901 | €16,489 | -€2,166 | -€18,655 | |
| Financial income | 75/76B | - | €124 | +€124 | |
| Recurring financial income | 75 | - | €124 | +€124 | |
| Financial charges | 65/66B | €634 | €145 | -€489 | -77.1% |
| Recurring financial charges | 65 | €634 | €145 | -€489 | -77.1% |
| Profit (loss) for the period before taxes | 9903 | €15,855 | -€2,187 | -€18,042 | |
| Income taxes | 67/77 | €4,804 | - | -€4,804 | |
| Profit (loss) for the period | 9904 | €11,051 | -€2,187 | -€13,238 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,051 | -€2,187 | -€13,238 |
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 30 October 2026 via checked.be.