Peter 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.
Peter Swinnen
Largest movements
- Intangible fixed assets +€438,432
up €438,432 (+120%), from €364,675 to €803,107
- Tangible fixed assets +€197,111
up €197,111 (+48.0%), from €410,314 to €607,426
of which Land and buildings: +€184,744
- Cash +€113,681
up €113,681 (+75.6%), from €150,395 to €264,076
mainly Net result for the year (+€526,326) and Debts after one year (+€491,124)
- Deferred charges and accrued income +€61,982
up €61,982 (+71.1%), from €87,188 to €149,170
- Current investments +€40,000
up €40,000 (+133%), from €30,000 to €70,000
- Debts after one year +€491,124
up €491,124 (+73.5%), from €668,506 to €1.2m
- Profit (loss) carried forward +€226,326
new in 2025: €226,326
- Current portion of long-term debt +€71,633
up €71,633 (+60.2%), from €119,002 to €190,635
- Reserves +€50,000
up €50,000 (+27.8%), from €179,981 to €229,981
- Gross operating margin +€215,237
up €215,237 (+20.1%), from €1.1m to €1.3m
- Staff costs +€62,427
up €62,427 (+16.5%), from €378,253 to €440,680
- Depreciation +€33,088
up €33,088 (+44.4%), from €74,528 to €107,616
- Taxes +€26,887
up €26,887 (+17.5%), from €153,591 to €180,478
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 | €1,047,290 | €1,907,301 | +€860,010 | +82.1% |
| Fixed assets | 21/28 | €774,989 | €1,410,532 | +€635,543 | +82.0% |
| Intangible fixed assets | 21 | €364,675 | €803,107 | +€438,432 | +120% |
| Tangible fixed assets | 22/27 | €410,314 | €607,426 | +€197,111 | +48.0% |
| Land and buildings | 22 | €282,424 | €467,168 | +€184,744 | +65.4% |
| Plant, machinery and equipment | 23 | €5,941 | €5,550 | -€391 | -6.6% |
| Furniture and vehicles | 24 | €14,615 | €35,040 | +€20,426 | +140% |
| Other tangible fixed assets | 26 | €107,334 | €99,667 | -€7,667 | -7.1% |
| Current assets | 29/58 | €272,301 | €496,768 | +€224,468 | +82.4% |
| Amounts receivable within one year | 40/41 | €4,717 | €13,522 | +€8,805 | +187% |
| Trade receivables | 40 | €2,309 | - | -€2,309 | |
| Other amounts receivable | 41 | €2,409 | €13,522 | +€11,113 | +461% |
| Current investments | 50/53 | €30,000 | €70,000 | +€40,000 | +133% |
| Cash at bank and in hand | 54/58 | €150,395 | €264,076 | +€113,681 | +75.6% |
| Deferred charges and accrued income | 490/1 | €87,188 | €149,170 | +€61,982 | +71.1% |
| Total equity and liabilities | 10/49 | €1,047,290 | €1,907,301 | +€860,010 | +82.1% |
| Equity | 10/15 | €186,181 | €462,508 | +€276,326 | +148% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €179,981 | €229,981 | +€50,000 | +27.8% |
| Distributable reserves | 133 | €179,981 | €229,981 | +€50,000 | +27.8% |
| Profit (loss) carried forward | 14 | - | €226,326 | +€226,326 | |
| Amounts payable | 17/49 | €861,109 | €1,444,793 | +€583,684 | +67.8% |
| Amounts payable after more than one year | 17 | €668,506 | €1,159,629 | +€491,124 | +73.5% |
| Financial debts | 170/4 | €668,506 | €1,159,629 | +€491,124 | +73.5% |
| Amounts payable within one year | 42/48 | €192,603 | €285,163 | +€92,560 | +48.1% |
| Current portion of amounts payable after more than one year | 42 | €119,002 | €190,635 | +€71,633 | +60.2% |
| Trade debts | 44 | €27,028 | €41,686 | +€14,658 | +54.2% |
| Suppliers | 440/4 | €27,028 | €41,686 | +€14,658 | +54.2% |
| Taxes, remuneration and social security | 45 | €46,232 | €52,502 | +€6,270 | +13.6% |
| Remuneration and social security | 454/9 | €46,232 | €52,502 | +€6,270 | +13.6% |
| Other amounts payable | 47/48 | €340 | €340 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €378,253 | €440,680 | +€62,427 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,528 | €107,616 | +€33,088 | +44.4% |
| Other operating charges | 640/8 | €2,481 | €5,045 | +€2,564 | +103% |
| Gross operating margin | 9900 | €1,071,204 | €1,286,441 | +€215,237 | +20.1% |
| Operating profit (loss) | 9901 | €615,943 | €733,100 | +€117,157 | +19.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €18,944 | €26,296 | +€7,352 | +38.8% |
| Recurring financial charges | 65 | €18,944 | €26,296 | +€7,352 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €596,999 | €706,804 | +€109,805 | +18.4% |
| Income taxes | 67/77 | €153,591 | €180,478 | +€26,887 | +17.5% |
| Profit (loss) for the period | 9904 | €443,408 | €526,326 | +€82,919 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €443,408 | €526,326 | +€82,919 | +18.7% |
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 18 October 2026 via checked.be.