Royal Swans: what changed
Royal Swans
Largest movements
- Cash +€36,468
up €36,468 (+107%), from €33,941 to €70,409
mainly Depreciation (+€25,967) and Net result for the year (+€8,519)
- Tangible fixed assets -€25,528
down €25,528 (-16.4%), from €155,414 to €129,886
of which Other tangible fixed assets: -€18,266
- Receivables within one year -€2,075
down €2,075 (-70.3%), from €2,952 to €877
of which Other amounts receivable: -€2,871
- Profit (loss) carried forward +€8,519
up €8,519 (+32.3%), from -€26,347 to -€17,829
- Trade debts -€6,085
down €6,085 (-72.4%), from €8,402 to €2,317
- Other debts +€5,960
up €5,960 (+6.6%), from €90,030 to €95,990
- Gross operating margin +€32,694
up €32,694 (+481%), from €6,793 to €39,487
- Depreciation +€5,121
up €5,121 (+24.6%), from €20,846 to €25,967
- Other operating charges -€1,099
down €1,099 (-18.5%), from €5,933 to €4,834
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €194,459 | €203,064 | +€8,605 | +4.4% |
| Fixed assets | 21/28 | €156,350 | €130,383 | -€25,967 | -16.6% |
| Intangible fixed assets | 21 | €936 | €497 | -€439 | -46.9% |
| Tangible fixed assets | 22/27 | €155,414 | €129,886 | -€25,528 | -16.4% |
| Plant, machinery and equipment | 23 | €7,324 | €6,142 | -€1,182 | -16.1% |
| Furniture and vehicles | 24 | €28,753 | €22,673 | -€6,080 | -21.1% |
| Other tangible fixed assets | 26 | €119,337 | €101,072 | -€18,266 | -15.3% |
| Current assets | 29/58 | €38,109 | €72,681 | +€34,572 | +90.7% |
| Stocks and contracts in progress | 3 | €200 | €200 | = | 0.0% |
| Stocks | 30/36 | €200 | €200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,952 | €877 | -€2,075 | -70.3% |
| Trade receivables | 40 | €81 | €877 | +€796 | +984% |
| Other amounts receivable | 41 | €2,871 | - | -€2,871 | |
| Current investments | 50/53 | €25 | €25 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €33,941 | €70,409 | +€36,468 | +107% |
| Deferred charges and accrued income | 490/1 | €991 | €1,170 | +€179 | +18.0% |
| Total equity and liabilities | 10/49 | €194,459 | €203,064 | +€8,605 | +4.4% |
| Equity | 10/15 | €96,016 | €104,535 | +€8,519 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,764 | €103,764 | = | 0.0% |
| Distributable reserves | 133 | €103,764 | €103,764 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,347 | -€17,829 | +€8,519 | +32.3% |
| Amounts payable | 17/49 | €98,443 | €98,529 | +€86 | +0.1% |
| Amounts payable within one year | 42/48 | €98,443 | €98,529 | +€86 | +0.1% |
| Trade debts | 44 | €8,402 | €2,317 | -€6,085 | -72.4% |
| Suppliers | 440/4 | €8,402 | €2,317 | -€6,085 | -72.4% |
| Taxes, remuneration and social security | 45 | €11 | €223 | +€211 | +1,880% |
| Taxes | 450/3 | €11 | €223 | +€211 | +1,880% |
| Other amounts payable | 47/48 | €90,030 | €95,990 | +€5,960 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,846 | €25,967 | +€5,121 | +24.6% |
| Other operating charges | 640/8 | €5,933 | €4,834 | -€1,099 | -18.5% |
| Gross operating margin | 9900 | €6,793 | €39,487 | +€32,694 | +481% |
| Operating profit (loss) | 9901 | -€19,986 | €8,686 | +€28,672 | |
| Financial income | 75/76B | €3 | €4 | +€1 | +39.8% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +39.8% |
| Financial charges | 65/66B | €72 | €30 | -€42 | -58.6% |
| Recurring financial charges | 65 | €72 | €30 | -€42 | -58.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,056 | €8,660 | +€28,716 | |
| Income taxes | 67/77 | €7 | €141 | +€134 | +2,022% |
| Profit (loss) for the period | 9904 | -€20,063 | €8,519 | +€28,581 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,063 | €8,519 | +€28,581 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.