Rutger Swinters: what changed
Rutger Swinters
Largest movements
- Cash +€4,478
up €4,478 (+181%), from €2,478 to €6,955
mainly Receivables within one year (+€2,406) and Net result for the year (+€2,367)
- Receivables within one year -€2,406
down €2,406 (-5.6%), from €43,177 to €40,771
of which Other amounts receivable: -€8,866
- Tangible fixed assets -€948
down €948 (-12.9%), from €7,377 to €6,428
of which Land and buildings: -€607
- Profit (loss) carried forward +€2,367
new in 2025: €2,367
- Debts after one year -€1,271
down €1,271 (-32.7%), from €3,884 to €2,612
- Trade debts -€783
down €783 (-4.3%), from €18,124 to €17,340
- Tax, wage and social debts +€641
up €641 (+32.4%), from €1,980 to €2,622
- Depreciation -€2,651
down €2,651 (-59.3%), from €4,467 to €1,816
- Financial charges +€1,825
up €1,825 (+246%), from €742 to €2,567
- Other operating charges +€1,342
up €1,342 (+201%), from €669 to €2,011
- Gross operating margin +€1,172
up €1,172 (+12.8%), from €9,159 to €10,330
- Financial income -€888
down €888 (-95.7%), from €927 to €39
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 | €56,642 | €57,655 | +€1,013 | +1.8% |
| Fixed assets | 21/28 | €7,377 | €6,428 | -€948 | -12.9% |
| Tangible fixed assets | 22/27 | €7,377 | €6,428 | -€948 | -12.9% |
| Land and buildings | 22 | €6,009 | €5,402 | -€607 | -10.1% |
| Plant, machinery and equipment | 23 | €651 | €139 | -€513 | -78.7% |
| Furniture and vehicles | 24 | €717 | €888 | +€171 | +23.9% |
| Current assets | 29/58 | €49,265 | €51,226 | +€1,962 | +4.0% |
| Stocks and contracts in progress | 3 | €3,500 | €3,500 | = | 0.0% |
| Stocks | 30/36 | €3,500 | €3,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,177 | €40,771 | -€2,406 | -5.6% |
| Trade receivables | 40 | €17,217 | €23,677 | +€6,460 | +37.5% |
| Other amounts receivable | 41 | €25,960 | €17,094 | -€8,866 | -34.2% |
| Cash at bank and in hand | 54/58 | €2,478 | €6,955 | +€4,478 | +181% |
| Deferred charges and accrued income | 490/1 | €110 | - | -€110 | |
| Total equity and liabilities | 10/49 | €56,642 | €57,655 | +€1,013 | +1.8% |
| Equity | 10/15 | €31,442 | €33,809 | +€2,367 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,842 | €12,842 | = | 0.0% |
| Distributable reserves | 133 | €12,842 | €12,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,367 | +€2,367 | |
| Amounts payable | 17/49 | €25,199 | €23,846 | -€1,354 | -5.4% |
| Amounts payable after more than one year | 17 | €3,884 | €2,612 | -€1,271 | -32.7% |
| Financial debts | 170/4 | €3,884 | €2,612 | -€1,271 | -32.7% |
| Amounts payable within one year | 42/48 | €21,316 | €21,233 | -€83 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €1,212 | €1,271 | +€59 | +4.9% |
| Trade debts | 44 | €18,124 | €17,340 | -€783 | -4.3% |
| Suppliers | 440/4 | €18,124 | €17,340 | -€783 | -4.3% |
| Taxes, remuneration and social security | 45 | €1,980 | €2,622 | +€641 | +32.4% |
| Taxes | 450/3 | €1,980 | €2,622 | +€641 | +32.4% |
| Non-recurring operating income | 76A | - | €1,470 | +€1,470 | |
| Remuneration, social security and pensions | 62 | €156 | €580 | +€424 | +272% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,467 | €1,816 | -€2,651 | -59.3% |
| Other operating charges | 640/8 | €669 | €2,011 | +€1,342 | +201% |
| Gross operating margin | 9900 | €9,159 | €10,330 | +€1,172 | +12.8% |
| Operating profit (loss) | 9901 | €3,867 | €5,924 | +€2,057 | +53.2% |
| Financial income | 75/76B | €927 | €39 | -€888 | -95.7% |
| Recurring financial income | 75 | €927 | €39 | -€888 | -95.7% |
| Financial charges | 65/66B | €742 | €2,567 | +€1,825 | +246% |
| Recurring financial charges | 65 | €742 | €2,567 | +€1,825 | +246% |
| Profit (loss) for the period before taxes | 9903 | €4,052 | €3,397 | -€655 | -16.2% |
| Income taxes | 67/77 | €1,592 | €1,030 | -€562 | -35.3% |
| Profit (loss) for the period | 9904 | €2,461 | €2,367 | -€93 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,461 | €2,367 | -€93 | -3.8% |
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 4 November 2026 via checked.be.