SWAANS FRANS: 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.
SWAANS FRANS
Largest movements
- Stocks and contracts -€71,374
down €71,374 (-19.8%), from €360,974 to €289,600
- Tangible fixed assets +€30,141
up €30,141 (+29.0%), from €103,896 to €134,037
of which Plant, machinery and equipment: +€42,576
- Receivables within one year +€21,847
up €21,847 (+89.9%), from €24,293 to €46,140
of which Trade receivables: +€16,732
- Intangible fixed assets +€6,062
new in 2025: €6,062
- Debts after one year +€126,591
up €126,591 (+844%), from €14,999 to €141,590
- Trade debts -€119,706
down €119,706 (-37.2%), from €321,627 to €201,921
- Other debts -€35,082
down €35,082 (-32.2%), from €108,924 to €73,842
- Reserves +€10,482
up €10,482 (+34.1%), from €30,760 to €41,241
- Current portion of long-term debt +€8,935
up €8,935 (+179%), from €5,000 to €13,935
- Gross operating margin +€11,824
up €11,824 (+27.6%), from €42,784 to €54,608
- Depreciation +€9,581
up €9,581 (+64.8%), from €14,794 to €24,375
- Financial charges +€1,975
up €1,975 (+44.6%), from €4,424 to €6,400
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 | €499,974 | €492,784 | -€7,190 | -1.4% |
| Fixed assets | 21/28 | €103,896 | €140,099 | +€36,203 | +34.8% |
| Intangible fixed assets | 21 | - | €6,062 | +€6,062 | |
| Tangible fixed assets | 22/27 | €103,896 | €134,037 | +€30,141 | +29.0% |
| Land and buildings | 22 | €99,482 | €87,648 | -€11,834 | -11.9% |
| Plant, machinery and equipment | 23 | €2,800 | €45,376 | +€42,576 | +1,521% |
| Furniture and vehicles | 24 | €1,614 | €1,013 | -€602 | -37.3% |
| Current assets | 29/58 | €396,078 | €352,685 | -€43,393 | -11.0% |
| Stocks and contracts in progress | 3 | €360,974 | €289,600 | -€71,374 | -19.8% |
| Stocks | 30/36 | €360,974 | €289,600 | -€71,374 | -19.8% |
| Amounts receivable within one year | 40/41 | €24,293 | €46,140 | +€21,847 | +89.9% |
| Trade receivables | 40 | €22,451 | €39,183 | +€16,732 | +74.5% |
| Other amounts receivable | 41 | €1,842 | €6,956 | +€5,114 | +278% |
| Cash at bank and in hand | 54/58 | €10,811 | €12,164 | +€1,353 | +12.5% |
| Deferred charges and accrued income | 490/1 | - | €4,781 | +€4,781 | |
| Total equity and liabilities | 10/49 | €499,974 | €492,784 | -€7,190 | -1.4% |
| Equity | 10/15 | €43,160 | €53,641 | +€10,482 | +24.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €30,760 | €41,241 | +€10,482 | +34.1% |
| Distributable reserves | 133 | €30,760 | €41,241 | +€10,482 | +34.1% |
| Amounts payable | 17/49 | €456,814 | €439,142 | -€17,672 | -3.9% |
| Amounts payable after more than one year | 17 | €14,999 | €141,590 | +€126,591 | +844% |
| Financial debts | 170/4 | €14,999 | €141,590 | +€126,591 | +844% |
| Amounts payable within one year | 42/48 | €441,816 | €297,552 | -€144,263 | -32.7% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €13,935 | +€8,935 | +179% |
| Trade debts | 44 | €321,627 | €201,921 | -€119,706 | -37.2% |
| Suppliers | 440/4 | €321,627 | €201,921 | -€119,706 | -37.2% |
| Taxes, remuneration and social security | 45 | €6,264 | €7,854 | +€1,590 | +25.4% |
| Taxes | 450/3 | €6,264 | €7,854 | +€1,590 | +25.4% |
| Other amounts payable | 47/48 | €108,924 | €73,842 | -€35,082 | -32.2% |
| Non-recurring operating income | 76A | - | €25,000 | +€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,794 | €24,375 | +€9,581 | +64.8% |
| Other operating charges | 640/8 | €9,875 | €9,413 | -€462 | -4.7% |
| Gross operating margin | 9900 | €42,784 | €54,608 | +€11,824 | +27.6% |
| Operating profit (loss) | 9901 | €18,114 | €20,819 | +€2,705 | +14.9% |
| Financial income | 75/76B | €16 | - | -€16 | |
| Recurring financial income | 75 | €16 | - | -€16 | |
| Financial charges | 65/66B | €4,424 | €6,400 | +€1,975 | +44.6% |
| Recurring financial charges | 65 | €4,424 | €6,400 | +€1,975 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | €13,706 | €14,420 | +€713 | +5.2% |
| Income taxes | 67/77 | €3,916 | €3,938 | +€22 | +0.6% |
| Profit (loss) for the period | 9904 | €9,790 | €10,482 | +€691 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,790 | €10,482 | +€691 | +7.1% |
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 26 October 2026 via checked.be.