Swap Space: 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.
Swap Space
Largest movements
- Current investments -€80,264
down €80,264 (-66.9%), from €120,000 to €39,736
- Receivables within one year -€10,874
down €10,874 (-19.6%), from €55,435 to €44,561
of which Other amounts receivable: -€15,781
- Cash -€9,554
down €9,554 (-19.6%), from €48,632 to €39,079
mainly Contributions, distributions and other (-€187,295) and Tax, wage and social debts (-€15,229)
- Profit (loss) carried forward -€88,563
down €88,563 (-47.3%), from €187,295 to €98,733
- Tax, wage and social debts -€15,229
down €15,229 (-44.3%), from €34,384 to €19,154
- Financial income +€6,940
up €6,940 (+190%), from €3,656 to €10,596
- Gross operating margin +€6,429
up €6,429 (+5.8%), from €110,618 to €117,046
- Taxes +€2,075
up €2,075 (+9.2%), from €22,624 to €24,699
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 | €230,420 | €128,357 | -€102,063 | -44.3% |
| Fixed assets | 21/28 | €4,022 | €2,911 | -€1,110 | -27.6% |
| Tangible fixed assets | 22/27 | €4,022 | €2,911 | -€1,110 | -27.6% |
| Plant, machinery and equipment | 23 | €1,906 | €1,274 | -€632 | -33.2% |
| Furniture and vehicles | 24 | €2,116 | €1,638 | -€478 | -22.6% |
| Current assets | 29/58 | €226,398 | €125,446 | -€100,953 | -44.6% |
| Amounts receivable within one year | 40/41 | €55,435 | €44,561 | -€10,874 | -19.6% |
| Trade receivables | 40 | €37,174 | €42,081 | +€4,907 | +13.2% |
| Other amounts receivable | 41 | €18,261 | €2,480 | -€15,781 | -86.4% |
| Current investments | 50/53 | €120,000 | €39,736 | -€80,264 | -66.9% |
| Cash at bank and in hand | 54/58 | €48,632 | €39,079 | -€9,554 | -19.6% |
| Deferred charges and accrued income | 490/1 | €2,331 | €2,070 | -€261 | -11.2% |
| Total equity and liabilities | 10/49 | €230,420 | €128,357 | -€102,063 | -44.3% |
| Equity | 10/15 | €192,295 | €103,733 | -€88,563 | -46.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €187,295 | €98,733 | -€88,563 | -47.3% |
| Amounts payable | 17/49 | €38,124 | €24,624 | -€13,500 | -35.4% |
| Amounts payable within one year | 42/48 | €38,124 | €24,624 | -€13,500 | -35.4% |
| Financial debts | 43 | - | €2,226 | +€2,226 | |
| Credit institutions | 430/8 | - | €2,226 | +€2,226 | |
| Trade debts | 44 | €3,741 | €3,243 | -€498 | -13.3% |
| Suppliers | 440/4 | €3,741 | €3,243 | -€498 | -13.3% |
| Taxes, remuneration and social security | 45 | €34,384 | €19,154 | -€15,229 | -44.3% |
| Taxes | 450/3 | €34,384 | €19,154 | -€15,229 | -44.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €812 | €1,475 | +€663 | +81.6% |
| Other operating charges | 640/8 | €110 | €505 | +€396 | +360% |
| Gross operating margin | 9900 | €110,618 | €117,046 | +€6,429 | +5.8% |
| Operating profit (loss) | 9901 | €109,696 | €115,067 | +€5,370 | +4.9% |
| Financial income | 75/76B | €3,656 | €10,596 | +€6,940 | +190% |
| Recurring financial income | 75 | €3,656 | €10,596 | +€6,940 | +190% |
| Financial charges | 65/66B | €3,299 | €2,232 | -€1,068 | -32.4% |
| Recurring financial charges | 65 | €3,299 | €2,232 | -€1,068 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €110,053 | €123,431 | +€13,378 | +12.2% |
| Income taxes | 67/77 | €22,624 | €24,699 | +€2,075 | +9.2% |
| Profit (loss) for the period | 9904 | €87,429 | €98,733 | +€11,304 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,429 | €98,733 | +€11,304 | +12.9% |
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 25 October 2026 via checked.be.