Swapps: what changed
Two fiscal 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.
Swapps
Largest movements
- Stocks and contracts -€1,678
down €1,678 (-20.0%), from €8,389 to €6,711
- Receivables within one year +€130
up €130 (+220.3%), from €59 to €189
- Profit (loss) carried forward -€5,213
down €5,213 (-14.9%), from -€34,876 to -€40,089
- Other debts +€3,653
up €3,653 (+12.9%), from €28,351 to €32,004
- Financial charges -€1,413
down €1,413 (-39.8%), from €3,546 to €2,133
- Gross operating margin +€1,207
up €1,207 (+28.1%), from -€4,294 to -€3,087
- Depreciation -€361
no longer reported in 2025 (was €361)
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.
Cash bridge derived
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 | €8,482 | €6,915 | -€1,567 | -18.5% |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Current assets | 29/58 | €8,482 | €6,915 | -€1,567 | -18.5% |
| Stocks and contracts in progress | 3 | €8,389 | €6,711 | -€1,678 | -20.0% |
| Stocks | 30/36 | €8,389 | €6,711 | -€1,678 | -20.0% |
| Amounts receivable within one year | 40/41 | €59 | €189 | +€130 | +220.3% |
| Other amounts receivable | 41 | €59 | €189 | +€130 | +220.3% |
| Cash at bank and in hand | 54/58 | €34 | €15 | -€19 | -55.9% |
| Total equity and liabilities | 10/49 | €8,482 | €6,915 | -€1,567 | -18.5% |
| Equity | 10/15 | -€19,876 | -€25,089 | -€5,213 | -26.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,876 | -€40,089 | -€5,213 | -14.9% |
| Amounts payable | 17/49 | €28,358 | €32,004 | +€3,646 | +12.9% |
| Amounts payable within one year | 42/48 | €28,358 | €32,004 | +€3,646 | +12.9% |
| Financial debts | 43 | €7 | - | -€7 | |
| Credit institutions | 430/8 | €7 | - | -€7 | |
| Other amounts payable | 47/48 | €28,351 | €32,004 | +€3,653 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €361 | - | -€361 | |
| Gross operating margin | 9900 | -€4,294 | -€3,087 | +€1,207 | +28.1% |
| Operating profit (loss) | 9901 | -€4,655 | -€3,087 | +€1,568 | +33.7% |
| Financial income | 75/76B | €43 | €7 | -€36 | -83.7% |
| Recurring financial income | 75 | €43 | €7 | -€36 | -83.7% |
| Financial charges | 65/66B | €3,546 | €2,133 | -€1,413 | -39.8% |
| Recurring financial charges | 65 | €3,546 | €2,133 | -€1,413 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,158 | -€5,213 | +€2,945 | +36.1% |
| Profit (loss) for the period | 9904 | -€8,158 | -€5,213 | +€2,945 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,158 | -€5,213 | +€2,945 | +36.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.