SWART MANAGEMENT: 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.
SWART MANAGEMENT
Largest movements
- Cash +€85,160
up €85,160 (+99.1%), from €85,929 to €171,089
mainly Other debts (+€182,860) and Net result for the year (+€162,768)
- Receivables within one year +€23,265
up €23,265 (+189%), from €12,282 to €35,547
of which Trade receivables: +€21,319
- Other debts +€182,860
up €182,860 (+676%), from €27,055 to €209,915
- Profit (loss) carried forward -€65,273
no longer reported in 2025 (was €65,273)
- Tax, wage and social debts -€9,468
down €9,468 (-77.0%), from €12,293 to €2,825
- Gross operating margin +€144,402
up €144,402 (+205%), from €70,417 to €214,820
- Taxes +€45,666
up €45,666 (+1,449%), from €3,151 to €48,816
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 | €107,632 | €215,752 | +€108,120 | +100% |
| Fixed assets | 21/28 | €7,082 | €6,201 | -€881 | -12.4% |
| Tangible fixed assets | 22/27 | €7,082 | €6,201 | -€881 | -12.4% |
| Furniture and vehicles | 24 | €1,218 | €1,432 | +€214 | +17.6% |
| Other tangible fixed assets | 26 | €5,864 | €4,768 | -€1,095 | -18.7% |
| Current assets | 29/58 | €100,550 | €209,552 | +€109,002 | +108% |
| Amounts receivable within one year | 40/41 | €12,282 | €35,547 | +€23,265 | +189% |
| Trade receivables | 40 | €12,282 | €33,600 | +€21,319 | +174% |
| Other amounts receivable | 41 | - | €1,947 | +€1,947 | |
| Cash at bank and in hand | 54/58 | €85,929 | €171,089 | +€85,160 | +99.1% |
| Deferred charges and accrued income | 490/1 | €2,340 | €2,916 | +€576 | +24.6% |
| Total equity and liabilities | 10/49 | €107,632 | €215,752 | +€108,120 | +100% |
| Equity | 10/15 | €67,273 | €2,000 | -€65,273 | -97.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,273 | - | -€65,273 | |
| Amounts payable | 17/49 | €40,359 | €213,752 | +€173,393 | +430% |
| Amounts payable within one year | 42/48 | €39,359 | €212,752 | +€173,393 | +441% |
| Trade debts | 44 | €12 | €12 | = | 0.0% |
| Suppliers | 440/4 | €12 | €12 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €12,293 | €2,825 | -€9,468 | -77.0% |
| Taxes | 450/3 | €12,293 | €2,825 | -€9,468 | -77.0% |
| Other amounts payable | 47/48 | €27,055 | €209,915 | +€182,860 | +676% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,940 | €1,921 | -€19 | -1.0% |
| Other operating charges | 640/8 | €339 | €1,369 | +€1,030 | +304% |
| Gross operating margin | 9900 | €70,417 | €214,820 | +€144,402 | +205% |
| Operating profit (loss) | 9901 | €68,138 | €211,529 | +€143,391 | +210% |
| Financial income | 75/76B | €369 | €139 | -€230 | -62.3% |
| Recurring financial income | 75 | €369 | €139 | -€230 | -62.3% |
| Financial charges | 65/66B | €84 | €84 | = | 0.0% |
| Recurring financial charges | 65 | €84 | €84 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €68,423 | €211,584 | +€143,161 | +209% |
| Income taxes | 67/77 | €3,151 | €48,816 | +€45,666 | +1,449% |
| Profit (loss) for the period | 9904 | €65,273 | €162,768 | +€97,495 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €65,273 | €162,768 | +€97,495 | +149% |
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.