Swell Connect: 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.
Swell Connect
Largest movements
- Current investments +€75,000
up €75,000 (+42.9%), from €175,000 to €250,000
- Cash +€64,584
up €64,584 (+107%), from €60,210 to €124,794
mainly Net result for the year (+€145,199) and Depreciation (+€1,141)
- Reserves +€145,199
up €145,199 (+60.6%), from €239,747 to €384,946
- Gross operating margin +€13,720
up €13,720 (+7.9%), from €174,136 to €187,856
- Taxes +€3,656
up €3,656 (+9.4%), from €38,981 to €42,638
- Financial income +€2,156
up €2,156 (+139%), from €1,550 to €3,707
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 | €263,095 | €408,990 | +€145,894 | +55.5% |
| Fixed assets | 21/28 | €557 | €4,623 | +€4,065 | +730% |
| Tangible fixed assets | 22/27 | €557 | €4,623 | +€4,065 | +730% |
| Land and buildings | 22 | - | €4,442 | +€4,442 | |
| Furniture and vehicles | 24 | €557 | €181 | -€377 | -67.6% |
| Current assets | 29/58 | €262,538 | €404,367 | +€141,829 | +54.0% |
| Amounts receivable within one year | 40/41 | €25,684 | €26,448 | +€764 | +3.0% |
| Trade receivables | 40 | €24,200 | €24,200 | = | 0.0% |
| Other amounts receivable | 41 | €1,484 | €2,248 | +€764 | +51.5% |
| Current investments | 50/53 | €175,000 | €250,000 | +€75,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €60,210 | €124,794 | +€64,584 | +107% |
| Deferred charges and accrued income | 490/1 | €1,644 | €3,125 | +€1,482 | +90.1% |
| Total equity and liabilities | 10/49 | €263,095 | €408,990 | +€145,894 | +55.5% |
| Equity | 10/15 | €244,747 | €389,946 | +€145,199 | +59.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €239,747 | €384,946 | +€145,199 | +60.6% |
| Distributable reserves | 133 | €239,747 | €384,946 | +€145,199 | +60.6% |
| Amounts payable | 17/49 | €18,349 | €19,043 | +€695 | +3.8% |
| Amounts payable within one year | 42/48 | €18,349 | €19,043 | +€695 | +3.8% |
| Trade debts | 44 | €2,506 | €2,869 | +€363 | +14.5% |
| Suppliers | 440/4 | €2,506 | €2,869 | +€363 | +14.5% |
| Taxes, remuneration and social security | 45 | €15,843 | €15,560 | -€283 | -1.8% |
| Taxes | 450/3 | €15,843 | €15,560 | -€283 | -1.8% |
| Other amounts payable | 47/48 | €0 | €615 | +€615 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377 | €1,141 | +€764 | +203% |
| Other operating charges | 640/8 | €456 | €936 | +€480 | +105% |
| Gross operating margin | 9900 | €174,136 | €187,856 | +€13,720 | +7.9% |
| Operating profit (loss) | 9901 | €173,303 | €185,778 | +€12,475 | +7.2% |
| Financial income | 75/76B | €1,550 | €3,707 | +€2,156 | +139% |
| Recurring financial income | 75 | €1,550 | €3,707 | +€2,156 | +139% |
| Financial charges | 65/66B | €1,723 | €1,648 | -€75 | -4.3% |
| Recurring financial charges | 65 | €1,723 | €1,648 | -€75 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €173,131 | €187,837 | +€14,706 | +8.5% |
| Income taxes | 67/77 | €38,981 | €42,638 | +€3,656 | +9.4% |
| Profit (loss) for the period | 9904 | €134,149 | €145,199 | +€11,050 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €134,149 | €145,199 | +€11,050 | +8.2% |
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 13 October 2026 via checked.be.