SWENNEN: 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.
What changed
SWENNEN
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · -€140,567+€1.5m
Equity
€2.8m
2024 · €1.4m+€1.3m
Cash
€24,226
2024 · €17,080+€7,146
Balance sheet total
€6.6m
2024 · €7.3m-€754,398
Largest movements
Assets
- Tangible fixed assets -€1.7m
down €1.7m (-27.7%), from €6.0m to €4.4m
of which Land and buildings: -€2.1m
- Receivables within one year +€1.1m
up €1.1m (+548.3%), from €192,817 to €1.3m
of which Other amounts receivable: +€590,716
- Stocks and contracts -€150,388
down €150,388 (-27.0%), from €556,050 to €405,662
Equity and liabilities
- Debts after one year -€1.5m
down €1.5m (-36.5%), from €4.0m to €2.5m
- Reserves +€945,892
up €945,892 (+60.9%), from €1.6m to €2.5m
of which Tax-exempt reserves: +€723,095
- Short-term financial debts -€752,201
down €752,201 (-83.8%), from €897,617 to €145,416
- Profit (loss) carried forward +€402,730
no longer reported in 2025 (was -€402,730)
- Provisions +€241,032
up €241,032 (+55.5%), from €433,938 to €674,970
Income statement
- Gross operating margin +€1.8m
up €1.8m (+421.9%), from €417,053 to €2.2m
- Taxes +€145,096
up €145,096 (+10826.7%), from €1,340 to €146,436
- Other operating charges -€81,733
down €81,733 (-75.1%), from €108,830 to €27,097
- Depreciation -€34,766
down €34,766 (-11.0%), from €315,121 to €280,355
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.
Result 2024
-€140,567
Gross operating margin
+€1.8m
Depreciation
+€34,766
Other operating charges
+€81,733
Other operating items
+€745
Financial income
+€10,102
Financial charges
+€10,361
Taxes
-€145,096
Deferred taxes and other
-€262,840
Result 2025
€1.3m
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.
From operations
+€952,219
Investment
+€1.4m
Financing
-€2.3m
Cash 2024
€17,080
From operations (derived)
+€952,219
Net result for the year
+€1.3m
Depreciation
+€280,355
Stocks and contracts
+€150,388
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€9,622
Provisions
+€241,032
Trade debts
-€108,010
Tax, wage and social debts
+€147,264
Other debts
-€35,121
Accrued charges and deferred income
-€5,412
Investment (derived)
+€1.4m
Investment in fixed assets (net)
+€1.4m
Financing
-€2.3m
Debts after one year
-€1.5m
Current portion of long-term debt
-€133,629
Short-term financial debts
-€752,201
Cash 2025
€24,226
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,339,346 | €6,584,949 | -€754,398 | -10.3% |
| Fixed assets | 21/28 | €6,054,085 | €4,376,030 | -€1.7m | -27.7% |
| Tangible fixed assets | 22/27 | €6,048,639 | €4,375,584 | -€1.7m | -27.7% |
| Land and buildings | 22 | €6,041,840 | €3,916,655 | -€2.1m | -35.2% |
| Plant, machinery and equipment | 23 | €391 | €3,495 | +€3,104 | +793.6% |
| Furniture and vehicles | 24 | €6,408 | €11,567 | +€5,159 | +80.5% |
| Other tangible fixed assets | 26 | - | €443,867 | +€443,867 | |
| Financial fixed assets | 28 | €5,446 | €446 | -€5,000 | -91.8% |
| Current assets | 29/58 | €1,285,262 | €2,208,919 | +€923,657 | +71.9% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €556,050 | €405,662 | -€150,388 | -27.0% |
| Stocks | 30/36 | €556,050 | €405,662 | -€150,388 | -27.0% |
| Amounts receivable within one year | 40/41 | €192,817 | €1,250,095 | +€1.1m | +548.3% |
| Trade receivables | 40 | €0 | €466,562 | +€466,562 | |
| Other amounts receivable | 41 | €192,817 | €783,533 | +€590,716 | +306.4% |
| Cash at bank and in hand | 54/58 | €17,080 | €24,226 | +€7,146 | +41.8% |
| Deferred charges and accrued income | 490/1 | €19,314 | €28,936 | +€9,622 | +49.8% |
| Total equity and liabilities | 10/49 | €7,339,346 | €6,584,949 | -€754,398 | -10.3% |
| Equity | 10/15 | €1,430,695 | €2,779,317 | +€1.3m | +94.3% |
| Contributions | 10/11 | €280,460 | €280,460 | = | 0.0% |
| Reserves | 13 | €1,552,965 | €2,498,857 | +€945,892 | +60.9% |
| Non-distributable reserves | 130/1 | €550 | €550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €550 | €550 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,314,938 | €2,038,033 | +€723,095 | +55.0% |
| Distributable reserves | 133 | €237,477 | €460,274 | +€222,797 | +93.8% |
| Profit (loss) carried forward | 14 | -€402,730 | - | +€402,730 | |
| Provisions and deferred taxes | 16 | €433,938 | €674,970 | +€241,032 | +55.5% |
| Deferred taxes | 168 | €433,938 | €674,970 | +€241,032 | +55.5% |
| Amounts payable | 17/49 | €5,474,713 | €3,130,662 | -€2.3m | -42.8% |
| Amounts payable after more than one year | 17 | €3,994,086 | €2,537,144 | -€1.5m | -36.5% |
| Financial debts | 170/4 | €3,994,086 | €2,537,144 | -€1.5m | -36.5% |
| Amounts payable within one year | 42/48 | €1,475,215 | €593,518 | -€881,697 | -59.8% |
| Current portion of amounts payable after more than one year | 42 | €352,005 | €218,376 | -€133,629 | -38.0% |
| Financial debts | 43 | €897,617 | €145,416 | -€752,201 | -83.8% |
| Credit institutions | 430/8 | €897,617 | €145,416 | -€752,201 | -83.8% |
| Trade debts | 44 | €166,965 | €58,956 | -€108,010 | -64.7% |
| Suppliers | 440/4 | €166,965 | €58,956 | -€108,010 | -64.7% |
| Taxes, remuneration and social security | 45 | €0 | €147,264 | +€147,264 | |
| Taxes | 450/3 | €0 | €147,264 | +€147,264 | |
| Other amounts payable | 47/48 | €58,628 | €23,507 | -€35,121 | -59.9% |
| Accrued charges and deferred income | 492/3 | €5,412 | - | -€5,412 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €315,121 | €280,355 | -€34,766 | -11.0% |
| Other operating charges | 640/8 | €108,830 | €27,097 | -€81,733 | -75.1% |
| Non-recurring operating charges | 66A | €745 | - | -€745 | |
| Gross operating margin | 9900 | €417,053 | €2,176,471 | +€1.8m | +421.9% |
| Operating profit (loss) | 9901 | -€7,642 | €1,869,019 | +€1.9m | |
| Financial income | 75/76B | €17,164 | €27,266 | +€10,102 | +58.9% |
| Recurring financial income | 75 | €17,164 | €27,266 | +€10,102 | +58.9% |
| Financial charges | 65/66B | €170,556 | €160,195 | -€10,361 | -6.1% |
| Recurring financial charges | 65 | €170,556 | €160,195 | -€10,361 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | -€161,034 | €1,736,090 | +€1.9m | |
| Transfer from deferred taxes | 780 | €21,808 | €198,008 | +€176,200 | +808.0% |
| Transfer to deferred taxes | 680 | - | €439,040 | +€439,040 | |
| Income taxes | 67/77 | €1,340 | €146,436 | +€145,096 | +10826.7% |
| Profit (loss) for the period | 9904 | -€140,567 | €1,348,622 | +€1.5m | |
| Transfer from tax-exempt reserves | 789 | €65,424 | €594,025 | +€528,601 | +808.0% |
| Transfer to tax-exempt reserves | 689 | - | €1,317,120 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,143 | €625,527 | +€700,670 |
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 8 October 2026 via checked.be.