SWIM - FUN: 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.
SWIM - FUN
Largest movements
- Tangible fixed assets -€58,986
down €58,986 (-7.8%), from €758,604 to €699,618
- Stocks and contracts +€49,806
up €49,806 (+102%), from €48,607 to €98,413
of which Contracts in progress: +€33,924
- Cash -€30,339
down €30,339 (-53.5%), from €56,698 to €26,360
mainly Stocks and contracts (-€49,806) and Debts after one year (-€36,642)
- Receivables within one year -€25,472
down €25,472 (-36.2%), from €70,349 to €44,877
of which Trade receivables: -€26,018
- Deferred charges and accrued income -€10,870
no longer reported in 2025 (was €10,870)
- Debts after one year -€36,642
down €36,642 (-10.8%), from €339,282 to €302,640
- Trade debts -€31,007
down €31,007 (-36.3%), from €85,510 to €54,503
- Current portion of long-term debt -€22,651
down €22,651 (-38.2%), from €59,293 to €36,642
- Tax, wage and social debts +€13,909
up €13,909 (+96.9%), from €14,348 to €28,257
of which Remuneration and social security: +€7,888
- Staff costs +€41,629
up €41,629 (+23.5%), from €176,775 to €218,404
- Gross operating margin +€41,406
up €41,406 (+15.7%), from €263,998 to €305,404
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 | €945,566 | €869,267 | -€76,299 | -8.1% |
| Fixed assets | 21/28 | €759,041 | €699,618 | -€59,424 | -7.8% |
| Intangible fixed assets | 21 | €437 | - | -€437 | |
| Tangible fixed assets | 22/27 | €758,604 | €699,618 | -€58,986 | -7.8% |
| Land and buildings | 22 | €651,349 | €631,962 | -€19,387 | -3.0% |
| Plant, machinery and equipment | 23 | €21,628 | €17,447 | -€4,182 | -19.3% |
| Furniture and vehicles | 24 | €75,735 | €49,609 | -€26,126 | -34.5% |
| Leasing and similar rights | 25 | €8,894 | - | -€8,894 | |
| Other tangible fixed assets | 26 | €998 | €600 | -€398 | -39.9% |
| Current assets | 29/58 | €186,524 | €169,649 | -€16,875 | -9.0% |
| Stocks and contracts in progress | 3 | €48,607 | €98,413 | +€49,806 | +102% |
| Stocks | 30/36 | €48,607 | €64,489 | +€15,882 | +32.7% |
| Contracts in progress | 37 | - | €33,924 | +€33,924 | |
| Amounts receivable within one year | 40/41 | €70,349 | €44,877 | -€25,472 | -36.2% |
| Trade receivables | 40 | €68,739 | €42,721 | -€26,018 | -37.9% |
| Other amounts receivable | 41 | €1,610 | €2,156 | +€546 | +33.9% |
| Cash at bank and in hand | 54/58 | €56,698 | €26,360 | -€30,339 | -53.5% |
| Deferred charges and accrued income | 490/1 | €10,870 | - | -€10,870 | |
| Total equity and liabilities | 10/49 | €945,566 | €869,267 | -€76,299 | -8.1% |
| Equity | 10/15 | €207,033 | €209,165 | +€2,131 | +1.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €197,033 | €199,165 | +€2,131 | +1.1% |
| Distributable reserves | 133 | €197,033 | €199,165 | +€2,131 | +1.1% |
| Amounts payable | 17/49 | €738,532 | €660,102 | -€78,430 | -10.6% |
| Amounts payable after more than one year | 17 | €339,282 | €302,640 | -€36,642 | -10.8% |
| Financial debts | 170/4 | €339,282 | €302,640 | -€36,642 | -10.8% |
| Amounts payable within one year | 42/48 | €399,251 | €357,462 | -€41,788 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €59,293 | €36,642 | -€22,651 | -38.2% |
| Trade debts | 44 | €85,510 | €54,503 | -€31,007 | -36.3% |
| Suppliers | 440/4 | €85,510 | €54,503 | -€31,007 | -36.3% |
| Taxes, remuneration and social security | 45 | €14,348 | €28,257 | +€13,909 | +96.9% |
| Taxes | 450/3 | €8,204 | €14,224 | +€6,021 | +73.4% |
| Remuneration and social security | 454/9 | €6,145 | €14,033 | +€7,888 | +128% |
| Other amounts payable | 47/48 | €240,100 | €238,061 | -€2,039 | -0.8% |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Remuneration, social security and pensions | 62 | €176,775 | €218,404 | +€41,629 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,224 | €65,917 | +€2,693 | +4.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €8,728 | €8,081 | -€647 | -7.4% |
| Gross operating margin | 9900 | €263,998 | €305,404 | +€41,406 | +15.7% |
| Operating profit (loss) | 9901 | €15,271 | €13,002 | -€2,269 | -14.9% |
| Financial income | 75/76B | €1,047 | €2,431 | +€1,385 | +132% |
| Recurring financial income | 75 | €1,047 | €2,431 | +€1,385 | +132% |
| Financial charges | 65/66B | €7,009 | €8,580 | +€1,571 | +22.4% |
| Recurring financial charges | 65 | €7,009 | €8,580 | +€1,571 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | €9,308 | €6,853 | -€2,455 | -26.4% |
| Income taxes | 67/77 | €5,148 | €4,722 | -€426 | -8.3% |
| Profit (loss) for the period | 9904 | €4,161 | €2,131 | -€2,029 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,161 | €2,131 | -€2,029 | -48.8% |
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 18 October 2026 via checked.be.