SWING: 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.
SWING
Largest movements
- Tangible fixed assets +€301,305
up €301,305 (+6.8%), from €4.4m to €4.7m
of which Land and buildings: +€170,093
- Cash -€240,579
down €240,579 (-95.7%), from €251,461 to €10,882
mainly Investment in fixed assets (net) (-€640,098) and Stocks and contracts (-€140,319)
- Receivables within one year -€176,720
down €176,720 (-57.4%), from €307,944 to €131,224
of which Trade receivables: -€177,041
- Stocks and contracts +€140,319
up €140,319 (+23.0%), from €611,038 to €751,357
- Debts after one year -€137,489
down €137,489 (-3.0%), from €4.6m to €4.4m
- Profit (loss) carried forward +€124,217
up €124,217 (+26.5%), from €468,940 to €593,157
- Gross operating margin -€619,403
down €619,403 (-33.7%), from €1.8m to €1.2m
- Staff costs -€323,648
down €323,648 (-32.3%), from €1.0m to €678,660
- Depreciation -€198,666
down €198,666 (-36.8%), from €539,459 to €340,793
- Provisions -€57,585
down €57,585, from €27,452 to -€30,133
- Financial charges -€39,282
down €39,282 (-36.9%), from €106,379 to €67,097
of which Financial charges: -€38,282
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 | €5,606,954 | €5,629,325 | +€22,371 | +0.4% |
| Fixed assets | 21/28 | €4,422,981 | €4,722,285 | +€299,305 | +6.8% |
| Tangible fixed assets | 22/27 | €4,419,960 | €4,721,264 | +€301,305 | +6.8% |
| Land and buildings | 22 | €4,027,437 | €4,197,530 | +€170,093 | +4.2% |
| Plant, machinery and equipment | 23 | €306,768 | €388,975 | +€82,207 | +26.8% |
| Furniture and vehicles | 24 | €85,754 | €134,759 | +€49,004 | +57.1% |
| Financial fixed assets | 28 | €3,021 | €1,021 | -€2,000 | -66.2% |
| Current assets | 29/58 | €1,183,973 | €907,040 | -€276,934 | -23.4% |
| Stocks and contracts in progress | 3 | €611,038 | €751,357 | +€140,319 | +23.0% |
| Stocks | 30/36 | €611,038 | €751,357 | +€140,319 | +23.0% |
| Amounts receivable within one year | 40/41 | €307,944 | €131,224 | -€176,720 | -57.4% |
| Trade receivables | 40 | €307,944 | €130,904 | -€177,041 | -57.5% |
| Other amounts receivable | 41 | - | €321 | +€321 | |
| Cash at bank and in hand | 54/58 | €251,461 | €10,882 | -€240,579 | -95.7% |
| Deferred charges and accrued income | 490/1 | €13,530 | €13,577 | +€47 | +0.3% |
| Total equity and liabilities | 10/49 | €5,606,954 | €5,629,325 | +€22,371 | +0.4% |
| Equity | 10/15 | €549,396 | €673,613 | +€124,217 | +22.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €18,483 | €18,483 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,832 | €7,832 | = | 0.0% |
| Distributable reserves | 133 | €10,650 | €10,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | €468,940 | €593,157 | +€124,217 | +26.5% |
| Provisions and deferred taxes | 16 | €58,881 | €28,748 | -€30,133 | -51.2% |
| Provisions for liabilities and charges | 160/5 | €58,881 | €28,748 | -€30,133 | -51.2% |
| Other liabilities and charges | 164/5 | €58,881 | €28,748 | -€30,133 | -51.2% |
| Amounts payable | 17/49 | €4,998,677 | €4,926,964 | -€71,713 | -1.4% |
| Amounts payable after more than one year | 17 | €4,557,710 | €4,420,221 | -€137,489 | -3.0% |
| Financial debts | 170/4 | €4,557,710 | €4,420,221 | -€137,489 | -3.0% |
| Amounts payable within one year | 42/48 | €419,967 | €488,744 | +€68,776 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €122,962 | €126,166 | +€3,204 | +2.6% |
| Trade debts | 44 | €155,989 | €199,767 | +€43,778 | +28.1% |
| Suppliers | 440/4 | €155,989 | €199,767 | +€43,778 | +28.1% |
| Taxes, remuneration and social security | 45 | €79,356 | €101,142 | +€21,786 | +27.5% |
| Taxes | 450/3 | €51,842 | €17,751 | -€34,091 | -65.8% |
| Remuneration and social security | 454/9 | €27,514 | €83,391 | +€55,877 | +203.1% |
| Other amounts payable | 47/48 | €61,660 | €61,668 | +€8 | 0.0% |
| Accrued charges and deferred income | 492/3 | €21,000 | €18,000 | -€3,000 | -14.3% |
| Remuneration, social security and pensions | 62 | €1,002,308 | €678,660 | -€323,648 | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €539,459 | €340,793 | -€198,666 | -36.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €27,452 | -€30,133 | -€57,585 | |
| Other operating charges | 640/8 | €17,900 | €15,435 | -€2,465 | -13.8% |
| Gross operating margin | 9900 | €1,839,543 | €1,220,140 | -€619,403 | -33.7% |
| Operating profit (loss) | 9901 | €252,424 | €215,384 | -€37,040 | -14.7% |
| Financial income | 75/76B | €8,434 | €609 | -€7,825 | -92.8% |
| Recurring financial income | 75 | €8,434 | €609 | -€7,825 | -92.8% |
| Financial charges | 65/66B | €106,379 | €67,097 | -€39,282 | -36.9% |
| Recurring financial charges | 65 | €105,379 | €67,097 | -€38,282 | -36.3% |
| Non-recurring financial charges | 66B | €1,000 | - | -€1,000 | |
| Profit (loss) for the period before taxes | 9903 | €154,479 | €148,896 | -€5,583 | -3.6% |
| Income taxes | 67/77 | €1,155 | €24,679 | +€23,524 | +2036.2% |
| Profit (loss) for the period | 9904 | €153,324 | €124,217 | -€29,107 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,324 | €124,217 | -€29,107 | -19.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.