SWING-VEST: 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.
SWING-VEST
Largest movements
- Cash +€207,794
up €207,794 (+291%), from €71,306 to €279,101
mainly Other debts (+€2.2m) and Net result for the year (+€843,082)
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Other debts +€2.2m
up €2.2m (+263%), from €848,918 to €3.1m
- Profit (loss) carried forward -€2.1m
no longer reported in 2025 (was €2.1m)
- Reserves -€130,500
no longer reported in 2025 (was €130,500)
- Gross operating margin +€157,314
up €157,314 (+18.6%), from €847,226 to €1.0m
- Financial income +€127,783
up €127,783 (+6,573%), from €1,944 to €129,727
- Taxes +€38,785
up €38,785 (+19.0%), from €203,598 to €242,383
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 | €3,813,589 | €3,808,559 | -€5,031 | -0.1% |
| Fixed assets | 21/28 | €3,533,221 | €3,516,423 | -€16,797 | -0.5% |
| Tangible fixed assets | 22/27 | €58,096 | €41,298 | -€16,797 | -28.9% |
| Furniture and vehicles | 24 | €53,470 | €37,342 | -€16,128 | -30.2% |
| Other tangible fixed assets | 26 | €4,626 | €3,956 | -€670 | -14.5% |
| Financial fixed assets | 28 | €3,475,125 | €3,475,125 | = | 0.0% |
| Current assets | 29/58 | €280,369 | €292,135 | +€11,766 | +4.2% |
| Amounts receivable within one year | 40/41 | €1,980 | €6,435 | +€4,455 | +225% |
| Other amounts receivable | 41 | €1,980 | €6,435 | +€4,455 | +225% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €71,306 | €279,101 | +€207,794 | +291% |
| Deferred charges and accrued income | 490/1 | €7,082 | €6,600 | -€483 | -6.8% |
| Total equity and liabilities | 10/49 | €3,813,589 | €3,808,559 | -€5,031 | -0.1% |
| Equity | 10/15 | €2,255,391 | €20,460 | -€2.2m | -99.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €130,500 | - | -€130,500 | |
| Distributable reserves | 133 | €130,500 | - | -€130,500 | |
| Profit (loss) carried forward | 14 | €2,104,431 | - | -€2.1m | |
| Amounts payable | 17/49 | €1,558,199 | €3,788,099 | +€2.2m | +143% |
| Amounts payable after more than one year | 17 | €700,000 | €700,000 | = | 0.0% |
| Financial debts | 170/4 | €700,000 | €700,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €858,199 | €3,088,099 | +€2.2m | +260% |
| Trade debts | 44 | €7,187 | €2,202 | -€4,984 | -69.4% |
| Suppliers | 440/4 | €7,187 | €2,202 | -€4,984 | -69.4% |
| Taxes, remuneration and social security | 45 | €2,094 | €2,094 | = | 0.0% |
| Taxes | 450/3 | €2,094 | €2,094 | = | 0.0% |
| Other amounts payable | 47/48 | €848,918 | €3,083,802 | +€2.2m | +263% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,494 | €19,629 | +€1,136 | +6.1% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Non-recurring operating charges | 66A | - | €258 | +€258 | |
| Gross operating margin | 9900 | €847,226 | €1,004,541 | +€157,314 | +18.6% |
| Operating profit (loss) | 9901 | €827,772 | €983,686 | +€155,913 | +18.8% |
| Financial income | 75/76B | €1,944 | €129,727 | +€127,783 | +6,573% |
| Recurring financial income | 75 | €1,944 | €129,727 | +€127,783 | +6,573% |
| Financial charges | 65/66B | €27,995 | €27,947 | -€47 | -0.2% |
| Recurring financial charges | 65 | €27,995 | €27,947 | -€47 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €801,722 | €1,085,465 | +€283,743 | +35.4% |
| Income taxes | 67/77 | €203,598 | €242,383 | +€38,785 | +19.0% |
| Profit (loss) for the period | 9904 | €598,124 | €843,082 | +€244,958 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €598,124 | €843,082 | +€244,958 | +41.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.