SWINNEN: 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.
SWINNEN
Largest movements
- Tangible fixed assets +€378,659
up €378,659 (+187%), from €202,241 to €580,900
of which Land and buildings: +€358,079
- Receivables within one year -€376,004
down €376,004 (-55.5%), from €677,651 to €301,647
of which Other amounts receivable: -€315,371
- Stocks and contracts -€25,940
down €25,940 (-16.4%), from €158,060 to €132,120
- Cash -€25,338
down €25,338 (-17.8%), from €142,622 to €117,283
mainly Investment in fixed assets (net) (-€487,232) and Current portion of long-term debt (-€139,283)
- Reserves +€215,751
up €215,751 (+25.2%), from €855,479 to €1.1m
- Current portion of long-term debt -€139,283
down €139,283 (-93.3%), from €149,283 to €10,000
- Trade debts -€120,256
down €120,256 (-69.1%), from €174,093 to €53,837
- Gross operating margin -€247,346
down €247,346 (-37.7%), from €656,144 to €408,799
- Taxes -€83,275
down €83,275 (-55.9%), from €148,912 to €65,638
- Depreciation +€26,154
up €26,154 (+31.7%), from €82,419 to €108,573
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 | €1,240,567 | €1,192,597 | -€47,970 | -3.9% |
| Fixed assets | 21/28 | €243,304 | €621,963 | +€378,659 | +156% |
| Tangible fixed assets | 22/27 | €202,241 | €580,900 | +€378,659 | +187% |
| Land and buildings | 22 | €88,007 | €446,086 | +€358,079 | +407% |
| Plant, machinery and equipment | 23 | €48,385 | €21,268 | -€27,117 | -56.0% |
| Furniture and vehicles | 24 | €48,682 | €113,546 | +€64,863 | +133% |
| Assets under construction and advance payments | 27 | €17,167 | - | -€17,167 | |
| Financial fixed assets | 28 | €41,063 | €41,063 | = | 0.0% |
| Current assets | 29/58 | €997,262 | €570,634 | -€426,629 | -42.8% |
| Stocks and contracts in progress | 3 | €158,060 | €132,120 | -€25,940 | -16.4% |
| Stocks | 30/36 | €158,060 | €132,120 | -€25,940 | -16.4% |
| Amounts receivable within one year | 40/41 | €677,651 | €301,647 | -€376,004 | -55.5% |
| Trade receivables | 40 | €73,141 | €12,508 | -€60,633 | -82.9% |
| Other amounts receivable | 41 | €604,510 | €289,139 | -€315,371 | -52.2% |
| Cash at bank and in hand | 54/58 | €142,622 | €117,283 | -€25,338 | -17.8% |
| Deferred charges and accrued income | 490/1 | €18,930 | €19,583 | +€654 | +3.5% |
| Total equity and liabilities | 10/49 | €1,240,567 | €1,192,597 | -€47,970 | -3.9% |
| Equity | 10/15 | €857,283 | €1,073,035 | +€215,751 | +25.2% |
| Contributions | 10/11 | €1,805 | €1,805 | = | 0.0% |
| Reserves | 13 | €855,479 | €1,071,230 | +€215,751 | +25.2% |
| Distributable reserves | 133 | €855,479 | €1,071,230 | +€215,751 | +25.2% |
| Amounts payable | 17/49 | €383,283 | €119,562 | -€263,721 | -68.8% |
| Amounts payable after more than one year | 17 | €49,167 | €39,167 | -€10,000 | -20.3% |
| Financial debts | 170/4 | €49,167 | €39,167 | -€10,000 | -20.3% |
| Amounts payable within one year | 42/48 | €334,116 | €80,395 | -€253,721 | -75.9% |
| Current portion of amounts payable after more than one year | 42 | €149,283 | €10,000 | -€139,283 | -93.3% |
| Trade debts | 44 | €174,093 | €53,837 | -€120,256 | -69.1% |
| Suppliers | 440/4 | €174,093 | €53,837 | -€120,256 | -69.1% |
| Taxes, remuneration and social security | 45 | €10,740 | €16,558 | +€5,818 | +54.2% |
| Taxes | 450/3 | €9,430 | €16,030 | +€6,600 | +70.0% |
| Remuneration and social security | 454/9 | €1,310 | €528 | -€782 | -59.7% |
| Remuneration, social security and pensions | 62 | €14,837 | €18,684 | +€3,847 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,419 | €108,573 | +€26,154 | +31.7% |
| Other operating charges | 640/8 | €8,740 | €9,001 | +€261 | +3.0% |
| Gross operating margin | 9900 | €656,144 | €408,799 | -€247,346 | -37.7% |
| Operating profit (loss) | 9901 | €550,149 | €272,541 | -€277,608 | -50.5% |
| Financial income | 75/76B | €15,202 | €15,180 | -€21 | -0.1% |
| Recurring financial income | 75 | €15,202 | €15,180 | -€21 | -0.1% |
| Financial charges | 65/66B | €6,628 | €6,333 | -€295 | -4.5% |
| Recurring financial charges | 65 | €6,628 | €6,333 | -€295 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €558,723 | €281,389 | -€277,334 | -49.6% |
| Income taxes | 67/77 | €148,912 | €65,638 | -€83,275 | -55.9% |
| Profit (loss) for the period | 9904 | €409,811 | €215,751 | -€194,059 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €409,811 | €215,751 | -€194,059 | -47.4% |
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.