THE SWAP GROUP: what changed
What changed
THE SWAP GROUP
NACE 49.410, Freight transport by road
filed annual accounts (NBB)
Net result for the year
€8,528
2024 · €4,951+€3,577
Equity
€184,295
2024 · €175,767+€8,528
Cash
€85,987
2024 · €57,951+€28,036
Balance sheet total
€995,918
2024 · €937,959+€57,959
Largest movements
Assets
- Receivables within one year +€40,143
up €40,143 (+4.9%), from €823,338 to €863,480
of which Trade receivables: +€57,355
- Cash +€28,036
up €28,036 (+48.4%), from €57,951 to €85,987
mainly Trade debts (+€98,755) and Depreciation (+€15,312)
Equity and liabilities
- Trade debts +€98,755
up €98,755 (+41.8%), from €236,288 to €335,044
- Other debts -€25,830
down €25,830 (-13.8%), from €186,829 to €160,999
- Short-term financial debts -€24,504
down €24,504 (-7.7%), from €316,539 to €292,036
Income statement
- Gross operating margin -€79,481
down €79,481 (-29.0%), from €273,975 to €194,494
- Staff costs -€76,461
down €76,461 (-38.5%), from €198,777 to €122,317
- Taxes +€11,293
up €11,293, from -€3,293 to €8,000
- Depreciation -€9,232
down €9,232 (-37.6%), from €24,544 to €15,312
- Financial charges -€8,209
down €8,209 (-22.1%), from €37,137 to €28,928
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4,951
Gross operating margin
-€79,481
Staff costs
+€76,461
Depreciation
+€9,232
Other operating charges
+€449
Financial charges
+€8,209
Taxes
-€11,293
Result 2025
€8,528
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€59,021
Investment
-€6,481
Financing
-€24,504
Cash 2024
€57,951
From operations (derived)
+€59,021
Net result for the year
+€8,528
Depreciation
+€15,312
Receivables within one year
-€40,143
Deferred charges and accrued income
+€1,390
Trade debts
+€98,755
Tax, wage and social debts
+€1,453
Other debts
-€25,830
Accrued charges and deferred income
-€444
Investment (derived)
-€6,481
Investment in fixed assets (net)
-€6,481
Financing
-€24,504
Short-term financial debts
-€24,504
Cash 2025
€85,987
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €937,959 | €995,918 | +€57,959 | +6.2% |
| Fixed assets | 21/28 | €42,222 | €33,391 | -€8,831 | -20.9% |
| Tangible fixed assets | 22/27 | €41,553 | €32,722 | -€8,831 | -21.3% |
| Plant, machinery and equipment | 23 | €10,424 | €9,663 | -€761 | -7.3% |
| Furniture and vehicles | 24 | €30,862 | €23,020 | -€7,843 | -25.4% |
| Other tangible fixed assets | 26 | €267 | €39 | -€227 | -85.3% |
| Financial fixed assets | 28 | €669 | €669 | = | 0.0% |
| Current assets | 29/58 | €895,737 | €962,527 | +€66,789 | +7.5% |
| Amounts receivable within one year | 40/41 | €823,338 | €863,480 | +€40,143 | +4.9% |
| Trade receivables | 40 | €690,262 | €747,617 | +€57,355 | +8.3% |
| Other amounts receivable | 41 | €133,075 | €115,863 | -€17,212 | -12.9% |
| Current investments | 50/53 | €12,279 | €12,279 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,951 | €85,987 | +€28,036 | +48.4% |
| Deferred charges and accrued income | 490/1 | €2,169 | €780 | -€1,390 | -64.1% |
| Total equity and liabilities | 10/49 | €937,959 | €995,918 | +€57,959 | +6.2% |
| Equity | 10/15 | €175,767 | €184,295 | +€8,528 | +4.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €124,000 | €124,000 | = | 0.0% |
| Distributable reserves | 133 | €124,000 | €124,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,767 | €20,295 | +€8,528 | +72.5% |
| Amounts payable | 17/49 | €762,192 | €811,623 | +€49,431 | +6.5% |
| Amounts payable within one year | 42/48 | €761,748 | €811,623 | +€49,875 | +6.5% |
| Financial debts | 43 | €316,539 | €292,036 | -€24,504 | -7.7% |
| Credit institutions | 430/8 | €316,539 | €292,036 | -€24,504 | -7.7% |
| Trade debts | 44 | €236,288 | €335,044 | +€98,755 | +41.8% |
| Suppliers | 440/4 | €236,288 | €335,044 | +€98,755 | +41.8% |
| Taxes, remuneration and social security | 45 | €22,091 | €23,544 | +€1,453 | +6.6% |
| Taxes | 450/3 | €1,132 | €3,791 | +€2,660 | +235% |
| Remuneration and social security | 454/9 | €20,959 | €19,753 | -€1,206 | -5.8% |
| Other amounts payable | 47/48 | €186,829 | €160,999 | -€25,830 | -13.8% |
| Accrued charges and deferred income | 492/3 | €444 | - | -€444 | |
| Remuneration, social security and pensions | 62 | €198,777 | €122,317 | -€76,461 | -38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,544 | €15,312 | -€9,232 | -37.6% |
| Other operating charges | 640/8 | €11,859 | €11,410 | -€449 | -3.8% |
| Gross operating margin | 9900 | €273,975 | €194,494 | -€79,481 | -29.0% |
| Operating profit (loss) | 9901 | €38,795 | €45,456 | +€6,661 | +17.2% |
| Financial charges | 65/66B | €37,137 | €28,928 | -€8,209 | -22.1% |
| Recurring financial charges | 65 | €37,137 | €28,928 | -€8,209 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €1,658 | €16,528 | +€14,870 | +897% |
| Income taxes | 67/77 | -€3,293 | €8,000 | +€11,293 | |
| Profit (loss) for the period | 9904 | €4,951 | €8,528 | +€3,577 | +72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,951 | €8,528 | +€3,577 | +72.3% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.