Thibault SWENNEN: what changed
Thibault SWENNEN
Largest movements
- Receivables within one year +€26,241
up €26,241 (+512%), from €5,128 to €31,368
- Receivables after one year -€16,498
no longer reported in 2025 (was €16,498)
- Cash +€3,364
up €3,364 (+33.7%), from €9,971 to €13,335
mainly Net result for the year (+€28,997) and Receivables after one year (+€16,498)
- Tangible fixed assets +€1,744
up €1,744 (+28.7%), from €6,067 to €7,811
- Other debts +€7,129
new in 2025: €7,129
- Tax, wage and social debts +€5,702
up €5,702 (+25.4%), from €22,415 to €28,117
- Trade debts +€3,230
up €3,230 (+23.2%), from €13,938 to €17,168
- Current portion of long-term debt -€1,150
no longer reported in 2025 (was €1,150)
- Gross operating margin +€68,104
up €68,104 (+216%), from €31,491 to €99,595
- Staff costs +€35,876
up €35,876 (+167%), from €21,522 to €57,398
- Taxes +€5,427
up €5,427 (+109%), from €4,973 to €10,401
- Financial income +€3,440
up €3,440 (+509%), from €676 to €4,116
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,663 | €52,514 | +€14,851 | +39.4% |
| Fixed assets | 21/28 | €6,067 | €7,811 | +€1,744 | +28.7% |
| Tangible fixed assets | 22/27 | €6,067 | €7,811 | +€1,744 | +28.7% |
| Furniture and vehicles | 24 | €6,067 | €7,811 | +€1,744 | +28.7% |
| Current assets | 29/58 | €31,596 | €44,703 | +€13,107 | +41.5% |
| Amounts receivable after more than one year | 29 | €16,498 | - | -€16,498 | |
| Other amounts receivable | 291 | €16,498 | - | -€16,498 | |
| Amounts receivable within one year | 40/41 | €5,128 | €31,368 | +€26,241 | +512% |
| Trade receivables | 40 | €5,128 | €31,368 | +€26,241 | +512% |
| Cash at bank and in hand | 54/58 | €9,971 | €13,335 | +€3,364 | +33.7% |
| Total equity and liabilities | 10/49 | €37,663 | €52,514 | +€14,851 | +39.4% |
| Equity | 10/15 | €161 | €100 | -€61 | -37.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61 | - | -€61 | |
| Amounts payable | 17/49 | €37,503 | €52,414 | +€14,911 | +39.8% |
| Amounts payable within one year | 42/48 | €37,503 | €52,414 | +€14,911 | +39.8% |
| Current portion of amounts payable after more than one year | 42 | €1,150 | - | -€1,150 | |
| Trade debts | 44 | €13,938 | €17,168 | +€3,230 | +23.2% |
| Suppliers | 440/4 | €13,938 | €17,168 | +€3,230 | +23.2% |
| Taxes, remuneration and social security | 45 | €22,415 | €28,117 | +€5,702 | +25.4% |
| Taxes | 450/3 | €22,415 | €28,117 | +€5,702 | +25.4% |
| Other amounts payable | 47/48 | - | €7,129 | +€7,129 | |
| Remuneration, social security and pensions | 62 | €21,522 | €57,398 | +€35,876 | +167% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,868 | €5,132 | +€265 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €969 | +€969 | |
| Other operating charges | 640/8 | €444 | €482 | +€38 | +8.5% |
| Gross operating margin | 9900 | €31,491 | €99,595 | +€68,104 | +216% |
| Operating profit (loss) | 9901 | €4,657 | €35,613 | +€30,957 | +665% |
| Financial income | 75/76B | €676 | €4,116 | +€3,440 | +509% |
| Recurring financial income | 75 | €676 | €4,116 | +€3,440 | +509% |
| Financial charges | 65/66B | €298 | €331 | +€33 | +11.1% |
| Recurring financial charges | 65 | €298 | €331 | +€33 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €5,034 | €39,398 | +€34,364 | +683% |
| Income taxes | 67/77 | €4,973 | €10,401 | +€5,427 | +109% |
| Profit (loss) for the period | 9904 | €61 | €28,997 | +€28,936 | +47,726% |
| Profit (loss) for the period to be appropriated | 9905 | €61 | €28,997 | +€28,936 | +47,726% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.