THOMAS SWAENEPOEL: what changed
THOMAS SWAENEPOEL
Largest movements
- Receivables within one year -€34,381
down €34,381 (-37.3%), from €92,161 to €57,780
of which Other amounts receivable: -€27,055
- Cash +€18,086
up €18,086 (+489%), from €3,702 to €21,787
mainly Receivables within one year (+€34,381) and Net result for the year (+€26,437)
- Other debts -€16,439
down €16,439 (-35.9%), from €45,793 to €29,355
- Short-term financial debts -€15,000
no longer reported in 2025 (was €15,000)
- Tax, wage and social debts +€13,417
up €13,417 (+112%), from €11,926 to €25,343
of which Taxes: +€10,299
- Trade debts +€2,943
up €2,943 (+246%), from €1,196 to €4,139
- Financial income -€23,250
down €23,250 (-100.0%), from €23,250 to €0
- Gross operating margin -€8,645
down €8,645 (-16.1%), from €53,659 to €45,015
- Taxes -€4,160
down €4,160 (-21.0%), from €19,818 to €15,658
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 | €182,430 | €168,199 | -€14,231 | -7.8% |
| Fixed assets | 21/28 | €86,400 | €87,121 | +€721 | +0.8% |
| Tangible fixed assets | 22/27 | €1,400 | €2,121 | +€721 | +51.5% |
| Furniture and vehicles | 24 | €1,400 | €2,121 | +€721 | +51.5% |
| Financial fixed assets | 28 | €85,000 | €85,000 | = | 0.0% |
| Current assets | 29/58 | €96,031 | €81,078 | -€14,952 | -15.6% |
| Amounts receivable within one year | 40/41 | €92,161 | €57,780 | -€34,381 | -37.3% |
| Trade receivables | 40 | €60,006 | €52,680 | -€7,326 | -12.2% |
| Other amounts receivable | 41 | €32,155 | €5,100 | -€27,055 | -84.1% |
| Cash at bank and in hand | 54/58 | €3,702 | €21,787 | +€18,086 | +489% |
| Deferred charges and accrued income | 490/1 | €169 | €1,512 | +€1,343 | +797% |
| Total equity and liabilities | 10/49 | €182,430 | €168,199 | -€14,231 | -7.8% |
| Equity | 10/15 | €108,515 | €109,237 | +€723 | +0.7% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €99,515 | €100,237 | +€723 | +0.7% |
| Distributable reserves | 133 | €99,515 | €100,237 | +€723 | +0.7% |
| Amounts payable | 17/49 | €73,916 | €58,962 | -€14,954 | -20.2% |
| Amounts payable within one year | 42/48 | €73,916 | €58,837 | -€15,079 | -20.4% |
| Financial debts | 43 | €15,000 | - | -€15,000 | |
| Credit institutions | 430/8 | €15,000 | - | -€15,000 | |
| Trade debts | 44 | €1,196 | €4,139 | +€2,943 | +246% |
| Suppliers | 440/4 | €1,196 | €4,139 | +€2,943 | +246% |
| Taxes, remuneration and social security | 45 | €11,926 | €25,343 | +€13,417 | +112% |
| Taxes | 450/3 | €11,926 | €22,226 | +€10,299 | +86.4% |
| Remuneration and social security | 454/9 | - | €3,118 | +€3,118 | |
| Other amounts payable | 47/48 | €45,793 | €29,355 | -€16,439 | -35.9% |
| Accrued charges and deferred income | 492/3 | - | €125 | +€125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €861 | €867 | +€6 | +0.7% |
| Other operating charges | 640/8 | €972 | €1,508 | +€536 | +55.2% |
| Gross operating margin | 9900 | €53,659 | €45,015 | -€8,645 | -16.1% |
| Operating profit (loss) | 9901 | €51,826 | €42,639 | -€9,187 | -17.7% |
| Financial income | 75/76B | €23,250 | €0 | -€23,250 | -100.0% |
| Recurring financial income | 75 | €23,250 | €0 | -€23,250 | -100.0% |
| Financial charges | 65/66B | €568 | €545 | -€24 | -4.1% |
| Recurring financial charges | 65 | €568 | €545 | -€24 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €74,508 | €42,095 | -€32,414 | -43.5% |
| Income taxes | 67/77 | €19,818 | €15,658 | -€4,160 | -21.0% |
| Profit (loss) for the period | 9904 | €54,691 | €26,437 | -€28,254 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,691 | €26,437 | -€28,254 | -51.7% |
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.