THOMAS SWENNEN: 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.
THOMAS SWENNEN
Largest movements
- Receivables within one year +€51,188
up €51,188 (+28.6%), from €179,178 to €230,366
of which Trade receivables: +€52,621
- Receivables after one year -€30,000
down €30,000 (-48.0%), from €62,500 to €32,500
- Cash -€28,228
down €28,228 (-84.5%), from €33,399 to €5,171
mainly Contributions, distributions and other (-€55,000) and Other debts (-€52,870)
- Other debts -€52,870
down €52,870 (-93.9%), from €56,277 to €3,407
- Reserves +€46,785
up €46,785 (+21.8%), from €214,242 to €261,027
- Gross operating margin +€108,437
up €108,437 (+335%), from €32,332 to €140,769
- Taxes +€23,265
up €23,265 (+339%), from €6,861 to €30,127
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 | €287,632 | €281,895 | -€5,737 | -2.0% |
| Fixed assets | 21/28 | €9,720 | €10,973 | +€1,253 | +12.9% |
| Tangible fixed assets | 22/27 | €9,720 | €10,973 | +€1,253 | +12.9% |
| Plant, machinery and equipment | 23 | €3,107 | €2,007 | -€1,100 | -35.4% |
| Furniture and vehicles | 24 | €6,613 | €8,966 | +€2,353 | +35.6% |
| Current assets | 29/58 | €277,912 | €270,922 | -€6,990 | -2.5% |
| Amounts receivable after more than one year | 29 | €62,500 | €32,500 | -€30,000 | -48.0% |
| Other amounts receivable | 291 | €62,500 | €32,500 | -€30,000 | -48.0% |
| Amounts receivable within one year | 40/41 | €179,178 | €230,366 | +€51,188 | +28.6% |
| Trade receivables | 40 | €137,840 | €190,461 | +€52,621 | +38.2% |
| Other amounts receivable | 41 | €41,338 | €39,905 | -€1,433 | -3.5% |
| Cash at bank and in hand | 54/58 | €33,399 | €5,171 | -€28,228 | -84.5% |
| Deferred charges and accrued income | 490/1 | €2,835 | €2,885 | +€49 | +1.7% |
| Total equity and liabilities | 10/49 | €287,632 | €281,895 | -€5,737 | -2.0% |
| Equity | 10/15 | €214,742 | €261,527 | +€46,785 | +21.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €214,242 | €261,027 | +€46,785 | +21.8% |
| Distributable reserves | 133 | €214,242 | €261,027 | +€46,785 | +21.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,891 | €20,369 | -€52,522 | -72.1% |
| Amounts payable within one year | 42/48 | €72,891 | €20,369 | -€52,522 | -72.1% |
| Trade debts | 44 | €3,249 | €3,878 | +€629 | +19.4% |
| Suppliers | 440/4 | €3,249 | €3,878 | +€629 | +19.4% |
| Taxes, remuneration and social security | 45 | €13,364 | €13,083 | -€281 | -2.1% |
| Taxes | 450/3 | €7,024 | €6,694 | -€330 | -4.7% |
| Remuneration and social security | 454/9 | €6,340 | €6,389 | +€49 | +0.8% |
| Other amounts payable | 47/48 | €56,277 | €3,407 | -€52,870 | -93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,455 | €4,423 | +€968 | +28.0% |
| Other operating charges | 640/8 | €1,310 | €1,858 | +€548 | +41.9% |
| Non-recurring operating charges | 66A | €481 | €0 | -€481 | -100% |
| Gross operating margin | 9900 | €32,332 | €140,769 | +€108,437 | +335% |
| Operating profit (loss) | 9901 | €27,086 | €134,487 | +€107,401 | +397% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €1,992 | €2,576 | +€584 | +29.3% |
| Recurring financial charges | 65 | €1,992 | €2,576 | +€584 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €25,094 | €131,912 | +€106,817 | +426% |
| Income taxes | 67/77 | €6,861 | €30,127 | +€23,265 | +339% |
| Profit (loss) for the period | 9904 | €18,233 | €101,785 | +€83,552 | +458% |
| Profit (loss) for the period to be appropriated | 9905 | €18,233 | €101,785 | +€83,552 | +458% |
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 31 October 2026 via checked.be.