Van Swae: what changed
Two fiscal 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.
Van Swae
Largest movements
- Deferred charges and accrued income -€23,918
down €23,918 (-37.1%), from €64,451 to €40,533
- Cash -€16,484
down €16,484 (-31.6%), from €52,171 to €35,686
mainly Contributions, distributions and other (-€156,983)
- Intangible fixed assets -€2,717
down €2,717 (-25.0%), from €10,867 to €8,150
- Tangible fixed assets -€2,288
down €2,288 (-46.3%), from €4,943 to €2,655
of which Furniture and vehicles: -€1,747
- Profit (loss) carried forward -€78,685
down €78,685 (-86.8%), from €90,639 to €11,954
- Other debts +€41,800
up €41,800 (+4521.8%), from €924 to €42,724
- Contributions -€18,500
down €18,500 (-99.5%), from €18,600 to €100
- Trade debts +€6,295
up €6,295 (+198.4%), from €3,172 to €9,467
- Tax, wage and social debts +€2,465
up €2,465 (+9.6%), from €25,762 to €28,228
of which Remuneration and social security: +€7,844
- Gross operating margin +€27,416
up €27,416 (+48.2%), from €56,833 to €84,249
- Financial income -€1,528
down €1,528 (-99.6%), from €1,534 to €7
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.
Cash bridge derived
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 | €139,098 | €92,473 | -€46,625 | -33.5% |
| Fixed assets | 21/28 | €15,811 | €10,806 | -€5,005 | -31.7% |
| Intangible fixed assets | 21 | €10,867 | €8,150 | -€2,717 | -25.0% |
| Tangible fixed assets | 22/27 | €4,943 | €2,655 | -€2,288 | -46.3% |
| Plant, machinery and equipment | 23 | €1,095 | €554 | -€541 | -49.4% |
| Furniture and vehicles | 24 | €3,848 | €2,101 | -€1,747 | -45.4% |
| Current assets | 29/58 | €123,287 | €81,667 | -€41,620 | -33.8% |
| Amounts receivable within one year | 40/41 | €6,666 | €5,448 | -€1,218 | -18.3% |
| Trade receivables | 40 | €6,664 | €5,446 | -€1,218 | -18.3% |
| Other amounts receivable | 41 | €2 | €2 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €52,171 | €35,686 | -€16,484 | -31.6% |
| Deferred charges and accrued income | 490/1 | €64,451 | €40,533 | -€23,918 | -37.1% |
| Total equity and liabilities | 10/49 | €139,098 | €92,473 | -€46,625 | -33.5% |
| Equity | 10/15 | €109,239 | €12,054 | -€97,185 | -89.0% |
| Contributions | 10/11 | €18,600 | €100 | -€18,500 | -99.5% |
| Profit (loss) carried forward | 14 | €90,639 | €11,954 | -€78,685 | -86.8% |
| Amounts payable | 17/49 | €29,859 | €80,419 | +€50,560 | +169.3% |
| Amounts payable within one year | 42/48 | €29,859 | €80,419 | +€50,560 | +169.3% |
| Trade debts | 44 | €3,172 | €9,467 | +€6,295 | +198.4% |
| Suppliers | 440/4 | €3,172 | €9,467 | +€6,295 | +198.4% |
| Taxes, remuneration and social security | 45 | €25,762 | €28,228 | +€2,465 | +9.6% |
| Taxes | 450/3 | €25,762 | €20,384 | -€5,378 | -20.9% |
| Remuneration and social security | 454/9 | - | €7,844 | +€7,844 | |
| Other amounts payable | 47/48 | €924 | €42,724 | +€41,800 | +4521.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,480 | €5,005 | -€475 | -8.7% |
| Other operating charges | 640/8 | €3,174 | €3,916 | +€742 | +23.4% |
| Gross operating margin | 9900 | €56,833 | €84,249 | +€27,416 | +48.2% |
| Operating profit (loss) | 9901 | €48,178 | €75,328 | +€27,150 | +56.4% |
| Financial income | 75/76B | €1,534 | €7 | -€1,528 | -99.6% |
| Recurring financial income | 75 | €1,534 | €7 | -€1,528 | -99.6% |
| Financial charges | 65/66B | €190 | €144 | -€47 | -24.5% |
| Recurring financial charges | 65 | €190 | €144 | -€47 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €49,522 | €75,191 | +€25,669 | +51.8% |
| Income taxes | 67/77 | €14,745 | €15,393 | +€648 | +4.4% |
| Profit (loss) for the period | 9904 | €34,778 | €59,798 | +€25,021 | +71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,778 | €59,798 | +€25,021 | +71.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.