Zwaan 9: what changed
Zwaan 9
Largest movements
- Cash -€4,489
down €4,489 (-55.2%), from €8,130 to €3,641
mainly Net result for the year (-€4,021) and Stocks and contracts (-€2,252)
- Stocks and contracts +€2,252
up €2,252 (+52.5%), from €4,290 to €6,542
- Receivables within one year +€561
up €561 (+19.8%), from €2,832 to €3,393
of which Trade receivables: +€776
- Profit (loss) carried forward -€4,022
down €4,022 (-34.4%), from -€11,703 to -€15,725
- Trade debts +€2,346
up €2,346 (+1,687%), from €139 to €2,485
- Other operating charges +€799
new in 2025: €799
- Gross operating margin +€596
up €596 (+16.2%), from -€3,690 to -€3,094
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 | €15,252 | €13,576 | -€1,676 | -11.0% |
| Current assets | 29/58 | €15,252 | €13,576 | -€1,676 | -11.0% |
| Stocks and contracts in progress | 3 | €4,290 | €6,542 | +€2,252 | +52.5% |
| Stocks | 30/36 | €4,290 | €6,542 | +€2,252 | +52.5% |
| Amounts receivable within one year | 40/41 | €2,832 | €3,393 | +€561 | +19.8% |
| Trade receivables | 40 | €1,772 | €2,548 | +€776 | +43.8% |
| Other amounts receivable | 41 | €1,060 | €845 | -€215 | -20.3% |
| Cash at bank and in hand | 54/58 | €8,130 | €3,641 | -€4,489 | -55.2% |
| Total equity and liabilities | 10/49 | €15,252 | €13,576 | -€1,676 | -11.0% |
| Equity | 10/15 | €9,101 | €5,079 | -€4,022 | -44.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €14,804 | €14,804 | -€0 | 0.0% |
| Distributable reserves | 133 | €14,804 | €14,804 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€11,703 | -€15,725 | -€4,022 | -34.4% |
| Amounts payable | 17/49 | €6,151 | €8,497 | +€2,346 | +38.1% |
| Amounts payable within one year | 42/48 | €6,151 | €8,497 | +€2,346 | +38.1% |
| Trade debts | 44 | €139 | €2,485 | +€2,346 | +1,687% |
| Suppliers | 440/4 | €139 | €2,485 | +€2,346 | +1,687% |
| Taxes, remuneration and social security | 45 | €25 | €25 | = | 0.0% |
| Taxes | 450/3 | €25 | €25 | = | 0.0% |
| Other amounts payable | 47/48 | €5,987 | €5,988 | +€1 | 0.0% |
| Other operating charges | 640/8 | - | €799 | +€799 | |
| Gross operating margin | 9900 | -€3,690 | -€3,094 | +€596 | +16.2% |
| Operating profit (loss) | 9901 | -€3,690 | -€3,893 | -€203 | -5.5% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €166 | €148 | -€18 | -10.7% |
| Recurring financial charges | 65 | €166 | €148 | -€18 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,856 | -€4,021 | -€165 | -4.3% |
| Profit (loss) for the period | 9904 | -€3,856 | -€4,021 | -€165 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,856 | -€4,021 | -€165 | -4.3% |
Next steps
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 1 November 2026 via checked.be.