ZWALUWMEER: 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.
ZWALUWMEER
Largest movements
- Tangible fixed assets -€151,484
down €151,484 (-4.4%), from €3.4m to €3.3m
of which Land and buildings: -€149,971
- Reserves +€150,310
up €150,310 (+30.3%), from €496,495 to €646,804
of which Distributable reserves: +€151,490
- Other debts -€127,012
down €127,012 (-47.5%), from €267,314 to €140,301
- Tax, wage and social debts -€72,858
down €72,858 (-58.5%), from €124,500 to €51,642
- Financial income -€124,039
down €124,039 (-100.0%), from €124,047 to €7
- Taxes -€106,558
down €106,558, from €82,463 to -€24,095
- Gross operating margin -€46,678
down €46,678 (-11.5%), from €407,361 to €360,683
- Financial charges -€24,079
down €24,079 (-98.3%), from €24,492 to €413
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 | €6,386,520 | €6,256,552 | -€129,968 | -2.0% |
| Fixed assets | 21/28 | €6,224,345 | €6,072,861 | -€151,484 | -2.4% |
| Tangible fixed assets | 22/27 | €3,447,995 | €3,296,511 | -€151,484 | -4.4% |
| Land and buildings | 22 | €3,233,184 | €3,083,214 | -€149,971 | -4.6% |
| Plant, machinery and equipment | 23 | €10,784 | €7,944 | -€2,840 | -26.3% |
| Other tangible fixed assets | 26 | €204,027 | €205,354 | +€1,327 | +0.7% |
| Financial fixed assets | 28 | €2,776,350 | €2,776,350 | = | 0.0% |
| Current assets | 29/58 | €162,175 | €183,690 | +€21,515 | +13.3% |
| Amounts receivable within one year | 40/41 | €131,059 | €132,693 | +€1,634 | +1.2% |
| Trade receivables | 40 | €131,059 | €116,508 | -€14,551 | -11.1% |
| Other amounts receivable | 41 | - | €16,185 | +€16,185 | |
| Current investments | 50/53 | €1,021 | €1,028 | +€7 | +0.7% |
| Cash at bank and in hand | 54/58 | €30,095 | €49,969 | +€19,874 | +66.0% |
| Total equity and liabilities | 10/49 | €6,386,520 | €6,256,552 | -€129,968 | -2.0% |
| Equity | 10/15 | €3,347,213 | €3,497,522 | +€150,310 | +4.5% |
| Contributions | 10/11 | €2,850,718 | €2,850,718 | = | 0.0% |
| Reserves | 13 | €496,495 | €646,804 | +€150,310 | +30.3% |
| Non-distributable reserves | 130/1 | €58,550 | €58,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €58,550 | €58,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,798 | €23,618 | -€1,181 | -4.8% |
| Distributable reserves | 133 | €413,147 | €564,637 | +€151,490 | +36.7% |
| Provisions and deferred taxes | 16 | €10,981 | €10,373 | -€608 | -5.5% |
| Deferred taxes | 168 | €10,981 | €10,373 | -€608 | -5.5% |
| Amounts payable | 17/49 | €3,028,327 | €2,748,657 | -€279,670 | -9.2% |
| Amounts payable after more than one year | 17 | €2,610,686 | €2,547,018 | -€63,668 | -2.4% |
| Financial debts | 170/4 | €2,610,686 | €2,547,018 | -€63,668 | -2.4% |
| Amounts payable within one year | 42/48 | €393,331 | €201,639 | -€191,692 | -48.7% |
| Trade debts | 44 | €1,517 | €9,696 | +€8,178 | +539% |
| Suppliers | 440/4 | €1,517 | €9,696 | +€8,178 | +539% |
| Taxes, remuneration and social security | 45 | €124,500 | €51,642 | -€72,858 | -58.5% |
| Taxes | 450/3 | €124,500 | €51,642 | -€72,858 | -58.5% |
| Other amounts payable | 47/48 | €267,314 | €140,301 | -€127,012 | -47.5% |
| Accrued charges and deferred income | 492/3 | €24,310 | - | -€24,310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,542 | €192,516 | +€974 | +0.5% |
| Other operating charges | 640/8 | €44,610 | €42,154 | -€2,456 | -5.5% |
| Gross operating margin | 9900 | €407,361 | €360,683 | -€46,678 | -11.5% |
| Operating profit (loss) | 9901 | €171,209 | €126,013 | -€45,196 | -26.4% |
| Financial income | 75/76B | €124,047 | €7 | -€124,039 | -100.0% |
| Recurring financial income | 75 | €124,047 | €7 | -€124,039 | -100.0% |
| Financial charges | 65/66B | €24,492 | €413 | -€24,079 | -98.3% |
| Recurring financial charges | 65 | €24,492 | €413 | -€24,079 | -98.3% |
| Profit (loss) for the period before taxes | 9903 | €270,764 | €125,607 | -€145,157 | -53.6% |
| Transfer from deferred taxes | 780 | €608 | €608 | = | 0.0% |
| Income taxes | 67/77 | €82,463 | -€24,095 | -€106,558 | |
| Profit (loss) for the period | 9904 | €188,908 | €150,310 | -€38,599 | -20.4% |
| Transfer from tax-exempt reserves | 789 | €1,181 | €1,181 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €190,089 | €151,490 | -€38,599 | -20.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.