Zwalvis: 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.
Zwalvis
Largest movements
- Cash +€103,391
up €103,391 (+512.7%), from €20,165 to €123,556
mainly Tax, wage and social debts (+€38,752) and Receivables within one year (+€35,946)
- Receivables within one year -€35,946
down €35,946 (-97.5%), from €36,875 to €929
of which Trade receivables: -€36,300
- Tangible fixed assets -€1,722
down €1,722 (-11.6%), from €14,879 to €13,158
of which Furniture and vehicles: -€4,353
- Tax, wage and social debts +€38,752
up €38,752 (+131.0%), from €29,588 to €68,340
of which Taxes: +€21,652
- Reserves +€21,807
new in 2025: €21,807
- Other debts +€4,678
up €4,678 (+17.5%), from €26,681 to €31,359
- Gross operating margin +€42,799
up €42,799, from -€4,549 to €38,250
- Taxes +€7,950
up €7,950 (+1287.2%), from €618 to €8,568
- Depreciation +€742
up €742 (+12.2%), from €6,094 to €6,836
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 | €71,920 | €137,739 | +€65,820 | +91.5% |
| Fixed assets | 21/28 | €14,879 | €13,158 | -€1,722 | -11.6% |
| Tangible fixed assets | 22/27 | €14,879 | €13,158 | -€1,722 | -11.6% |
| Plant, machinery and equipment | 23 | - | €2,632 | +€2,632 | |
| Furniture and vehicles | 24 | €14,879 | €10,526 | -€4,353 | -29.3% |
| Current assets | 29/58 | €57,040 | €124,581 | +€67,541 | +118.4% |
| Amounts receivable within one year | 40/41 | €36,875 | €929 | -€35,946 | -97.5% |
| Trade receivables | 40 | €36,300 | - | -€36,300 | |
| Other amounts receivable | 41 | €575 | €929 | +€354 | +61.5% |
| Cash at bank and in hand | 54/58 | €20,165 | €123,556 | +€103,391 | +512.7% |
| Deferred charges and accrued income | 490/1 | - | €96 | +€96 | |
| Total equity and liabilities | 10/49 | €71,920 | €137,739 | +€65,820 | +91.5% |
| Equity | 10/15 | €11,164 | €32,971 | +€21,807 | +195.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €21,807 | +€21,807 | |
| Distributable reserves | 133 | - | €21,807 | +€21,807 | |
| Profit (loss) carried forward | 14 | €1,164 | €1,164 | = | 0.0% |
| Amounts payable | 17/49 | €60,755 | €104,768 | +€44,013 | +72.4% |
| Amounts payable within one year | 42/48 | €60,755 | €103,568 | +€42,813 | +70.5% |
| Trade debts | 44 | €4,487 | €3,869 | -€618 | -13.8% |
| Suppliers | 440/4 | €4,487 | €3,869 | -€618 | -13.8% |
| Taxes, remuneration and social security | 45 | €29,588 | €68,340 | +€38,752 | +131.0% |
| Taxes | 450/3 | €9,888 | €31,540 | +€21,652 | +219.0% |
| Remuneration and social security | 454/9 | €19,700 | €36,800 | +€17,100 | +86.8% |
| Other amounts payable | 47/48 | €26,681 | €31,359 | +€4,678 | +17.5% |
| Accrued charges and deferred income | 492/3 | - | €1,200 | +€1,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,094 | €6,836 | +€742 | +12.2% |
| Other operating charges | 640/8 | €785 | €702 | -€83 | -10.6% |
| Gross operating margin | 9900 | -€4,549 | €38,250 | +€42,799 | |
| Operating profit (loss) | 9901 | -€11,428 | €30,711 | +€42,139 | |
| Financial charges | 65/66B | €299 | €336 | +€37 | +12.4% |
| Recurring financial charges | 65 | €299 | €336 | +€37 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,727 | €30,375 | +€42,102 | |
| Income taxes | 67/77 | €618 | €8,568 | +€7,950 | +1287.2% |
| Profit (loss) for the period | 9904 | -€12,345 | €21,807 | +€34,152 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,345 | €21,807 | +€34,152 |
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 10 October 2026 via checked.be.