ZWANENNEST: 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.
ZWANENNEST
Largest movements
- Tangible fixed assets +€22,133
up €22,133 (+4.5%), from €494,059 to €516,192
of which Plant, machinery and equipment: +€45,696
- Receivables within one year -€8,000
no longer reported in 2025 (was €8,000)
of which Other amounts receivable: -€7,000
- Other debts +€38,016
up €38,016 (+17.3%), from €220,195 to €258,211
- Debts after one year -€35,770
down €35,770 (-29.6%), from €120,982 to €85,212
- Reserves +€8,265
up €8,265 (+7.9%), from €105,022 to €113,287
of which Distributable reserves: +€8,265
- Depreciation +€4,105
up €4,105 (+16.9%), from €24,344 to €28,449
- Taxes -€3,743
down €3,743 (-76.0%), from €4,923 to €1,180
- Gross operating margin -€3,669
down €3,669 (-6.7%), from €54,729 to €51,060
- Financial charges -€1,617
down €1,617 (-15.7%), from €10,331 to €8,714
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 | €502,240 | €516,912 | +€14,672 | +2.9% |
| Fixed assets | 21/28 | €494,059 | €516,192 | +€22,133 | +4.5% |
| Tangible fixed assets | 22/27 | €494,059 | €516,192 | +€22,133 | +4.5% |
| Land and buildings | 22 | €472,048 | €448,485 | -€23,563 | -5.0% |
| Plant, machinery and equipment | 23 | €22,011 | €67,707 | +€45,696 | +208% |
| Current assets | 29/58 | €8,181 | €720 | -€7,461 | -91.2% |
| Amounts receivable within one year | 40/41 | €8,000 | - | -€8,000 | |
| Trade receivables | 40 | €1,000 | - | -€1,000 | |
| Other amounts receivable | 41 | €7,000 | - | -€7,000 | |
| Cash at bank and in hand | 54/58 | €181 | €720 | +€539 | +298% |
| Total equity and liabilities | 10/49 | €502,240 | €516,912 | +€14,672 | +2.9% |
| Equity | 10/15 | €123,622 | €131,887 | +€8,265 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,022 | €113,287 | +€8,265 | +7.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €103,162 | €111,427 | +€8,265 | +8.0% |
| Amounts payable | 17/49 | €378,618 | €385,025 | +€6,407 | +1.7% |
| Amounts payable after more than one year | 17 | €120,982 | €85,212 | -€35,770 | -29.6% |
| Financial debts | 170/4 | €120,982 | €85,212 | -€35,770 | -29.6% |
| Amounts payable within one year | 42/48 | €257,636 | €299,813 | +€42,177 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €33,702 | €35,770 | +€2,068 | +6.1% |
| Taxes, remuneration and social security | 45 | €3,739 | €5,832 | +€2,093 | +56.0% |
| Taxes | 450/3 | €3,739 | €5,832 | +€2,093 | +56.0% |
| Other amounts payable | 47/48 | €220,195 | €258,211 | +€38,016 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,344 | €28,449 | +€4,105 | +16.9% |
| Other operating charges | 640/8 | €3,349 | €3,452 | +€103 | +3.1% |
| Non-recurring operating charges | 66A | - | €1,000 | +€1,000 | |
| Gross operating margin | 9900 | €54,729 | €51,060 | -€3,669 | -6.7% |
| Operating profit (loss) | 9901 | €27,036 | €18,159 | -€8,877 | -32.8% |
| Financial charges | 65/66B | €10,331 | €8,714 | -€1,617 | -15.7% |
| Recurring financial charges | 65 | €10,331 | €8,714 | -€1,617 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €16,705 | €9,445 | -€7,260 | -43.5% |
| Income taxes | 67/77 | €4,923 | €1,180 | -€3,743 | -76.0% |
| Profit (loss) for the period | 9904 | €11,782 | €8,265 | -€3,517 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,782 | €8,265 | -€3,517 | -29.9% |
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 18 October 2026 via checked.be.