SWAP: what changed
SWAP
Largest movements
- Cash +€207,853
up €207,853 (+89.2%), from €233,122 to €440,975
mainly Net result for the year (+€80,249) and Investment in fixed assets (net) (+€78,130)
- Tangible fixed assets -€78,130
no longer reported in 2025 (was €78,130)
of which Other tangible fixed assets: -€75,545
- Current investments -€75,416
down €75,416 (-26.9%), from €280,416 to €205,000
- Receivables within one year +€25,702
up €25,702 (+16.2%), from €158,227 to €183,929
of which Trade receivables: +€23,721
- Reserves +€47,485
up €47,485 (+6.4%), from €737,655 to €785,140
of which Distributable reserves: +€47,485
- Profit (loss) carried forward +€32,764
no longer reported in 2025 (was -€32,764)
- Gross operating margin +€111,144
up €111,144 (+937%), from €11,863 to €123,007
- Taxes +€32,340
up €32,340 (+2,700%), from €1,198 to €33,538
- Financial charges +€27,799
up €27,799 (+7,485%), from €371 to €28,170
- Financial income +€17,307
up €17,307 (+237%), from €7,294 to €24,601
- Depreciation -€6,287
no longer reported in 2025 (was €6,287)
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 | €788,214 | €868,061 | +€79,847 | +10.1% |
| Fixed assets | 21/28 | €114,493 | €36,364 | -€78,130 | -68.2% |
| Tangible fixed assets | 22/27 | €78,130 | - | -€78,130 | |
| Furniture and vehicles | 24 | €2,585 | - | -€2,585 | |
| Other tangible fixed assets | 26 | €75,545 | - | -€75,545 | |
| Financial fixed assets | 28 | €36,364 | €36,364 | = | 0.0% |
| Current assets | 29/58 | €673,721 | €831,698 | +€157,976 | +23.4% |
| Amounts receivable within one year | 40/41 | €158,227 | €183,929 | +€25,702 | +16.2% |
| Trade receivables | 40 | €31,700 | €55,421 | +€23,721 | +74.8% |
| Other amounts receivable | 41 | €126,527 | €128,508 | +€1,981 | +1.6% |
| Current investments | 50/53 | €280,416 | €205,000 | -€75,416 | -26.9% |
| Cash at bank and in hand | 54/58 | €233,122 | €440,975 | +€207,853 | +89.2% |
| Deferred charges and accrued income | 490/1 | €1,957 | €1,794 | -€164 | -8.4% |
| Total equity and liabilities | 10/49 | €788,214 | €868,061 | +€79,847 | +10.1% |
| Equity | 10/15 | €779,891 | €860,140 | +€80,249 | +10.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €737,655 | €785,140 | +€47,485 | +6.4% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €727,655 | €775,140 | +€47,485 | +6.5% |
| Profit (loss) carried forward | 14 | -€32,764 | - | +€32,764 | |
| Amounts payable | 17/49 | €8,323 | €7,921 | -€402 | -4.8% |
| Amounts payable within one year | 42/48 | €8,323 | €7,921 | -€402 | -4.8% |
| Trade debts | 44 | €3,276 | - | -€3,276 | |
| Suppliers | 440/4 | €3,276 | - | -€3,276 | |
| Taxes, remuneration and social security | 45 | €5,047 | €7,921 | +€2,874 | +56.9% |
| Taxes | 450/3 | €5,047 | €7,921 | +€2,874 | +56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,287 | - | -€6,287 | |
| Other operating charges | 640/8 | €4,959 | €5,651 | +€692 | +14.0% |
| Gross operating margin | 9900 | €11,863 | €123,007 | +€111,144 | +937% |
| Operating profit (loss) | 9901 | €617 | €117,356 | +€116,738 | +18,906% |
| Financial income | 75/76B | €7,294 | €24,601 | +€17,307 | +237% |
| Recurring financial income | 75 | €7,294 | €24,601 | +€17,307 | +237% |
| Financial charges | 65/66B | €371 | €28,170 | +€27,799 | +7,485% |
| Recurring financial charges | 65 | €371 | €28,170 | +€27,799 | +7,485% |
| Profit (loss) for the period before taxes | 9903 | €7,540 | €113,787 | +€106,247 | +1,409% |
| Income taxes | 67/77 | €1,198 | €33,538 | +€32,340 | +2,700% |
| Profit (loss) for the period | 9904 | €6,342 | €80,249 | +€73,907 | +1,165% |
| Profit (loss) for the period to be appropriated | 9905 | €6,342 | €80,249 | +€73,907 | +1,165% |
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 4 November 2026 via checked.be.