SW
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00039722.
Annual accounts 2025 filed on 17-02-2026 PDF all 10 filings
Turnover
≈ €410,000
Estimated: probably between €280,000 and €640,000
Total assets
€318,348▲ 4.6%
2024 · €304,257
Net result
€96,644▲ 136%
2024 · €41,013
Working capital
€66,339▼ 14.1%
2024 · €77,187
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€130,240
▲ 141%
2025
20192025
Net result
€96,644
▲ 136%
2025
20192025
Equity
€121,227
▲ 1.4%
2025
20192025
Total assets
€318,348
▲ 4.6%
2025
20192025
Debt
€197,121
▲ 6.7%
2025
20192025
Working capital
€66,339
▼ 14.1%
2025
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€33,926-€19,383▼ 42.9%€32,341▲ 66.9%€39,309▲ 21.5%€83,923▲ 113%€54,052▼ 35.6%€130,240▲ 141%
Net result€25,732-€16,151▼ 37.2%€22,739▲ 40.8%€34,993▲ 53.9%€66,217▲ 89.2%€41,013▼ 38.1%€96,644▲ 136%
Equity€44,770-€52,121▲ 16.4%€74,860▲ 43.6%€109,853▲ 46.7%€116,070▲ 5.7%€119,583▲ 3.0%€121,227▲ 1.4%
Total assets€94,799-€94,745▼ 0.1%€94,180▼ 0.6%€186,520▲ 98.0%€262,727▲ 40.9%€304,257▲ 15.8%€318,348▲ 4.6%
Debt€50,029-€42,624▼ 14.8%€19,320▼ 54.7%€76,667▲ 297%€146,657▲ 91.3%€184,674▲ 25.9%€197,121▲ 6.7%
Working capital€27,295-€27,625▲ 1.2%€44,152▲ 59.8%€22,576▼ 48.9%€29,684▲ 31.5%€77,187▲ 160%€66,339▼ 14.1%
Staff (FTE)1
The operating result for 2025 is 141% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €318,348
Fixed assets
€108,361 ▼ 23.0%
Current assets
€209,987 ▲ 28.4%
Equity and liabilities €318,348
Equity
€121,227 ▲ 1.4%
Debt
€197,121 ▲ 6.7%
Debt's share of the balance-sheet total rises from 60.7% to 61.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€164,107▲
2024 · €74,488
Cash flow
€130,511▲
2024 · €61,449
Current ratio
1.46▼
2024 · 1.89
Debt to equity
1.63▲
2024 · 1.54
ROE
79.7%▲
2024 · 34.3%
ROA
30.4%▲
2024 · 13.5%
Interest coverage
35.10▲
2024 · 20.31
Debt ≤ 1 year
€143,648▲
2024 · €86,322
Debt > 1 year
€53,473▼
2024 · €98,352
Income taxes
€29,784▲
2024 · €9,371
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | - | 1 |
| On a permanent contract | 1 | - |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2023 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €125,873 | €24,128 | €144,748 | €1,479 |
| Financial fixed assets | - | €3 | - | - |
| Depreciation and write-downs of the year | €15,090 | €21,797 | €20,437 | €33,867 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €183,935 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €6,954 | €32,336 | €39,485 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,495 | €9,144 | €9,144 | €15,090 | €21,797 | €20,437 | €33,867 | ▲ 65.7% |
| Other operating charges640/8 | - | - | - | €846 | €857 | €22,896 | €987 | ▼ 95.7% |
| Gross operating margin9900 | €43,291 | €29,127 | €41,999 | €62,199 | €138,913 | €136,869 | €165,093 | ▲ 20.6% |
| Operating profit (loss)9901 | €33,926 | €19,383 | €32,341 | €39,309 | €83,923 | €54,052 | €130,240 | ▲ 141% |
| Financial income75/76B | - | - | - | €0 | €8 | - | €864 | - |
| Recurring financial income75 | - | €30 | €0 | €0 | €8 | - | €864 | - |
| Financial charges65/66B | - | - | - | €1,240 | €2,544 | €3,668 | €4,676 | ▲ 27.5% |
| Recurring financial charges65 | €1,959 | €1,571 | €1,478 | €1,240 | €2,544 | €3,668 | €4,676 | ▲ 27.5% |
| Profit (loss) for the period before taxes9903 | €31,967 | €21,167 | €30,863 | €38,069 | €81,387 | €50,384 | €126,428 | ▲ 151% |
| Income taxes67/77 | €6,235 | €5,016 | €8,124 | €3,076 | €15,170 | €9,371 | €29,784 | ▲ 218% |
| Profit (loss) for the period9904 | €25,732 | €16,151 | €22,739 | €34,993 | €66,217 | €41,013 | €96,644 | ▲ 136% |
| Profit (loss) for the period to be appropriated9905 | €25,732 | €16,151 | €22,739 | €34,993 | €66,217 | €41,013 | €96,644 | ▲ 136% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €94,799 | €94,745 | €94,180 | €186,520 | €262,727 | €304,257 | €318,348 | ▲ 4.6% |
| Fixed assets21/28 | €41,224 | €37,027 | €30,733 | €141,516 | €143,850 | €140,749 | €108,361 | ▼ 23.0% |
| Intangible fixed assets21 | €40,700 | €33,300 | €25,900 | €18,500 | €11,100 | €3,700 | - | - |
| Tangible fixed assets22/27 | €524 | €3,727 | €1,983 | €120,166 | €129,897 | €134,195 | €105,508 | ▼ 21.4% |
| Furniture and vehicles24 | - | - | - | €47,081 | €64,573 | €134,195 | €105,508 | ▼ 21.4% |
| Other tangible fixed assets26 | - | - | - | €73,084 | €65,324 | - | - | - |
| Financial fixed assets28 | - | - | €2,850 | €2,850 | €2,853 | €2,853 | €2,853 | = |
| Current assets29/58 | €53,576 | €57,718 | €63,447 | €45,004 | €118,877 | €163,509 | €209,987 | ▲ 28.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €120,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | €120,000 | - |
| Amounts receivable within one year40/41 | €27,069 | €32,459 | €38,147 | €14,568 | €44,595 | €154,118 | €66,756 | ▼ 56.7% |
| Trade receivables40 | - | - | - | - | €5,487 | €124,680 | €65,401 | ▼ 47.5% |
| Other amounts receivable41 | - | - | - | €14,568 | €39,108 | €29,438 | €1,355 | ▼ 95.4% |
| Cash at bank and in hand54/58 | €13,706 | €8,327 | €11,178 | €4,902 | €8,383 | €2,029 | €13,253 | ▲ 553% |
| Deferred charges and accrued income490/1 | - | - | - | €25,535 | €65,898 | €7,361 | €9,978 | ▲ 35.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €94,799 | €94,745 | €94,180 | €186,520 | €262,727 | €304,257 | €318,348 | ▲ 4.6% |
| Equity10/15 | €44,770 | €52,121 | €74,860 | €109,853 | €116,070 | €119,583 | €121,227 | ▲ 1.4% |
| Contributions10/11 | €12,400 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €7,482 | €7,482 | €7,482 | €7,482 | €7,482 | €7,482 | €7,482 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €5,622 | €5,622 | €5,622 | €5,622 | = |
| Profit (loss) carried forward14 | €24,888 | €26,039 | €48,778 | €83,771 | €89,989 | €93,501 | €95,146 | ▲ 1.8% |
| Amounts payable17/49 | €50,029 | €42,624 | €19,320 | €76,667 | €146,657 | €184,674 | €197,121 | ▲ 6.7% |
| Amounts payable after more than one year17 | €23,748 | €12,485 | - | €54,239 | €39,353 | €98,352 | €53,473 | ▼ 45.6% |
| Financial debts170/4 | - | - | - | €54,239 | €39,353 | €98,352 | €53,473 | ▼ 45.6% |
| Amounts payable within one year42/48 | €26,281 | €30,093 | €19,295 | €22,428 | €89,193 | €86,322 | €143,648 | ▲ 66.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,186 | €17,423 | €42,111 | €27,953 | ▼ 33.6% |
| Trade debts44 | €29 | €680 | €637 | €2,143 | €373 | €722 | €5,114 | ▲ 608% |
| Suppliers440/4 | - | - | - | €2,143 | €373 | €722 | €5,114 | ▲ 608% |
| Taxes, remuneration and social security45 | - | - | - | €2,100 | €11,397 | €5,989 | €15,581 | ▲ 160% |
| Taxes450/3 | - | - | - | - | €10,170 | - | €15,581 | - |
| Remuneration and social security454/9 | - | - | - | €2,100 | €1,227 | €5,989 | - | - |
| Other amounts payable47/48 | - | - | - | - | €60,000 | €37,500 | €95,000 | ▲ 153% |
| Accrued charges and deferred income492/3 | - | - | - | - | €18,110 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,732 | €16,151 | €22,739 | €34,993 | €66,217 | €41,013 | €96,644 | ▲ 136% |
| + Depreciation and write-downs630 | €7,495 | €9,144 | €9,144 | €15,090 | €21,797 | €20,437 | €33,867 | ▲ 65.7% |
| Operating cash flow (approximation) | €33,227 | €25,296 | €31,883 | €50,083 | €88,014 | €61,449 | €130,511 | ▲ 112% |
| Investment in fixed assets (approximation) | - | -€4,948 | -€2,850 | -€125,873 | -€24,131 | -€17,335 | -€1,479 | ▲ 91.5% |
| Change in cash | - | -€5,379 | €2,851 | -€6,277 | €3,482 | -€6,355 | €11,224 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as SW has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SW itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for SW. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 17-02-2026 | 2026-00039722 | |
| 30-06-2024 | micro format | 23-01-2025 | 2025-00009782 | |
| 30-06-2023 | micro format | 24-01-2024 | 2024-00005586 | |
| 30-06-2022 | micro format | 29-12-2022 | 2023-20551215 | |
| 30-06-2021 | micro format | 12-01-2022 | 2022-00800543 | |
| 30-06-2020 | micro format | 30-12-2020 | 2020-77700082 | |
| 30-06-2019 | micro format | 31-12-2019 | 2019-78000125 | |
| 30-06-2018 | micro format | 28-12-2018 | 2018-76100167 | |
| 30-06-2017 | full format | 20-12-2017 | 2017-72900256 | |
| 30-06-2016 | full format | 09-01-2017 | 2017-01000496 |