Swapps
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is a loss of €3,087, smaller than the loss of €4,655 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,113 | - | - | - |
| Depreciation and write-downs of the year | €381 | €371 | €361 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €381 | €371 | €361 | - | - |
| Other operating charges640/8 | €429 | - | - | - | - |
| Gross operating margin9900 | -€21,645 | -€3,517 | -€4,294 | -€3,087 | ▲ 28.1% |
| Operating profit (loss)9901 | -€22,454 | -€3,888 | -€4,655 | -€3,087 | ▲ 33.7% |
| Financial income75/76B | €82 | €5 | €43 | €7 | ▼ 83.7% |
| Recurring financial income75 | €82 | €5 | €43 | €7 | ▼ 83.7% |
| Financial charges65/66B | €312 | €151 | €3,546 | €2,133 | ▼ 39.8% |
| Recurring financial charges65 | €312 | €151 | €3,546 | €2,133 | ▼ 39.8% |
| Profit (loss) for the period before taxes9903 | -€22,684 | -€4,034 | -€8,158 | -€5,213 | ▲ 36.1% |
| Profit (loss) for the period9904 | -€22,684 | -€4,034 | -€8,158 | -€5,213 | ▲ 36.1% |
| Profit (loss) for the period to be appropriated9905 | -€22,684 | -€4,034 | -€8,158 | -€5,213 | ▲ 36.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €20,358 | €14,099 | €8,482 | €6,915 | ▼ 18.5% |
| Fixed assets21/28 | €733 | €361 | €0 | €0 | - |
| Tangible fixed assets22/27 | €733 | €361 | €0 | €0 | - |
| Plant, machinery and equipment23 | €733 | €361 | €0 | €0 | - |
| Current assets29/58 | €19,625 | €13,738 | €8,482 | €6,915 | ▼ 18.5% |
| Stocks and contracts in progress3 | €12,370 | €12,370 | €8,389 | €6,711 | ▼ 20.0% |
| Stocks30/36 | €12,370 | €12,370 | €8,389 | €6,711 | ▼ 20.0% |
| Amounts receivable within one year40/41 | €1,956 | €929 | €59 | €189 | ▲ 220% |
| Trade receivables40 | €1,184 | €929 | - | - | - |
| Other amounts receivable41 | €772 | - | €59 | €189 | ▲ 220% |
| Cash at bank and in hand54/58 | €5,127 | €439 | €34 | €15 | ▼ 55.9% |
| Deferred charges and accrued income490/1 | €172 | - | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €20,358 | €14,099 | €8,482 | €6,915 | ▼ 18.5% |
| Equity10/15 | -€7,684 | -€11,718 | -€19,876 | -€25,089 | ▼ 26.2% |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Profit (loss) carried forward14 | -€22,684 | -€26,718 | -€34,876 | -€40,089 | ▼ 14.9% |
| Amounts payable17/49 | €28,042 | €25,817 | €28,358 | €32,004 | ▲ 12.9% |
| Amounts payable within one year42/48 | €28,038 | €25,817 | €28,358 | €32,004 | ▲ 12.9% |
| Financial debts43 | - | - | €7 | - | - |
| Credit institutions430/8 | - | - | €7 | - | - |
| Trade debts44 | €2,767 | - | - | - | - |
| Suppliers440/4 | €2,767 | - | - | - | - |
| Advances received on contracts in progress46 | €971 | €971 | - | - | - |
| Other amounts payable47/48 | €24,299 | €24,846 | €28,351 | €32,004 | ▲ 12.9% |
| Accrued charges and deferred income492/3 | €4 | - | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€22,684 | -€4,034 | -€8,158 | -€5,213 | ▲ 36.1% |
| + Depreciation and write-downs630 | €381 | €371 | €361 | - | - |
| Operating cash flow (approximation) | -€22,303 | -€3,663 | -€7,797 | -€5,213 | ▲ 33.1% |
| Investment in fixed assets (approximation) | - | €1 | €0 | €0 | - |
| Change in cash | - | -€4,688 | -€405 | -€19 | ▲ 95.3% |
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, 7,639 companies had the same profile as Swapps has now. Two years later, 84.8% were still going and 8.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Swapps itself: 3.1% 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 7,639 companies, not a prediction for Swapps. 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.