Swave

Active

Private limited companyfounded 20224 yrs activeGaston Geenslaan 10, 3001 Leuven, BelgiumKBO/BCE: BE 0781.441.007

Summary

The annual accounts of Swave for fiscal year 2024 show a net loss of 153% of the equity at the start of that year. The 2024 annual accounts show equity of €26.81M and a net result of €-8.39M. Its solvency ranks better than 82% of 563 sector peers (fiscal year 2024). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.7% (low).

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Checked score

Score 2024

59 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. A net loss of at least half of total assets or of the equity at the start of the financial year caps the score. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability0=

Solvency100=

Growth52

Track record94

Bankruptcy probability, 12 months

0.7% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €1.55M at 30 days only on tighter terms

Net loss of at least half of total assets or of the equity at the start of the financial year.

Liquidity ample (current ratio 7.21 against 3.3 in 2023; short-term debt: 13% and cash: 70.2% of total assets), and 21.4% of the assets are financed with debt.

How do we compute the score and the probability?

Credit check for your own amount and term

Signals

Three signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 74

Relative position

BE, all sectors

reference

Sector 74

lower

← fewer bankruptcies more bankruptcies →

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-07-2025, 22 days ahead of the deadline.

NBB · 2 filings

Deviation from the deadline

2025

not confirmed

2024

22 d early

2023

47 d early

← before the deadline after the deadline →

Checked, nothing found (1)

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, abbreviated schema

Equity

€26.81M▲ 390%

2023 · €5.47M

2023: €5.47M

2023 → 2024

Total assets

€34.13M▲ 395%

2023 · €6.90M

2023: €6.90M

2023 → 2024

Net result

€-8.39M▼ 61.1%

2023 · €-5.21M

2023: €-5.21M

2023 → 2024

Working capital

€27.54M▲ 740%

2023 · €3.28M

2023: €3.28M

2023 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20232024Trend

Equity€5.47M-€26.81M▲ 390%

Operating result€-5.49M-€-8.70M▼ 58.4%

Net result€-5.21M-€-8.39M▼ 61.1%

Turnover and EBIT margin not published: the abbreviated schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €8.70M in 2024 against €5.49M in 2023; the loss grows.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €34.13M

93.7%

Fixed assets €2.15M ▼ 1.7%

Current assets €31.98M ▲ 579%

Equity and liabilities €34.13M

78.6%

21.4%

Equity €26.81M ▲ 390%

Debt €7.32M ▲ 413%

Debt's share of the balance-sheet total rises from 20.7% to 21.4%. Equity and debt are higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€-1.14M▼

2023 · €-431k

Cash flow

€-822k▼

2023 · €-144k

Current ratio

7.21▲

2023 · 3.30

Quick ratio

7.20▲

2023 · 3.30

Debt to equity

0.27▲

2023 · 0.26

ROE

-31.3%▲

2023 · -95.2%

ROA

-24.6%▲

2023 · -75.5%

Interest coverage

-25.22▼

2023 · -19.45

Debt ≤ 1 year

€4.44M▲

2023 · €1.43M

Income taxes

€-358k▼

2023 · €-297k

Staff costs

€1.76M▲

2023 · €625k

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Filed annual accounts As filed with the NBB · 2024 against 2023 · 46 lines

Balance sheet Code20232024

Assets

Total assets20/58€6.90M€34.13M▲

Fixed assets21/28€2.19M€2.15M▼

Intangible fixed assets21€1.98M€1.84M▼

Tangible fixed assets22/27€213k€309k▲

Furniture and vehicles24€213k€309k▲

Financial fixed assets28€9€9=

Current assets29/58€4.71M€31.98M▲

Amounts receivable after more than one year29€297k€655k▲

Other amounts receivable291€297k€655k▲

Stocks and contracts in progress3-€17k

Stocks30/36-€17k

Amounts receivable within one year40/41€3.39M€7.30M▲

Trade receivables40-€1.85M

Other amounts receivable41€3.39M€5.46M▲

Cash at bank and in hand54/58€984k€23.96M▲

Deferred charges and accrued income490/1€38k€48k▲

Equity and liabilities

Total equity and liabilities10/49€6.90M€34.13M▲

Equity10/15€5.47M€26.81M▲

Contributions10/11€10.68M€40.41M▲

Profit (loss) carried forward14€-5.21M€-13.59M▼

Amounts payable17/49€1.43M€7.32M▲

Amounts payable within one year42/48€1.43M€4.44M▲

Trade debts44€1.40M€4.27M▲

Suppliers440/4€1.40M€4.27M▲

Advances received on contracts in progress46-€18k

Taxes, remuneration and social security45€31k€154k▲

Remuneration and social security454/9€31k€154k▲

Other amounts payable47/48-€130

Accrued charges and deferred income492/3-€2.88M

Income statement Code20232024

Non-recurring operating income76A€56k€0▼

Remuneration, social security and pensions62€625k€1.76M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5.06M€7.57M▲

Other operating charges640/8€390€431▲

Gross operating margin9900€194k€624k▲

Operating profit (loss)9901€-5.49M€-8.70M▼

Financial income75/76B€13k€1k▼

Recurring financial income75€13k€1k▼

Financial charges65/66B€22k€45k▲

Recurring financial charges65€22k€45k▲

Profit (loss) for the period before taxes9903€-5.50M€-8.75M▼

Income taxes67/77€-297k€-358k▼

Profit (loss) for the period9904€-5.21M€-8.39M▼

Profit (loss) for the period to be appropriated9905€-5.21M€-8.39M▼

Appropriation of the result

Profit (loss) to be appropriated9906€-5.21M€-13.59M▼

Profit (loss) brought forward from the previous period14P-€-5.21M

Social balance

Average headcount (FTE)90873.512.9▲

The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 5Financial 2Gazette 1Filings 2

2026

16-09

State Gazette act Founder · Incorporation

Other statement · Name clause

2025

09-07

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

2024

31-12

Financial Liquidity doublescurrent ratio 7.21

Current ratio from 3.30 to 7.21.

31-12

Financial Equity above €25MEq €26.81M ▲390%

Equity rises from €5.47M to €26.81M.

14-06

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

11 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.

Location & real-estate footprint

Registered office, Leuven · 1 establishment unit since 2022

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Gaston Geenslaan 103001 Leuven

Ground area

1.2 ha

Building footprint

1,177 m²

Parcel 24040B0224/00B000, Flanders. Linked by address, not a title deed.

1 establishment unit

Swave

Gaston Geenslaan 10, 3001 LeuvenScientific research and development

since 20222.328.549.138

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
24040B0224/00B000	Flanders	1.2 ha	1 · 1,177 m²	-

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Public money · subsidies and aid

Flemish government

2023 to 2025 · 5 entries · 2,136,795 EUR awarded · 1,708,000 EUR paid

Year	Entries	awarded	paid
2025	2	0 EUR	0 EUR
2024	2	488 EUR	854,000 EUR
2023	1	2,136,307 EUR	854,000 EUR

Schemes

Onderzoeksproject

4 entries · 2,136,307 EUR · 1,708,000 EUR paid · Fonds voor Innoveren en Ondernemen

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

1 entry · 488 EUR · Fonds voor Innoveren en Ondernemen

Federal government

2025 · 1 entry · 254,000 EUR in total

Year	Department	Transactions	Amount
2025	Defensie	1	254,000 EUR

Budget allocations

Inkomensoverdracht R&D naar bedrijven

1 entry · 254,000 EUR

European Union, budget

2024 · 1 entry · 2,494,625 EUR in total

Year	Entries	awarded
2024	1	2,494,625 EUR

Projects

HXR - HOLOGRAPHIC EXTENDED REALITY (HXR) FOR TRUE AUGMENTED REALITY (AR) AND LIFELIKE IMMERSIVE DISPLAYS

Horizon Europe · 01-03-2024 to 31-10-2025 · 2,494,625 EUR

European research

1 project · 1 as coordinator · 2,494,625 EUR EU contribution

Programmes

Horizon Europe

1 entry · 2,494,625 EUR

Projects

Holographic eXtended Reality (HXR) for true Augmented Reality (AR) and lifelike immersive displays

Horizon Europe · coordinator · 01-03-2024 to 30-04-2026 · 2,494,625 EUR · HXR

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Of 4,567 companies in sector 74999 we hold annual accounts for 1,938. 62 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification

Legal formPrivate limited company

Founded01-02-2022

Fiscal year end31-12

Activities, NACEBEL 2025

72109Other research and development on natural sciences

74999Other professional, scientific and technical activities

Sources

Crossroads Bank for EnterprisesNational Bank · 2 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.