Swave
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 3 filings
Turnover
≈ €2.2m
Estimated: probably between €1.5m and €3.6m
Total assets
€29.9m▼ 12.4%
2024 · €34.1m
Net result
-€12.0m▼ 43.1%
2024 · -€8.4m
Working capital
€22.7m▼ 17.6%
2024 · €27.5m
In the rankings
#1 company by equity in Flemish Brabant, Other professional activities sector#2 company by total assets in Flemish Brabant, Other professional activities sector#10 employer in Flemish Brabant, Other professional activities sector
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€12.4m
▼ 42.0%
2025
20232025
Net result
-€12.0m
▼ 43.1%
2025
lowest quarter of the sector
20232025
Equity
€20.8m
▼ 22.4%
2025
highest quarter of the sector
20232025
Total assets
€29.9m
▼ 12.4%
2025
highest quarter of the sector
20232025
Debt
€9.1m
▲ 24.2%
2025
20232025
Working capital
€22.7m
▼ 17.6%
2025
highest quarter of the sector
20232025
Solvency
69.6%
▼ 9.0pp
2025
highest quarter of the sector
20232025
Current ratio
5.53
▼ 1.68
2025
highest quarter of the sector
20232025
Return on assets (ROA)
-40.1%
▼ 15.6pp
2025
lowest quarter of the sector
20232025
Staff (FTE)
19.9
▲ 54.3%
2025
highest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result-€5.5m--€8.7m▼ 58.4%-€12.4m▼ 42.0%
Net result-€5.2mbelow the sector's middle half--€8.4mbelow the sector's middle half▼ 61.1%-€12.0mbelow the sector's middle half▼ 43.1%
Equity€5.5mabove the sector's middle half-€26.8mabove the sector's middle half▲ 390%€20.8mabove the sector's middle half▼ 22.4%
Total assets€6.9mabove the sector's middle half-€34.1mabove the sector's middle half▲ 395%€29.9mabove the sector's middle half▼ 12.4%
Debt€1.4m-€7.3m▲ 413%€9.1m▲ 24.2%
Working capital€3.3mabove the sector's middle half-€27.5mabove the sector's middle half▲ 740%€22.7mabove the sector's middle half▼ 17.6%
Solvency79.3%above the sector's middle half-78.6%above the sector's middle half▼ 0.8pp69.6%above the sector's middle half▼ 9.0pp
Current ratio3.30within the sector's middle half-7.21above the sector's middle half▲ 3.915.53above the sector's middle half▼ 1.68
Return on assets (ROA)-75.5%below the sector's middle half--24.6%below the sector's middle half▲ 50.9pp-40.1%below the sector's middle half▼ 15.6pp
Staff (FTE)3.5within the sector's middle half-12.9above the sector's middle half▲ 269%19.9above the sector's middle half▲ 54.3%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €12.4m, larger than the loss of €8.7m in 2024. It is the lowest result since 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €29.9m
Fixed assets
€2.2m ▲ 1.8%
Current assets
€27.7m ▼ 13.4%
Equity and liabilities €29.9m
Equity
€20.8m ▼ 22.4%
Debt
€9.1m ▲ 24.2%
Debt's share of the balance-sheet total rises from 21.4% to 30.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1.4m▼
2024 · -€1.1m
Cash flow
-€1.1m▼
2024 · -€822,495
Quick ratio
5.51▼
2024 · 7.20
Debt to equity
0.44▲
2024 · 0.27
ROE
-57.7%▼
2024 · -31.3%
Interest coverage
-26.71▼
2024 · -25.22
Debt ≤ 1 year
€5.0m▲
2024 · €4.4m
Income taxes
-€354,258▲
2024 · -€358,083
Staff costs
€2.6m▲
2024 · €1.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 6 | 16 | 22 |
| full-time | 6 | 16 | 22 |
| part-time | - | 0 | 0 |
| in full-time equivalents | 6 | 16 | 22 |
| Average over the year, in full-time equivalents | 3.5 | 12.9 | 19.9 |
| On a permanent contract | 6 | 16 | 22 |
| Joined | 6 | 11 | 7 |
| Left | 0 | 1 | 1 |
| Training hours | - | 8 | 88 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €241,361 | €176,256 | €564,697 |
| Intangible fixed assets | €7.0m | €7.6m | €10.4m |
| Financial fixed assets | €9 | - | €30,265 |
| Depreciation and write-downs of the year | €5.1m | €7.6m | €10.9m |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 5 entries · €2.1m awarded · €1.7m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €0 |
| 2024 | 2 | €488 | €0.9m |
| 2023 | 1 | €2.1m | €0.9m |
Federal government
2025 · 1 entry · €254,000 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | Defensie | 1 | €254,000 |
Budget allocations
European Union, budget
2024 · 1 entry · €2.5m in totalProjects
HXR - HOLOGRAPHIC EXTENDED REALITY (HXR) FOR TRUE AUGMENTED REALITY (AR) AND LIFELIKE IMMERSIVE DISPLAYS
European research
1 project · 1 as coordinator · €2.5m EU contributionProgrammes
Projects
Holographic eXtended Reality (HXR) for true Augmented Reality (AR) and lifelike immersive displays
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | €0.06m | €0 | - | - |
| Remuneration, social security and pensions62 | €0.6m | €1.8m | €2.6m | ▲ 49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5.1m | €7.6m | €10.9m | ▲ 44.6% |
| Other operating charges640/8 | €390 | €431 | €0.05m | ▲ 116× |
| Gross operating margin9900 | €0.2m | €0.6m | €1.3m | ▲ 103% |
| Operating profit (loss)9901 | -€5.5m | -€8.7m | -€12.4m | ▼ 42.0% |
| Financial income75/76B | €0.01m | €0.001m | €0.05m | ▲ 43× |
| Recurring financial income75 | €0.01m | €0.001m | €0.05m | ▲ 43× |
| Financial charges65/66B | €0.02m | €0.05m | €0.05m | ▲ 18.0% |
| Recurring financial charges65 | €0.02m | €0.05m | €0.05m | ▲ 18.0% |
| Profit (loss) for the period before taxes9903 | -€5.5m | -€8.7m | -€12.4m | ▼ 41.3% |
| Income taxes67/77 | -€0.3m | -€0.4m | -€0.4m | ▲ 1.1% |
| Profit (loss) for the period9904 | -€5.2m | -€8.4m | -€12.0m | ▼ 43.1% |
| Profit (loss) for the period to be appropriated9905 | -€5.2m | -€8.4m | -€12.0m | ▼ 43.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €6.9m | €34.1m | €29.9m | ▼ 12.4% |
| Fixed assets21/28 | €2.2m | €2.2m | €2.2m | ▲ 1.8% |
| Intangible fixed assets21 | €2.0m | €1.8m | €1.4m | ▼ 22.4% |
| Tangible fixed assets22/27 | €0.2m | €0.3m | €0.7m | ▲ 136% |
| Furniture and vehicles24 | €0.2m | €0.3m | €0.5m | ▲ 56.7% |
| Other tangible fixed assets26 | - | - | €0.2m | - |
| Financial fixed assets28 | €9 | €9 | €0.03m | ▲ 3,248× |
| Current assets29/58 | €4.7m | €32.0m | €27.7m | ▼ 13.4% |
| Amounts receivable after more than one year29 | €0.3m | €0.7m | €1.0m | ▲ 54.1% |
| Other amounts receivable291 | €0.3m | €0.7m | €1.0m | ▲ 54.1% |
| Stocks and contracts in progress3 | - | €0.02m | €0.1m | ▲ 674% |
| Stocks30/36 | - | €0.02m | €0.1m | ▲ 674% |
| Amounts receivable within one year40/41 | €3.4m | €7.3m | €7.8m | ▲ 6.4% |
| Trade receivables40 | - | €1.8m | €0.1m | ▼ 93.3% |
| Other amounts receivable41 | €3.4m | €5.5m | €7.6m | ▲ 40.1% |
| Cash at bank and in hand54/58 | €1.0m | €24.0m | €18.7m | ▼ 21.9% |
| Deferred charges and accrued income490/1 | €0.04m | €0.05m | €0.08m | ▲ 66.6% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €6.9m | €34.1m | €29.9m | ▼ 12.4% |
| Equity10/15 | €5.5m | €26.8m | €20.8m | ▼ 22.4% |
| Contributions10/11 | €10.7m | €40.4m | €46.4m | ▲ 14.8% |
| Profit (loss) carried forward14 | -€5.2m | -€13.6m | -€25.6m | ▼ 88.3% |
| Amounts payable17/49 | €1.4m | €7.3m | €9.1m | ▲ 24.2% |
| Amounts payable within one year42/48 | €1.4m | €4.4m | €5.0m | ▲ 12.9% |
| Trade debts44 | €1.4m | €4.3m | €4.7m | ▲ 9.4% |
| Suppliers440/4 | €1.4m | €4.3m | €4.7m | ▲ 9.4% |
| Advances received on contracts in progress46 | - | €0.02m | €0.1m | ▲ 484% |
| Taxes, remuneration and social security45 | €0.03m | €0.2m | €0.2m | ▲ 53.4% |
| Remuneration and social security454/9 | €0.03m | €0.2m | €0.2m | ▲ 53.4% |
| Other amounts payable47/48 | - | €130 | €130 | = |
| Accrued charges and deferred income492/3 | - | €2.9m | €4.1m | ▲ 41.6% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5.2m | -€8.4m | -€12.0m | ▼ 43.1% |
| + Depreciation and write-downs630 | €5.1m | €7.6m | €10.9m | ▲ 44.6% |
| Operating cash flow (approximation) | -€0.1m | -€0.8m | -€1.1m | ▼ 29.5% |
| Investment in fixed assets (approximation) | - | -€7.5m | -€11.0m | ▼ 45.9% |
| Change in cash | - | €23.0m | -€5.2m | - |
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, 132 companies had the same profile as Swave has now. Two years later, 93.9% were still going and 3.0% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
93.9%
was still going
3.0%
stopped otherwise
3.0%
went bankrupt
The bankruptcy probability of Swave itself is lower: 0.2% within 12 months. It rests on far more data about Swave than the profile alone.
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 132 companies, not a prediction for Swave. 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.