3SW: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
3SW
Largest movements
- Cash +€80,711
up €80,711 (+73.3%), from €110,123 to €190,833
mainly Net result for the year (+€61,383) and Depreciation (+€55,609)
- Intangible fixed assets -€36,000
down €36,000 (-26.7%), from €134,951 to €98,951
- Current investments -€27,371
down €27,371 (-45.6%), from €60,000 to €32,629
- Receivables within one year +€18,276
up €18,276 (+58.2%), from €31,395 to €49,671
of which Trade receivables: +€17,360
- Tangible fixed assets +€11,740
up €11,740 (+24.7%), from €47,492 to €59,232
of which Furniture and vehicles: +€11,130
- Reserves +€61,383
up €61,383 (+37.6%), from €163,103 to €224,486
of which Distributable reserves: +€82,433
- Trade debts +€25,374
up €25,374 (+131%), from €19,299 to €44,673
- Current portion of long-term debt -€24,302
down €24,302 (-53.0%), from €45,839 to €21,537
- Tax, wage and social debts +€21,683
up €21,683 (+37.1%), from €58,463 to €80,146
of which Taxes: +€18,846
- Debts after one year -€21,537
down €21,537 (-21.6%), from €99,725 to €78,188
- Gross operating margin -€114,749
down €114,749 (-15.1%), from €757,958 to €643,209
- Staff costs -€29,339
down €29,339 (-6.0%), from €492,389 to €463,050
- Taxes +€28,264
up €28,264 (+100%), from €28,153 to €56,417
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €438,036 | €494,155 | +€56,119 | +12.8% |
| Fixed assets | 21/28 | €190,026 | €165,766 | -€24,260 | -12.8% |
| Intangible fixed assets | 21 | €134,951 | €98,951 | -€36,000 | -26.7% |
| Tangible fixed assets | 22/27 | €47,492 | €59,232 | +€11,740 | +24.7% |
| Land and buildings | 22 | €1,420 | €5,477 | +€4,057 | +286% |
| Plant, machinery and equipment | 23 | €26,410 | €22,963 | -€3,447 | -13.1% |
| Furniture and vehicles | 24 | €19,662 | €30,792 | +€11,130 | +56.6% |
| Financial fixed assets | 28 | €7,583 | €7,583 | = | 0.0% |
| Current assets | 29/58 | €248,010 | €328,388 | +€80,378 | +32.4% |
| Stocks and contracts in progress | 3 | €20,776 | €19,503 | -€1,273 | -6.1% |
| Stocks | 30/36 | €20,776 | €19,503 | -€1,273 | -6.1% |
| Amounts receivable within one year | 40/41 | €31,395 | €49,671 | +€18,276 | +58.2% |
| Trade receivables | 40 | €29,827 | €47,188 | +€17,360 | +58.2% |
| Other amounts receivable | 41 | €1,568 | €2,484 | +€916 | +58.4% |
| Current investments | 50/53 | €60,000 | €32,629 | -€27,371 | -45.6% |
| Cash at bank and in hand | 54/58 | €110,123 | €190,833 | +€80,711 | +73.3% |
| Deferred charges and accrued income | 490/1 | €25,716 | €35,752 | +€10,036 | +39.0% |
| Total equity and liabilities | 10/49 | €438,036 | €494,155 | +€56,119 | +12.8% |
| Equity | 10/15 | €168,103 | €229,486 | +€61,383 | +36.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €163,103 | €224,486 | +€61,383 | +37.6% |
| Tax-exempt reserves | 132 | €126,300 | €105,250 | -€21,050 | -16.7% |
| Distributable reserves | 133 | €36,803 | €119,236 | +€82,433 | +224% |
| Amounts payable | 17/49 | €269,932 | €264,668 | -€5,264 | -2.0% |
| Amounts payable after more than one year | 17 | €99,725 | €78,188 | -€21,537 | -21.6% |
| Financial debts | 170/4 | €99,725 | €78,188 | -€21,537 | -21.6% |
| Amounts payable within one year | 42/48 | €159,954 | €184,974 | +€25,021 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €45,839 | €21,537 | -€24,302 | -53.0% |
| Trade debts | 44 | €19,299 | €44,673 | +€25,374 | +131% |
| Suppliers | 440/4 | €19,299 | €44,673 | +€25,374 | +131% |
| Taxes, remuneration and social security | 45 | €58,463 | €80,146 | +€21,683 | +37.1% |
| Taxes | 450/3 | €20,045 | €38,891 | +€18,846 | +94.0% |
| Remuneration and social security | 454/9 | €38,418 | €41,255 | +€2,837 | +7.4% |
| Other amounts payable | 47/48 | €36,353 | €38,618 | +€2,266 | +6.2% |
| Accrued charges and deferred income | 492/3 | €10,253 | €1,506 | -€8,747 | -85.3% |
| Remuneration, social security and pensions | 62 | €492,389 | €463,050 | -€29,339 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,954 | €55,609 | -€346 | -0.6% |
| Other operating charges | 640/8 | €3,045 | €2,165 | -€881 | -28.9% |
| Gross operating margin | 9900 | €757,958 | €643,209 | -€114,749 | -15.1% |
| Operating profit (loss) | 9901 | €206,570 | €122,386 | -€84,183 | -40.8% |
| Financial income | 75/76B | €238 | €4,471 | +€4,234 | +1,783% |
| Recurring financial income | 75 | €238 | €4,471 | +€4,234 | +1,783% |
| Financial charges | 65/66B | €15,551 | €9,058 | -€6,493 | -41.8% |
| Recurring financial charges | 65 | €15,551 | €9,058 | -€6,493 | -41.8% |
| Profit (loss) for the period before taxes | 9903 | €191,256 | €117,799 | -€73,457 | -38.4% |
| Income taxes | 67/77 | €28,153 | €56,417 | +€28,264 | +100% |
| Profit (loss) for the period | 9904 | €163,103 | €61,383 | -€101,721 | -62.4% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €126,300 | €63,150 | -€63,150 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,803 | €82,433 | +€45,629 | +124% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.