AN SWAT: 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.
AN SWAT
Largest movements
- Stocks and contracts -€44,183
no longer reported in 2025 (was €44,183)
- Cash +€40,770
up €40,770 (+111%), from €36,731 to €77,501
mainly Stocks and contracts (+€44,183) and Net result for the year (+€18,387)
- Tangible fixed assets +€35,080
up €35,080 (+114%), from €30,754 to €65,833
- Receivables within one year -€9,826
no longer reported in 2025 (was €9,826)
of which Other amounts receivable: -€8,916
- Intangible fixed assets +€7,877
new in 2025: €7,877
- Profit (loss) carried forward +€18,387
up €18,387, from -€8,868 to €9,520
- Trade debts +€12,345
up €12,345 (+12.6%), from €97,813 to €110,158
- Current portion of long-term debt -€11,013
no longer reported in 2025 (was €11,013)
- Tax, wage and social debts +€10,543
up €10,543 (+69.8%), from €15,094 to €25,637
of which Remuneration and social security: +€13,541
- Purchases and services -€365,328
down €365,328 (-25.2%), from €1.4m to €1.1m
- Turnover -€331,797
down €331,797 (-22.4%), from €1.5m to €1.1m
- Gross operating margin +€37,776
up €37,776 (+81.4%), from €46,418 to €84,194
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 | €127,494 | €157,212 | +€29,718 | +23.3% |
| Fixed assets | 21/28 | €36,754 | €79,711 | +€42,957 | +117% |
| Intangible fixed assets | 21 | - | €7,877 | +€7,877 | |
| Tangible fixed assets | 22/27 | €30,754 | €65,833 | +€35,080 | +114% |
| Furniture and vehicles | 24 | €30,754 | €65,833 | +€35,080 | +114% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €90,740 | €77,501 | -€13,239 | -14.6% |
| Stocks and contracts in progress | 3 | €44,183 | - | -€44,183 | |
| Stocks | 30/36 | €44,183 | - | -€44,183 | |
| Amounts receivable within one year | 40/41 | €9,826 | - | -€9,826 | |
| Trade receivables | 40 | €910 | - | -€910 | |
| Other amounts receivable | 41 | €8,916 | - | -€8,916 | |
| Cash at bank and in hand | 54/58 | €36,731 | €77,501 | +€40,770 | +111% |
| Total equity and liabilities | 10/49 | €127,494 | €157,212 | +€29,718 | +23.3% |
| Equity | 10/15 | -€793 | €17,594 | +€18,387 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,874 | €1,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,874 | €1,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,874 | €1,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,868 | €9,520 | +€18,387 | |
| Amounts payable | 17/49 | €128,287 | €139,618 | +€11,331 | +8.8% |
| Amounts payable after more than one year | 17 | €927 | €927 | = | 0.0% |
| Financial debts | 170/4 | €927 | €927 | = | 0.0% |
| Amounts payable within one year | 42/48 | €127,361 | €138,692 | +€11,331 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €11,013 | - | -€11,013 | |
| Trade debts | 44 | €97,813 | €110,158 | +€12,345 | +12.6% |
| Suppliers | 440/4 | €97,813 | €110,158 | +€12,345 | +12.6% |
| Taxes, remuneration and social security | 45 | €15,094 | €25,637 | +€10,543 | +69.8% |
| Taxes | 450/3 | €14,646 | €11,647 | -€2,998 | -20.5% |
| Remuneration and social security | 454/9 | €449 | €13,990 | +€13,541 | +3,017% |
| Other amounts payable | 47/48 | €3,440 | €2,897 | -€544 | -15.8% |
| Turnover | 70 | €1,480,951 | €1,149,154 | -€331,797 | -22.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,447,627 | €1,082,299 | -€365,328 | -25.2% |
| Remuneration, social security and pensions | 62 | €34,829 | €41,534 | +€6,705 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,467 | €8,676 | -€791 | -8.4% |
| Other operating charges | 640/8 | €3,771 | €7,244 | +€3,472 | +92.1% |
| Gross operating margin | 9900 | €46,418 | €84,194 | +€37,776 | +81.4% |
| Operating profit (loss) | 9901 | -€1,650 | €26,740 | +€28,390 | |
| Financial charges | 65/66B | €3,101 | €3,358 | +€257 | +8.3% |
| Recurring financial charges | 65 | €3,101 | €3,358 | +€257 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,751 | €23,382 | +€28,133 | |
| Income taxes | 67/77 | €413 | €4,995 | +€4,582 | +1,110% |
| Profit (loss) for the period | 9904 | -€5,164 | €18,387 | +€23,551 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,164 | €18,387 | +€23,551 |
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 30 October 2026 via checked.be.