BSWK: what changed
Two fiscal 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.
BSWK
Largest movements
- Receivables within one year +€80,157
up €80,157 (+54.3%), from €147,655 to €227,811
of which Other amounts receivable: +€83,724
- Tangible fixed assets -€30,773
down €30,773 (-4.4%), from €693,530 to €662,758
of which Assets under construction and advance payments: -€18,172
- Short-term financial debts +€120,000
up €120,000 (+2400.0%), from €5,000 to €125,000
- Other debts -€107,525
down €107,525 (-47.7%), from €225,353 to €117,827
- Reserves +€40,000
up €40,000 (+9.8%), from €408,511 to €448,511
of which Distributable reserves: +€40,000
- Gross operating margin +€34,907
up €34,907 (+51.5%), from €67,767 to €102,674
- Financial income +€28,106
up €28,106 (+499.0%), from €5,633 to €33,738
- Depreciation +€21,017
up €21,017 (+46.8%), from €44,873 to €65,890
- Taxes +€9,564
up €9,564 (+531.6%), from €1,799 to €11,363
- Financial charges +€1,452
up €1,452 (+16.4%), from €8,861 to €10,312
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.
Cash bridge derived
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 | €1,116,690 | €1,169,801 | +€53,111 | +4.8% |
| Fixed assets | 21/28 | €796,530 | €765,758 | -€30,773 | -3.9% |
| Tangible fixed assets | 22/27 | €693,530 | €662,758 | -€30,773 | -4.4% |
| Land and buildings | 22 | €483,600 | €477,081 | -€6,519 | -1.3% |
| Plant, machinery and equipment | 23 | €7,210 | €4,623 | -€2,587 | -35.9% |
| Furniture and vehicles | 24 | €12,205 | €8,710 | -€3,495 | -28.6% |
| Other tangible fixed assets | 26 | €8,800 | €8,800 | = | 0.0% |
| Assets under construction and advance payments | 27 | €181,715 | €163,544 | -€18,172 | -10.0% |
| Financial fixed assets | 28 | €103,000 | €103,000 | = | 0.0% |
| Current assets | 29/58 | €320,160 | €404,044 | +€83,884 | +26.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €147,655 | €227,811 | +€80,157 | +54.3% |
| Trade receivables | 40 | €38,360 | €34,792 | -€3,567 | -9.3% |
| Other amounts receivable | 41 | €109,295 | €193,019 | +€83,724 | +76.6% |
| Current investments | 50/53 | €149,773 | €149,773 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,937 | €14,259 | +€322 | +2.3% |
| Deferred charges and accrued income | 490/1 | €8,795 | €12,200 | +€3,405 | +38.7% |
| Total equity and liabilities | 10/49 | €1,116,690 | €1,169,801 | +€53,111 | +4.8% |
| Equity | 10/15 | €723,194 | €768,671 | +€45,477 | +6.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €408,511 | €448,511 | +€40,000 | +9.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €35,130 | €35,130 | = | 0.0% |
| Distributable reserves | 133 | €373,381 | €413,381 | +€40,000 | +10.7% |
| Profit (loss) carried forward | 14 | €296,091 | €301,568 | +€5,477 | +1.8% |
| Amounts payable | 17/49 | €393,496 | €401,130 | +€7,634 | +1.9% |
| Amounts payable after more than one year | 17 | €123,916 | €119,631 | -€4,285 | -3.5% |
| Financial debts | 170/4 | €123,916 | €119,631 | -€4,285 | -3.5% |
| Amounts payable within one year | 42/48 | €268,557 | €280,155 | +€11,598 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €18,359 | €22,305 | +€3,946 | +21.5% |
| Financial debts | 43 | €5,000 | €125,000 | +€120,000 | +2400.0% |
| Credit institutions | 430/8 | €5,000 | €125,000 | +€120,000 | +2400.0% |
| Trade debts | 44 | €5,995 | €1,813 | -€4,182 | -69.8% |
| Suppliers | 440/4 | €5,995 | €1,813 | -€4,182 | -69.8% |
| Taxes, remuneration and social security | 45 | €13,850 | €13,209 | -€641 | -4.6% |
| Taxes | 450/3 | €11,687 | €13,209 | +€1,522 | +13.0% |
| Remuneration and social security | 454/9 | €2,163 | €0 | -€2,163 | -100.0% |
| Other amounts payable | 47/48 | €225,353 | €117,827 | -€107,525 | -47.7% |
| Accrued charges and deferred income | 492/3 | €1,023 | €1,344 | +€321 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,873 | €65,890 | +€21,017 | +46.8% |
| Other operating charges | 640/8 | €3,446 | €3,370 | -€75 | -2.2% |
| Gross operating margin | 9900 | €67,767 | €102,674 | +€34,907 | +51.5% |
| Operating profit (loss) | 9901 | €19,448 | €33,414 | +€13,966 | +71.8% |
| Financial income | 75/76B | €5,633 | €33,738 | +€28,106 | +499.0% |
| Recurring financial income | 75 | €5,633 | €33,738 | +€28,106 | +499.0% |
| Financial charges | 65/66B | €8,861 | €10,312 | +€1,452 | +16.4% |
| Recurring financial charges | 65 | €8,861 | €10,312 | +€1,452 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €16,220 | €56,840 | +€40,620 | +250.4% |
| Income taxes | 67/77 | €1,799 | €11,363 | +€9,564 | +531.6% |
| Profit (loss) for the period | 9904 | €14,421 | €45,477 | +€31,056 | +215.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,421 | €45,477 | +€31,056 | +215.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.