S.W.: 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.
S.W.
Largest movements
- Tangible fixed assets +€26,799
up €26,799 (+35.0%), from €76,528 to €103,328
- Financial fixed assets -€1,720
down €1,720 (-100.0%), from €1,720 to €0
- Other debts +€33,320
up €33,320 (+33.9%), from €98,336 to €131,656
- Profit (loss) carried forward -€7,457
down €7,457 (-6.9%), from -€108,137 to -€115,594
- Gross operating margin -€9,828
down €9,828 (-87.3%), from €11,262 to €1,434
- Other operating charges +€1,817
up €1,817 (+57.4%), from €3,164 to €4,981
- Depreciation +€395
up €395 (+12.3%), from €3,205 to €3,600
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 | €80,406 | €105,289 | +€24,883 | +30.9% |
| Fixed assets | 21/28 | €78,248 | €103,328 | +€25,079 | +32.1% |
| Tangible fixed assets | 22/27 | €76,528 | €103,328 | +€26,799 | +35.0% |
| Land and buildings | 22 | €76,528 | €103,328 | +€26,799 | +35.0% |
| Financial fixed assets | 28 | €1,720 | €0 | -€1,720 | -100.0% |
| Current assets | 29/58 | €2,157 | €1,962 | -€196 | -9.1% |
| Cash at bank and in hand | 54/58 | €2,157 | €1,962 | -€196 | -9.1% |
| Total equity and liabilities | 10/49 | €80,406 | €105,289 | +€24,883 | +30.9% |
| Equity | 10/15 | -€18,996 | -€26,453 | -€7,457 | -39.3% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €14,773 | €14,773 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,336 | €7,336 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,137 | -€115,594 | -€7,457 | -6.9% |
| Amounts payable | 17/49 | €99,402 | €131,742 | +€32,340 | +32.5% |
| Amounts payable within one year | 42/48 | €98,336 | €131,656 | +€33,320 | +33.9% |
| Other amounts payable | 47/48 | €98,336 | €131,656 | +€33,320 | +33.9% |
| Accrued charges and deferred income | 492/3 | €1,066 | €86 | -€980 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,205 | €3,600 | +€395 | +12.3% |
| Other operating charges | 640/8 | €3,164 | €4,981 | +€1,817 | +57.4% |
| Gross operating margin | 9900 | €11,262 | €1,434 | -€9,828 | -87.3% |
| Operating profit (loss) | 9901 | €4,893 | -€7,147 | -€12,040 | |
| Financial charges | 65/66B | €275 | €310 | +€34 | +12.5% |
| Recurring financial charges | 65 | €275 | €310 | +€34 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €4,618 | -€7,457 | -€12,075 | |
| Profit (loss) for the period | 9904 | €4,618 | -€7,457 | -€12,075 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,618 | -€7,457 | -€12,075 |
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 10 October 2026 via checked.be.