S.W.B.: 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.B.
Largest movements
- Stocks and contracts +€3.0m
up €3.0m (+207.2%), from €1.4m to €4.4m
of which Contracts in progress: +€3.0m
- Cash -€167,110
down €167,110 (-18.5%), from €903,992 to €736,882
mainly Stocks and contracts (-€3.0m) and Receivables within one year (-€94,529)
- Receivables within one year +€94,529
up €94,529 (+18.9%), from €499,062 to €593,591
of which Trade receivables: +€103,242
- Advances received +€2.9m
up €2.9m (+992.1%), from €294,960 to €3.2m
- Accrued charges and deferred income -€72,055
down €72,055 (-57.8%), from €124,626 to €52,570
- Gross operating margin -€102,390
down €102,390, from €100,891 to -€1,499
- Taxes -€16,899
down €16,899 (-100.0%), from €16,899 to €0
- Financial income +€12,695
up €12,695 (+262.4%), from €4,838 to €17,533
- Financial charges +€11,797
up €11,797 (+28.5%), from €41,331 to €53,128
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 | €2,835,675 | €5,731,457 | +€2.9m | +102.1% |
| Current assets | 29/58 | €2,835,675 | €5,731,457 | +€2.9m | +102.1% |
| Stocks and contracts in progress | 3 | €1,432,622 | €4,400,984 | +€3.0m | +207.2% |
| Stocks | 30/36 | €18,000 | €18,000 | = | 0.0% |
| Contracts in progress | 37 | €1,414,622 | €4,382,984 | +€3.0m | +209.8% |
| Amounts receivable within one year | 40/41 | €499,062 | €593,591 | +€94,529 | +18.9% |
| Trade receivables | 40 | €19,602 | €122,844 | +€103,242 | +526.7% |
| Other amounts receivable | 41 | €479,460 | €470,747 | -€8,713 | -1.8% |
| Cash at bank and in hand | 54/58 | €903,992 | €736,882 | -€167,110 | -18.5% |
| Total equity and liabilities | 10/49 | €2,835,675 | €5,731,457 | +€2.9m | +102.1% |
| Equity | 10/15 | €1,692,347 | €1,654,077 | -€38,270 | -2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,673,747 | €1,635,477 | -€38,270 | -2.3% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €1,671,887 | €1,635,477 | -€36,410 | -2.2% |
| Amounts payable | 17/49 | €1,143,329 | €4,077,380 | +€2.9m | +256.6% |
| Amounts payable within one year | 42/48 | €1,018,703 | €4,024,809 | +€3.0m | +295.1% |
| Trade debts | 44 | €31,854 | €87,311 | +€55,458 | +174.1% |
| Suppliers | 440/4 | €31,854 | €87,311 | +€55,458 | +174.1% |
| Advances received on contracts in progress | 46 | €294,960 | €3,221,142 | +€2.9m | +992.1% |
| Taxes, remuneration and social security | 45 | €16,889 | €41,356 | +€24,467 | +144.9% |
| Taxes | 450/3 | €16,889 | €41,356 | +€24,467 | +144.9% |
| Other amounts payable | 47/48 | €675,000 | €675,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €124,626 | €52,570 | -€72,055 | -57.8% |
| Other operating charges | 640/8 | €1,075 | €1,176 | +€101 | +9.4% |
| Gross operating margin | 9900 | €100,891 | -€1,499 | -€102,390 | |
| Operating profit (loss) | 9901 | €99,816 | -€2,675 | -€102,491 | |
| Financial income | 75/76B | €4,838 | €17,533 | +€12,695 | +262.4% |
| Recurring financial income | 75 | €4,838 | €17,533 | +€12,695 | +262.4% |
| Financial charges | 65/66B | €41,331 | €53,128 | +€11,797 | +28.5% |
| Recurring financial charges | 65 | €41,331 | €53,128 | +€11,797 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €63,323 | -€38,270 | -€101,593 | |
| Income taxes | 67/77 | €16,899 | €0 | -€16,899 | -100.0% |
| Profit (loss) for the period | 9904 | €46,425 | -€38,270 | -€84,694 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,425 | -€38,270 | -€84,694 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.