S.WAG: 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.WAG
Largest movements
- Tangible fixed assets +€21,694
up €21,694 (+9.5%), from €229,203 to €250,897
of which Furniture and vehicles: +€28,405
- Stocks and contracts +€6,750
up €6,750 (+8.3%), from €81,250 to €88,000
- Receivables within one year +€5,325
up €5,325 (+31.3%), from €17,026 to €22,351
of which Trade receivables: +€7,086
- Reserves +€15,973
up €15,973 (+21.6%), from €73,848 to €89,821
of which Distributable reserves: +€15,973
- Trade debts +€5,258
up €5,258 (+35.0%), from €15,003 to €20,261
- Current portion of long-term debt +€5,037
up €5,037 (+35.1%), from €14,370 to €19,407
- Other debts +€4,141
up €4,141 (+7.6%), from €54,733 to €58,875
- Gross operating margin +€21,694
up €21,694 (+108%), from €20,006 to €41,700
- Taxes +€4,865
up €4,865 (+393%), from €1,238 to €6,103
- Financial charges +€2,441
up €2,441 (+51.7%), from €4,726 to €7,168
- Depreciation +€1,151
up €1,151 (+11.9%), from €9,655 to €10,806
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 | €358,322 | €387,572 | +€29,250 | +8.2% |
| Fixed assets | 21/28 | €245,443 | €264,637 | +€19,194 | +7.8% |
| Intangible fixed assets | 21 | €16,240 | €13,740 | -€2,500 | -15.4% |
| Tangible fixed assets | 22/27 | €229,203 | €250,897 | +€21,694 | +9.5% |
| Land and buildings | 22 | €227,799 | €221,570 | -€6,229 | -2.7% |
| Plant, machinery and equipment | 23 | €1,405 | €922 | -€483 | -34.4% |
| Furniture and vehicles | 24 | - | €28,405 | +€28,405 | |
| Current assets | 29/58 | €112,879 | €122,935 | +€10,056 | +8.9% |
| Stocks and contracts in progress | 3 | €81,250 | €88,000 | +€6,750 | +8.3% |
| Stocks | 30/36 | €81,250 | €88,000 | +€6,750 | +8.3% |
| Amounts receivable within one year | 40/41 | €17,026 | €22,351 | +€5,325 | +31.3% |
| Trade receivables | 40 | €11,764 | €18,851 | +€7,086 | +60.2% |
| Other amounts receivable | 41 | €5,262 | €3,500 | -€1,762 | -33.5% |
| Cash at bank and in hand | 54/58 | €13,987 | €11,838 | -€2,149 | -15.4% |
| Deferred charges and accrued income | 490/1 | €616 | €746 | +€130 | +21.1% |
| Total equity and liabilities | 10/49 | €358,322 | €387,572 | +€29,250 | +8.2% |
| Equity | 10/15 | €92,448 | €108,421 | +€15,973 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €73,848 | €89,821 | +€15,973 | +21.6% |
| Tax-exempt reserves | 132 | €10,400 | €10,400 | = | 0.0% |
| Distributable reserves | 133 | €63,448 | €79,421 | +€15,973 | +25.2% |
| Amounts payable | 17/49 | €265,875 | €279,151 | +€13,277 | +5.0% |
| Amounts payable after more than one year | 17 | €170,564 | €169,985 | -€580 | -0.3% |
| Financial debts | 170/4 | €170,564 | €169,985 | -€580 | -0.3% |
| Amounts payable within one year | 42/48 | €95,310 | €106,260 | +€10,949 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €14,370 | €19,407 | +€5,037 | +35.1% |
| Trade debts | 44 | €15,003 | €20,261 | +€5,258 | +35.0% |
| Suppliers | 440/4 | €15,003 | €20,261 | +€5,258 | +35.0% |
| Taxes, remuneration and social security | 45 | €11,204 | €7,718 | -€3,487 | -31.1% |
| Taxes | 450/3 | €9,004 | €7,718 | -€1,287 | -14.3% |
| Remuneration and social security | 454/9 | €2,200 | - | -€2,200 | |
| Other amounts payable | 47/48 | €54,733 | €58,875 | +€4,141 | +7.6% |
| Accrued charges and deferred income | 492/3 | - | €2,907 | +€2,907 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,655 | €10,806 | +€1,151 | +11.9% |
| Other operating charges | 640/8 | €1,464 | €1,710 | +€246 | +16.8% |
| Gross operating margin | 9900 | €20,006 | €41,700 | +€21,694 | +108% |
| Operating profit (loss) | 9901 | €8,887 | €29,184 | +€20,297 | +228% |
| Financial income | 75/76B | €112 | €60 | -€52 | -46.3% |
| Recurring financial income | 75 | €112 | €60 | -€52 | -46.3% |
| Financial charges | 65/66B | €4,726 | €7,168 | +€2,441 | +51.7% |
| Recurring financial charges | 65 | €4,726 | €7,168 | +€2,441 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €4,273 | €22,076 | +€17,803 | +417% |
| Income taxes | 67/77 | €1,238 | €6,103 | +€4,865 | +393% |
| Profit (loss) for the period | 9904 | €3,034 | €15,973 | +€12,939 | +426% |
| Profit (loss) for the period to be appropriated | 9905 | €3,034 | €15,973 | +€12,939 | +426% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.