S-WINGS: 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-WINGS
Largest movements
- Tangible fixed assets +€22,615
up €22,615 (+43.6%), from €51,888 to €74,503
of which Other tangible fixed assets: +€23,000
- Receivables within one year -€17,748
down €17,748 (-38.0%), from €46,725 to €28,978
of which Other amounts receivable: -€20,031
- Cash +€16,885
up €16,885 (+95.0%), from €17,775 to €34,661
mainly Net result for the year (+€40,643) and Receivables within one year (+€17,748)
- Deferred charges and accrued income +€6,098
up €6,098 (+112%), from €5,431 to €11,529
- Reserves +€40,643
up €40,643 (+1,884%), from €2,158 to €42,801
of which Distributable reserves: +€40,643
- Other debts -€31,200
down €31,200 (-75.7%), from €41,200 to €10,000
- Tax, wage and social debts +€10,877
up €10,877 (+122%), from €8,920 to €19,797
- Profit (loss) carried forward -€10,000
down €10,000 (-13.3%), from €75,379 to €65,379
- Debts after one year +€8,799
up €8,799 (+220%), from €4,006 to €12,805
- Gross operating margin +€42,105
up €42,105 (+251%), from €16,788 to €58,893
- Taxes +€12,169
up €12,169 (+292%), from €4,165 to €16,334
- Financial income -€869
down €869 (-28.9%), from €3,007 to €2,138
- Other operating charges +€817
up €817 (+301%), from €272 to €1,089
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 | €163,478 | €192,089 | +€28,612 | +17.5% |
| Fixed assets | 21/28 | €52,068 | €74,683 | +€22,615 | +43.4% |
| Tangible fixed assets | 22/27 | €51,888 | €74,503 | +€22,615 | +43.6% |
| Plant, machinery and equipment | 23 | €888 | €503 | -€385 | -43.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €51,000 | €74,000 | +€23,000 | +45.1% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €111,410 | €117,406 | +€5,996 | +5.4% |
| Amounts receivable after more than one year | 29 | €36,593 | €37,354 | +€760 | +2.1% |
| Other amounts receivable | 291 | €36,593 | €37,354 | +€760 | +2.1% |
| Amounts receivable within one year | 40/41 | €46,725 | €28,978 | -€17,748 | -38.0% |
| Trade receivables | 40 | €13,597 | €15,881 | +€2,284 | +16.8% |
| Other amounts receivable | 41 | €33,128 | €13,096 | -€20,031 | -60.5% |
| Current investments | 50/53 | €4,885 | €4,885 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,775 | €34,661 | +€16,885 | +95.0% |
| Deferred charges and accrued income | 490/1 | €5,431 | €11,529 | +€6,098 | +112% |
| Total equity and liabilities | 10/49 | €163,478 | €192,089 | +€28,612 | +17.5% |
| Equity | 10/15 | €96,137 | €126,780 | +€30,643 | +31.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,158 | €42,801 | +€40,643 | +1,884% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €298 | €40,941 | +€40,643 | +13,648% |
| Profit (loss) carried forward | 14 | €75,379 | €65,379 | -€10,000 | -13.3% |
| Amounts payable | 17/49 | €67,341 | €65,309 | -€2,031 | -3.0% |
| Amounts payable after more than one year | 17 | €4,006 | €12,805 | +€8,799 | +220% |
| Financial debts | 170/4 | €4,006 | €12,805 | +€8,799 | +220% |
| Amounts payable within one year | 42/48 | €63,334 | €52,504 | -€10,830 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €10,877 | €18,842 | +€7,965 | +73.2% |
| Trade debts | 44 | €2,337 | €3,865 | +€1,527 | +65.4% |
| Suppliers | 440/4 | €2,337 | €3,865 | +€1,527 | +65.4% |
| Taxes, remuneration and social security | 45 | €8,920 | €19,797 | +€10,877 | +122% |
| Taxes | 450/3 | €8,920 | €19,797 | +€10,877 | +122% |
| Other amounts payable | 47/48 | €41,200 | €10,000 | -€31,200 | -75.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €385 | -€384 | -49.9% |
| Other operating charges | 640/8 | €272 | €1,089 | +€817 | +301% |
| Gross operating margin | 9900 | €16,788 | €58,893 | +€42,105 | +251% |
| Operating profit (loss) | 9901 | €15,748 | €57,419 | +€41,671 | +265% |
| Financial income | 75/76B | €3,007 | €2,138 | -€869 | -28.9% |
| Recurring financial income | 75 | €3,007 | €2,138 | -€869 | -28.9% |
| Financial charges | 65/66B | €2,523 | €2,580 | +€57 | +2.2% |
| Recurring financial charges | 65 | €2,523 | €2,580 | +€57 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €16,232 | €56,977 | +€40,746 | +251% |
| Income taxes | 67/77 | €4,165 | €16,334 | +€12,169 | +292% |
| Profit (loss) for the period | 9904 | €12,066 | €40,643 | +€28,577 | +237% |
| Profit (loss) for the period to be appropriated | 9905 | €12,066 | €40,643 | +€28,577 | +237% |
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 17 October 2026 via checked.be.