SAWB: 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.
SAWB
Largest movements
- Receivables within one year -€55,187
down €55,187 (-42.9%), from €128,781 to €73,594
of which Other amounts receivable: -€43,165
- Receivables after one year -€50,414
down €50,414 (-12.5%), from €404,458 to €354,044
- Debts after one year -€169,975
down €169,975 (-5.4%), from €3.1m to €3.0m
- Reserves +€74,827
up €74,827 (+20.7%), from €362,344 to €437,171
- Gross operating margin -€8,846
down €8,846 (-5.8%), from €152,485 to €143,639
- Taxes +€3,323
up €3,323 (+14.9%), from €22,296 to €25,619
- Financial charges -€1,752
down €1,752 (-19.8%), from €8,858 to €7,106
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 | €3,594,262 | €3,518,336 | -€75,926 | -2.1% |
| Fixed assets | 21/28 | €3,023,227 | €3,021,670 | -€1,557 | -0.1% |
| Tangible fixed assets | 22/27 | €2,864 | €1,307 | -€1,557 | -54.4% |
| Furniture and vehicles | 24 | €2,864 | €1,307 | -€1,557 | -54.4% |
| Financial fixed assets | 28 | €3,020,363 | €3,020,363 | = | 0.0% |
| Current assets | 29/58 | €571,035 | €496,665 | -€74,369 | -13.0% |
| Amounts receivable after more than one year | 29 | €404,458 | €354,044 | -€50,414 | -12.5% |
| Other amounts receivable | 291 | €404,458 | €354,044 | -€50,414 | -12.5% |
| Amounts receivable within one year | 40/41 | €128,781 | €73,594 | -€55,187 | -42.9% |
| Trade receivables | 40 | €58,137 | €46,115 | -€12,022 | -20.7% |
| Other amounts receivable | 41 | €70,644 | €27,479 | -€43,165 | -61.1% |
| Cash at bank and in hand | 54/58 | €31,100 | €65,487 | +€34,387 | +110.6% |
| Deferred charges and accrued income | 490/1 | €6,696 | €3,540 | -€3,156 | -47.1% |
| Total equity and liabilities | 10/49 | €3,594,262 | €3,518,336 | -€75,926 | -2.1% |
| Equity | 10/15 | €412,344 | €487,171 | +€74,827 | +18.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €362,344 | €437,171 | +€74,827 | +20.7% |
| Distributable reserves | 133 | €362,344 | €437,171 | +€74,827 | +20.7% |
| Amounts payable | 17/49 | €3,181,918 | €3,031,165 | -€150,753 | -4.7% |
| Amounts payable after more than one year | 17 | €3,129,290 | €2,959,315 | -€169,975 | -5.4% |
| Financial debts | 170/4 | €3,129,290 | €2,959,315 | -€169,975 | -5.4% |
| Amounts payable within one year | 42/48 | €43,862 | €66,937 | +€23,075 | +52.6% |
| Trade debts | 44 | €484 | €159 | -€325 | -67.2% |
| Suppliers | 440/4 | €484 | €159 | -€325 | -67.2% |
| Advances received on contracts in progress | 46 | - | €6,440 | +€6,440 | |
| Taxes, remuneration and social security | 45 | €41,786 | €57,659 | +€15,873 | +38.0% |
| Taxes | 450/3 | €33,041 | €48,637 | +€15,596 | +47.2% |
| Remuneration and social security | 454/9 | €8,745 | €9,022 | +€277 | +3.2% |
| Other amounts payable | 47/48 | €1,592 | €2,679 | +€1,086 | +68.2% |
| Accrued charges and deferred income | 492/3 | €8,765 | €4,913 | -€3,852 | -44.0% |
| Remuneration, social security and pensions | 62 | €35,543 | €36,952 | +€1,409 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,060 | €1,557 | -€503 | -24.4% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Gross operating margin | 9900 | €152,485 | €143,639 | -€8,846 | -5.8% |
| Operating profit (loss) | 9901 | €113,797 | €104,012 | -€9,785 | -8.6% |
| Financial income | 75/76B | €4,044 | €3,540 | -€504 | -12.5% |
| Recurring financial income | 75 | €4,044 | €3,540 | -€504 | -12.5% |
| Financial charges | 65/66B | €8,858 | €7,106 | -€1,752 | -19.8% |
| Recurring financial charges | 65 | €8,858 | €7,106 | -€1,752 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €108,983 | €100,446 | -€8,537 | -7.8% |
| Income taxes | 67/77 | €22,296 | €25,619 | +€3,323 | +14.9% |
| Profit (loss) for the period | 9904 | €86,687 | €74,827 | -€11,860 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,687 | €74,827 | -€11,860 | -13.7% |
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 12 October 2026 via checked.be.