SEWI: what changed
Two fiscal 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.
SEWI
Largest movements
- Cash -€268,293
down €268,293 (-96.2%), from €278,912 to €10,620
mainly Receivables within one year (-€151,581) and Debts after one year (-€147,866)
- Receivables within one year +€151,581
up €151,581 (+39.8%), from €380,693 to €532,274
of which Trade receivables: +€159,451
- Tangible fixed assets -€33,191
down €33,191 (-14.6%), from €228,097 to €194,906
of which Land and buildings: -€24,418
- Stocks and contracts -€14,857
down €14,857 (-64.6%), from €22,993 to €8,136
- Debts after one year -€147,866
down €147,866 (-30.1%), from €490,516 to €342,651
of which Financial debts: -€148,212
- Trade debts +€52,163
up €52,163 (+443.9%), from €11,751 to €63,914
- Other debts -€35,460
no longer reported in 2025 (was €35,460)
- Profit (loss) carried forward -€23,975
new in 2025: -€23,975
- Tax, wage and social debts -€23,383
down €23,383 (-51.5%), from €45,414 to €22,031
- Gross operating margin -€143,519
down €143,519 (-66.4%), from €216,147 to €72,628
- Taxes -€41,302
down €41,302 (-88.1%), from €46,862 to €5,560
- Financial income -€5,601
down €5,601 (-15.6%), from €35,919 to €30,318
- Other operating charges +€3,552
up €3,552 (+40.7%), from €8,734 to €12,286
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 | €918,799 | €750,498 | -€168,301 | -18.3% |
| Fixed assets | 21/28 | €228,097 | €194,906 | -€33,191 | -14.6% |
| Tangible fixed assets | 22/27 | €228,097 | €194,906 | -€33,191 | -14.6% |
| Land and buildings | 22 | €80,476 | €56,058 | -€24,418 | -30.3% |
| Plant, machinery and equipment | 23 | €15,454 | €18,091 | +€2,638 | +17.1% |
| Furniture and vehicles | 24 | €132,168 | €120,756 | -€11,411 | -8.6% |
| Current assets | 29/58 | €690,702 | €555,592 | -€135,110 | -19.6% |
| Stocks and contracts in progress | 3 | €22,993 | €8,136 | -€14,857 | -64.6% |
| Stocks | 30/36 | €22,993 | €8,136 | -€14,857 | -64.6% |
| Amounts receivable within one year | 40/41 | €380,693 | €532,274 | +€151,581 | +39.8% |
| Trade receivables | 40 | €152,232 | €311,682 | +€159,451 | +104.7% |
| Other amounts receivable | 41 | €228,461 | €220,592 | -€7,870 | -3.4% |
| Cash at bank and in hand | 54/58 | €278,912 | €10,620 | -€268,293 | -96.2% |
| Deferred charges and accrued income | 490/1 | €8,103 | €4,563 | -€3,541 | -43.7% |
| Total equity and liabilities | 10/49 | €918,799 | €750,498 | -€168,301 | -18.3% |
| Equity | 10/15 | €277,637 | €253,663 | -€23,975 | -8.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €259,045 | €259,045 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €257,186 | €257,186 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€23,975 | -€23,975 | |
| Amounts payable | 17/49 | €641,162 | €496,836 | -€144,326 | -22.5% |
| Amounts payable after more than one year | 17 | €490,516 | €342,651 | -€147,866 | -30.1% |
| Financial debts | 170/4 | €490,516 | €342,305 | -€148,212 | -30.2% |
| Other amounts payable | 178/9 | - | €346 | +€346 | |
| Amounts payable within one year | 42/48 | €150,646 | €154,185 | +€3,539 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €58,021 | €68,241 | +€10,219 | +17.6% |
| Trade debts | 44 | €11,751 | €63,914 | +€52,163 | +443.9% |
| Suppliers | 440/4 | €11,751 | €63,914 | +€52,163 | +443.9% |
| Taxes, remuneration and social security | 45 | €45,414 | €22,031 | -€23,383 | -51.5% |
| Taxes | 450/3 | €45,414 | €22,031 | -€23,383 | -51.5% |
| Other amounts payable | 47/48 | €35,460 | - | -€35,460 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,122 | €70,083 | -€39 | -0.1% |
| Other operating charges | 640/8 | €8,734 | €12,286 | +€3,552 | +40.7% |
| Gross operating margin | 9900 | €216,147 | €72,628 | -€143,519 | -66.4% |
| Operating profit (loss) | 9901 | €137,291 | -€9,741 | -€147,032 | |
| Financial income | 75/76B | €35,919 | €30,318 | -€5,601 | -15.6% |
| Recurring financial income | 75 | €35,919 | €30,318 | -€5,601 | -15.6% |
| Financial charges | 65/66B | €39,287 | €38,991 | -€296 | -0.8% |
| Recurring financial charges | 65 | €39,287 | €38,991 | -€296 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €133,922 | -€18,415 | -€152,337 | |
| Income taxes | 67/77 | €46,862 | €5,560 | -€41,302 | -88.1% |
| Profit (loss) for the period | 9904 | €87,060 | -€23,975 | -€111,035 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,060 | -€23,975 | -€111,035 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.