SKAW: 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.
SKAW
Largest movements
- Cash -€20,166
down €20,166 (-60.9%), from €33,099 to €12,933
mainly Debts after one year (-€40,714) and Trade debts (-€4,528)
- Debts after one year -€40,714
down €40,714 (-21.4%), from €190,000 to €149,286
- Reserves +€23,706
up €23,706 (+31.3%), from €75,846 to €99,552
- Short-term financial debts +€4,985
up €4,985 (+147.4%), from €3,381 to €8,365
- Trade debts -€4,528
down €4,528 (-50.6%), from €8,945 to €4,417
- Financial income -€24,970
down €24,970 (-99.9%), from €25,000 to €30
- Gross operating margin -€10,135
down €10,135 (-17.5%), from €57,867 to €47,732
- Taxes -€6,403
down €6,403 (-39.7%), from €16,110 to €9,707
- Financial charges -€1,510
down €1,510 (-10.8%), from €13,952 to €12,443
- Depreciation +€724
up €724 (+90.3%), from €802 to €1,527
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 | €336,900 | €320,040 | -€16,860 | -5.0% |
| Fixed assets | 21/28 | €296,102 | €296,433 | +€332 | +0.1% |
| Tangible fixed assets | 22/27 | €11,102 | €11,433 | +€332 | +3.0% |
| Plant, machinery and equipment | 23 | €2,662 | €1,879 | -€783 | -29.4% |
| Other tangible fixed assets | 26 | €8,439 | €9,554 | +€1,115 | +13.2% |
| Financial fixed assets | 28 | €285,000 | €285,000 | = | 0.0% |
| Current assets | 29/58 | €40,799 | €23,607 | -€17,191 | -42.1% |
| Amounts receivable within one year | 40/41 | €7,699 | €10,674 | +€2,975 | +38.6% |
| Trade receivables | 40 | €7,367 | €4,802 | -€2,564 | -34.8% |
| Other amounts receivable | 41 | €333 | €5,872 | +€5,539 | +1664.4% |
| Cash at bank and in hand | 54/58 | €33,099 | €12,933 | -€20,166 | -60.9% |
| Total equity and liabilities | 10/49 | €336,900 | €320,040 | -€16,860 | -5.0% |
| Equity | 10/15 | €78,346 | €102,052 | +€23,706 | +30.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €75,846 | €99,552 | +€23,706 | +31.3% |
| Distributable reserves | 133 | €75,846 | €99,552 | +€23,706 | +31.3% |
| Amounts payable | 17/49 | €258,555 | €217,989 | -€40,566 | -15.7% |
| Amounts payable after more than one year | 17 | €190,000 | €149,286 | -€40,714 | -21.4% |
| Financial debts | 170/4 | €190,000 | €149,286 | -€40,714 | -21.4% |
| Amounts payable within one year | 42/48 | €68,555 | €68,703 | +€148 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €40,714 | €40,714 | = | 0.0% |
| Financial debts | 43 | €3,381 | €8,365 | +€4,985 | +147.4% |
| Credit institutions | 430/8 | €3,381 | €8,365 | +€4,985 | +147.4% |
| Trade debts | 44 | €8,945 | €4,417 | -€4,528 | -50.6% |
| Suppliers | 440/4 | €8,945 | €4,417 | -€4,528 | -50.6% |
| Taxes, remuneration and social security | 45 | €15,515 | €15,207 | -€308 | -2.0% |
| Taxes | 450/3 | €15,515 | €14,971 | -€544 | -3.5% |
| Remuneration and social security | 454/9 | €0 | €235 | +€235 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €802 | €1,527 | +€724 | +90.3% |
| Other operating charges | 640/8 | €583 | €379 | -€204 | -34.9% |
| Gross operating margin | 9900 | €57,867 | €47,732 | -€10,135 | -17.5% |
| Operating profit (loss) | 9901 | €56,481 | €45,826 | -€10,655 | -18.9% |
| Financial income | 75/76B | €25,000 | €30 | -€24,970 | -99.9% |
| Recurring financial income | 75 | €25,000 | €30 | -€24,970 | -99.9% |
| Financial charges | 65/66B | €13,952 | €12,443 | -€1,510 | -10.8% |
| Recurring financial charges | 65 | €13,952 | €12,443 | -€1,510 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €67,529 | €33,413 | -€34,116 | -50.5% |
| Income taxes | 67/77 | €16,110 | €9,707 | -€6,403 | -39.7% |
| Profit (loss) for the period | 9904 | €51,419 | €23,706 | -€27,713 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €51,419 | €23,706 | -€27,713 | -53.9% |
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 5 October 2026 via checked.be.