SLW-Foundations: 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.
SLW-Foundations
Largest movements
- Receivables within one year +€229,300
up €229,300 (+37.1%), from €617,803 to €847,103
of which Trade receivables: +€221,531
- Cash +€43,187
up €43,187 (+39.5%), from €109,289 to €152,476
mainly Accrued charges and deferred income (+€320,262) and Net result for the year (+€77,377)
- Accrued charges and deferred income +€320,262
up €320,262 (+151%), from €212,059 to €532,321
- Trade debts -€132,577
down €132,577 (-25.8%), from €514,211 to €381,634
- Other debts +€68,047
up €68,047 (+18,291%), from €372 to €68,419
- Reserves +€12,377
up €12,377 (+198%), from €6,264 to €18,641
of which Distributable reserves: +€12,377
- Gross operating margin +€82,368
up €82,368 (+91.0%), from €90,470 to €172,838
- Staff costs -€12,264
down €12,264 (-13.8%), from €88,681 to €76,417
- Other operating charges -€6,216
down €6,216 (-97.7%), from €6,361 to €144
- Financial charges -€4,213
down €4,213 (-31.9%), from €13,206 to €8,993
- Financial income +€1,925
up €1,925 (+3,504%), from €55 to €1,979
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 | €759,660 | €1,023,210 | +€263,550 | +34.7% |
| Fixed assets | 21/28 | €27,093 | €17,300 | -€9,793 | -36.1% |
| Tangible fixed assets | 22/27 | €24,783 | €14,990 | -€9,793 | -39.5% |
| Land and buildings | 22 | €2,111 | €1,071 | -€1,040 | -49.3% |
| Furniture and vehicles | 24 | €22,672 | €13,919 | -€8,753 | -38.6% |
| Financial fixed assets | 28 | €2,310 | €2,310 | = | 0.0% |
| Current assets | 29/58 | €732,567 | €1,005,910 | +€273,343 | +37.3% |
| Amounts receivable within one year | 40/41 | €617,803 | €847,103 | +€229,300 | +37.1% |
| Trade receivables | 40 | €583,389 | €804,920 | +€221,531 | +38.0% |
| Other amounts receivable | 41 | €34,413 | €42,183 | +€7,769 | +22.6% |
| Cash at bank and in hand | 54/58 | €109,289 | €152,476 | +€43,187 | +39.5% |
| Deferred charges and accrued income | 490/1 | €5,475 | €6,331 | +€856 | +15.6% |
| Total equity and liabilities | 10/49 | €759,660 | €1,023,210 | +€263,550 | +34.7% |
| Equity | 10/15 | €12,464 | €24,841 | +€12,377 | +99.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €6,264 | €18,641 | +€12,377 | +198% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,404 | €16,781 | +€12,377 | +281% |
| Amounts payable | 17/49 | €747,195 | €998,369 | +€251,173 | +33.6% |
| Amounts payable within one year | 42/48 | €535,136 | €466,048 | -€69,088 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €5,774 | - | -€5,774 | |
| Trade debts | 44 | €514,211 | €381,634 | -€132,577 | -25.8% |
| Suppliers | 440/4 | €514,211 | €381,634 | -€132,577 | -25.8% |
| Taxes, remuneration and social security | 45 | €14,779 | €15,995 | +€1,216 | +8.2% |
| Taxes | 450/3 | - | €1,020 | +€1,020 | |
| Remuneration and social security | 454/9 | €14,779 | €14,975 | +€196 | +1.3% |
| Other amounts payable | 47/48 | €372 | €68,419 | +€68,047 | +18,291% |
| Accrued charges and deferred income | 492/3 | €212,059 | €532,321 | +€320,262 | +151% |
| Remuneration, social security and pensions | 62 | €88,681 | €76,417 | -€12,264 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,022 | €10,867 | -€155 | -1.4% |
| Other operating charges | 640/8 | €6,361 | €144 | -€6,216 | -97.7% |
| Gross operating margin | 9900 | €90,470 | €172,838 | +€82,368 | +91.0% |
| Operating profit (loss) | 9901 | -€15,594 | €85,410 | +€101,004 | |
| Financial income | 75/76B | €55 | €1,979 | +€1,925 | +3,504% |
| Recurring financial income | 75 | €55 | €1,979 | +€1,925 | +3,504% |
| Financial charges | 65/66B | €13,206 | €8,993 | -€4,213 | -31.9% |
| Recurring financial charges | 65 | €13,206 | €8,993 | -€4,213 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | -€28,744 | €78,397 | +€107,141 | |
| Income taxes | 67/77 | - | €1,020 | +€1,020 | |
| Profit (loss) for the period | 9904 | -€28,744 | €77,377 | +€106,121 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,744 | €77,377 | +€106,121 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.