SOUTHWEST: 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.
SOUTHWEST
Largest movements
- Cash +€11,581
up €11,581 (+85.6%), from €13,533 to €25,113
mainly Net result for the year (+€13,271) and Tax, wage and social debts (+€3,486)
- Tangible fixed assets -€438
down €438 (-37.7%), from €1,160 to €723
- Receivables within one year +€373
up €373 (+3.6%), from €10,437 to €10,810
of which Trade receivables: +€373
- Profit (loss) carried forward +€9,299
up €9,299, from -€9,299 to €0
- Tax, wage and social debts +€3,486
up €3,486 (+50.1%), from €6,952 to €10,439
of which Taxes: +€5,116
- Trade debts -€3,091
down €3,091 (-76.9%), from €4,019 to €927
- Short-term financial debts +€1,282
new in 2025: €1,282
- Other debts +€1,040
up €1,040 (+35.1%), from €2,959 to €3,999
- Write-downs -€13,799
new in 2025: -€13,799
- Gross operating margin -€12,495
down €12,495 (-69.4%), from €18,009 to €5,515
- Taxes +€2,733
up €2,733 (+144%), from €1,900 to €4,633
- Depreciation +€285
up €285 (+187%), from €152 to €438
- Other operating charges +€185
up €185 (+36.6%), from €505 to €690
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 | €25,130 | €36,646 | +€11,516 | +45.8% |
| Fixed assets | 21/28 | €1,160 | €723 | -€438 | -37.7% |
| Tangible fixed assets | 22/27 | €1,160 | €723 | -€438 | -37.7% |
| Plant, machinery and equipment | 23 | €1,160 | €723 | -€438 | -37.7% |
| Current assets | 29/58 | €23,970 | €35,924 | +€11,953 | +49.9% |
| Amounts receivable within one year | 40/41 | €10,437 | €10,810 | +€373 | +3.6% |
| Trade receivables | 40 | €10,437 | €10,810 | +€373 | +3.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €13,533 | €25,113 | +€11,581 | +85.6% |
| Total equity and liabilities | 10/49 | €25,130 | €36,646 | +€11,516 | +45.8% |
| Equity | 10/15 | €10,701 | €20,000 | +€9,299 | +86.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,299 | €0 | +€9,299 | |
| Amounts payable | 17/49 | €14,430 | €16,646 | +€2,217 | +15.4% |
| Amounts payable within one year | 42/48 | €13,930 | €16,646 | +€2,717 | +19.5% |
| Financial debts | 43 | - | €1,282 | +€1,282 | |
| Credit institutions | 430/8 | - | €1,282 | +€1,282 | |
| Trade debts | 44 | €4,019 | €927 | -€3,091 | -76.9% |
| Suppliers | 440/4 | €4,019 | €927 | -€3,091 | -76.9% |
| Taxes, remuneration and social security | 45 | €6,952 | €10,439 | +€3,486 | +50.1% |
| Taxes | 450/3 | €5,323 | €10,439 | +€5,116 | +96.1% |
| Remuneration and social security | 454/9 | €1,629 | €0 | -€1,629 | -100% |
| Other amounts payable | 47/48 | €2,959 | €3,999 | +€1,040 | +35.1% |
| Accrued charges and deferred income | 492/3 | €500 | €0 | -€500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152 | €438 | +€285 | +187% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€13,799 | -€13,799 | |
| Other operating charges | 640/8 | €505 | €690 | +€185 | +36.6% |
| Gross operating margin | 9900 | €18,009 | €5,515 | -€12,495 | -69.4% |
| Operating profit (loss) | 9901 | €17,352 | €18,186 | +€834 | +4.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €181 | €283 | +€101 | +55.9% |
| Recurring financial charges | 65 | €181 | €283 | +€101 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | €17,170 | €17,903 | +€733 | +4.3% |
| Income taxes | 67/77 | €1,900 | €4,633 | +€2,733 | +144% |
| Profit (loss) for the period | 9904 | €15,270 | €13,271 | -€2,000 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,270 | €13,271 | -€2,000 | -13.1% |
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 26 October 2026 via checked.be.