SOWALWATT: 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.
SOWALWATT
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+31.2%), from €5.5m to €7.2m
of which Land and buildings: +€1.8m
- Debts after one year +€2.7m
up €2.7m (+290%), from €927,843 to €3.6m
- Trade debts +€1.4m
up €1.4m (+41.6%), from €3.4m to €4.8m
- Other debts -€1.4m
down €1.4m (-98.9%), from €1.4m to €15,217
- Profit (loss) carried forward -€948,461
down €948,461 (-221%), from -€428,253 to -€1.4m
- Accrued charges and deferred income +€105,771
up €105,771 (+107%), from €98,971 to €204,741
- Depreciation +€455,666
up €455,666 (+206%), from €221,708 to €677,374
- Gross operating margin -€148,600
down €148,600, from €117,702 to -€30,898
- Financial charges +€103,911
up €103,911 (+80.3%), from €129,464 to €233,376
- Staff costs +€3,760
up €3,760 (+195%), from €1,930 to €5,690
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 | €5,658,731 | €7,506,269 | +€1.8m | +32.6% |
| Fixed assets | 21/28 | €5,493,023 | €7,212,391 | +€1.7m | +31.3% |
| Intangible fixed assets | 21 | - | €8,038 | +€8,038 | |
| Tangible fixed assets | 22/27 | €5,493,023 | €7,204,353 | +€1.7m | +31.2% |
| Land and buildings | 22 | €5,316,237 | €7,087,148 | +€1.8m | +33.3% |
| Leasing and similar rights | 25 | €176,787 | €117,205 | -€59,582 | -33.7% |
| Current assets | 29/58 | €165,707 | €293,878 | +€128,171 | +77.3% |
| Amounts receivable within one year | 40/41 | €98,754 | €157,124 | +€58,369 | +59.1% |
| Trade receivables | 40 | €82,063 | €151,913 | +€69,850 | +85.1% |
| Other amounts receivable | 41 | €16,691 | €5,211 | -€11,480 | -68.8% |
| Cash at bank and in hand | 54/58 | €66,953 | €128,722 | +€61,769 | +92.3% |
| Deferred charges and accrued income | 490/1 | - | €8,032 | +€8,032 | |
| Total equity and liabilities | 10/49 | €5,658,731 | €7,506,269 | +€1.8m | +32.6% |
| Equity | 10/15 | -€365,253 | -€1,313,714 | -€948,461 | -260% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€428,253 | -€1,376,714 | -€948,461 | -221% |
| Amounts payable | 17/49 | €6,023,984 | €8,819,983 | +€2.8m | +46.4% |
| Amounts payable after more than one year | 17 | €927,843 | €3,620,157 | +€2.7m | +290% |
| Financial debts | 170/4 | €927,843 | €3,620,157 | +€2.7m | +290% |
| Amounts payable within one year | 42/48 | €4,997,170 | €4,995,085 | -€2,085 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €162,553 | €155,270 | -€7,283 | -4.5% |
| Trade debts | 44 | €3,407,033 | €4,824,598 | +€1.4m | +41.6% |
| Suppliers | 440/4 | €3,407,033 | €4,824,598 | +€1.4m | +41.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,427,584 | €15,217 | -€1.4m | -98.9% |
| Accrued charges and deferred income | 492/3 | €98,971 | €204,741 | +€105,771 | +107% |
| Remuneration, social security and pensions | 62 | €1,930 | €5,690 | +€3,760 | +195% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,708 | €677,374 | +€455,666 | +206% |
| Other operating charges | 640/8 | €387 | €1,123 | +€736 | +190% |
| Gross operating margin | 9900 | €117,702 | -€30,898 | -€148,600 | |
| Operating profit (loss) | 9901 | -€106,323 | -€715,085 | -€608,762 | -573% |
| Financial charges | 65/66B | €129,464 | €233,376 | +€103,911 | +80.3% |
| Recurring financial charges | 65 | €129,464 | €233,376 | +€103,911 | +80.3% |
| Profit (loss) for the period before taxes | 9903 | -€235,787 | -€948,461 | -€712,674 | -302% |
| Profit (loss) for the period | 9904 | -€235,787 | -€948,461 | -€712,674 | -302% |
| Profit (loss) for the period to be appropriated | 9905 | -€235,787 | -€948,461 | -€712,674 | -302% |
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 29 October 2026 via checked.be.