SRW: 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.
SRW
Largest movements
- Tangible fixed assets -€159,768
down €159,768 (-11.1%), from €1.4m to €1.3m
- Receivables within one year +€48,042
up €48,042 (+2,453%), from €1,958 to €50,000
of which Other amounts receivable: +€50,000
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Other debts -€30,000
down €30,000 (-20.0%), from €150,000 to €120,000
- Other operating charges +€107,776
up €107,776 (+214%), from €50,418 to €158,194
- Turnover +€28,116
up €28,116 (+4.7%), from €592,975 to €621,092
- Financial charges -€14,673
down €14,673 (-31.2%), from €46,991 to €32,318
- Services and other goods -€8,114
down €8,114 (-7.5%), from €107,828 to €99,715
- Taxes -€7,663
down €7,663 (-12.8%), from €59,733 to €52,070
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 | €1,458,030 | €1,341,427 | -€116,603 | -8.0% |
| Fixed assets | 21/28 | €1,441,143 | €1,281,375 | -€159,768 | -11.1% |
| Tangible fixed assets | 22/27 | €1,441,143 | €1,281,375 | -€159,768 | -11.1% |
| Land and buildings | 22 | €1,441,143 | €1,281,375 | -€159,768 | -11.1% |
| Current assets | 29/58 | €16,887 | €60,052 | +€43,165 | +256% |
| Amounts receivable within one year | 40/41 | €1,958 | €50,000 | +€48,042 | +2,453% |
| Trade receivables | 40 | €1,958 | - | -€1,958 | |
| Other amounts receivable | 41 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €14,929 | €10,052 | -€4,877 | -32.7% |
| Total equity and liabilities | 10/49 | €1,458,030 | €1,341,427 | -€116,603 | -8.0% |
| Equity | 10/15 | €693,324 | €695,989 | +€2,665 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €674,724 | €677,389 | +€2,665 | +0.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €672,864 | €675,529 | +€2,665 | +0.4% |
| Amounts payable | 17/49 | €764,706 | €645,438 | -€119,268 | -15.6% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 173 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €264,602 | €145,365 | -€119,237 | -45.1% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Other loans | 439 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €2,204 | €2,785 | +€581 | +26.4% |
| Suppliers | 440/4 | €2,204 | €2,785 | +€581 | +26.4% |
| Taxes, remuneration and social security | 45 | €12,398 | €22,580 | +€10,181 | +82.1% |
| Taxes | 450/3 | €12,398 | €22,580 | +€10,181 | +82.1% |
| Other amounts payable | 47/48 | €150,000 | €120,000 | -€30,000 | -20.0% |
| Accrued charges and deferred income | 492/3 | €104 | €73 | -€31 | -29.8% |
| Operating income | 70/76A | €600,722 | €624,729 | +€24,007 | +4.0% |
| Turnover | 70 | €592,975 | €621,092 | +€28,116 | +4.7% |
| Other operating income | 74 | €7,747 | €3,637 | -€4,110 | -53.0% |
| Operating charges | 60/66A | €318,014 | €417,676 | +€99,663 | +31.3% |
| Services and other goods | 61 | €107,828 | €99,715 | -€8,114 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,768 | €159,768 | = | 0.0% |
| Other operating charges | 640/8 | €50,418 | €158,194 | +€107,776 | +214% |
| Operating profit (loss) | 9901 | €282,708 | €207,053 | -€75,656 | -26.8% |
| Financial charges | 65/66B | €46,991 | €32,318 | -€14,673 | -31.2% |
| Recurring financial charges | 65 | €46,991 | €32,318 | -€14,673 | -31.2% |
| Debt charges | 650 | €46,743 | €32,064 | -€14,679 | -31.4% |
| Other financial charges | 652/9 | €247 | €254 | +€6 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €235,718 | €174,735 | -€60,983 | -25.9% |
| Income taxes | 67/77 | €59,733 | €52,070 | -€7,663 | -12.8% |
| Taxes | 670/3 | €59,733 | €52,070 | -€7,663 | -12.8% |
| Profit (loss) for the period | 9904 | €175,985 | €122,665 | -€53,319 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €175,985 | €122,665 | -€53,319 | -30.3% |
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 18 October 2026 via checked.be.