SRW HOLDING: 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.
What changed
SRW HOLDING
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€46,786
2024 · €60,078-€13,292
Equity
€11.7m
2024 · €11.7m+€46,786
Cash
€197,522
2024 · €42,429+€155,093
Balance sheet total
€19.0m
2024 · €19.1m-€31,231
Largest movements
Assets
- Receivables within one year -€201,828
down €201,828 (-22.9%), from €880,637 to €678,810
of which Other amounts receivable: -€138,686
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Services and other goods +€110,566
up €110,566 (+19.9%), from €555,791 to €666,357
- Staff costs -€71,214
down €71,214 (-21.1%), from €337,148 to €265,934
- Turnover +€58,444
up €58,444 (+4.8%), from €1.2m to €1.3m
- Taxes +€28,527
up €28,527 (+24534.8%), from €116 to €28,643
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.
Result 2024
€60,078
Turnover
+€58,444
Other operating income
+€9,794
Services and other goods
-€110,566
Staff costs
+€71,214
Depreciation
-€9,384
Other operating charges
-€1,065
Financial income
-€267
Financial charges
-€2,936
Taxes
-€28,527
Result 2025
€46,786
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.
From operations
+€329,549
Investment
-€51,224
Financing
-€123,233
Cash 2024
€42,429
From operations (derived)
+€329,549
Net result for the year
+€46,786
Depreciation
+€35,832
Receivables within one year
+€201,828
Deferred charges and accrued income
-€113
Trade debts
-€4,880
Tax, wage and social debts
+€19,489
Other debts
+€31,413
Accrued charges and deferred income
-€806
Investment (derived)
-€51,224
Investment in fixed assets (net)
-€51,224
Financing
-€123,233
Debts after one year
-€134,324
Current portion of long-term debt
+€11,091
Cash 2025
€197,522
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,067,506 | €19,036,276 | -€31,231 | -0.2% |
| Fixed assets | 21/28 | €18,142,032 | €18,157,424 | +€15,392 | +0.1% |
| Intangible fixed assets | 21 | €2,712 | €7,492 | +€4,780 | +176.2% |
| Tangible fixed assets | 22/27 | €78,033 | €88,645 | +€10,612 | +13.6% |
| Furniture and vehicles | 24 | €59,222 | €43,884 | -€15,339 | -25.9% |
| Leasing and similar rights | 25 | €18,811 | €44,761 | +€25,950 | +138.0% |
| Financial fixed assets | 28 | €18,061,287 | €18,061,287 | = | 0.0% |
| Affiliated companies | 280/1 | €18,061,287 | €18,061,287 | = | 0.0% |
| Participating interests | 280 | €17,161,287 | €17,161,287 | = | 0.0% |
| Amounts receivable | 281 | €900,000 | €900,000 | = | 0.0% |
| Current assets | 29/58 | €925,474 | €878,852 | -€46,622 | -5.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €880,637 | €678,810 | -€201,828 | -22.9% |
| Trade receivables | 40 | €331,137 | €267,995 | -€63,141 | -19.1% |
| Other amounts receivable | 41 | €549,500 | €410,814 | -€138,686 | -25.2% |
| Cash at bank and in hand | 54/58 | €42,429 | €197,522 | +€155,093 | +365.5% |
| Deferred charges and accrued income | 490/1 | €2,408 | €2,520 | +€113 | +4.7% |
| Total equity and liabilities | 10/49 | €19,067,506 | €19,036,276 | -€31,231 | -0.2% |
| Equity | 10/15 | €11,658,673 | €11,705,460 | +€46,786 | +0.4% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Reserves | 13 | €1,658,673 | €1,705,460 | +€46,786 | +2.8% |
| Distributable reserves | 133 | €1,658,673 | €1,705,460 | +€46,786 | +2.8% |
| Amounts payable | 17/49 | €7,408,833 | €7,330,816 | -€78,017 | -1.1% |
| Amounts payable after more than one year | 17 | €6,401,467 | €6,267,143 | -€134,324 | -2.1% |
| Financial debts | 170/4 | €734,800 | €600,477 | -€134,324 | -18.3% |
| Leasing and similar obligations | 172 | €13,332 | €32,416 | +€19,084 | +143.1% |
| Other loans | 174 | €721,468 | €568,060 | -€153,408 | -21.3% |
| Other amounts payable | 178/9 | €5,666,667 | €5,666,667 | = | 0.0% |
| Amounts payable within one year | 42/48 | €999,720 | €1,056,833 | +€57,113 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €155,634 | €166,725 | +€11,091 | +7.1% |
| Trade debts | 44 | €77,803 | €72,923 | -€4,880 | -6.3% |
| Suppliers | 440/4 | €77,803 | €72,923 | -€4,880 | -6.3% |
| Taxes, remuneration and social security | 45 | €32,087 | €51,576 | +€19,489 | +60.7% |
| Taxes | 450/3 | €8,245 | €5,533 | -€2,712 | -32.9% |
| Remuneration and social security | 454/9 | €23,842 | €46,043 | +€22,201 | +93.1% |
| Other amounts payable | 47/48 | €734,196 | €765,609 | +€31,413 | +4.3% |
| Accrued charges and deferred income | 492/3 | €7,646 | €6,839 | -€806 | -10.5% |
| Operating income | 70/76A | €1,212,012 | €1,280,251 | +€68,238 | +5.6% |
| Turnover | 70 | €1,209,476 | €1,267,920 | +€58,444 | +4.8% |
| Other operating income | 74 | €2,537 | €12,331 | +€9,794 | +386.1% |
| Operating charges | 60/66A | €920,267 | €970,068 | +€49,801 | +5.4% |
| Services and other goods | 61 | €555,791 | €666,357 | +€110,566 | +19.9% |
| Remuneration, social security and pensions | 62 | €337,148 | €265,934 | -€71,214 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,449 | €35,832 | +€9,384 | +35.5% |
| Other operating charges | 640/8 | €880 | €1,945 | +€1,065 | +121.1% |
| Operating profit (loss) | 9901 | €291,745 | €310,182 | +€18,437 | +6.3% |
| Financial income | 75/76B | €36,267 | €36,000 | -€267 | -0.7% |
| Recurring financial income | 75 | €36,267 | €36,000 | -€267 | -0.7% |
| Income from financial fixed assets | 750 | €0 | €36,000 | +€36,000 | |
| Income from current assets | 751 | €36,000 | €0 | -€36,000 | -100.0% |
| Other financial income | 752/9 | €267 | €0 | -€267 | -100.0% |
| Financial charges | 65/66B | €267,817 | €270,753 | +€2,936 | +1.1% |
| Recurring financial charges | 65 | €267,817 | €270,753 | +€2,936 | +1.1% |
| Debt charges | 650 | €267,022 | €270,430 | +€3,408 | +1.3% |
| Other financial charges | 652/9 | €795 | €323 | -€472 | -59.4% |
| Profit (loss) for the period before taxes | 9903 | €60,195 | €75,429 | +€15,235 | +25.3% |
| Income taxes | 67/77 | €116 | €28,643 | +€28,527 | +24534.8% |
| Taxes | 670/3 | €116 | €28,643 | +€28,527 | +24534.8% |
| Profit (loss) for the period | 9904 | €60,078 | €46,786 | -€13,292 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,078 | €46,786 | -€13,292 | -22.1% |
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 10 October 2026 via checked.be.