SW+: what changed
Two fiscal 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
SW+
NACE 68.202, Real estate activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · €380,047+€3.2m
Equity
€67.0m
2024 · €64.1m+€2.8m
Cash
€6.6m
2024 · €6.8m-€132,515
Balance sheet total
€401.7m
2024 · €392.3m+€9.4m
Largest movements
Assets
- Tangible fixed assets +€16.7m
up €16.7m (+4.5%), from €368.5m to €385.1m
of which Land and buildings: +€21.1m
- Stocks and contracts -€5.9m
down €5.9m (-61.4%), from €9.6m to €3.7m
Equity and liabilities
- Debts after one year +€9.4m
up €9.4m (+3.1%), from €301.5m to €310.9m
of which Financial debts: +€9.2m
Income statement
- Turnover +€1.3m
up €1.3m (+5.6%), from €22.9m to €24.2m
- Financial income +€1.2m
up €1.2m (+19.0%), from €6.3m to €7.5m
- Other operating income +€1.2m
up €1.2m (+32.9%), from €3.6m to €4.8m
- Financial charges +€1.1m
up €1.1m (+15.6%), from €6.9m to €8.0m
- Services and other goods +€583,820
up €583,820 (+6.4%), from €9.2m to €9.8m
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
€380,047
Turnover
+€1.3m
Other operating income
+€1.2m
Goods and materials
+€292,347
Services and other goods
-€583,820
Staff costs
+€551,557
Depreciation
-€505,682
Write-downs
+€319,330
Provisions
-€166,626
Other operating charges
-€191,070
Other operating items
+€1.0m
Financial income
+€1.2m
Financial charges
-€1.1m
Taxes
-€63,602
Deferred taxes and other
-€45,407
Result 2025
€3.6m
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
+€17.4m
Investment
-€25.9m
Financing
+€8.3m
Cash 2024
€6.8m
From operations (derived)
+€17.4m
Net result for the year
+€3.6m
Depreciation
+€9.1m
Stocks and contracts
+€5.9m
Receivables within one year
+€1.8m
Deferred charges and accrued income
-€473,647
Provisions
-€427,461
Trade debts
-€2.5m
Tax, wage and social debts
+€483,698
Other debts
-€547,967
Accrued charges and deferred income
+€485,955
Investment (derived)
-€25.9m
Investment in fixed assets (net)
-€25.9m
Current investments
+€0
Financing
+€8.3m
Debts after one year
+€9.4m
Current portion of long-term debt
-€251,538
Contributions, distributions and other
-€778,351
Cash 2025
€6.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €392,252,146 | €401,693,637 | +€9.4m | +2.4% |
| Fixed assets | 21/28 | €368,784,334 | €385,565,925 | +€16.8m | +4.6% |
| Intangible fixed assets | 21 | €9,477 | €95,526 | +€86,049 | +908.0% |
| Tangible fixed assets | 22/27 | €368,472,086 | €385,147,896 | +€16.7m | +4.5% |
| Land and buildings | 22 | €332,581,484 | €353,650,824 | +€21.1m | +6.3% |
| Plant, machinery and equipment | 23 | €121,708 | €107,832 | -€13,876 | -11.4% |
| Furniture and vehicles | 24 | €390,936 | €225,192 | -€165,744 | -42.4% |
| Leasing and similar rights | 25 | €884 | €778 | -€106 | -12.0% |
| Other tangible fixed assets | 26 | €3,840 | €3,310 | -€530 | -13.8% |
| Assets under construction and advance payments | 27 | €35,373,236 | €31,159,960 | -€4.2m | -11.9% |
| Financial fixed assets | 28 | €302,771 | €322,503 | +€19,732 | +6.5% |
| Other financial fixed assets | 284/8 | €302,771 | €322,503 | +€19,732 | +6.5% |
| Shares | 284 | €253,994 | €273,609 | +€19,615 | +7.7% |
| Amounts receivable and cash guarantees | 285/8 | €48,777 | €48,894 | +€117 | +0.2% |
| Current assets | 29/58 | €23,467,812 | €16,127,712 | -€7.3m | -31.3% |
| Stocks and contracts in progress | 3 | €9,604,940 | €3,711,133 | -€5.9m | -61.4% |
| Stocks | 30/36 | €9,604,940 | €3,711,133 | -€5.9m | -61.4% |
| Property held for sale | 35 | €9,604,940 | €3,711,133 | -€5.9m | -61.4% |
| Amounts receivable within one year | 40/41 | €4,584,215 | €2,796,790 | -€1.8m | -39.0% |
| Trade receivables | 40 | €863,270 | €682,813 | -€180,457 | -20.9% |
| Other amounts receivable | 41 | €3,720,945 | €2,113,977 | -€1.6m | -43.2% |
| Current investments | 50/53 | €643 | €643 | -€0 | 0.0% |
| Other investments | 51/53 | €643 | €643 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €6,763,793 | €6,631,278 | -€132,515 | -2.0% |
| Deferred charges and accrued income | 490/1 | €2,514,221 | €2,987,868 | +€473,647 | +18.8% |
| Total equity and liabilities | 10/49 | €392,252,146 | €401,693,637 | +€9.4m | +2.4% |
| Equity | 10/15 | €64,117,353 | €66,956,394 | +€2.8m | +4.4% |
| Contributions | 10/11 | €116,826 | €108,592 | -€8,234 | -7.0% |
| Reserves | 13 | €32,709,299 | €36,304,489 | +€3.6m | +11.0% |
| Non-distributable reserves | 130/1 | €26,105,813 | €28,418,685 | +€2.3m | +8.9% |
| Reserves not available under the articles | 1311 | €25,991,822 | €28,304,694 | +€2.3m | +8.9% |
| Own shares acquired | 1312 | €113,991 | €113,991 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €6,603,487 | €7,885,804 | +€1.3m | +19.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €31,291,228 | €30,543,313 | -€747,915 | -2.4% |
| Provisions and deferred taxes | 16 | €3,190,916 | €2,763,455 | -€427,461 | -13.4% |
| Provisions for liabilities and charges | 160/5 | €1,354,325 | €899,927 | -€454,398 | -33.6% |
| Major repairs and maintenance | 162 | €1,354,325 | €899,927 | -€454,398 | -33.6% |
| Deferred taxes | 168 | €1,836,591 | €1,863,528 | +€26,937 | +1.5% |
| Amounts payable | 17/49 | €324,943,877 | €331,973,788 | +€7.0m | +2.2% |
| Amounts payable after more than one year | 17 | €301,533,378 | €310,893,800 | +€9.4m | +3.1% |
| Financial debts | 170/4 | €298,795,573 | €307,957,377 | +€9.2m | +3.1% |
| Credit institutions | 173 | €298,795,573 | €307,957,377 | +€9.2m | +3.1% |
| Other amounts payable | 178/9 | €2,737,805 | €2,936,423 | +€198,618 | +7.3% |
| Amounts payable within one year | 42/48 | €21,637,862 | €18,821,397 | -€2.8m | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €12,267,930 | €12,016,392 | -€251,538 | -2.1% |
| Trade debts | 44 | €6,313,918 | €3,813,259 | -€2.5m | -39.6% |
| Suppliers | 440/4 | €6,313,918 | €3,813,259 | -€2.5m | -39.6% |
| Taxes, remuneration and social security | 45 | €1,830,262 | €2,313,960 | +€483,698 | +26.4% |
| Taxes | 450/3 | €1,374,652 | €1,624,415 | +€249,764 | +18.2% |
| Remuneration and social security | 454/9 | €455,610 | €689,545 | +€233,935 | +51.3% |
| Other amounts payable | 47/48 | €1,225,753 | €677,786 | -€547,967 | -44.7% |
| Accrued charges and deferred income | 492/3 | €1,772,636 | €2,258,591 | +€485,955 | +27.4% |
| Operating income | 70/76A | €26,796,359 | €30,991,770 | +€4.2m | +15.7% |
| Turnover | 70 | €22,903,074 | €24,188,277 | +€1.3m | +5.6% |
| Own construction capitalised | 72 | €115,394 | €452,815 | +€337,421 | +292.4% |
| Other operating income | 74 | €3,614,056 | €4,802,273 | +€1.2m | +32.9% |
| Non-recurring operating income | 76A | €163,837 | €1,548,405 | +€1.4m | +845.1% |
| Operating charges | 60/66A | €25,797,864 | €26,763,098 | +€965,234 | +3.7% |
| Goods for resale, raw materials and consumables | 60 | €1,142,097 | €849,750 | -€292,347 | -25.6% |
| Purchases | 600/8 | €1,054,330 | €667,555 | -€386,775 | -36.7% |
| Change in stocks: decrease (increase) | 609 | €87,767 | €182,195 | +€94,428 | +107.6% |
| Services and other goods | 61 | €9,190,036 | €9,773,856 | +€583,820 | +6.4% |
| Remuneration, social security and pensions | 62 | €5,038,706 | €4,487,149 | -€551,557 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,606,252 | €9,111,934 | +€505,682 | +5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €304,459 | -€14,871 | -€319,330 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€621,024 | -€454,398 | +€166,626 | +26.8% |
| Other operating charges | 640/8 | €1,955,422 | €2,146,492 | +€191,070 | +9.8% |
| Non-recurring operating charges | 66A | €181,915 | €863,186 | +€681,271 | +374.5% |
| Operating profit (loss) | 9901 | €998,496 | €4,228,672 | +€3.2m | +323.5% |
| Financial income | 75/76B | €6,275,469 | €7,470,693 | +€1.2m | +19.0% |
| Recurring financial income | 75 | €6,275,469 | €7,470,693 | +€1.2m | +19.0% |
| Income from current assets | 751 | €82,597 | €77,602 | -€4,995 | -6.0% |
| Other financial income | 752/9 | €6,192,873 | €7,393,091 | +€1.2m | +19.4% |
| Financial charges | 65/66B | €6,931,583 | €8,010,628 | +€1.1m | +15.6% |
| Recurring financial charges | 65 | €6,931,583 | €8,010,628 | +€1.1m | +15.6% |
| Debt charges | 650 | €6,930,893 | €8,009,904 | +€1.1m | +15.6% |
| Other financial charges | 652/9 | €690 | €724 | +€34 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €342,382 | €3,688,737 | +€3.3m | +977.4% |
| Transfer from deferred taxes | 780 | €33,254 | €35,551 | +€2,297 | +6.9% |
| Transfer to deferred taxes | 680 | €25,061 | €72,765 | +€47,704 | +190.4% |
| Income taxes | 67/77 | -€29,471 | €34,131 | +€63,602 | |
| Taxes | 670/3 | €529 | €34,131 | +€33,602 | +6356.7% |
| Tax adjustments and reversals of tax provisions | 77 | €30,000 | - | -€30,000 | |
| Profit (loss) for the period | 9904 | €380,047 | €3,617,392 | +€3.2m | +851.8% |
| Transfer from tax-exempt reserves | 789 | €60,181 | €87,091 | +€26,910 | +44.7% |
| Transfer to tax-exempt reserves | 689 | €476,158 | €1,382,537 | +€906,379 | +190.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,931 | €2,321,946 | +€2.4m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.