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.
SW
Largest movements
- Receivables after one year +€120,000
new in 2025: €120,000
- Receivables within one year -€87,362
down €87,362 (-56.7%), from €154,118 to €66,756
of which Trade receivables: -€59,280
- Tangible fixed assets -€28,688
down €28,688 (-21.4%), from €134,195 to €105,508
- Cash +€11,224
up €11,224 (+553.3%), from €2,029 to €13,253
mainly Net result for the year (+€96,644) and Receivables within one year (+€87,362)
- Intangible fixed assets -€3,700
no longer reported in 2025 (was €3,700)
- Other debts +€57,500
up €57,500 (+153.3%), from €37,500 to €95,000
- Debts after one year -€44,879
down €44,879 (-45.6%), from €98,352 to €53,473
- Current portion of long-term debt -€14,157
down €14,157 (-33.6%), from €42,111 to €27,953
- Tax, wage and social debts +€9,592
up €9,592 (+160.2%), from €5,989 to €15,581
of which Taxes: +€15,581
- Trade debts +€4,391
up €4,391 (+608.0%), from €722 to €5,114
- Purchases and services -€183,935
no longer reported in 2025 (was €183,935)
- Staff costs -€39,485
no longer reported in 2025 (was €39,485)
- Gross operating margin +€28,224
up €28,224 (+20.6%), from €136,869 to €165,093
- Other operating charges -€21,909
down €21,909 (-95.7%), from €22,896 to €987
- Taxes +€20,412
up €20,412 (+217.8%), from €9,371 to €29,784
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €304,257 | €318,348 | +€14,091 | +4.6% |
| Fixed assets | 21/28 | €140,749 | €108,361 | -€32,388 | -23.0% |
| Intangible fixed assets | 21 | €3,700 | - | -€3,700 | |
| Tangible fixed assets | 22/27 | €134,195 | €105,508 | -€28,688 | -21.4% |
| Furniture and vehicles | 24 | €134,195 | €105,508 | -€28,688 | -21.4% |
| Financial fixed assets | 28 | €2,853 | €2,853 | = | 0.0% |
| Current assets | 29/58 | €163,509 | €209,987 | +€46,478 | +28.4% |
| Amounts receivable after more than one year | 29 | - | €120,000 | +€120,000 | |
| Other amounts receivable | 291 | - | €120,000 | +€120,000 | |
| Amounts receivable within one year | 40/41 | €154,118 | €66,756 | -€87,362 | -56.7% |
| Trade receivables | 40 | €124,680 | €65,401 | -€59,280 | -47.5% |
| Other amounts receivable | 41 | €29,438 | €1,355 | -€28,083 | -95.4% |
| Cash at bank and in hand | 54/58 | €2,029 | €13,253 | +€11,224 | +553.3% |
| Deferred charges and accrued income | 490/1 | €7,361 | €9,978 | +€2,617 | +35.5% |
| Total equity and liabilities | 10/49 | €304,257 | €318,348 | +€14,091 | +4.6% |
| Equity | 10/15 | €119,583 | €121,227 | +€1,644 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,482 | €7,482 | = | 0.0% |
| 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 | €5,622 | €5,622 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,501 | €95,146 | +€1,644 | +1.8% |
| Amounts payable | 17/49 | €184,674 | €197,121 | +€12,446 | +6.7% |
| Amounts payable after more than one year | 17 | €98,352 | €53,473 | -€44,879 | -45.6% |
| Financial debts | 170/4 | €98,352 | €53,473 | -€44,879 | -45.6% |
| Amounts payable within one year | 42/48 | €86,322 | €143,648 | +€57,326 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €42,111 | €27,953 | -€14,157 | -33.6% |
| Trade debts | 44 | €722 | €5,114 | +€4,391 | +608.0% |
| Suppliers | 440/4 | €722 | €5,114 | +€4,391 | +608.0% |
| Taxes, remuneration and social security | 45 | €5,989 | €15,581 | +€9,592 | +160.2% |
| Taxes | 450/3 | - | €15,581 | +€15,581 | |
| Remuneration and social security | 454/9 | €5,989 | - | -€5,989 | |
| Other amounts payable | 47/48 | €37,500 | €95,000 | +€57,500 | +153.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €183,935 | - | -€183,935 | |
| Remuneration, social security and pensions | 62 | €39,485 | - | -€39,485 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,437 | €33,867 | +€13,430 | +65.7% |
| Other operating charges | 640/8 | €22,896 | €987 | -€21,909 | -95.7% |
| Gross operating margin | 9900 | €136,869 | €165,093 | +€28,224 | +20.6% |
| Operating profit (loss) | 9901 | €54,052 | €130,240 | +€76,188 | +141.0% |
| Financial income | 75/76B | - | €864 | +€864 | |
| Recurring financial income | 75 | - | €864 | +€864 | |
| Financial charges | 65/66B | €3,668 | €4,676 | +€1,008 | +27.5% |
| Recurring financial charges | 65 | €3,668 | €4,676 | +€1,008 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €50,384 | €126,428 | +€76,044 | +150.9% |
| Income taxes | 67/77 | €9,371 | €29,784 | +€20,412 | +217.8% |
| Profit (loss) for the period | 9904 | €41,013 | €96,644 | +€55,632 | +135.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,013 | €96,644 | +€55,632 | +135.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.