SW & CO: 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.
SW & CO
Largest movements
- Tangible fixed assets -€26,168
down €26,168 (-8.8%), from €298,638 to €272,470
of which Land and buildings: -€27,623
- Current investments -€18,800
down €18,800 (-31.3%), from €60,000 to €41,200
- Profit (loss) carried forward -€27,586
down €27,586 (-16.2%), from €169,904 to €142,318
- Debts after one year -€8,769
down €8,769 (-7.3%), from €120,052 to €111,283
- Accrued charges and deferred income -€6,200
no longer reported in 2025 (was €6,200)
- Financial income +€39,092
up €39,092 (+18,615%), from €210 to €39,302
- Gross operating margin -€10,998
down €10,998, from €8,507 to -€2,491
- Financial charges -€642
down €642 (-14.8%), from €4,331 to €3,689
- Taxes +€509
new in 2025: €509
- Depreciation -€233
down €233 (-0.9%), from €27,116 to €26,883
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 | €392,135 | €347,228 | -€44,907 | -11.5% |
| Fixed assets | 21/28 | €298,638 | €272,470 | -€26,168 | -8.8% |
| Tangible fixed assets | 22/27 | €298,638 | €272,470 | -€26,168 | -8.8% |
| Land and buildings | 22 | €298,638 | €271,015 | -€27,623 | -9.2% |
| Plant, machinery and equipment | 23 | - | €1,455 | +€1,455 | |
| Current assets | 29/58 | €93,497 | €74,758 | -€18,739 | -20.0% |
| Amounts receivable within one year | 40/41 | €4,486 | €3,484 | -€1,002 | -22.3% |
| Trade receivables | 40 | €3,000 | €3,000 | = | 0.0% |
| Other amounts receivable | 41 | €1,486 | €484 | -€1,002 | -67.4% |
| Current investments | 50/53 | €60,000 | €41,200 | -€18,800 | -31.3% |
| Cash at bank and in hand | 54/58 | €29,011 | €30,074 | +€1,063 | +3.7% |
| Total equity and liabilities | 10/49 | €392,135 | €347,228 | -€44,907 | -11.5% |
| Equity | 10/15 | €251,634 | €224,048 | -€27,586 | -11.0% |
| Reserves | 13 | €81,730 | €81,730 | = | 0.0% |
| Distributable reserves | 133 | €81,730 | €81,730 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,904 | €142,318 | -€27,586 | -16.2% |
| Amounts payable | 17/49 | €140,501 | €123,180 | -€17,321 | -12.3% |
| Amounts payable after more than one year | 17 | €120,052 | €111,283 | -€8,769 | -7.3% |
| Financial debts | 170/4 | €120,052 | €111,283 | -€8,769 | -7.3% |
| Amounts payable within one year | 42/48 | €14,249 | €11,897 | -€2,352 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €8,400 | €8,400 | = | 0.0% |
| Trade debts | 44 | €3,494 | €1,513 | -€1,981 | -56.7% |
| Suppliers | 440/4 | €3,494 | €1,513 | -€1,981 | -56.7% |
| Taxes, remuneration and social security | 45 | €2,355 | €1,984 | -€371 | -15.8% |
| Remuneration and social security | 454/9 | €2,355 | €1,984 | -€371 | -15.8% |
| Accrued charges and deferred income | 492/3 | €6,200 | - | -€6,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,116 | €26,883 | -€233 | -0.9% |
| Other operating charges | 640/8 | €4,186 | €4,316 | +€130 | +3.1% |
| Gross operating margin | 9900 | €8,507 | -€2,491 | -€10,998 | |
| Operating profit (loss) | 9901 | -€22,795 | -€33,690 | -€10,895 | -47.8% |
| Financial income | 75/76B | €210 | €39,302 | +€39,092 | +18,615% |
| Recurring financial income | 75 | €210 | €39,302 | +€39,092 | +18,615% |
| Financial charges | 65/66B | €4,331 | €3,689 | -€642 | -14.8% |
| Recurring financial charges | 65 | €4,331 | €3,689 | -€642 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | -€26,916 | €1,923 | +€28,839 | |
| Income taxes | 67/77 | - | €509 | +€509 | |
| Profit (loss) for the period | 9904 | -€26,916 | €1,414 | +€28,330 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,916 | €1,414 | +€28,330 |
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 19 October 2026 via checked.be.