SW CONSTRUCTION: 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 CONSTRUCTION
Largest movements
- Receivables within one year +€285,734
up €285,734 (+153.4%), from €186,224 to €471,958
of which Trade receivables: +€250,142
- Financial fixed assets -€270,000
down €270,000 (-90.0%), from €300,000 to €30,000
- Cash +€21,137
up €21,137 (+529.0%), from €3,996 to €25,132
mainly Investment in fixed assets (net) (+€251,369) and Net result for the year (+€55,364)
- Profit (loss) carried forward +€55,364
up €55,364 (+21.8%), from €253,495 to €308,859
- Current portion of long-term debt +€24,324
new in 2025: €24,324
- Trade debts -€23,437
down €23,437 (-35.3%), from €66,375 to €42,938
- Debts after one year -€21,412
down €21,412 (-17.5%), from €122,537 to €101,124
- Short-term financial debts +€6,725
up €6,725 (+26.9%), from €25,000 to €31,725
- Gross operating margin -€20,659
down €20,659 (-17.9%), from €115,396 to €94,737
- Financial income +€11,584
up €11,584 (+1963410.2%), from €1 to €11,585
of which Non-recurring financial income: +€10,000
- Taxes -€6,032
down €6,032 (-23.3%), from €25,870 to €19,837
- Depreciation +€4,664
up €4,664 (+35.9%), from €12,979 to €17,643
- Other operating charges -€2,440
down €2,440 (-48.5%), from €5,036 to €2,596
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 | €536,456 | €574,315 | +€37,859 | +7.1% |
| Fixed assets | 21/28 | €346,237 | €77,225 | -€269,012 | -77.7% |
| Tangible fixed assets | 22/27 | €46,237 | €47,225 | +€988 | +2.1% |
| Plant, machinery and equipment | 23 | €218 | €3,750 | +€3,532 | +1623.3% |
| Furniture and vehicles | 24 | €46,019 | €43,475 | -€2,544 | -5.5% |
| Financial fixed assets | 28 | €300,000 | €30,000 | -€270,000 | -90.0% |
| Current assets | 29/58 | €190,219 | €497,090 | +€306,871 | +161.3% |
| Amounts receivable within one year | 40/41 | €186,224 | €471,958 | +€285,734 | +153.4% |
| Trade receivables | 40 | €134,189 | €384,331 | +€250,142 | +186.4% |
| Other amounts receivable | 41 | €52,035 | €87,627 | +€35,593 | +68.4% |
| Cash at bank and in hand | 54/58 | €3,996 | €25,132 | +€21,137 | +529.0% |
| Total equity and liabilities | 10/49 | €536,456 | €574,315 | +€37,859 | +7.1% |
| Equity | 10/15 | €290,755 | €346,119 | +€55,364 | +19.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | - | €12,400 | +€12,400 | |
| Other | 1109/19 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €24,860 | €24,860 | = | 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 | €23,000 | €23,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €253,495 | €308,859 | +€55,364 | +21.8% |
| Amounts payable | 17/49 | €245,702 | €228,196 | -€17,506 | -7.1% |
| Amounts payable after more than one year | 17 | €122,537 | €101,124 | -€21,412 | -17.5% |
| Financial debts | 170/4 | €122,537 | €101,124 | -€21,412 | -17.5% |
| Amounts payable within one year | 42/48 | €123,165 | €127,072 | +€3,907 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | - | €24,324 | +€24,324 | |
| Financial debts | 43 | €25,000 | €31,725 | +€6,725 | +26.9% |
| Credit institutions | 430/8 | €25,000 | €31,725 | +€6,725 | +26.9% |
| Trade debts | 44 | €66,375 | €42,938 | -€23,437 | -35.3% |
| Suppliers | 440/4 | €66,375 | €42,938 | -€23,437 | -35.3% |
| Taxes, remuneration and social security | 45 | €26,194 | €25,487 | -€706 | -2.7% |
| Taxes | 450/3 | €24,464 | €24,257 | -€206 | -0.8% |
| Remuneration and social security | 454/9 | €1,730 | €1,230 | -€500 | -28.9% |
| Other amounts payable | 47/48 | €5,597 | €2,597 | -€3,000 | -53.6% |
| Non-recurring operating income | 76A | - | €23,219 | +€23,219 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,979 | €17,643 | +€4,664 | +35.9% |
| Other operating charges | 640/8 | €5,036 | €2,596 | -€2,440 | -48.5% |
| Gross operating margin | 9900 | €115,396 | €94,737 | -€20,659 | -17.9% |
| Operating profit (loss) | 9901 | €97,381 | €74,498 | -€22,883 | -23.5% |
| Financial income | 75/76B | €1 | €11,585 | +€11,584 | +1963410.2% |
| Recurring financial income | 75 | €1 | €1,585 | +€1,584 | +268494.9% |
| Non-recurring financial income | 76B | - | €10,000 | +€10,000 | |
| Financial charges | 65/66B | €12,017 | €10,881 | -€1,135 | -9.4% |
| Recurring financial charges | 65 | €12,017 | €10,881 | -€1,135 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €85,365 | €75,202 | -€10,164 | -11.9% |
| Income taxes | 67/77 | €25,870 | €19,837 | -€6,032 | -23.3% |
| Profit (loss) for the period | 9904 | €59,496 | €55,364 | -€4,131 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,496 | €55,364 | -€4,131 | -6.9% |
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 8 October 2026 via checked.be.