sw-leco: 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-leco
Largest movements
- Receivables within one year +€265,152
up €265,152 (+438%), from €60,603 to €325,755
of which Other amounts receivable: +€233,623
- Cash -€181,144
down €181,144 (-75.5%), from €239,814 to €58,670
mainly Receivables within one year (-€265,152) and Contributions, distributions and other (-€121,109)
- Receivables after one year -€30,000
down €30,000 (-30.6%), from €98,000 to €68,000
- Debts after one year +€40,440
up €40,440 (+202%), from €20,000 to €60,440
- Reserves +€25,814
up €25,814 (+7.6%), from €339,161 to €364,975
of which Distributable reserves: +€25,814
- Tax, wage and social debts -€19,678
down €19,678 (-53.8%), from €36,568 to €16,890
of which Taxes: -€16,678
- Current portion of long-term debt +€9,560
new in 2025: €9,560
- Other debts -€5,036
down €5,036 (-73.5%), from €6,847 to €1,812
- Gross operating margin +€74,244
up €74,244 (+52.1%), from €142,514 to €216,758
- Taxes +€25,904
up €25,904 (+64.1%), from €40,384 to €66,288
- Depreciation -€4,991
down €4,991 (-51.9%), from €9,616 to €4,625
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 | €406,594 | €458,844 | +€52,250 | +12.9% |
| Fixed assets | 21/28 | €6,544 | €3,819 | -€2,725 | -41.6% |
| Tangible fixed assets | 22/27 | €6,294 | €3,819 | -€2,475 | -39.3% |
| Furniture and vehicles | 24 | €5,884 | €1,935 | -€3,949 | -67.1% |
| Other tangible fixed assets | 26 | €410 | €1,884 | +€1,474 | +359% |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €400,049 | €455,025 | +€54,975 | +13.7% |
| Amounts receivable after more than one year | 29 | €98,000 | €68,000 | -€30,000 | -30.6% |
| Other amounts receivable | 291 | €98,000 | €68,000 | -€30,000 | -30.6% |
| Amounts receivable within one year | 40/41 | €60,603 | €325,755 | +€265,152 | +438% |
| Trade receivables | 40 | €2,658 | €34,188 | +€31,530 | +1,186% |
| Other amounts receivable | 41 | €57,945 | €291,567 | +€233,623 | +403% |
| Cash at bank and in hand | 54/58 | €239,814 | €58,670 | -€181,144 | -75.5% |
| Deferred charges and accrued income | 490/1 | €1,632 | €2,599 | +€967 | +59.3% |
| Total equity and liabilities | 10/49 | €406,594 | €458,844 | +€52,250 | +12.9% |
| Equity | 10/15 | €340,161 | €365,975 | +€25,814 | +7.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €339,161 | €364,975 | +€25,814 | +7.6% |
| Tax-exempt reserves | 132 | €158 | €158 | = | 0.0% |
| Distributable reserves | 133 | €339,003 | €364,817 | +€25,814 | +7.6% |
| Amounts payable | 17/49 | €66,433 | €92,869 | +€26,437 | +39.8% |
| Amounts payable after more than one year | 17 | €20,000 | €60,440 | +€40,440 | +202% |
| Financial debts | 170/4 | €20,000 | €60,440 | +€40,440 | +202% |
| Amounts payable within one year | 42/48 | €46,315 | €32,312 | -€14,003 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | - | €9,560 | +€9,560 | |
| Trade debts | 44 | €2,899 | €4,051 | +€1,151 | +39.7% |
| Suppliers | 440/4 | €2,899 | €4,051 | +€1,151 | +39.7% |
| Taxes, remuneration and social security | 45 | €36,568 | €16,890 | -€19,678 | -53.8% |
| Taxes | 450/3 | €33,568 | €16,890 | -€16,678 | -49.7% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €6,847 | €1,812 | -€5,036 | -73.5% |
| Accrued charges and deferred income | 492/3 | €118 | €117 | -€0 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,616 | €4,625 | -€4,991 | -51.9% |
| Other operating charges | 640/8 | €1,169 | €1,282 | +€113 | +9.7% |
| Gross operating margin | 9900 | €142,514 | €216,758 | +€74,244 | +52.1% |
| Operating profit (loss) | 9901 | €131,729 | €210,851 | +€79,122 | +60.1% |
| Financial income | 75/76B | €6,000 | €5,620 | -€380 | -6.3% |
| Recurring financial income | 75 | €6,000 | €5,620 | -€380 | -6.3% |
| Financial charges | 65/66B | €1,187 | €3,260 | +€2,073 | +175% |
| Recurring financial charges | 65 | €1,187 | €3,260 | +€2,073 | +175% |
| Profit (loss) for the period before taxes | 9903 | €136,542 | €213,211 | +€76,669 | +56.2% |
| Income taxes | 67/77 | €40,384 | €66,288 | +€25,904 | +64.1% |
| Profit (loss) for the period | 9904 | €96,158 | €146,923 | +€50,765 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €96,158 | €146,923 | +€50,765 | +52.8% |
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 15 October 2026 via checked.be.