SW Project M: 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 Project M
Largest movements
- Tangible fixed assets -€47,865
down €47,865 (-81.1%), from €58,998 to €11,133
of which Furniture and vehicles: -€45,492
- Receivables within one year +€23,958
up €23,958 (+46.1%), from €51,956 to €75,914
of which Other amounts receivable: +€32,919
- Cash -€13,784
down €13,784 (-99.4%), from €13,871 to €86
mainly Debts after one year (-€25,571) and Receivables within one year (-€23,958)
- Deferred charges and accrued income -€8,868
down €8,868 (-76.0%), from €11,663 to €2,795
- Debts after one year -€25,571
down €25,571 (-56.8%), from €45,055 to €19,484
- Trade debts -€7,425
down €7,425 (-81.2%), from €9,142 to €1,717
- Tax, wage and social debts -€5,488
down €5,488 (-72.3%), from €7,593 to €2,106
- Other debts -€3,485
down €3,485 (-20.1%), from €17,375 to €13,890
- Profit (loss) carried forward -€3,432
down €3,432 (-35.8%), from €9,594 to €6,161
- Gross operating margin -€22,779
down €22,779 (-74.8%), from €30,459 to €7,680
- Depreciation -€8,902
down €8,902 (-58.3%), from €15,279 to €6,378
- Other operating charges +€832
up €832 (+109%), from €766 to €1,599
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 | €137,488 | €90,929 | -€46,559 | -33.9% |
| Fixed assets | 21/28 | €59,998 | €12,133 | -€47,865 | -79.8% |
| Tangible fixed assets | 22/27 | €58,998 | €11,133 | -€47,865 | -81.1% |
| Plant, machinery and equipment | 23 | €3,118 | €745 | -€2,373 | -76.1% |
| Furniture and vehicles | 24 | €55,881 | €10,388 | -€45,492 | -81.4% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €77,490 | €78,795 | +€1,305 | +1.7% |
| Amounts receivable within one year | 40/41 | €51,956 | €75,914 | +€23,958 | +46.1% |
| Trade receivables | 40 | €48,547 | €39,586 | -€8,961 | -18.5% |
| Other amounts receivable | 41 | €3,409 | €36,328 | +€32,919 | +966% |
| Cash at bank and in hand | 54/58 | €13,871 | €86 | -€13,784 | -99.4% |
| Deferred charges and accrued income | 490/1 | €11,663 | €2,795 | -€8,868 | -76.0% |
| Total equity and liabilities | 10/49 | €137,488 | €90,929 | -€46,559 | -33.9% |
| Equity | 10/15 | €31,594 | €28,161 | -€3,432 | -10.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,594 | €6,161 | -€3,432 | -35.8% |
| Amounts payable | 17/49 | €105,894 | €62,767 | -€43,127 | -40.7% |
| Amounts payable after more than one year | 17 | €45,055 | €19,484 | -€25,571 | -56.8% |
| Financial debts | 170/4 | €45,055 | €19,484 | -€25,571 | -56.8% |
| Amounts payable within one year | 42/48 | €60,202 | €43,284 | -€16,919 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €26,092 | €25,571 | -€521 | -2.0% |
| Trade debts | 44 | €9,142 | €1,717 | -€7,425 | -81.2% |
| Suppliers | 440/4 | €9,142 | €1,717 | -€7,425 | -81.2% |
| Taxes, remuneration and social security | 45 | €7,593 | €2,106 | -€5,488 | -72.3% |
| Taxes | 450/3 | €7,593 | €2,106 | -€5,488 | -72.3% |
| Other amounts payable | 47/48 | €17,375 | €13,890 | -€3,485 | -20.1% |
| Accrued charges and deferred income | 492/3 | €637 | - | -€637 | |
| Non-recurring operating income | 76A | - | €16,884 | +€16,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,279 | €6,378 | -€8,902 | -58.3% |
| Other operating charges | 640/8 | €766 | €1,599 | +€832 | +109% |
| Gross operating margin | 9900 | €30,459 | €7,680 | -€22,779 | -74.8% |
| Operating profit (loss) | 9901 | €14,413 | -€296 | -€14,710 | |
| Financial income | 75/76B | - | €57 | +€57 | |
| Recurring financial income | 75 | - | €57 | +€57 | |
| Financial charges | 65/66B | €3,086 | €3,193 | +€107 | +3.5% |
| Recurring financial charges | 65 | €3,086 | €3,193 | +€107 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €11,327 | -€3,432 | -€14,759 | |
| Profit (loss) for the period | 9904 | €11,327 | -€3,432 | -€14,759 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,327 | -€3,432 | -€14,759 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.