SW Property: 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 Property
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+255%), from €995,379 to €3.5m
of which Land and buildings: +€2.5m
- Cash +€63,058
up €63,058 (+1,713%), from €3,680 to €66,738
mainly Contributions, distributions and other (+€1.7m) and Debts after one year (+€950,821)
- Revaluation surpluses +€1.7m
new in 2025: €1.7m
- Debts after one year +€950,821
up €950,821 (+101%), from €938,439 to €1.9m
of which Financial debts: +€950,821
- Financial charges -€32,235
down €32,235 (-57.2%), from €56,369 to €24,134
- Depreciation +€4,448
up €4,448 (+9.9%), from €44,993 to €49,441
- Gross operating margin -€2,735
down €2,735 (-5.3%), from €51,130 to €48,395
- Taxes -€2,457
no longer reported in 2025 (was €2,457)
- Other operating charges +€863
up €863 (+26.0%), from €3,316 to €4,179
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 | €1,009,343 | €3,610,134 | +€2.6m | +258% |
| Fixed assets | 21/28 | €995,379 | €3,531,698 | +€2.5m | +255% |
| Tangible fixed assets | 22/27 | €995,379 | €3,531,698 | +€2.5m | +255% |
| Land and buildings | 22 | €990,336 | €3,513,501 | +€2.5m | +255% |
| Plant, machinery and equipment | 23 | - | €396 | +€396 | |
| Furniture and vehicles | 24 | €5,043 | €5,900 | +€857 | +17.0% |
| Other tangible fixed assets | 26 | - | €11,901 | +€11,901 | |
| Current assets | 29/58 | €13,964 | €78,435 | +€64,471 | +462% |
| Amounts receivable within one year | 40/41 | €10,284 | €11,697 | +€1,413 | +13.7% |
| Other amounts receivable | 41 | €10,284 | €11,697 | +€1,413 | +13.7% |
| Cash at bank and in hand | 54/58 | €3,680 | €66,738 | +€63,058 | +1,713% |
| Total equity and liabilities | 10/49 | €1,009,343 | €3,610,134 | +€2.6m | +258% |
| Equity | 10/15 | €38,822 | €1,671,463 | +€1.6m | +4,205% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,662,000 | +€1.7m | |
| Reserves | 13 | €23,200 | €23,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,378 | -€75,737 | -€29,359 | -63.3% |
| Amounts payable | 17/49 | €970,521 | €1,938,670 | +€968,149 | +99.8% |
| Amounts payable after more than one year | 17 | €938,439 | €1,889,260 | +€950,821 | +101% |
| Financial debts | 170/4 | €935,379 | €1,886,200 | +€950,821 | +102% |
| Other amounts payable | 178/9 | €3,060 | €3,060 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,082 | €49,411 | +€17,328 | +54.0% |
| Current portion of amounts payable after more than one year | 42 | €22,621 | €29,135 | +€6,514 | +28.8% |
| Trade debts | 44 | €6,461 | €3,276 | -€3,186 | -49.3% |
| Suppliers | 440/4 | €6,461 | €3,276 | -€3,186 | -49.3% |
| Other amounts payable | 47/48 | €3,000 | €17,000 | +€14,000 | +467% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,993 | €49,441 | +€4,448 | +9.9% |
| Other operating charges | 640/8 | €3,316 | €4,179 | +€863 | +26.0% |
| Gross operating margin | 9900 | €51,130 | €48,395 | -€2,735 | -5.3% |
| Operating profit (loss) | 9901 | €2,821 | -€5,225 | -€8,046 | |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €56,369 | €24,134 | -€32,235 | -57.2% |
| Recurring financial charges | 65 | €56,369 | €24,134 | -€32,235 | -57.2% |
| Profit (loss) for the period before taxes | 9903 | -€53,524 | -€29,359 | +€24,165 | +45.1% |
| Income taxes | 67/77 | €2,457 | - | -€2,457 | |
| Profit (loss) for the period | 9904 | -€55,981 | -€29,359 | +€26,622 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,981 | -€29,359 | +€26,622 | +47.6% |
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 27 October 2026 via checked.be.