SW2: 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.
SW2
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+1,069%), from €230,525 to €2.7m
of which Land and buildings: +€2.5m
- Stocks and contracts -€41,500
down €41,500 (-36.3%), from €114,300 to €72,800
- Debts after one year +€2.0m
up €2.0m (+2,359%), from €86,508 to €2.1m
- Other debts +€267,328
up €267,328 (+494%), from €54,074 to €321,402
- Current portion of long-term debt +€111,985
up €111,985 (+499%), from €22,447 to €134,432
- Depreciation +€48,353
up €48,353 (+123%), from €39,390 to €87,743
- Taxes -€24,703
down €24,703 (-65.9%), from €37,466 to €12,762
- Gross operating margin -€13,326
down €13,326 (-10.5%), from €127,515 to €114,189
- Other operating charges -€4,358
down €4,358 (-78.9%), from €5,523 to €1,165
- Financial charges +€1,982
up €1,982 (+36.8%), from €5,389 to €7,371
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 | €434,658 | €2,841,415 | +€2.4m | +554% |
| Fixed assets | 21/28 | €230,525 | €2,693,916 | +€2.5m | +1,069% |
| Tangible fixed assets | 22/27 | €230,525 | €2,693,916 | +€2.5m | +1,069% |
| Land and buildings | 22 | €142,607 | €2,668,955 | +€2.5m | +1,772% |
| Plant, machinery and equipment | 23 | €11,010 | €10,964 | -€46 | -0.4% |
| Furniture and vehicles | 24 | €76,908 | €13,997 | -€62,911 | -81.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €204,133 | €147,500 | -€56,633 | -27.7% |
| Stocks and contracts in progress | 3 | €114,300 | €72,800 | -€41,500 | -36.3% |
| Stocks | 30/36 | €114,300 | €72,800 | -€41,500 | -36.3% |
| Amounts receivable within one year | 40/41 | €63,201 | €57,218 | -€5,983 | -9.5% |
| Trade receivables | 40 | €63,000 | €45,895 | -€17,106 | -27.2% |
| Other amounts receivable | 41 | €201 | €11,324 | +€11,123 | +5,534% |
| Cash at bank and in hand | 54/58 | €26,632 | €17,481 | -€9,151 | -34.4% |
| Total equity and liabilities | 10/49 | €434,658 | €2,841,415 | +€2.4m | +554% |
| Equity | 10/15 | €213,474 | €218,628 | +€5,154 | +2.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €210,474 | €215,628 | +€5,154 | +2.4% |
| Distributable reserves | 133 | €210,474 | €215,628 | +€5,154 | +2.4% |
| Amounts payable | 17/49 | €221,184 | €2,622,788 | +€2.4m | +1,086% |
| Amounts payable after more than one year | 17 | €86,508 | €2,127,076 | +€2.0m | +2,359% |
| Financial debts | 170/4 | €86,508 | €2,127,076 | +€2.0m | +2,359% |
| Amounts payable within one year | 42/48 | €134,676 | €494,608 | +€359,932 | +267% |
| Current portion of amounts payable after more than one year | 42 | €22,447 | €134,432 | +€111,985 | +499% |
| Financial debts | 43 | - | €12,538 | +€12,538 | |
| Credit institutions | 430/8 | - | €12,538 | +€12,538 | |
| Trade debts | 44 | €37,273 | €11,066 | -€26,207 | -70.3% |
| Suppliers | 440/4 | €37,273 | €11,066 | -€26,207 | -70.3% |
| Taxes, remuneration and social security | 45 | €20,882 | €15,171 | -€5,711 | -27.4% |
| Taxes | 450/3 | €20,882 | €15,171 | -€5,711 | -27.4% |
| Other amounts payable | 47/48 | €54,074 | €321,402 | +€267,328 | +494% |
| Accrued charges and deferred income | 492/3 | - | €1,104 | +€1,104 | |
| Non-recurring operating income | 76A | €0 | €9,647 | +€9,647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,390 | €87,743 | +€48,353 | +123% |
| Other operating charges | 640/8 | €5,523 | €1,165 | -€4,358 | -78.9% |
| Gross operating margin | 9900 | €127,515 | €114,189 | -€13,326 | -10.5% |
| Operating profit (loss) | 9901 | €82,602 | €25,281 | -€57,321 | -69.4% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €5,389 | €7,371 | +€1,982 | +36.8% |
| Recurring financial charges | 65 | €5,389 | €7,371 | +€1,982 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €77,213 | €17,916 | -€59,297 | -76.8% |
| Income taxes | 67/77 | €37,466 | €12,762 | -€24,703 | -65.9% |
| Profit (loss) for the period | 9904 | €39,747 | €5,154 | -€34,594 | -87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,747 | €5,154 | -€34,594 | -87.0% |
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.