SWA: 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.
SWA
Largest movements
- Tangible fixed assets +€405,245
up €405,245 (+43.0%), from €943,127 to €1.3m
of which Leasing and similar rights: +€331,171
- Receivables within one year -€272,317
down €272,317 (-21.3%), from €1.3m to €1.0m
of which Trade receivables: -€322,093
- Cash -€120,471
down €120,471 (-33.9%), from €355,516 to €235,044
mainly Investment in fixed assets (net) (-€788,603) and Trade debts (-€211,360)
- Stocks and contracts -€45,548
down €45,548 (-2.9%), from €1.6m to €1.5m
- Trade debts -€211,360
down €211,360 (-37.7%), from €560,637 to €349,277
- Other debts +€145,601
up €145,601 (+56.0%), from €260,200 to €405,801
- Current portion of long-term debt +€104,058
up €104,058 (+59.4%), from €175,120 to €279,178
- Tax, wage and social debts -€75,026
down €75,026 (-38.1%), from €196,776 to €121,750
of which Taxes: -€77,064
- Gross operating margin -€225,226
down €225,226 (-14.5%), from €1.5m to €1.3m
- Depreciation +€115,829
up €115,829 (+42.9%), from €269,867 to €385,696
- Taxes -€42,669
down €42,669 (-59.6%), from €71,609 to €28,940
- Write-downs -€39,827
down €39,827 (-48.5%), from €82,035 to €42,208
- Staff costs -€29,787
down €29,787 (-3.8%), from €788,486 to €758,699
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 | €4,157,175 | €4,119,887 | -€37,288 | -0.9% |
| Fixed assets | 21/28 | €951,171 | €1,354,079 | +€402,907 | +42.4% |
| Intangible fixed assets | 21 | €7,774 | €5,436 | -€2,338 | -30.1% |
| Tangible fixed assets | 22/27 | €943,127 | €1,348,372 | +€405,245 | +43.0% |
| Land and buildings | 22 | €170,894 | €204,538 | +€33,645 | +19.7% |
| Plant, machinery and equipment | 23 | €568,183 | €628,496 | +€60,312 | +10.6% |
| Furniture and vehicles | 24 | €140,166 | €120,284 | -€19,883 | -14.2% |
| Leasing and similar rights | 25 | €63,884 | €395,055 | +€331,171 | +518% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €3,206,004 | €2,765,808 | -€440,195 | -13.7% |
| Stocks and contracts in progress | 3 | €1,562,954 | €1,517,406 | -€45,548 | -2.9% |
| Stocks | 30/36 | €1,562,954 | €1,517,406 | -€45,548 | -2.9% |
| Amounts receivable within one year | 40/41 | €1,277,204 | €1,004,887 | -€272,317 | -21.3% |
| Trade receivables | 40 | €1,276,645 | €954,551 | -€322,093 | -25.2% |
| Other amounts receivable | 41 | €559 | €50,336 | +€49,777 | +8,905% |
| Cash at bank and in hand | 54/58 | €355,516 | €235,044 | -€120,471 | -33.9% |
| Deferred charges and accrued income | 490/1 | €10,330 | €8,471 | -€1,859 | -18.0% |
| Total equity and liabilities | 10/49 | €4,157,175 | €4,119,887 | -€37,288 | -0.9% |
| Equity | 10/15 | €633,065 | €619,805 | -€13,260 | -2.1% |
| Contributions | 10/11 | €128,000 | €128,000 | = | 0.0% |
| Capital | 10 | €128,000 | €128,000 | = | 0.0% |
| Issued capital | 100 | €128,000 | €128,000 | = | 0.0% |
| Reserves | 13 | €492,800 | €482,800 | -€10,000 | -2.0% |
| Non-distributable reserves | 130/1 | €12,800 | €12,800 | = | 0.0% |
| Legal reserve | 130 | €12,800 | €12,800 | = | 0.0% |
| Distributable reserves | 133 | €480,000 | €470,000 | -€10,000 | -2.1% |
| Profit (loss) carried forward | 14 | €12,265 | €9,005 | -€3,260 | -26.6% |
| Amounts payable | 17/49 | €3,524,110 | €3,500,082 | -€24,028 | -0.7% |
| Amounts payable after more than one year | 17 | €1,075,950 | €1,092,885 | +€16,935 | +1.6% |
| Financial debts | 170/4 | €338,322 | €633,080 | +€294,758 | +87.1% |
| Other amounts payable | 178/9 | €737,628 | €459,805 | -€277,823 | -37.7% |
| Amounts payable within one year | 42/48 | €2,442,732 | €2,406,004 | -€36,727 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €175,120 | €279,178 | +€104,058 | +59.4% |
| Financial debts | 43 | €1,250,000 | €1,250,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,250,000 | €1,250,000 | = | 0.0% |
| Trade debts | 44 | €560,637 | €349,277 | -€211,360 | -37.7% |
| Suppliers | 440/4 | €560,637 | €349,277 | -€211,360 | -37.7% |
| Taxes, remuneration and social security | 45 | €196,776 | €121,750 | -€75,026 | -38.1% |
| Taxes | 450/3 | €118,211 | €41,147 | -€77,064 | -65.2% |
| Remuneration and social security | 454/9 | €78,565 | €80,603 | +€2,037 | +2.6% |
| Other amounts payable | 47/48 | €260,200 | €405,801 | +€145,601 | +56.0% |
| Accrued charges and deferred income | 492/3 | €5,428 | €1,193 | -€4,235 | -78.0% |
| Remuneration, social security and pensions | 62 | €788,486 | €758,699 | -€29,787 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269,867 | €385,696 | +€115,829 | +42.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €82,035 | €42,208 | -€39,827 | -48.5% |
| Other operating charges | 640/8 | €27,672 | €48,718 | +€21,046 | +76.1% |
| Non-recurring operating charges | 66A | - | €93 | +€93 | |
| Gross operating margin | 9900 | €1,549,603 | €1,324,377 | -€225,226 | -14.5% |
| Operating profit (loss) | 9901 | €381,544 | €88,964 | -€292,580 | -76.7% |
| Financial income | 75/76B | €8,299 | €3,590 | -€4,710 | -56.7% |
| Recurring financial income | 75 | €8,299 | €3,590 | -€4,710 | -56.7% |
| Financial charges | 65/66B | €96,447 | €76,874 | -€19,573 | -20.3% |
| Recurring financial charges | 65 | €96,447 | €76,874 | -€19,573 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €293,397 | €15,680 | -€277,717 | -94.7% |
| Income taxes | 67/77 | €71,609 | €28,940 | -€42,669 | -59.6% |
| Profit (loss) for the period | 9904 | €221,788 | -€13,260 | -€235,048 | |
| Profit (loss) for the period to be appropriated | 9905 | €221,788 | -€13,260 | -€235,048 |
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 14 October 2026 via checked.be.