SWAAB: 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.
SWAAB
Largest movements
- Tangible fixed assets -€23,052
down €23,052 (-42.4%), from €54,354 to €31,302
of which Leasing and similar rights: -€22,887
- Deferred charges and accrued income +€7,126
up €7,126 (+116%), from €6,166 to €13,292
- Stocks and contracts -€2,551
down €2,551 (-6.7%), from €38,010 to €35,460
- Receivables within one year +€1,991
up €1,991 (+156%), from €1,273 to €3,264
of which Other amounts receivable: +€1,250
- Debts after one year -€17,117
down €17,117 (-60.2%), from €28,457 to €11,340
- Profit (loss) carried forward -€14,644
down €14,644, from €5,424 to -€9,220
- Other debts +€13,112
up €13,112 (+86.9%), from €15,087 to €28,199
- Trade debts +€4,414
up €4,414 (+54.7%), from €8,068 to €12,482
- Reserves -€2,920
down €2,920 (-10.7%), from €27,387 to €24,468
of which Distributable reserves: -€2,920
- Gross operating margin +€18,202
up €18,202 (+14.3%), from €126,909 to €145,111
- Staff costs +€6,746
up €6,746 (+5.2%), from €128,758 to €135,505
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 | €118,765 | €103,000 | -€15,765 | -13.3% |
| Fixed assets | 21/28 | €54,354 | €31,302 | -€23,052 | -42.4% |
| Tangible fixed assets | 22/27 | €54,354 | €31,302 | -€23,052 | -42.4% |
| Furniture and vehicles | 24 | €232 | €67 | -€165 | -71.1% |
| Leasing and similar rights | 25 | €54,122 | €31,235 | -€22,887 | -42.3% |
| Current assets | 29/58 | €64,412 | €71,699 | +€7,287 | +11.3% |
| Stocks and contracts in progress | 3 | €38,010 | €35,460 | -€2,551 | -6.7% |
| Stocks | 30/36 | €38,010 | €35,460 | -€2,551 | -6.7% |
| Amounts receivable within one year | 40/41 | €1,273 | €3,264 | +€1,991 | +156% |
| Trade receivables | 40 | - | €742 | +€742 | |
| Other amounts receivable | 41 | €1,273 | €2,522 | +€1,250 | +98.2% |
| Cash at bank and in hand | 54/58 | €18,964 | €19,683 | +€720 | +3.8% |
| Deferred charges and accrued income | 490/1 | €6,166 | €13,292 | +€7,126 | +116% |
| Total equity and liabilities | 10/49 | €118,765 | €103,000 | -€15,765 | -13.3% |
| Equity | 10/15 | €51,403 | €33,840 | -€17,564 | -34.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €27,387 | €24,468 | -€2,920 | -10.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €25,528 | €22,608 | -€2,920 | -11.4% |
| Profit (loss) carried forward | 14 | €5,424 | -€9,220 | -€14,644 | |
| Amounts payable | 17/49 | €67,362 | €69,161 | +€1,798 | +2.7% |
| Amounts payable after more than one year | 17 | €28,457 | €11,340 | -€17,117 | -60.2% |
| Financial debts | 170/4 | €28,457 | €11,340 | -€17,117 | -60.2% |
| Amounts payable within one year | 42/48 | €38,905 | €57,821 | +€18,915 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €15,506 | €15,699 | +€193 | +1.2% |
| Trade debts | 44 | €8,068 | €12,482 | +€4,414 | +54.7% |
| Suppliers | 440/4 | €8,068 | €12,482 | +€4,414 | +54.7% |
| Taxes, remuneration and social security | 45 | €245 | €1,442 | +€1,197 | +489% |
| Taxes | 450/3 | €245 | €4 | -€241 | -98.4% |
| Remuneration and social security | 454/9 | - | €1,438 | +€1,438 | |
| Other amounts payable | 47/48 | €15,087 | €28,199 | +€13,112 | +86.9% |
| Remuneration, social security and pensions | 62 | €128,758 | €135,505 | +€6,746 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,052 | €23,052 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,700 | €3,328 | -€372 | -10.1% |
| Gross operating margin | 9900 | €126,909 | €145,111 | +€18,202 | +14.3% |
| Operating profit (loss) | 9901 | -€28,601 | -€16,774 | +€11,827 | +41.4% |
| Financial income | 75/76B | €1,886 | €1,220 | -€667 | -35.3% |
| Recurring financial income | 75 | €1,886 | €1,220 | -€667 | -35.3% |
| Financial charges | 65/66B | €1,697 | €1,736 | +€39 | +2.3% |
| Recurring financial charges | 65 | €1,697 | €1,736 | +€39 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | -€28,412 | -€17,290 | +€11,122 | +39.1% |
| Income taxes | 67/77 | €293 | €273 | -€20 | -6.7% |
| Profit (loss) for the period | 9904 | -€28,705 | -€17,564 | +€11,141 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,705 | -€17,564 | +€11,141 | +38.8% |
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 23 October 2026 via checked.be.