Swaai: what changed
Two fiscal 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.
Swaai
Largest movements
- Financial fixed assets +€176,136
up €176,136 (+101.3%), from €173,864 to €349,999
- Cash -€41,401
down €41,401 (-77.9%), from €53,159 to €11,759
mainly Investment in fixed assets (net) (-€176,136) and Receivables within one year (-€9,075)
- Receivables within one year +€9,075
up €9,075, from €0 to €9,075
- Deferred charges and accrued income +€4,920
up €4,920 (+485.6%), from €1,013 to €5,934
- Debts after one year +€72,549
up €72,549 (+307.0%), from €23,630 to €96,179
- Reserves +€27,000
up €27,000 (+23.6%), from €114,400 to €141,400
- Other debts +€19,320
up €19,320 (+45.7%), from €42,255 to €61,575
- Current portion of long-term debt +€17,510
up €17,510 (+68.9%), from €25,407 to €42,917
- Tax, wage and social debts +€8,675
up €8,675 (+85.2%), from €10,176 to €18,851
- Gross operating margin +€8,683
up €8,683 (+22.6%), from €38,376 to €47,059
- Financial charges +€3,673
up €3,673 (+160.1%), from €2,294 to €5,967
- Taxes +€2,798
up €2,798 (+28.6%), from €9,771 to €12,568
- Other operating charges -€632
down €632 (-46.3%), from €1,365 to €733
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.
Cash bridge derived
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 | €228,097 | €376,767 | +€148,669 | +65.2% |
| Fixed assets | 21/28 | €173,925 | €349,999 | +€176,075 | +101.2% |
| Tangible fixed assets | 22/27 | €61 | €0 | -€61 | -100.0% |
| Furniture and vehicles | 24 | €61 | €0 | -€61 | -100.0% |
| Financial fixed assets | 28 | €173,864 | €349,999 | +€176,136 | +101.3% |
| Current assets | 29/58 | €54,172 | €26,767 | -€27,405 | -50.6% |
| Amounts receivable within one year | 40/41 | €0 | €9,075 | +€9,075 | |
| Trade receivables | 40 | €0 | €9,075 | +€9,075 | |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €53,159 | €11,759 | -€41,401 | -77.9% |
| Deferred charges and accrued income | 490/1 | €1,013 | €5,934 | +€4,920 | +485.6% |
| Total equity and liabilities | 10/49 | €228,097 | €376,767 | +€148,669 | +65.2% |
| Equity | 10/15 | €119,523 | €147,273 | +€27,750 | +23.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €114,400 | €141,400 | +€27,000 | +23.6% |
| Distributable reserves | 133 | €114,400 | €141,400 | +€27,000 | +23.6% |
| Profit (loss) carried forward | 14 | €123 | €873 | +€750 | +609.6% |
| Amounts payable | 17/49 | €108,574 | €229,493 | +€120,919 | +111.4% |
| Amounts payable after more than one year | 17 | €23,630 | €96,179 | +€72,549 | +307.0% |
| Financial debts | 170/4 | €23,630 | €96,179 | +€72,549 | +307.0% |
| Amounts payable within one year | 42/48 | €84,945 | €133,314 | +€48,370 | +56.9% |
| Current portion of amounts payable after more than one year | 42 | €25,407 | €42,917 | +€17,510 | +68.9% |
| Financial debts | 43 | €1,991 | €0 | -€1,991 | -100.0% |
| Credit institutions | 430/8 | €1,991 | €0 | -€1,991 | -100.0% |
| Trade debts | 44 | €5,116 | €9,972 | +€4,856 | +94.9% |
| Suppliers | 440/4 | €5,116 | €9,972 | +€4,856 | +94.9% |
| Taxes, remuneration and social security | 45 | €10,176 | €18,851 | +€8,675 | +85.2% |
| Taxes | 450/3 | €10,176 | €18,851 | +€8,675 | +85.2% |
| Other amounts payable | 47/48 | €42,255 | €61,575 | +€19,320 | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €333 | €61 | -€272 | -81.6% |
| Other operating charges | 640/8 | €1,365 | €733 | -€632 | -46.3% |
| Gross operating margin | 9900 | €38,376 | €47,059 | +€8,683 | +22.6% |
| Operating profit (loss) | 9901 | €36,678 | €46,264 | +€9,587 | +26.1% |
| Financial income | 75/76B | €265 | €22 | -€243 | -91.9% |
| Recurring financial income | 75 | €265 | €22 | -€243 | -91.9% |
| Financial charges | 65/66B | €2,294 | €5,967 | +€3,673 | +160.1% |
| Recurring financial charges | 65 | €2,294 | €5,967 | +€3,673 | +160.1% |
| Profit (loss) for the period before taxes | 9903 | €34,648 | €40,319 | +€5,671 | +16.4% |
| Income taxes | 67/77 | €9,771 | €12,568 | +€2,798 | +28.6% |
| Profit (loss) for the period | 9904 | €24,877 | €27,750 | +€2,873 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,877 | €27,750 | +€2,873 | +11.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.