SWAEGERS: 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.
What changed
SWAEGERS
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,106
2024 · -€13,717+€15,823
Equity
€841,034
2024 · €838,928+€2,106
Cash
€29,492
2024 · €23,578+€5,914
Balance sheet total
€2.5m
2024 · €2.2m+€377,869
Largest movements
Assets
- Tangible fixed assets +€329,931
up €329,931 (+15.5%), from €2.1m to €2.5m
- Receivables within one year +€42,195
up €42,195 (+25,218%), from €167 to €42,363
of which Trade receivables: +€41,626
Equity and liabilities
- Debts after one year +€208,922
up €208,922 (+187%), from €111,470 to €320,391
- Other debts +€123,259
up €123,259 (+11.3%), from €1.1m to €1.2m
- Trade debts +€41,488
up €41,488 (+3,875%), from €1,071 to €42,559
Income statement
- Gross operating margin +€31,544
up €31,544 (+19.2%), from €164,165 to €195,709
- Depreciation +€12,398
up €12,398 (+14.3%), from €86,470 to €98,868
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.
Result 2024
-€13,717
Gross operating margin
+€31,544
Depreciation
-€12,398
Other operating charges
-€1,679
Financial income
-€248
Financial charges
-€1,518
Taxes
+€123
Result 2025
€2,106
raises the resultlowers the result
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.
From operations
+€225,081
Investment
-€428,798
Financing
+€209,631
Cash 2024
€23,578
From operations (derived)
+€225,081
Net result for the year
+€2,106
Depreciation
+€98,868
Receivables within one year
-€42,195
Smaller working-capital items
+€1,130
Provisions
-€1,932
Trade debts
+€41,488
Other debts
+€123,259
Accrued charges and deferred income
+€2,357
Investment (derived)
-€428,798
Investment in fixed assets (net)
-€428,798
Financing
+€209,631
Debts after one year
+€208,922
Current portion of long-term debt
+€710
Cash 2025
€29,492
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,164,098 | €2,541,967 | +€377,869 | +17.5% |
| Fixed assets | 21/28 | €2,133,277 | €2,463,208 | +€329,931 | +15.5% |
| Tangible fixed assets | 22/27 | €2,133,277 | €2,463,208 | +€329,931 | +15.5% |
| Land and buildings | 22 | €2,133,277 | €2,463,208 | +€329,931 | +15.5% |
| Current assets | 29/58 | €30,821 | €78,759 | +€47,938 | +156% |
| Amounts receivable within one year | 40/41 | €167 | €42,363 | +€42,195 | +25,218% |
| Trade receivables | 40 | - | €41,626 | +€41,626 | |
| Other amounts receivable | 41 | €167 | €737 | +€570 | +340% |
| Cash at bank and in hand | 54/58 | €23,578 | €29,492 | +€5,914 | +25.1% |
| Deferred charges and accrued income | 490/1 | €7,075 | €6,904 | -€171 | -2.4% |
| Total equity and liabilities | 10/49 | €2,164,098 | €2,541,967 | +€377,869 | +17.5% |
| Equity | 10/15 | €838,928 | €841,034 | +€2,106 | +0.3% |
| Contributions | 10/11 | €896,000 | €896,000 | = | 0.0% |
| Reserves | 13 | €140,679 | €134,883 | -€5,796 | -4.1% |
| Tax-exempt reserves | 132 | €140,679 | €134,883 | -€5,796 | -4.1% |
| Profit (loss) carried forward | 14 | -€197,751 | -€189,849 | +€7,902 | +4.0% |
| Provisions and deferred taxes | 16 | €45,030 | €43,098 | -€1,932 | -4.3% |
| Deferred taxes | 168 | €45,030 | €43,098 | -€1,932 | -4.3% |
| Amounts payable | 17/49 | €1,280,140 | €1,657,835 | +€377,695 | +29.5% |
| Amounts payable after more than one year | 17 | €111,470 | €320,391 | +€208,922 | +187% |
| Financial debts | 170/4 | €111,470 | €320,391 | +€208,922 | +187% |
| Amounts payable within one year | 42/48 | €1,123,075 | €1,289,491 | +€166,416 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €10,289 | €10,999 | +€710 | +6.9% |
| Trade debts | 44 | €1,071 | €42,559 | +€41,488 | +3,875% |
| Suppliers | 440/4 | €1,071 | €42,559 | +€41,488 | +3,875% |
| Taxes, remuneration and social security | 45 | €18,592 | €19,551 | +€959 | +5.2% |
| Taxes | 450/3 | €18,592 | €19,551 | +€959 | +5.2% |
| Other amounts payable | 47/48 | €1,093,123 | €1,216,383 | +€123,259 | +11.3% |
| Accrued charges and deferred income | 492/3 | €45,595 | €47,953 | +€2,357 | +5.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,470 | €98,868 | +€12,398 | +14.3% |
| Other operating charges | 640/8 | €25,007 | €26,686 | +€1,679 | +6.7% |
| Gross operating margin | 9900 | €164,165 | €195,709 | +€31,544 | +19.2% |
| Operating profit (loss) | 9901 | €52,689 | €70,155 | +€17,467 | +33.2% |
| Financial income | 75/76B | €288 | €40 | -€248 | -86.2% |
| Recurring financial income | 75 | €288 | €40 | -€248 | -86.2% |
| Financial charges | 65/66B | €68,626 | €70,144 | +€1,518 | +2.2% |
| Recurring financial charges | 65 | €68,626 | €70,144 | +€1,518 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,649 | €51 | +€15,700 | |
| Transfer from deferred taxes | 780 | €1,932 | €1,932 | = | 0.0% |
| Income taxes | 67/77 | €0 | -€123 | -€123 | |
| Profit (loss) for the period | 9904 | -€13,717 | €2,106 | +€15,823 | |
| Transfer from tax-exempt reserves | 789 | €5,796 | €5,796 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,921 | €7,902 | +€15,823 |
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 19 October 2026 via checked.be.