SWAF: 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.
SWAF
Largest movements
- Tangible fixed assets -€65,217
down €65,217 (-31.5%), from €206,894 to €141,677
of which Other tangible fixed assets: -€44,057
- Receivables within one year +€29,521
up €29,521 (+337%), from €8,748 to €38,269
of which Trade receivables: +€25,798
- Reserves +€22,166
up €22,166 (+38.3%), from €57,801 to €79,967
of which Distributable reserves: +€22,166
- Debts after one year -€20,081
down €20,081 (-51.1%), from €39,305 to €19,224
- Current portion of long-term debt -€11,475
down €11,475 (-35.2%), from €32,589 to €21,113
- Trade debts -€9,875
down €9,875 (-19.4%), from €50,901 to €41,026
- Short-term financial debts -€9,194
down €9,194 (-4.6%), from €199,802 to €190,608
of which Credit institutions: -€7,414
- Staff costs +€11,418
up €11,418 (+5.6%), from €205,056 to €216,474
- Depreciation -€6,185
down €6,185 (-8.7%), from €71,402 to €65,217
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 | €444,442 | €413,960 | -€30,483 | -6.9% |
| Fixed assets | 21/28 | €206,894 | €141,677 | -€65,217 | -31.5% |
| Tangible fixed assets | 22/27 | €206,894 | €141,677 | -€65,217 | -31.5% |
| Plant, machinery and equipment | 23 | €21,840 | €12,378 | -€9,462 | -43.3% |
| Furniture and vehicles | 24 | €2,970 | €1,130 | -€1,840 | -61.9% |
| Leasing and similar rights | 25 | €30,925 | €21,067 | -€9,858 | -31.9% |
| Other tangible fixed assets | 26 | €141,158 | €97,102 | -€44,057 | -31.2% |
| Assets under construction and advance payments | 27 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €237,549 | €272,283 | +€34,734 | +14.6% |
| Stocks and contracts in progress | 3 | €95,398 | €98,953 | +€3,555 | +3.7% |
| Stocks | 30/36 | €95,398 | €98,953 | +€3,555 | +3.7% |
| Amounts receivable within one year | 40/41 | €8,748 | €38,269 | +€29,521 | +337% |
| Trade receivables | 40 | €7,678 | €33,476 | +€25,798 | +336% |
| Other amounts receivable | 41 | €1,070 | €4,793 | +€3,723 | +348% |
| Cash at bank and in hand | 54/58 | €130,903 | €132,561 | +€1,658 | +1.3% |
| Deferred charges and accrued income | 490/1 | €2,500 | €2,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €444,442 | €413,960 | -€30,483 | -6.9% |
| Equity | 10/15 | €70,201 | €92,367 | +€22,166 | +31.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €57,801 | €79,967 | +€22,166 | +38.3% |
| Non-distributable reserves | 130/1 | €425 | €425 | = | 0.0% |
| Reserves not available under the articles | 1311 | €425 | €425 | = | 0.0% |
| Distributable reserves | 133 | €57,376 | €79,542 | +€22,166 | +38.6% |
| Amounts payable | 17/49 | €374,242 | €321,593 | -€52,649 | -14.1% |
| Amounts payable after more than one year | 17 | €39,305 | €19,224 | -€20,081 | -51.1% |
| Financial debts | 170/4 | €39,305 | €19,224 | -€20,081 | -51.1% |
| Amounts payable within one year | 42/48 | €322,007 | €286,914 | -€35,092 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €32,589 | €21,113 | -€11,475 | -35.2% |
| Financial debts | 43 | €199,802 | €190,608 | -€9,194 | -4.6% |
| Credit institutions | 430/8 | €7,414 | - | -€7,414 | |
| Other loans | 439 | €192,388 | €190,608 | -€1,781 | -0.9% |
| Trade debts | 44 | €50,901 | €41,026 | -€9,875 | -19.4% |
| Suppliers | 440/4 | €50,901 | €41,026 | -€9,875 | -19.4% |
| Taxes, remuneration and social security | 45 | €38,715 | €33,207 | -€5,508 | -14.2% |
| Taxes | 450/3 | €19,318 | €13,188 | -€6,130 | -31.7% |
| Remuneration and social security | 454/9 | €19,397 | €20,019 | +€622 | +3.2% |
| Other amounts payable | 47/48 | - | €960 | +€960 | |
| Accrued charges and deferred income | 492/3 | €12,930 | €15,455 | +€2,525 | +19.5% |
| Remuneration, social security and pensions | 62 | €205,056 | €216,474 | +€11,418 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,402 | €65,217 | -€6,185 | -8.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €318,780 | €318,816 | +€36 | 0.0% |
| Operating profit (loss) | 9901 | €41,935 | €36,725 | -€5,209 | -12.4% |
| Financial income | 75/76B | €687 | €574 | -€113 | -16.5% |
| Recurring financial income | 75 | €687 | €574 | -€113 | -16.5% |
| Financial charges | 65/66B | €11,933 | €11,696 | -€237 | -2.0% |
| Recurring financial charges | 65 | €11,933 | €11,696 | -€237 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €30,689 | €25,603 | -€5,085 | -16.6% |
| Income taxes | 67/77 | €1,221 | €3,437 | +€2,217 | +182% |
| Profit (loss) for the period | 9904 | €29,468 | €22,166 | -€7,302 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,468 | €22,166 | -€7,302 | -24.8% |
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 15 October 2026 via checked.be.