SWAFFOU: 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.
SWAFFOU
Largest movements
- Receivables within one year -€16,872
down €16,872 (-5.4%), from €313,843 to €296,970
of which Trade receivables: -€40,991
- Stocks and contracts +€16,339
up €16,339 (+4.2%), from €387,659 to €403,999
- Cash +€8,085
up €8,085 (+8.8%), from €91,439 to €99,524
mainly Net result for the year (+€68,284) and Receivables within one year (+€16,872)
- Other debts +€10,567
up €10,567 (+6.7%), from €157,191 to €167,758
- Gross operating margin +€12,911
up €12,911 (+21.6%), from €59,653 to €72,564
- Financial charges -€1,461
down €1,461 (-63.4%), from €2,303 to €842
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 | €799,711 | €806,086 | +€6,375 | +0.8% |
| Fixed assets | 21/28 | €6,770 | €5,592 | -€1,178 | -17.4% |
| Tangible fixed assets | 22/27 | €4,570 | €3,392 | -€1,178 | -25.8% |
| Plant, machinery and equipment | 23 | €419 | €219 | -€200 | -47.7% |
| Furniture and vehicles | 24 | €4,150 | €3,173 | -€978 | -23.6% |
| Financial fixed assets | 28 | €2,200 | €2,200 | = | 0.0% |
| Current assets | 29/58 | €792,941 | €800,494 | +€7,552 | +1.0% |
| Stocks and contracts in progress | 3 | €387,659 | €403,999 | +€16,339 | +4.2% |
| Stocks | 30/36 | €387,659 | €403,999 | +€16,339 | +4.2% |
| Amounts receivable within one year | 40/41 | €313,843 | €296,970 | -€16,872 | -5.4% |
| Trade receivables | 40 | €304,043 | €263,052 | -€40,991 | -13.5% |
| Other amounts receivable | 41 | €9,799 | €33,918 | +€24,119 | +246.1% |
| Cash at bank and in hand | 54/58 | €91,439 | €99,524 | +€8,085 | +8.8% |
| Total equity and liabilities | 10/49 | €799,711 | €806,086 | +€6,375 | +0.8% |
| Equity | 10/15 | €325,095 | €325,379 | +€284 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €306,368 | €306,652 | +€284 | +0.1% |
| Distributable reserves | 133 | €306,368 | €306,652 | +€284 | +0.1% |
| Profit (loss) carried forward | 14 | €127 | €127 | = | 0.0% |
| Amounts payable | 17/49 | €474,616 | €480,707 | +€6,090 | +1.3% |
| Amounts payable within one year | 42/48 | €474,616 | €480,707 | +€6,090 | +1.3% |
| Trade debts | 44 | €316,214 | €312,051 | -€4,163 | -1.3% |
| Suppliers | 440/4 | €316,214 | €312,051 | -€4,163 | -1.3% |
| Taxes, remuneration and social security | 45 | €1,212 | €898 | -€314 | -25.9% |
| Taxes | 450/3 | €1,212 | €898 | -€314 | -25.9% |
| Other amounts payable | 47/48 | €157,191 | €167,758 | +€10,567 | +6.7% |
| Non-recurring operating income | 76A | €230 | €329 | +€99 | +43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,554 | €1,178 | -€376 | -24.2% |
| Other operating charges | 640/8 | €1,199 | €1,363 | +€164 | +13.7% |
| Gross operating margin | 9900 | €59,653 | €72,564 | +€12,911 | +21.6% |
| Operating profit (loss) | 9901 | €56,900 | €70,023 | +€13,123 | +23.1% |
| Financial income | 75/76B | €32 | €2 | -€31 | -95.2% |
| Recurring financial income | 75 | €32 | €2 | -€31 | -95.2% |
| Financial charges | 65/66B | €2,303 | €842 | -€1,461 | -63.4% |
| Recurring financial charges | 65 | €2,303 | €842 | -€1,461 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €54,630 | €69,183 | +€14,553 | +26.6% |
| Income taxes | 67/77 | €1,212 | €898 | -€314 | -25.9% |
| Profit (loss) for the period | 9904 | €53,418 | €68,284 | +€14,866 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,418 | €68,284 | +€14,866 | +27.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.