SWAG: 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.
SWAG
Largest movements
- Tangible fixed assets +€40,378
up €40,378 (+17.7%), from €228,530 to €268,908
of which Land and buildings: +€52,206
- Cash -€5,887
down €5,887 (-53.7%), from €10,969 to €5,081
mainly Contributions, distributions and other (-€117,647) and Investment in fixed assets (net) (-€60,831)
- Deferred charges and accrued income +€3,655
up €3,655 (+32.3%), from €11,313 to €14,968
- Other debts +€113,147
up €113,147 (+2,514%), from €4,500 to €117,647
- Profit (loss) carried forward -€95,391
down €95,391 (-87.6%), from €108,872 to €13,480
- Debts after one year +€22,915
up €22,915 (+18.5%), from €123,941 to €146,857
- Trade debts -€15,947
down €15,947 (-87.0%), from €18,333 to €2,386
- Tax, wage and social debts +€10,171
up €10,171 (+75.4%), from €13,494 to €23,666
of which Taxes: +€10,171
- Gross operating margin +€13,828
up €13,828 (+30.2%), from €45,718 to €59,546
- Taxes +€4,968
up €4,968 (+119%), from €4,160 to €9,128
- Depreciation -€3,143
down €3,143 (-13.3%), from €23,595 to €20,453
- Other operating charges +€747
up €747 (+33.7%), from €2,218 to €2,965
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 | €306,747 | €345,970 | +€39,223 | +12.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €228,530 | €268,908 | +€40,378 | +17.7% |
| Tangible fixed assets | 22/27 | €228,530 | €268,908 | +€40,378 | +17.7% |
| Land and buildings | 22 | €178,930 | €231,136 | +€52,206 | +29.2% |
| Furniture and vehicles | 24 | €49,600 | €37,772 | -€11,828 | -23.8% |
| Current assets | 29/58 | €78,217 | €77,062 | -€1,155 | -1.5% |
| Amounts receivable within one year | 40/41 | €55,935 | €57,012 | +€1,077 | +1.9% |
| Trade receivables | 40 | €52,127 | €39,948 | -€12,179 | -23.4% |
| Other amounts receivable | 41 | €3,808 | €17,064 | +€13,255 | +348% |
| Cash at bank and in hand | 54/58 | €10,969 | €5,081 | -€5,887 | -53.7% |
| Deferred charges and accrued income | 490/1 | €11,313 | €14,968 | +€3,655 | +32.3% |
| Total equity and liabilities | 10/49 | €306,747 | €345,970 | +€39,223 | +12.8% |
| Equity | 10/15 | €129,332 | €33,940 | -€95,391 | -73.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,872 | €13,480 | -€95,391 | -87.6% |
| Amounts payable | 17/49 | €177,415 | €312,029 | +€134,614 | +75.9% |
| Amounts payable after more than one year | 17 | €123,941 | €146,857 | +€22,915 | +18.5% |
| Financial debts | 170/4 | €123,941 | €146,857 | +€22,915 | +18.5% |
| Amounts payable within one year | 42/48 | €53,474 | €165,172 | +€111,699 | +209% |
| Current portion of amounts payable after more than one year | 42 | €17,146 | €21,474 | +€4,328 | +25.2% |
| Trade debts | 44 | €18,333 | €2,386 | -€15,947 | -87.0% |
| Suppliers | 440/4 | €18,333 | €2,386 | -€15,947 | -87.0% |
| Taxes, remuneration and social security | 45 | €13,494 | €23,666 | +€10,171 | +75.4% |
| Taxes | 450/3 | €13,494 | €23,666 | +€10,171 | +75.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €4,500 | €117,647 | +€113,147 | +2,514% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,595 | €20,453 | -€3,143 | -13.3% |
| Other operating charges | 640/8 | €2,218 | €2,965 | +€747 | +33.7% |
| Gross operating margin | 9900 | €45,718 | €59,546 | +€13,828 | +30.2% |
| Operating profit (loss) | 9901 | €19,904 | €36,129 | +€16,224 | +81.5% |
| Financial income | 75/76B | €253 | €207 | -€47 | -18.4% |
| Recurring financial income | 75 | €253 | €207 | -€47 | -18.4% |
| Financial charges | 65/66B | €4,920 | €4,951 | +€31 | +0.6% |
| Recurring financial charges | 65 | €4,920 | €4,951 | +€31 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €15,237 | €31,384 | +€16,147 | +106% |
| Income taxes | 67/77 | €4,160 | €9,128 | +€4,968 | +119% |
| Profit (loss) for the period | 9904 | €11,077 | €22,256 | +€11,179 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €11,077 | €22,256 | +€11,179 | +101% |
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.