SWAGS: 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.
SWAGS
Largest movements
- Stocks and contracts +€361,441
up €361,441 (+35.1%), from €1.0m to €1.4m
- Cash -€222,133
down €222,133 (-78.3%), from €283,734 to €61,601
mainly Stocks and contracts (-€361,441) and Net result for the year (-€43,839)
- Other debts +€181,403
up €181,403 (+77.1%), from €235,240 to €416,643
- Profit (loss) carried forward -€43,839
down €43,839, from €5,253 to -€38,586
- Debts after one year -€42,346
down €42,346 (-3.6%), from €1.2m to €1.1m
- Current portion of long-term debt +€42,346
up €42,346 (+1225.7%), from €3,455 to €45,800
- Financial charges +€36,473
up €36,473 (+656.5%), from €5,556 to €42,029
- Gross operating margin +€3,887
up €3,887, from -€3,583 to €304
- Financial income +€1,077
up €1,077 (+216.4%), from €498 to €1,574
- Taxes +€453
up €453, from €0 to €453
- Other operating charges +€205
up €205 (+52.9%), from €387 to €592
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 | €1,420,351 | €1,560,371 | +€140,020 | +9.9% |
| Fixed assets | 21/28 | €3,993 | €2,560 | -€1,434 | -35.9% |
| Tangible fixed assets | 22/27 | €3,993 | €2,560 | -€1,434 | -35.9% |
| Furniture and vehicles | 24 | €3,993 | €2,560 | -€1,434 | -35.9% |
| Current assets | 29/58 | €1,416,358 | €1,557,812 | +€141,454 | +10.0% |
| Stocks and contracts in progress | 3 | €1,029,325 | €1,390,767 | +€361,441 | +35.1% |
| Stocks | 30/36 | €1,029,325 | €1,390,767 | +€361,441 | +35.1% |
| Amounts receivable within one year | 40/41 | €2,327 | €4,192 | +€1,865 | +80.2% |
| Other amounts receivable | 41 | €2,327 | €4,192 | +€1,865 | +80.2% |
| Current investments | 50/53 | €100,000 | €101,018 | +€1,018 | +1.0% |
| Cash at bank and in hand | 54/58 | €283,734 | €61,601 | -€222,133 | -78.3% |
| Deferred charges and accrued income | 490/1 | €972 | €234 | -€738 | -75.9% |
| Total equity and liabilities | 10/49 | €1,420,351 | €1,560,371 | +€140,020 | +9.9% |
| Equity | 10/15 | €11,253 | -€32,586 | -€43,839 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,253 | -€38,586 | -€43,839 | |
| Amounts payable | 17/49 | €1,409,097 | €1,592,957 | +€183,859 | +13.0% |
| Amounts payable after more than one year | 17 | €1,161,545 | €1,119,200 | -€42,346 | -3.6% |
| Financial debts | 170/4 | €1,161,545 | €1,119,200 | -€42,346 | -3.6% |
| Amounts payable within one year | 42/48 | €246,462 | €473,757 | +€227,295 | +92.2% |
| Current portion of amounts payable after more than one year | 42 | €3,455 | €45,800 | +€42,346 | +1225.7% |
| Trade debts | 44 | €2,152 | €1,971 | -€182 | -8.4% |
| Suppliers | 440/4 | €2,152 | €1,971 | -€182 | -8.4% |
| Taxes, remuneration and social security | 45 | €5,615 | €9,342 | +€3,727 | +66.4% |
| Taxes | 450/3 | €5,615 | €9,342 | +€3,727 | +66.4% |
| Other amounts payable | 47/48 | €235,240 | €416,643 | +€181,403 | +77.1% |
| Accrued charges and deferred income | 492/3 | €1,090 | - | -€1,090 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,617 | €2,643 | +€27 | +1.0% |
| Other operating charges | 640/8 | €387 | €592 | +€205 | +52.9% |
| Gross operating margin | 9900 | -€3,583 | €304 | +€3,887 | |
| Operating profit (loss) | 9901 | -€6,587 | -€2,931 | +€3,656 | +55.5% |
| Financial income | 75/76B | €498 | €1,574 | +€1,077 | +216.4% |
| Recurring financial income | 75 | €498 | €1,574 | +€1,077 | +216.4% |
| Financial charges | 65/66B | €5,556 | €42,029 | +€36,473 | +656.5% |
| Recurring financial charges | 65 | €5,556 | €42,029 | +€36,473 | +656.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,645 | -€43,386 | -€31,741 | -272.6% |
| Income taxes | 67/77 | €0 | €453 | +€453 | |
| Profit (loss) for the period | 9904 | -€11,645 | -€43,839 | -€32,194 | -276.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,645 | -€43,839 | -€32,194 | -276.5% |
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 30 September 2026 via checked.be.