SwaH: 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.
SwaH
Largest movements
- Cash -€43,535
down €43,535 (-51.2%), from €85,030 to €41,495
mainly Contributions, distributions and other (-€84,693) and Tax, wage and social debts (-€9,167)
- Receivables within one year +€3,527
up €3,527 (+27.3%), from €12,943 to €16,470
of which Trade receivables: +€3,267
- Tangible fixed assets +€1,461
up €1,461 (+88.7%), from €1,647 to €3,108
- Reserves -€55,039
down €55,039 (-87.8%), from €62,693 to €7,653
- Other debts +€21,478
up €21,478 (+4117.1%), from €522 to €22,000
- Tax, wage and social debts -€9,167
down €9,167 (-34.6%), from €26,483 to €17,316
- Trade debts +€4,454
up €4,454 (+73.8%), from €6,036 to €10,491
- Gross operating margin -€2,168
down €2,168 (-4.9%), from €43,861 to €41,693
- Other operating charges +€532
up €532 (+51.9%), from €1,026 to €1,559
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 | €100,733 | €62,460 | -€38,273 | -38.0% |
| Fixed assets | 21/28 | €1,647 | €3,108 | +€1,461 | +88.7% |
| Tangible fixed assets | 22/27 | €1,647 | €3,108 | +€1,461 | +88.7% |
| Furniture and vehicles | 24 | €1,647 | €3,108 | +€1,461 | +88.7% |
| Current assets | 29/58 | €99,086 | €59,352 | -€39,734 | -40.1% |
| Amounts receivable within one year | 40/41 | €12,943 | €16,470 | +€3,527 | +27.3% |
| Trade receivables | 40 | €12,943 | €16,210 | +€3,267 | +25.2% |
| Other amounts receivable | 41 | - | €260 | +€260 | |
| Cash at bank and in hand | 54/58 | €85,030 | €41,495 | -€43,535 | -51.2% |
| Deferred charges and accrued income | 490/1 | €1,113 | €1,387 | +€274 | +24.6% |
| Total equity and liabilities | 10/49 | €100,733 | €62,460 | -€38,273 | -38.0% |
| Equity | 10/15 | €67,693 | €12,653 | -€55,039 | -81.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €62,693 | €7,653 | -€55,039 | -87.8% |
| Distributable reserves | 133 | €62,693 | €7,653 | -€55,039 | -87.8% |
| Amounts payable | 17/49 | €33,041 | €49,807 | +€16,766 | +50.7% |
| Amounts payable within one year | 42/48 | €33,041 | €49,807 | +€16,766 | +50.7% |
| Trade debts | 44 | €6,036 | €10,491 | +€4,454 | +73.8% |
| Suppliers | 440/4 | €6,036 | €10,491 | +€4,454 | +73.8% |
| Taxes, remuneration and social security | 45 | €26,483 | €17,316 | -€9,167 | -34.6% |
| Taxes | 450/3 | €26,483 | €17,316 | -€9,167 | -34.6% |
| Other amounts payable | 47/48 | €522 | €22,000 | +€21,478 | +4117.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €541 | €603 | +€62 | +11.5% |
| Other operating charges | 640/8 | €1,026 | €1,559 | +€532 | +51.9% |
| Gross operating margin | 9900 | €43,861 | €41,693 | -€2,168 | -4.9% |
| Operating profit (loss) | 9901 | €42,294 | €39,531 | -€2,763 | -6.5% |
| Financial charges | 65/66B | €997 | €654 | -€343 | -34.4% |
| Recurring financial charges | 65 | €997 | €654 | -€343 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €41,297 | €38,877 | -€2,420 | -5.9% |
| Income taxes | 67/77 | €9,529 | €9,224 | -€305 | -3.2% |
| Profit (loss) for the period | 9904 | €31,768 | €29,653 | -€2,115 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,768 | €29,653 | -€2,115 | -6.7% |
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 6 October 2026 via checked.be.