SWALA: 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.
SWALA
Largest movements
- Stocks and contracts +€28,233
up €28,233 (+40.3%), from €70,082 to €98,315
- Tangible fixed assets +€21,433
up €21,433 (+39.4%), from €54,377 to €75,810
of which Other tangible fixed assets: +€31,534
- Receivables within one year -€17,240
down €17,240 (-8.2%), from €211,266 to €194,026
of which Trade receivables: -€19,628
- Profit (loss) carried forward +€31,504
up €31,504 (+178.3%), from €17,666 to €49,170
- Short-term financial debts +€20,297
up €20,297 (+54.3%), from €37,378 to €57,676
- Debts after one year -€13,728
down €13,728 (-34.9%), from €39,284 to €25,556
- Other debts -€12,789
down €12,789 (-17.3%), from €74,096 to €61,307
- Trade debts +€7,874
up €7,874 (+10.5%), from €74,690 to €82,564
- Financial charges -€37,258
down €37,258 (-85.1%), from €43,780 to €6,523
- Gross operating margin +€25,588
up €25,588 (+38.0%), from €67,302 to €92,889
- Depreciation -€9,561
down €9,561 (-37.7%), from €25,362 to €15,801
- Staff costs +€4,794
up €4,794 (+14.3%), from €33,577 to €38,371
- Financial income -€1,177
down €1,177 (-61.1%), from €1,927 to €750
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 | €362,835 | €395,215 | +€32,380 | +8.9% |
| Fixed assets | 21/28 | €78,903 | €100,336 | +€21,433 | +27.2% |
| Tangible fixed assets | 22/27 | €54,377 | €75,810 | +€21,433 | +39.4% |
| Furniture and vehicles | 24 | €17,878 | €7,778 | -€10,100 | -56.5% |
| Other tangible fixed assets | 26 | €36,498 | €68,032 | +€31,534 | +86.4% |
| Financial fixed assets | 28 | €24,526 | €24,526 | = | 0.0% |
| Current assets | 29/58 | €283,933 | €294,879 | +€10,946 | +3.9% |
| Stocks and contracts in progress | 3 | €70,082 | €98,315 | +€28,233 | +40.3% |
| Stocks | 30/36 | €70,082 | €98,315 | +€28,233 | +40.3% |
| Amounts receivable within one year | 40/41 | €211,266 | €194,026 | -€17,240 | -8.2% |
| Trade receivables | 40 | €208,241 | €188,613 | -€19,628 | -9.4% |
| Other amounts receivable | 41 | €3,025 | €5,413 | +€2,387 | +78.9% |
| Cash at bank and in hand | 54/58 | €12 | €471 | +€459 | +3745.1% |
| Deferred charges and accrued income | 490/1 | €2,572 | €2,067 | -€505 | -19.6% |
| Total equity and liabilities | 10/49 | €362,835 | €395,215 | +€32,380 | +8.9% |
| Equity | 10/15 | €101,397 | €132,901 | +€31,504 | +31.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Revaluation surpluses | 12 | €6,797 | €6,797 | = | 0.0% |
| Reserves | 13 | €56,474 | €56,474 | = | 0.0% |
| Distributable reserves | 133 | €56,474 | €56,474 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,666 | €49,170 | +€31,504 | +178.3% |
| Amounts payable | 17/49 | €261,439 | €262,314 | +€875 | +0.3% |
| Amounts payable after more than one year | 17 | €39,284 | €25,556 | -€13,728 | -34.9% |
| Financial debts | 170/4 | €39,284 | €25,556 | -€13,728 | -34.9% |
| Amounts payable within one year | 42/48 | €222,155 | €236,759 | +€14,604 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €15,808 | €13,728 | -€2,080 | -13.2% |
| Financial debts | 43 | €37,378 | €57,676 | +€20,297 | +54.3% |
| Credit institutions | 430/8 | €37,378 | €57,676 | +€20,297 | +54.3% |
| Trade debts | 44 | €74,690 | €82,564 | +€7,874 | +10.5% |
| Suppliers | 440/4 | €74,690 | €82,564 | +€7,874 | +10.5% |
| Taxes, remuneration and social security | 45 | €20,182 | €21,484 | +€1,302 | +6.5% |
| Taxes | 450/3 | €20,182 | €21,484 | +€1,302 | +6.5% |
| Other amounts payable | 47/48 | €74,096 | €61,307 | -€12,789 | -17.3% |
| Remuneration, social security and pensions | 62 | €33,577 | €38,371 | +€4,794 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,362 | €15,801 | -€9,561 | -37.7% |
| Other operating charges | 640/8 | €1,317 | €1,440 | +€123 | +9.3% |
| Gross operating margin | 9900 | €67,302 | €92,889 | +€25,588 | +38.0% |
| Operating profit (loss) | 9901 | €7,046 | €37,277 | +€30,231 | +429.1% |
| Financial income | 75/76B | €1,927 | €750 | -€1,177 | -61.1% |
| Recurring financial income | 75 | €1,927 | €750 | -€1,177 | -61.1% |
| Financial charges | 65/66B | €43,780 | €6,523 | -€37,258 | -85.1% |
| Recurring financial charges | 65 | €43,780 | €6,523 | -€37,258 | -85.1% |
| Profit (loss) for the period before taxes | 9903 | -€34,808 | €31,504 | +€66,312 | |
| Profit (loss) for the period | 9904 | -€34,808 | €31,504 | +€66,312 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,808 | €31,504 | +€66,312 |
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 12 October 2026 via checked.be.