SWALDO: what changed
SWALDO
Largest movements
- Receivables within one year +€308,567
up €308,567 (+79.5%), from €388,286 to €696,853
of which Other amounts receivable: +€303,217
- Tangible fixed assets -€114,776
down €114,776 (-9.3%), from €1.2m to €1.1m
of which Land and buildings: -€108,194
- Cash +€112,376
up €112,376 (+202%), from €55,592 to €167,968
mainly Net result for the year (+€170,460) and Other debts (+€126,000)
- Reserves +€170,460
up €170,460 (+70.0%), from €243,352 to €413,812
- Other debts +€126,000
new in 2025: €126,000
- Debts after one year -€69,560
down €69,560 (-5.0%), from €1.4m to €1.3m
- Advances received +€45,788
up €45,788 (+30.2%), from €151,561 to €197,349
- Gross operating margin +€213,258
up €213,258 (+186%), from €114,528 to €327,786
- Taxes +€53,766
up €53,766 (+1,874%), from €2,869 to €56,635
- Financial charges +€4,756
up €4,756 (+23.6%), from €20,127 to €24,883
- Financial income +€4,445
up €4,445 (+132%), from €3,364 to €7,810
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,908,448 | €2,215,616 | +€307,168 | +16.1% |
| Fixed assets | 21/28 | €1,462,570 | €1,347,795 | -€114,776 | -7.8% |
| Tangible fixed assets | 22/27 | €1,238,570 | €1,123,795 | -€114,776 | -9.3% |
| Land and buildings | 22 | €1,205,536 | €1,097,342 | -€108,194 | -9.0% |
| Plant, machinery and equipment | 23 | €33,035 | €26,453 | -€6,582 | -19.9% |
| Financial fixed assets | 28 | €224,000 | €224,000 | = | 0.0% |
| Current assets | 29/58 | €445,878 | €867,821 | +€421,944 | +94.6% |
| Amounts receivable within one year | 40/41 | €388,286 | €696,853 | +€308,567 | +79.5% |
| Trade receivables | 40 | €16,354 | €21,705 | +€5,351 | +32.7% |
| Other amounts receivable | 41 | €371,932 | €675,148 | +€303,217 | +81.5% |
| Cash at bank and in hand | 54/58 | €55,592 | €167,968 | +€112,376 | +202% |
| Deferred charges and accrued income | 490/1 | €2,000 | €3,000 | +€1,000 | +50.0% |
| Total equity and liabilities | 10/49 | €1,908,448 | €2,215,616 | +€307,168 | +16.1% |
| Equity | 10/15 | €263,352 | €433,812 | +€170,460 | +64.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €243,352 | €413,812 | +€170,460 | +70.0% |
| Distributable reserves | 133 | €243,352 | €413,812 | +€170,460 | +70.0% |
| Amounts payable | 17/49 | €1,645,096 | €1,781,804 | +€136,708 | +8.3% |
| Amounts payable after more than one year | 17 | €1,391,331 | €1,321,771 | -€69,560 | -5.0% |
| Financial debts | 170/4 | €1,391,331 | €1,321,771 | -€69,560 | -5.0% |
| Amounts payable within one year | 42/48 | €225,099 | €417,331 | +€192,232 | +85.4% |
| Current portion of amounts payable after more than one year | 42 | €68,608 | €69,560 | +€952 | +1.4% |
| Trade debts | 44 | €4,929 | €24,422 | +€19,493 | +395% |
| Suppliers | 440/4 | €4,929 | €24,422 | +€19,493 | +395% |
| Advances received on contracts in progress | 46 | €151,561 | €197,349 | +€45,788 | +30.2% |
| Other amounts payable | 47/48 | - | €126,000 | +€126,000 | |
| Accrued charges and deferred income | 492/3 | €28,666 | €42,702 | +€14,036 | +49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,623 | €80,313 | -€2,311 | -2.8% |
| Other operating charges | 640/8 | €2,973 | €3,305 | +€332 | +11.2% |
| Gross operating margin | 9900 | €114,528 | €327,786 | +€213,258 | +186% |
| Operating profit (loss) | 9901 | €28,931 | €244,168 | +€215,237 | +744% |
| Financial income | 75/76B | €3,364 | €7,810 | +€4,445 | +132% |
| Recurring financial income | 75 | €3,364 | €7,810 | +€4,445 | +132% |
| Financial charges | 65/66B | €20,127 | €24,883 | +€4,756 | +23.6% |
| Recurring financial charges | 65 | €20,127 | €24,883 | +€4,756 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €12,169 | €227,095 | +€214,926 | +1,766% |
| Income taxes | 67/77 | €2,869 | €56,635 | +€53,766 | +1,874% |
| Profit (loss) for the period | 9904 | €9,300 | €170,460 | +€161,160 | +1,733% |
| Profit (loss) for the period to be appropriated | 9905 | €9,300 | €170,460 | +€161,160 | +1,733% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.