SWALI: 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.
SWALI
Largest movements
- Tangible fixed assets -€11,672
down €11,672 (-3.1%), from €377,520 to €365,847
of which Land and buildings: -€9,762
- Cash +€4,558
up €4,558 (+27.9%), from €16,359 to €20,917
mainly Depreciation (+€11,672) and Net result for the year (+€8,882)
- Other debts -€19,693
down €19,693 (-8.4%), from €235,619 to €215,926
- Reserves +€8,882
up €8,882 (+9.3%), from €95,314 to €104,196
of which Distributable reserves: +€8,882
- Gross operating margin +€9,887
up €9,887 (+59.5%), from €16,619 to €26,507
- Depreciation +€5,405
up €5,405 (+86.3%), from €6,267 to €11,672
- Taxes +€3,126
up €3,126 (+2921.4%), from €107 to €3,233
- Financial charges -€492
down €492 (-67.6%), from €728 to €236
- Other operating charges +€331
up €331 (+15.4%), from €2,152 to €2,483
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 | €394,111 | €387,007 | -€7,103 | -1.8% |
| Fixed assets | 21/28 | €377,520 | €365,847 | -€11,672 | -3.1% |
| Tangible fixed assets | 22/27 | €377,520 | €365,847 | -€11,672 | -3.1% |
| Land and buildings | 22 | €371,115 | €361,352 | -€9,762 | -2.6% |
| Furniture and vehicles | 24 | €6,405 | €4,495 | -€1,910 | -29.8% |
| Current assets | 29/58 | €16,591 | €21,160 | +€4,569 | +27.5% |
| Cash at bank and in hand | 54/58 | €16,359 | €20,917 | +€4,558 | +27.9% |
| Deferred charges and accrued income | 490/1 | €232 | €243 | +€11 | +4.6% |
| Total equity and liabilities | 10/49 | €394,111 | €387,007 | -€7,103 | -1.8% |
| Equity | 10/15 | €157,314 | €166,196 | +€8,882 | +5.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €95,314 | €104,196 | +€8,882 | +9.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €89,114 | €97,996 | +€8,882 | +10.0% |
| Amounts payable | 17/49 | €236,797 | €220,811 | -€15,985 | -6.8% |
| Amounts payable within one year | 42/48 | €235,726 | €219,266 | -€16,459 | -7.0% |
| Taxes, remuneration and social security | 45 | €107 | €3,340 | +€3,233 | +3021.4% |
| Taxes | 450/3 | €107 | €3,340 | +€3,233 | +3021.4% |
| Other amounts payable | 47/48 | €235,619 | €215,926 | -€19,693 | -8.4% |
| Accrued charges and deferred income | 492/3 | €1,071 | €1,545 | +€474 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,267 | €11,672 | +€5,405 | +86.3% |
| Other operating charges | 640/8 | €2,152 | €2,483 | +€331 | +15.4% |
| Non-recurring operating charges | 66A | €7,080 | - | -€7,080 | |
| Gross operating margin | 9900 | €16,619 | €26,507 | +€9,887 | +59.5% |
| Operating profit (loss) | 9901 | €1,120 | €12,351 | +€11,231 | +1002.6% |
| Financial charges | 65/66B | €728 | €236 | -€492 | -67.6% |
| Recurring financial charges | 65 | €728 | €236 | -€492 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €393 | €12,115 | +€11,722 | +2985.3% |
| Income taxes | 67/77 | €107 | €3,233 | +€3,126 | +2921.4% |
| Profit (loss) for the period | 9904 | €286 | €8,882 | +€8,596 | +3009.3% |
| Profit (loss) for the period to be appropriated | 9905 | €286 | €8,882 | +€8,596 | +3009.3% |
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 29 September 2026 via checked.be.