SWAP: 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.
SWAP
Largest movements
- Cash +€207,853
up €207,853 (+89.2%), from €233,122 to €440,975
mainly Net result for the year (+€80,249) and Investment in fixed assets (net) (+€78,130)
- Tangible fixed assets -€78,130
no longer reported in 2025 (was €78,130)
of which Other tangible fixed assets: -€75,545
- Current investments -€75,416
down €75,416 (-26.9%), from €280,416 to €205,000
- Receivables within one year +€25,702
up €25,702 (+16.2%), from €158,227 to €183,929
of which Trade receivables: +€23,721
- Reserves +€47,485
up €47,485 (+6.4%), from €737,655 to €785,140
of which Distributable reserves: +€47,485
- Profit (loss) carried forward +€32,764
no longer reported in 2025 (was -€32,764)
- Gross operating margin +€111,144
up €111,144 (+936.9%), from €11,863 to €123,007
- Taxes +€32,340
up €32,340 (+2699.6%), from €1,198 to €33,538
- Financial charges +€27,799
up €27,799 (+7485.0%), from €371 to €28,170
- Financial income +€17,307
up €17,307 (+237.3%), from €7,294 to €24,601
- Depreciation -€6,287
no longer reported in 2025 (was €6,287)
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 | €788,214 | €868,061 | +€79,847 | +10.1% |
| Fixed assets | 21/28 | €114,493 | €36,364 | -€78,130 | -68.2% |
| Tangible fixed assets | 22/27 | €78,130 | - | -€78,130 | |
| Furniture and vehicles | 24 | €2,585 | - | -€2,585 | |
| Other tangible fixed assets | 26 | €75,545 | - | -€75,545 | |
| Financial fixed assets | 28 | €36,364 | €36,364 | = | 0.0% |
| Current assets | 29/58 | €673,721 | €831,698 | +€157,976 | +23.4% |
| Amounts receivable within one year | 40/41 | €158,227 | €183,929 | +€25,702 | +16.2% |
| Trade receivables | 40 | €31,700 | €55,421 | +€23,721 | +74.8% |
| Other amounts receivable | 41 | €126,527 | €128,508 | +€1,981 | +1.6% |
| Current investments | 50/53 | €280,416 | €205,000 | -€75,416 | -26.9% |
| Cash at bank and in hand | 54/58 | €233,122 | €440,975 | +€207,853 | +89.2% |
| Deferred charges and accrued income | 490/1 | €1,957 | €1,794 | -€164 | -8.4% |
| Total equity and liabilities | 10/49 | €788,214 | €868,061 | +€79,847 | +10.1% |
| Equity | 10/15 | €779,891 | €860,140 | +€80,249 | +10.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €737,655 | €785,140 | +€47,485 | +6.4% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €727,655 | €775,140 | +€47,485 | +6.5% |
| Profit (loss) carried forward | 14 | -€32,764 | - | +€32,764 | |
| Amounts payable | 17/49 | €8,323 | €7,921 | -€402 | -4.8% |
| Amounts payable within one year | 42/48 | €8,323 | €7,921 | -€402 | -4.8% |
| Trade debts | 44 | €3,276 | - | -€3,276 | |
| Suppliers | 440/4 | €3,276 | - | -€3,276 | |
| Taxes, remuneration and social security | 45 | €5,047 | €7,921 | +€2,874 | +56.9% |
| Taxes | 450/3 | €5,047 | €7,921 | +€2,874 | +56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,287 | - | -€6,287 | |
| Other operating charges | 640/8 | €4,959 | €5,651 | +€692 | +14.0% |
| Gross operating margin | 9900 | €11,863 | €123,007 | +€111,144 | +936.9% |
| Operating profit (loss) | 9901 | €617 | €117,356 | +€116,738 | +18905.9% |
| Financial income | 75/76B | €7,294 | €24,601 | +€17,307 | +237.3% |
| Recurring financial income | 75 | €7,294 | €24,601 | +€17,307 | +237.3% |
| Financial charges | 65/66B | €371 | €28,170 | +€27,799 | +7485.0% |
| Recurring financial charges | 65 | €371 | €28,170 | +€27,799 | +7485.0% |
| Profit (loss) for the period before taxes | 9903 | €7,540 | €113,787 | +€106,247 | +1409.2% |
| Income taxes | 67/77 | €1,198 | €33,538 | +€32,340 | +2699.6% |
| Profit (loss) for the period | 9904 | €6,342 | €80,249 | +€73,907 | +1165.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,342 | €80,249 | +€73,907 | +1165.4% |
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 7 October 2026 via checked.be.