SWAPP: 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.
SWAPP
Largest movements
- Cash -€37,235
down €37,235 (-54.0%), from €68,977 to €31,742
mainly Tax, wage and social debts (-€31,517) and Trade debts (-€20,301)
- Receivables within one year -€11,551
down €11,551 (-63.2%), from €18,275 to €6,724
- Stocks and contracts +€8,725
up €8,725 (+6.4%), from €137,151 to €145,875
- Tax, wage and social debts -€31,517
down €31,517 (-44.3%), from €71,065 to €39,548
of which Taxes: -€26,168
- Other debts +€24,009
up €24,009 (+50.0%), from €48,065 to €72,074
- Trade debts -€20,301
down €20,301 (-82.2%), from €24,684 to €4,383
- Profit (loss) carried forward -€13,961
down €13,961 (-17.4%), from €80,365 to €66,404
- Staff costs +€24,197
up €24,197 (+25.5%), from €94,882 to €119,079
- Financial income +€22,559
up €22,559 (+2,510%), from €899 to €23,457
- Financial charges +€16,917
up €16,917 (+307%), from €5,516 to €22,433
- Gross operating margin -€14,772
down €14,772 (-11.3%), from €130,690 to €115,918
- Taxes -€6,117
down €6,117 (-93.0%), from €6,578 to €461
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.
Derived cash bridge
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 | €244,639 | €202,995 | -€41,645 | -17.0% |
| Fixed assets | 21/28 | €19,487 | €17,248 | -€2,240 | -11.5% |
| Tangible fixed assets | 22/27 | €19,328 | €17,089 | -€2,240 | -11.6% |
| Furniture and vehicles | 24 | €7,737 | €5,864 | -€1,873 | -24.2% |
| Other tangible fixed assets | 26 | €11,591 | €11,224 | -€366 | -3.2% |
| Financial fixed assets | 28 | €159 | €159 | = | 0.0% |
| Current assets | 29/58 | €225,152 | €185,747 | -€39,405 | -17.5% |
| Stocks and contracts in progress | 3 | €137,151 | €145,875 | +€8,725 | +6.4% |
| Stocks | 30/36 | €137,151 | €145,875 | +€8,725 | +6.4% |
| Amounts receivable within one year | 40/41 | €18,275 | €6,724 | -€11,551 | -63.2% |
| Trade receivables | 40 | €18,275 | €6,724 | -€11,551 | -63.2% |
| Cash at bank and in hand | 54/58 | €68,977 | €31,742 | -€37,235 | -54.0% |
| Deferred charges and accrued income | 490/1 | €749 | €1,405 | +€656 | +87.6% |
| Total equity and liabilities | 10/49 | €244,639 | €202,995 | -€41,645 | -17.0% |
| Equity | 10/15 | €100,825 | €86,864 | -€13,961 | -13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,365 | €66,404 | -€13,961 | -17.4% |
| Amounts payable | 17/49 | €143,814 | €116,131 | -€27,683 | -19.2% |
| Amounts payable within one year | 42/48 | €143,814 | €116,005 | -€27,809 | -19.3% |
| Trade debts | 44 | €24,684 | €4,383 | -€20,301 | -82.2% |
| Suppliers | 440/4 | €24,684 | €4,383 | -€20,301 | -82.2% |
| Taxes, remuneration and social security | 45 | €71,065 | €39,548 | -€31,517 | -44.3% |
| Taxes | 450/3 | €46,652 | €20,484 | -€26,168 | -56.1% |
| Remuneration and social security | 454/9 | €24,412 | €19,063 | -€5,349 | -21.9% |
| Other amounts payable | 47/48 | €48,065 | €72,074 | +€24,009 | +50.0% |
| Accrued charges and deferred income | 492/3 | - | €126 | +€126 | |
| Remuneration, social security and pensions | 62 | €94,882 | €119,079 | +€24,197 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,486 | €9,777 | -€2,709 | -21.7% |
| Other operating charges | 640/8 | €2,743 | €1,587 | -€1,156 | -42.1% |
| Gross operating margin | 9900 | €130,690 | €115,918 | -€14,772 | -11.3% |
| Operating profit (loss) | 9901 | €20,579 | -€14,525 | -€35,104 | |
| Financial income | 75/76B | €899 | €23,457 | +€22,559 | +2,510% |
| Recurring financial income | 75 | €899 | €23,457 | +€22,559 | +2,510% |
| Financial charges | 65/66B | €5,516 | €22,433 | +€16,917 | +307% |
| Recurring financial charges | 65 | €5,516 | €22,433 | +€16,917 | +307% |
| Profit (loss) for the period before taxes | 9903 | €15,961 | -€13,501 | -€29,462 | |
| Income taxes | 67/77 | €6,578 | €461 | -€6,117 | -93.0% |
| Profit (loss) for the period | 9904 | €9,383 | -€13,961 | -€23,345 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,383 | -€13,961 | -€23,345 |
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 15 October 2026 via checked.be.