SWARN: what changed
SWARN
Largest movements
- Receivables within one year -€93,903
down €93,903 (-98.6%), from €95,256 to €1,353
of which Trade receivables: -€92,040
- Cash +€20,614
up €20,614 (+158%), from €13,058 to €33,671
mainly Receivables within one year (+€93,903) and Depreciation (+€6,442)
- Stocks and contracts +€10,592
new in 2025: €10,592
- Deferred charges and accrued income +€5,395
up €5,395 (+10.6%), from €51,050 to €56,445
- Intangible fixed assets +€4,336
up €4,336 (+72.5%), from €5,984 to €10,320
- Profit (loss) carried forward -€33,488
down €33,488 (-26.8%), from €124,990 to €91,502
- Trade debts -€18,486
down €18,486 (-95.6%), from €19,335 to €850
- Other debts -€5,520
down €5,520 (-25.8%), from €21,392 to €15,873
- Tax, wage and social debts +€3,749
up €3,749 (+465%), from €807 to €4,555
- Gross operating margin -€78,081
down €78,081, from €52,603 to -€25,478
- Depreciation -€2,390
down €2,390 (-27.1%), from €8,831 to €6,442
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 | €166,525 | €112,781 | -€53,745 | -32.3% |
| Fixed assets | 21/28 | €7,162 | €10,720 | +€3,558 | +49.7% |
| Intangible fixed assets | 21 | €5,984 | €10,320 | +€4,336 | +72.5% |
| Tangible fixed assets | 22/27 | €778 | - | -€778 | |
| Furniture and vehicles | 24 | €778 | - | -€778 | |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €159,363 | €102,061 | -€57,303 | -36.0% |
| Stocks and contracts in progress | 3 | - | €10,592 | +€10,592 | |
| Stocks | 30/36 | - | €10,592 | +€10,592 | |
| Amounts receivable within one year | 40/41 | €95,256 | €1,353 | -€93,903 | -98.6% |
| Trade receivables | 40 | €92,178 | €138 | -€92,040 | -99.9% |
| Other amounts receivable | 41 | €3,078 | €1,214 | -€1,864 | -60.5% |
| Cash at bank and in hand | 54/58 | €13,058 | €33,671 | +€20,614 | +158% |
| Deferred charges and accrued income | 490/1 | €51,050 | €56,445 | +€5,395 | +10.6% |
| Total equity and liabilities | 10/49 | €166,525 | €112,781 | -€53,745 | -32.3% |
| Equity | 10/15 | €124,991 | €91,503 | -€33,488 | -26.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,990 | €91,502 | -€33,488 | -26.8% |
| Amounts payable | 17/49 | €41,534 | €21,277 | -€20,257 | -48.8% |
| Amounts payable within one year | 42/48 | €41,534 | €21,277 | -€20,257 | -48.8% |
| Trade debts | 44 | €19,335 | €850 | -€18,486 | -95.6% |
| Suppliers | 440/4 | €19,335 | €850 | -€18,486 | -95.6% |
| Taxes, remuneration and social security | 45 | €807 | €4,555 | +€3,749 | +465% |
| Taxes | 450/3 | €807 | €4,555 | +€3,749 | +465% |
| Other amounts payable | 47/48 | €21,392 | €15,873 | -€5,520 | -25.8% |
| Non-recurring operating income | 76A | €3 | - | -€3 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,831 | €6,442 | -€2,390 | -27.1% |
| Other operating charges | 640/8 | €1,336 | €1,273 | -€63 | -4.7% |
| Gross operating margin | 9900 | €52,603 | -€25,478 | -€78,081 | |
| Operating profit (loss) | 9901 | €42,435 | -€33,193 | -€75,628 | |
| Financial income | 75/76B | €3 | €9 | +€6 | +212% |
| Recurring financial income | 75 | €3 | €9 | +€6 | +212% |
| Financial charges | 65/66B | €527 | €61 | -€466 | -88.4% |
| Recurring financial charges | 65 | €527 | €61 | -€466 | -88.4% |
| Profit (loss) for the period before taxes | 9903 | €41,911 | -€33,244 | -€75,155 | |
| Income taxes | 67/77 | -€44 | €244 | +€288 | |
| Profit (loss) for the period | 9904 | €41,956 | -€33,488 | -€75,443 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,956 | -€33,488 | -€75,443 |
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 2 November 2026 via checked.be.