SWARO: 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.
SWARO
Largest movements
- Receivables within one year +€49,388
up €49,388 (+64.9%), from €76,052 to €125,441
of which Trade receivables: +€51,670
- Deferred charges and accrued income +€23,751
up €23,751 (+4895.0%), from €485 to €24,237
- Tangible fixed assets -€22,164
down €22,164 (-56.0%), from €39,556 to €17,391
- Cash +€20,040
up €20,040 (+70.0%), from €28,626 to €48,665
mainly Short-term financial debts (+€50,000) and Depreciation (+€22,164)
- Stocks and contracts -€19,707
down €19,707 (-13.7%), from €144,241 to €124,534
- Short-term financial debts +€50,000
up €50,000 (+100.0%), from €50,000 to €100,000
- Other debts +€17,243
up €17,243 (+72.7%), from €23,710 to €40,953
- Tax, wage and social debts -€8,056
down €8,056 (-20.1%), from €40,170 to €32,114
of which Remuneration and social security: -€7,832
- Profit (loss) carried forward -€4,884
down €4,884 (-8.3%), from -€58,601 to -€63,484
- Gross operating margin +€29,662
up €29,662 (+28.1%), from €105,685 to €135,347
- Staff costs -€9,167
down €9,167 (-7.9%), from €115,318 to €106,150
- Financial charges +€2,258
up €2,258 (+26.0%), from €8,688 to €10,946
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 | €288,960 | €340,268 | +€51,308 | +17.8% |
| Fixed assets | 21/28 | €39,556 | €17,391 | -€22,164 | -56.0% |
| Tangible fixed assets | 22/27 | €39,556 | €17,391 | -€22,164 | -56.0% |
| Other tangible fixed assets | 26 | €39,556 | €17,391 | -€22,164 | -56.0% |
| Current assets | 29/58 | €249,404 | €322,876 | +€73,472 | +29.5% |
| Stocks and contracts in progress | 3 | €144,241 | €124,534 | -€19,707 | -13.7% |
| Stocks | 30/36 | €144,241 | €124,534 | -€19,707 | -13.7% |
| Amounts receivable within one year | 40/41 | €76,052 | €125,441 | +€49,388 | +64.9% |
| Trade receivables | 40 | €18,289 | €69,959 | +€51,670 | +282.5% |
| Other amounts receivable | 41 | €57,763 | €55,481 | -€2,282 | -4.0% |
| Cash at bank and in hand | 54/58 | €28,626 | €48,665 | +€20,040 | +70.0% |
| Deferred charges and accrued income | 490/1 | €485 | €24,237 | +€23,751 | +4895.0% |
| Total equity and liabilities | 10/49 | €288,960 | €340,268 | +€51,308 | +17.8% |
| Equity | 10/15 | -€18,157 | -€23,040 | -€4,884 | -26.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €444 | €444 | = | 0.0% |
| Distributable reserves | 133 | €444 | €444 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,601 | -€63,484 | -€4,884 | -8.3% |
| Amounts payable | 17/49 | €307,116 | €363,308 | +€56,192 | +18.3% |
| Amounts payable within one year | 42/48 | €307,116 | €363,308 | +€56,192 | +18.3% |
| Financial debts | 43 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Credit institutions | 430/8 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Trade debts | 44 | €193,237 | €190,241 | -€2,996 | -1.6% |
| Suppliers | 440/4 | €193,237 | €190,241 | -€2,996 | -1.6% |
| Taxes, remuneration and social security | 45 | €40,170 | €32,114 | -€8,056 | -20.1% |
| Taxes | 450/3 | €23,710 | €23,486 | -€224 | -0.9% |
| Remuneration and social security | 454/9 | €16,460 | €8,628 | -€7,832 | -47.6% |
| Other amounts payable | 47/48 | €23,710 | €40,953 | +€17,243 | +72.7% |
| Remuneration, social security and pensions | 62 | €115,318 | €106,150 | -€9,167 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,164 | €22,164 | = | 0.0% |
| Other operating charges | 640/8 | €949 | €1,030 | +€80 | +8.5% |
| Gross operating margin | 9900 | €105,685 | €135,347 | +€29,662 | +28.1% |
| Operating profit (loss) | 9901 | -€32,746 | €6,003 | +€38,749 | |
| Financial income | 75/76B | €20 | €59 | +€39 | +189.5% |
| Recurring financial income | 75 | €20 | €59 | +€39 | +189.5% |
| Financial charges | 65/66B | €8,688 | €10,946 | +€2,258 | +26.0% |
| Recurring financial charges | 65 | €8,688 | €10,946 | +€2,258 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | -€41,414 | -€4,884 | +€36,530 | +88.2% |
| Profit (loss) for the period | 9904 | -€41,414 | -€4,884 | +€36,530 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,414 | -€4,884 | +€36,530 | +88.2% |
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 4 October 2026 via checked.be.