SWATERBACK: 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.
SWATERBACK
Largest movements
- Intangible fixed assets -€37,519
down €37,519 (-30.0%), from €124,962 to €87,443
- Stocks and contracts -€9,250
down €9,250 (-46.5%), from €19,877 to €10,627
- Tangible fixed assets -€6,048
down €6,048 (-10.6%), from €56,926 to €50,878
of which Other tangible fixed assets: -€7,596
- Cash +€5,923
up €5,923 (+4.5%), from €131,017 to €136,940
mainly Depreciation (+€54,368) and Current portion of long-term debt (+€32,864)
- Debts after one year -€62,024
down €62,024 (-31.6%), from €196,511 to €134,487
- Current portion of long-term debt +€32,864
up €32,864 (+68.9%), from €47,721 to €80,585
- Profit (loss) carried forward +€20,552
up €20,552 (+25.2%), from -€81,691 to -€61,138
- Trade debts -€20,040
down €20,040 (-18.3%), from €109,680 to €89,640
- Short-term financial debts -€9,225
no longer reported in 2025 (was €9,225)
- Staff costs -€705,402
down €705,402 (-51.1%), from €1.4m to €675,287
- Gross operating margin -€644,227
down €644,227 (-45.0%), from €1.4m to €786,921
- Depreciation -€30,304
down €30,304 (-35.8%), from €84,671 to €54,368
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 | €398,479 | €354,123 | -€44,356 | -11.1% |
| Fixed assets | 21/28 | €182,249 | €138,681 | -€43,568 | -23.9% |
| Intangible fixed assets | 21 | €124,962 | €87,443 | -€37,519 | -30.0% |
| Tangible fixed assets | 22/27 | €56,926 | €50,878 | -€6,048 | -10.6% |
| Plant, machinery and equipment | 23 | €1,032 | €656 | -€376 | -36.4% |
| Furniture and vehicles | 24 | €37,504 | €39,428 | +€1,924 | +5.1% |
| Other tangible fixed assets | 26 | €18,390 | €10,793 | -€7,596 | -41.3% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €216,230 | €215,442 | -€788 | -0.4% |
| Stocks and contracts in progress | 3 | €19,877 | €10,627 | -€9,250 | -46.5% |
| Stocks | 30/36 | €19,877 | €10,627 | -€9,250 | -46.5% |
| Amounts receivable within one year | 40/41 | €61,217 | €64,900 | +€3,683 | +6.0% |
| Trade receivables | 40 | €18,039 | €37,930 | +€19,891 | +110.3% |
| Other amounts receivable | 41 | €43,178 | €26,969 | -€16,208 | -37.5% |
| Cash at bank and in hand | 54/58 | €131,017 | €136,940 | +€5,923 | +4.5% |
| Deferred charges and accrued income | 490/1 | €4,120 | €2,976 | -€1,144 | -27.8% |
| Total equity and liabilities | 10/49 | €398,479 | €354,123 | -€44,356 | -11.1% |
| Equity | 10/15 | -€61,691 | -€41,138 | +€20,552 | +33.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€81,691 | -€61,138 | +€20,552 | +25.2% |
| Amounts payable | 17/49 | €460,170 | €395,261 | -€64,908 | -14.1% |
| Amounts payable after more than one year | 17 | €196,511 | €134,487 | -€62,024 | -31.6% |
| Financial debts | 170/4 | €196,511 | €134,487 | -€62,024 | -31.6% |
| Amounts payable within one year | 42/48 | €263,659 | €260,775 | -€2,884 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €47,721 | €80,585 | +€32,864 | +68.9% |
| Financial debts | 43 | €9,225 | - | -€9,225 | |
| Credit institutions | 430/8 | €9,225 | - | -€9,225 | |
| Trade debts | 44 | €109,680 | €89,640 | -€20,040 | -18.3% |
| Suppliers | 440/4 | €109,680 | €89,640 | -€20,040 | -18.3% |
| Taxes, remuneration and social security | 45 | €96,936 | €90,550 | -€6,387 | -6.6% |
| Taxes | 450/3 | €7,526 | €16,610 | +€9,084 | +120.7% |
| Remuneration and social security | 454/9 | €89,411 | €73,939 | -€15,471 | -17.3% |
| Other amounts payable | 47/48 | €96 | - | -€96 | |
| Non-recurring operating income | 76A | - | €13,861 | +€13,861 | |
| Remuneration, social security and pensions | 62 | €1,380,690 | €675,287 | -€705,402 | -51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,671 | €54,368 | -€30,304 | -35.8% |
| Other operating charges | 640/8 | €3,515 | €1,250 | -€2,266 | -64.4% |
| Non-recurring operating charges | 66A | €13,861 | €13,861 | = | 0.0% |
| Gross operating margin | 9900 | €1,431,148 | €786,921 | -€644,227 | -45.0% |
| Operating profit (loss) | 9901 | -€51,590 | €42,155 | +€93,744 | |
| Financial income | 75/76B | €1,409 | €464 | -€945 | -67.1% |
| Recurring financial income | 75 | €1,409 | €464 | -€945 | -67.1% |
| Financial charges | 65/66B | €31,510 | €22,066 | -€9,444 | -30.0% |
| Recurring financial charges | 65 | €31,510 | €21,766 | -€9,744 | -30.9% |
| Non-recurring financial charges | 66B | - | €300 | +€300 | |
| Profit (loss) for the period before taxes | 9903 | -€81,691 | €20,552 | +€102,243 | |
| Profit (loss) for the period | 9904 | -€81,691 | €20,552 | +€102,243 | |
| Profit (loss) for the period to be appropriated | 9905 | -€81,691 | €20,552 | +€102,243 |
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 11 October 2026 via checked.be.