SWATOW: 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.
What changed
SWATOW
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6,971
2024 · -€3,955-€3,015
Equity
€37,945
2024 · €44,916-€6,971
Cash
€2,059
2024 · €5,278-€3,219
Balance sheet total
€1.1m
2024 · €1.1m-€36,050
Largest movements
Assets
- Tangible fixed assets -€37,990
down €37,990 (-15.4%), from €247,445 to €209,455
of which Land and buildings: -€34,693
Equity and liabilities
- Debts after one year -€25,752
down €25,752 (-2.5%), from €1.0m to €1.0m
of which Financial debts: -€31,575
Income statement
- Financial charges +€1,874
up €1,874 (+14.6%), from €12,844 to €14,718
- Gross operating margin -€1,593
down €1,593 (-3.9%), from €40,485 to €38,892
- Financial income +€557
up €557 (+6.3%), from €8,868 to €9,425
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.
Result 2024
-€3,955
Gross operating margin
-€1,593
Other operating charges
-€145
Financial income
+€557
Financial charges
-€1,874
Taxes
+€39
Result 2025
-€6,971
raises the resultlowers the result
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.
From operations
+€22,091
Investment
€0
Financing
-€25,310
Cash 2024
€5,278
From operations (derived)
+€22,091
Net result for the year
-€6,971
Depreciation
+€37,990
Receivables within one year
-€9,075
Deferred charges and accrued income
+€3,916
Provisions
-€2,750
Trade debts
-€980
Tax, wage and social debts
-€39
Financing
-€25,310
Debts after one year
-€25,752
Current portion of long-term debt
+€442
Cash 2025
€2,059
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,133,547 | €1,097,497 | -€36,050 | -3.2% |
| Fixed assets | 21/28 | €965,020 | €927,030 | -€37,990 | -3.9% |
| Tangible fixed assets | 22/27 | €247,445 | €209,455 | -€37,990 | -15.4% |
| Land and buildings | 22 | €242,472 | €207,779 | -€34,693 | -14.3% |
| Furniture and vehicles | 24 | €4,973 | €1,676 | -€3,297 | -66.3% |
| Financial fixed assets | 28 | €717,575 | €717,575 | = | 0.0% |
| Current assets | 29/58 | €168,527 | €170,467 | +€1,940 | +1.2% |
| Amounts receivable within one year | 40/41 | €156,667 | €165,742 | +€9,075 | +5.8% |
| Other amounts receivable | 41 | €156,667 | €165,742 | +€9,075 | +5.8% |
| Cash at bank and in hand | 54/58 | €5,278 | €2,059 | -€3,219 | -61.0% |
| Deferred charges and accrued income | 490/1 | €6,582 | €2,666 | -€3,916 | -59.5% |
| Total equity and liabilities | 10/49 | €1,133,547 | €1,097,497 | -€36,050 | -3.2% |
| Equity | 10/15 | €44,916 | €37,945 | -€6,971 | -15.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €31,652 | €23,403 | -€8,250 | -26.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,455 | €17,205 | -€8,250 | -32.4% |
| Profit (loss) carried forward | 14 | -€48,710 | -€47,431 | +€1,279 | +2.6% |
| Provisions and deferred taxes | 16 | €8,485 | €5,735 | -€2,750 | -32.4% |
| Deferred taxes | 168 | €8,485 | €5,735 | -€2,750 | -32.4% |
| Amounts payable | 17/49 | €1,080,146 | €1,053,817 | -€26,329 | -2.4% |
| Amounts payable after more than one year | 17 | €1,045,213 | €1,019,462 | -€25,752 | -2.5% |
| Financial debts | 170/4 | €193,452 | €161,877 | -€31,575 | -16.3% |
| Other amounts payable | 178/9 | €851,761 | €857,585 | +€5,824 | +0.7% |
| Amounts payable within one year | 42/48 | €34,933 | €34,355 | -€578 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €31,134 | €31,575 | +€442 | +1.4% |
| Trade debts | 44 | €3,448 | €2,467 | -€980 | -28.4% |
| Suppliers | 440/4 | €3,448 | €2,467 | -€980 | -28.4% |
| Taxes, remuneration and social security | 45 | €352 | €313 | -€39 | -11.1% |
| Taxes | 450/3 | €352 | €313 | -€39 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,990 | €37,990 | = | 0.0% |
| Other operating charges | 640/8 | €4,873 | €5,018 | +€145 | +3.0% |
| Gross operating margin | 9900 | €40,485 | €38,892 | -€1,593 | -3.9% |
| Operating profit (loss) | 9901 | -€2,378 | -€4,116 | -€1,738 | -73.1% |
| Financial income | 75/76B | €8,868 | €9,425 | +€557 | +6.3% |
| Recurring financial income | 75 | €8,868 | €9,425 | +€557 | +6.3% |
| Financial charges | 65/66B | €12,844 | €14,718 | +€1,874 | +14.6% |
| Recurring financial charges | 65 | €12,844 | €14,718 | +€1,874 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,354 | -€9,408 | -€3,054 | -48.1% |
| Transfer from deferred taxes | 780 | €2,750 | €2,750 | = | 0.0% |
| Income taxes | 67/77 | €352 | €313 | -€39 | -11.1% |
| Profit (loss) for the period | 9904 | -€3,955 | -€6,971 | -€3,015 | -76.2% |
| Transfer from tax-exempt reserves | 789 | €8,250 | €8,250 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,295 | €1,279 | -€3,015 | -70.2% |
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 26 October 2026 via checked.be.