Swave: 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.
Swave
Largest movements
- Cash +€23.0m
up €23.0m (+2335.6%), from €983,689 to €24.0m
mainly Contributions, distributions and other (+€29.7m) and Depreciation (+€7.6m)
- Receivables within one year +€3.9m
up €3.9m (+115.5%), from €3.4m to €7.3m
of which Other amounts receivable: +€2.1m
- Receivables after one year +€358,083
up €358,083 (+120.6%), from €296,961 to €655,044
- Contributions +€29.7m
up €29.7m (+278.5%), from €10.7m to €40.4m
- Profit (loss) carried forward -€8.4m
down €8.4m (-161.1%), from -€5.2m to -€13.6m
- Accrued charges and deferred income +€2.9m
new in 2024: €2.9m
- Trade debts +€2.9m
up €2.9m (+205.4%), from €1.4m to €4.3m
- Depreciation +€2.5m
up €2.5m (+49.4%), from €5.1m to €7.6m
- Staff costs +€1.1m
up €1.1m (+181.6%), from €624,996 to €1.8m
- Gross operating margin +€429,593
up €429,593 (+221.5%), from €193,986 to €623,579
- Taxes -€61,122
down €61,122 (-20.6%), from -€296,961 to -€358,083
- Financial charges +€22,885
up €22,885 (+103.2%), from €22,185 to €45,070
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,898,437 | €34,133,768 | +€27.2m | +394.8% |
| Fixed assets | 21/28 | €2,190,557 | €2,152,396 | -€38,161 | -1.7% |
| Intangible fixed assets | 21 | €1,977,089 | €1,842,944 | -€134,146 | -6.8% |
| Tangible fixed assets | 22/27 | €213,458 | €309,443 | +€95,984 | +45.0% |
| Furniture and vehicles | 24 | €213,458 | €309,443 | +€95,984 | +45.0% |
| Financial fixed assets | 28 | €9 | €9 | = | 0.0% |
| Current assets | 29/58 | €4,707,880 | €31,981,372 | +€27.3m | +579.3% |
| Amounts receivable after more than one year | 29 | €296,961 | €655,044 | +€358,083 | +120.6% |
| Other amounts receivable | 291 | €296,961 | €655,044 | +€358,083 | +120.6% |
| Stocks and contracts in progress | 3 | - | €16,541 | +€16,541 | |
| Stocks | 30/36 | - | €16,541 | +€16,541 | |
| Amounts receivable within one year | 40/41 | €3,388,852 | €7,303,363 | +€3.9m | +115.5% |
| Trade receivables | 40 | - | €1,847,955 | +€1.8m | |
| Other amounts receivable | 41 | €3,388,852 | €5,455,408 | +€2.1m | +61.0% |
| Cash at bank and in hand | 54/58 | €983,689 | €23,958,684 | +€23.0m | +2335.6% |
| Deferred charges and accrued income | 490/1 | €38,378 | €47,741 | +€9,363 | +24.4% |
| Total equity and liabilities | 10/49 | €6,898,437 | €34,133,768 | +€27.2m | +394.8% |
| Equity | 10/15 | €5,470,753 | €26,812,653 | +€21.3m | +390.1% |
| Contributions | 10/11 | €10,676,503 | €40,405,972 | +€29.7m | +278.5% |
| Profit (loss) carried forward | 14 | -€5,205,751 | -€13,593,319 | -€8.4m | -161.1% |
| Amounts payable | 17/49 | €1,427,685 | €7,321,115 | +€5.9m | +412.8% |
| Amounts payable within one year | 42/48 | €1,427,685 | €4,438,248 | +€3.0m | +210.9% |
| Trade debts | 44 | €1,396,658 | €4,265,249 | +€2.9m | +205.4% |
| Suppliers | 440/4 | €1,396,658 | €4,265,249 | +€2.9m | +205.4% |
| Advances received on contracts in progress | 46 | - | €18,412 | +€18,412 | |
| Taxes, remuneration and social security | 45 | €31,027 | €154,457 | +€123,430 | +397.8% |
| Remuneration and social security | 454/9 | €31,027 | €154,457 | +€123,430 | +397.8% |
| Other amounts payable | 47/48 | - | €130 | +€130 | |
| Accrued charges and deferred income | 492/3 | - | €2,882,867 | +€2.9m | |
| Non-recurring operating income | 76A | €56,000 | €0 | -€56,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €624,996 | €1,759,929 | +€1.1m | +181.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,062,123 | €7,565,073 | +€2.5m | +49.4% |
| Other operating charges | 640/8 | €390 | €431 | +€41 | +10.5% |
| Gross operating margin | 9900 | €193,986 | €623,579 | +€429,593 | +221.5% |
| Operating profit (loss) | 9901 | -€5,493,523 | -€8,701,853 | -€3.2m | -58.4% |
| Financial income | 75/76B | €12,996 | €1,273 | -€11,724 | -90.2% |
| Recurring financial income | 75 | €12,996 | €1,273 | -€11,724 | -90.2% |
| Financial charges | 65/66B | €22,185 | €45,070 | +€22,885 | +103.2% |
| Recurring financial charges | 65 | €22,185 | €45,070 | +€22,885 | +103.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,502,712 | -€8,745,651 | -€3.2m | -58.9% |
| Income taxes | 67/77 | -€296,961 | -€358,083 | -€61,122 | -20.6% |
| Profit (loss) for the period | 9904 | -€5,205,751 | -€8,387,568 | -€3.2m | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,205,751 | -€8,387,568 | -€3.2m | -61.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.