SWAVER: 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.
SWAVER
Largest movements
- Receivables within one year +€32,900
up €32,900 (+9.9%), from €333,650 to €366,550
of which Other amounts receivable: +€347,500
- Reserves +€38,052
up €38,052 (+14.2%), from €267,676 to €305,728
of which Distributable reserves: +€38,052
- Other debts -€9,450
no longer reported in 2025 (was €9,450)
- Gross operating margin -€861
down €861 (-1.5%), from €58,564 to €57,703
- Taxes -€607
down €607 (-3.1%), from €19,649 to €19,042
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €337,631 | €368,354 | +€30,723 | +9.1% |
| Current assets | 29/58 | €337,631 | €368,354 | +€30,723 | +9.1% |
| Amounts receivable within one year | 40/41 | €333,650 | €366,550 | +€32,900 | +9.9% |
| Trade receivables | 40 | €314,600 | - | -€314,600 | |
| Other amounts receivable | 41 | €19,050 | €366,550 | +€347,500 | +1,824% |
| Cash at bank and in hand | 54/58 | €3,981 | €1,804 | -€2,177 | -54.7% |
| Total equity and liabilities | 10/49 | €337,631 | €368,354 | +€30,723 | +9.1% |
| Equity | 10/15 | €286,276 | €324,328 | +€38,052 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €267,676 | €305,728 | +€38,052 | +14.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €265,816 | €303,868 | +€38,052 | +14.3% |
| Amounts payable | 17/49 | €51,355 | €44,026 | -€7,329 | -14.3% |
| Amounts payable within one year | 42/48 | €51,355 | €44,026 | -€7,329 | -14.3% |
| Trade debts | 44 | - | €2,269 | +€2,269 | |
| Suppliers | 440/4 | - | €2,269 | +€2,269 | |
| Taxes, remuneration and social security | 45 | €41,905 | €41,758 | -€148 | -0.4% |
| Taxes | 450/3 | €41,905 | €41,758 | -€148 | -0.4% |
| Other amounts payable | 47/48 | €9,450 | - | -€9,450 | |
| Other operating charges | 640/8 | €483 | €485 | +€2 | +0.4% |
| Gross operating margin | 9900 | €58,564 | €57,703 | -€861 | -1.5% |
| Operating profit (loss) | 9901 | €58,081 | €57,218 | -€863 | -1.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €57 | €123 | +€66 | +117% |
| Recurring financial charges | 65 | €57 | €123 | +€66 | +117% |
| Profit (loss) for the period before taxes | 9903 | €58,024 | €57,095 | -€929 | -1.6% |
| Income taxes | 67/77 | €19,649 | €19,042 | -€607 | -3.1% |
| Profit (loss) for the period | 9904 | €38,375 | €38,052 | -€323 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,375 | €38,052 | -€323 | -0.8% |
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 13 October 2026 via checked.be.