SWAX: 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.
SWAX
Largest movements
- Cash -€57,862
down €57,862 (-59.0%), from €98,135 to €40,273
mainly Investment in fixed assets (net) (-€56,248) and Receivables within one year (-€17,625)
- Intangible fixed assets +€52,585
new in 2025: €52,585
- Receivables within one year +€17,625
up €17,625 (+52.1%), from €33,815 to €51,441
of which Trade receivables: +€13,300
- Tangible fixed assets -€11,117
down €11,117 (-18.9%), from €58,694 to €47,577
- Profit (loss) carried forward +€8,151
up €8,151, from -€7,912 to €240
- Tax, wage and social debts -€6,514
down €6,514 (-50.9%), from €12,797 to €6,282
of which Taxes: -€6,662
- Trade debts +€5,505
up €5,505 (+4540.0%), from €121 to €5,626
- Other debts -€4,660
down €4,660 (-19.9%), from €23,364 to €18,704
- Accrued charges and deferred income -€2,291
down €2,291 (-90.9%), from €2,520 to €228
- Gross operating margin +€37,155
up €37,155, from -€12,616 to €24,539
- Depreciation -€1,142
down €1,142 (-7.2%), from €15,915 to €14,773
- Other operating charges -€376
down €376 (-22.8%), from €1,647 to €1,271
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 | €208,817 | €209,008 | +€190 | +0.1% |
| Fixed assets | 21/28 | €60,507 | €101,983 | +€41,475 | +68.5% |
| Intangible fixed assets | 21 | - | €52,585 | +€52,585 | |
| Tangible fixed assets | 22/27 | €58,694 | €47,577 | -€11,117 | -18.9% |
| Plant, machinery and equipment | 23 | €8,398 | €4,828 | -€3,570 | -42.5% |
| Furniture and vehicles | 24 | €20,410 | €15,160 | -€5,250 | -25.7% |
| Other tangible fixed assets | 26 | €29,886 | €27,590 | -€2,296 | -7.7% |
| Financial fixed assets | 28 | €1,813 | €1,820 | +€7 | +0.4% |
| Current assets | 29/58 | €148,310 | €107,025 | -€41,285 | -27.8% |
| Amounts receivable within one year | 40/41 | €33,815 | €51,441 | +€17,625 | +52.1% |
| Trade receivables | 40 | €25,800 | €39,100 | +€13,300 | +51.5% |
| Other amounts receivable | 41 | €8,015 | €12,341 | +€4,326 | +54.0% |
| Current investments | 50/53 | €4,876 | €5,915 | +€1,039 | +21.3% |
| Cash at bank and in hand | 54/58 | €98,135 | €40,273 | -€57,862 | -59.0% |
| Deferred charges and accrued income | 490/1 | €11,484 | €9,397 | -€2,087 | -18.2% |
| Total equity and liabilities | 10/49 | €208,817 | €209,008 | +€190 | +0.1% |
| Equity | 10/15 | €170,016 | €178,167 | +€8,151 | +4.8% |
| Contributions | 10/11 | €6,693 | €6,693 | = | 0.0% |
| Reserves | 13 | €171,234 | €171,234 | = | 0.0% |
| Distributable reserves | 133 | €171,234 | €171,234 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,912 | €240 | +€8,151 | |
| Amounts payable | 17/49 | €38,802 | €30,841 | -€7,961 | -20.5% |
| Amounts payable within one year | 42/48 | €36,282 | €30,613 | -€5,670 | -15.6% |
| Trade debts | 44 | €121 | €5,626 | +€5,505 | +4540.0% |
| Suppliers | 440/4 | €121 | €5,626 | +€5,505 | +4540.0% |
| Taxes, remuneration and social security | 45 | €12,797 | €6,282 | -€6,514 | -50.9% |
| Taxes | 450/3 | €12,797 | €6,135 | -€6,662 | -52.1% |
| Remuneration and social security | 454/9 | - | €148 | +€148 | |
| Other amounts payable | 47/48 | €23,364 | €18,704 | -€4,660 | -19.9% |
| Accrued charges and deferred income | 492/3 | €2,520 | €228 | -€2,291 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,915 | €14,773 | -€1,142 | -7.2% |
| Other operating charges | 640/8 | €1,647 | €1,271 | -€376 | -22.8% |
| Gross operating margin | 9900 | -€12,616 | €24,539 | +€37,155 | |
| Operating profit (loss) | 9901 | -€30,178 | €8,495 | +€38,673 | |
| Financial income | 75/76B | €478 | €311 | -€167 | -34.9% |
| Recurring financial income | 75 | €478 | €311 | -€167 | -34.9% |
| Financial charges | 65/66B | €522 | €522 | +€0 | 0.0% |
| Recurring financial charges | 65 | €522 | €522 | +€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€30,222 | €8,283 | +€38,506 | |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€30,350 | €8,151 | +€38,502 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,350 | €8,151 | +€38,502 |
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 30 September 2026 via checked.be.