SWD: 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
SWD
NACE 29.320, Manufacture of motor vehicles, trailers and semi-trailers
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€343,834
2024 · -€507,056+€163,222
Equity
-€427,692
2024 · -€83,858-€343,834
Cash
€3,277
2024 · -+€3,277
Balance sheet total
€2.1m
2024 · €1.2m+€949,033
Largest movements
Assets
- Tangible fixed assets +€1.0m
up €1.0m (+185.2%), from €552,458 to €1.6m
of which Land and buildings: +€931,092
- Receivables within one year +€440,870
up €440,870 (+400.9%), from €109,979 to €550,848
of which Other amounts receivable: +€233,443
- Receivables after one year -€347,936
down €347,936 (-100.0%), from €347,936 to €0
- Stocks and contracts -€168,828
down €168,828 (-100.0%), from €168,828 to €0
Equity and liabilities
- Debts after one year +€1.8m
up €1.8m (+936.6%), from €195,000 to €2.0m
- Other debts -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Trade debts +€383,497
up €383,497 (+1412.9%), from €27,143 to €410,640
- Profit (loss) carried forward -€343,834
down €343,834 (-49.9%), from -€689,468 to -€1.0m
- Current portion of long-term debt +€112,638
new in 2025: €112,638
Income statement
- Gross operating margin +€665,656
up €665,656, from -€454,378 to €211,279
- Depreciation +€36,220
new in 2025: €36,220
- Staff costs +€27,163
new in 2025: €27,163
- Financial charges +€27,008
up €27,008 (+210.5%), from €12,832 to €39,840
- Other operating charges -€12,853
down €12,853 (-33.8%), from €38,049 to €25,195
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
-€507,056
Gross operating margin
+€665,656
Staff costs
-€27,163
Depreciation
-€36,220
Other operating charges
+€12,853
Other operating items
-€424,089
Financial income
-€385
Financial charges
-€27,008
Taxes
-€422
Result 2025
-€343,834
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.
From operations
-€851,209
Investment
-€1.1m
Financing
+€1.9m
Cash 2024
€0
From operations (derived)
-€851,209
Net result for the year
-€343,834
Depreciation
+€36,220
Receivables after one year
+€347,936
Stocks and contracts
+€168,828
Receivables within one year
-€440,870
Deferred charges and accrued income
-€1,002
Trade debts
+€383,497
Tax, wage and social debts
-€4,784
Other debts
-€1.0m
Accrued charges and deferred income
+€5,565
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€1.9m
Debts after one year
+€1.8m
Current portion of long-term debt
+€112,638
Short-term financial debts
-€27,680
Cash 2025
€3,277
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,182,460 | €2,131,493 | +€949,033 | +80.3% |
| Fixed assets | 21/28 | €555,718 | €1,576,367 | +€1.0m | +183.7% |
| Intangible fixed assets | 21 | €3,260 | €0 | -€3,260 | -100.0% |
| Tangible fixed assets | 22/27 | €552,458 | €1,575,367 | +€1.0m | +185.2% |
| Land and buildings | 22 | €552,458 | €1,483,550 | +€931,092 | +168.5% |
| Plant, machinery and equipment | 23 | - | €91,817 | +€91,817 | |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €626,742 | €555,127 | -€71,616 | -11.4% |
| Amounts receivable after more than one year | 29 | €347,936 | €0 | -€347,936 | -100.0% |
| Other amounts receivable | 291 | €347,936 | €0 | -€347,936 | -100.0% |
| Stocks and contracts in progress | 3 | €168,828 | €0 | -€168,828 | -100.0% |
| Stocks | 30/36 | €168,828 | €0 | -€168,828 | -100.0% |
| Amounts receivable within one year | 40/41 | €109,979 | €550,848 | +€440,870 | +400.9% |
| Trade receivables | 40 | €87,402 | €294,829 | +€207,427 | +237.3% |
| Other amounts receivable | 41 | €22,576 | €256,019 | +€233,443 | +1034.0% |
| Cash at bank and in hand | 54/58 | - | €3,277 | +€3,277 | |
| Deferred charges and accrued income | 490/1 | - | €1,002 | +€1,002 | |
| Total equity and liabilities | 10/49 | €1,182,460 | €2,131,493 | +€949,033 | +80.3% |
| Equity | 10/15 | -€83,858 | -€427,692 | -€343,834 | -410.0% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Revaluation surpluses | 12 | €442,000 | €415,996 | -€26,004 | -5.9% |
| Reserves | 13 | €14,874 | €40,878 | +€26,004 | +174.8% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | - | €26,004 | +€26,004 | |
| Profit (loss) carried forward | 14 | -€689,468 | -€1,033,302 | -€343,834 | -49.9% |
| Amounts payable | 17/49 | €1,266,319 | €2,559,186 | +€1.3m | +102.1% |
| Amounts payable after more than one year | 17 | €195,000 | €2,021,396 | +€1.8m | +936.6% |
| Financial debts | 170/4 | €195,000 | €2,021,396 | +€1.8m | +936.6% |
| Amounts payable within one year | 42/48 | €1,071,319 | €532,225 | -€539,094 | -50.3% |
| Current portion of amounts payable after more than one year | 42 | - | €112,638 | +€112,638 | |
| Financial debts | 43 | €27,680 | €0 | -€27,680 | -100.0% |
| Credit institutions | 430/8 | €27,680 | €0 | -€27,680 | -100.0% |
| Trade debts | 44 | €27,143 | €410,640 | +€383,497 | +1412.9% |
| Suppliers | 440/4 | €27,143 | €410,640 | +€383,497 | +1412.9% |
| Taxes, remuneration and social security | 45 | €13,731 | €8,946 | -€4,784 | -34.8% |
| Taxes | 450/3 | €13,731 | €1,177 | -€12,554 | -91.4% |
| Remuneration and social security | 454/9 | - | €7,769 | +€7,769 | |
| Other amounts payable | 47/48 | €1,002,765 | €0 | -€1.0m | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €5,565 | +€5,565 | |
| Non-recurring operating income | 76A | €149 | €2,835 | +€2,686 | +1802.2% |
| Remuneration, social security and pensions | 62 | - | €27,163 | +€27,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €36,220 | +€36,220 | |
| Other operating charges | 640/8 | €38,049 | €25,195 | -€12,853 | -33.8% |
| Non-recurring operating charges | 66A | €3,010 | €427,099 | +€424,089 | +14090.8% |
| Gross operating margin | 9900 | -€454,378 | €211,279 | +€665,656 | |
| Operating profit (loss) | 9901 | -€495,436 | -€304,398 | +€191,038 | +38.6% |
| Financial income | 75/76B | €858 | €473 | -€385 | -44.9% |
| Recurring financial income | 75 | €858 | €473 | -€385 | -44.9% |
| Financial charges | 65/66B | €12,832 | €39,840 | +€27,008 | +210.5% |
| Recurring financial charges | 65 | €12,832 | €39,840 | +€27,008 | +210.5% |
| Profit (loss) for the period before taxes | 9903 | -€507,409 | -€343,765 | +€163,644 | +32.3% |
| Income taxes | 67/77 | -€353 | €69 | +€422 | |
| Profit (loss) for the period | 9904 | -€507,056 | -€343,834 | +€163,222 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€507,056 | -€343,834 | +€163,222 | +32.2% |
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 12 October 2026 via checked.be.