SWD ADVIES: 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 ADVIES
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€110,669
2024 · €247,403-€136,733
Equity
€229,634
2024 · €228,965+€669
Cash
€117,305
2024 · €186,831-€69,527
Balance sheet total
€2.0m
2024 · €2.3m-€347,822
Largest movements
Assets
- Intangible fixed assets -€199,375
down €199,375 (-16.8%), from €1.2m to €989,067
- Tangible fixed assets -€84,438
down €84,438 (-9.8%), from €860,976 to €776,539
of which Land and buildings: -€60,988
- Cash -€69,527
down €69,527 (-37.2%), from €186,831 to €117,305
mainly Debts after one year (-€264,569) and Other debts (-€115,000)
Equity and liabilities
- Debts after one year -€264,569
down €264,569 (-16.4%), from €1.6m to €1.4m
- Other debts -€115,000
down €115,000 (-51.1%), from €225,000 to €110,000
- Trade debts +€31,685
up €31,685 (+191%), from €16,608 to €48,293
Income statement
- Gross operating margin -€149,254
down €149,254 (-17.8%), from €839,911 to €690,657
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
€247,403
Gross operating margin
-€149,254
Staff costs
+€1,363
Depreciation
+€1,843
Other operating charges
-€2,739
Financial income
+€1,035
Financial charges
+€3,205
Taxes
+€7,814
Result 2025
€110,669
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
+€308,258
Investment
€0
Financing
-€377,784
Cash 2024
€186,831
From operations (derived)
+€308,258
Net result for the year
+€110,669
Depreciation
+€283,813
Receivables within one year
-€9,505
Deferred charges and accrued income
+€3,987
Trade debts
+€31,685
Tax, wage and social debts
+€2,459
Other debts
-€115,000
Accrued charges and deferred income
+€149
Financing
-€377,784
Debts after one year
-€264,569
Current portion of long-term debt
-€3,215
Contributions, distributions and other
-€110,000
Cash 2025
€117,305
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,328,444 | €1,980,622 | -€347,822 | -14.9% |
| Fixed assets | 21/28 | €2,049,418 | €1,765,605 | -€283,813 | -13.8% |
| Intangible fixed assets | 21 | €1,188,442 | €989,067 | -€199,375 | -16.8% |
| Tangible fixed assets | 22/27 | €860,976 | €776,539 | -€84,438 | -9.8% |
| Land and buildings | 22 | €796,179 | €735,190 | -€60,988 | -7.7% |
| Plant, machinery and equipment | 23 | €40,870 | €24,886 | -€15,985 | -39.1% |
| Furniture and vehicles | 24 | €23,927 | €16,463 | -€7,465 | -31.2% |
| Current assets | 29/58 | €279,025 | €215,016 | -€64,009 | -22.9% |
| Amounts receivable within one year | 40/41 | €85,713 | €95,218 | +€9,505 | +11.1% |
| Trade receivables | 40 | €51,370 | €57,143 | +€5,774 | +11.2% |
| Other amounts receivable | 41 | €34,344 | €38,075 | +€3,731 | +10.9% |
| Current investments | 50/53 | €2,493 | €2,493 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €186,831 | €117,305 | -€69,527 | -37.2% |
| Deferred charges and accrued income | 490/1 | €3,987 | €0 | -€3,987 | -100% |
| Total equity and liabilities | 10/49 | €2,328,444 | €1,980,622 | -€347,822 | -14.9% |
| Equity | 10/15 | €228,965 | €229,634 | +€669 | +0.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €218,965 | €219,634 | +€669 | +0.3% |
| Distributable reserves | 133 | €218,965 | €219,634 | +€669 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,099,479 | €1,750,987 | -€348,491 | -16.6% |
| Amounts payable after more than one year | 17 | €1,617,051 | €1,352,482 | -€264,569 | -16.4% |
| Financial debts | 170/4 | €1,617,051 | €1,352,482 | -€264,569 | -16.4% |
| Amounts payable within one year | 42/48 | €482,428 | €398,357 | -€84,071 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €239,652 | €236,437 | -€3,215 | -1.3% |
| Trade debts | 44 | €16,608 | €48,293 | +€31,685 | +191% |
| Suppliers | 440/4 | €16,608 | €48,293 | +€31,685 | +191% |
| Taxes, remuneration and social security | 45 | €1,168 | €3,627 | +€2,459 | +210% |
| Taxes | 450/3 | €1,164 | €2,987 | +€1,823 | +157% |
| Remuneration and social security | 454/9 | €4 | €640 | +€636 | +14,956% |
| Other amounts payable | 47/48 | €225,000 | €110,000 | -€115,000 | -51.1% |
| Accrued charges and deferred income | 492/3 | €0 | €149 | +€149 | |
| Remuneration, social security and pensions | 62 | €250,405 | €249,042 | -€1,363 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €285,656 | €283,813 | -€1,843 | -0.6% |
| Other operating charges | 640/8 | €7,771 | €10,511 | +€2,739 | +35.2% |
| Gross operating margin | 9900 | €839,911 | €690,657 | -€149,254 | -17.8% |
| Operating profit (loss) | 9901 | €296,079 | €147,291 | -€148,788 | -50.3% |
| Financial income | 75/76B | €323 | €1,358 | +€1,035 | +320% |
| Recurring financial income | 75 | €323 | €1,358 | +€1,035 | +320% |
| Financial charges | 65/66B | €37,859 | €34,654 | -€3,205 | -8.5% |
| Recurring financial charges | 65 | €37,859 | €34,654 | -€3,205 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €258,544 | €113,996 | -€144,548 | -55.9% |
| Income taxes | 67/77 | €11,141 | €3,327 | -€7,814 | -70.1% |
| Profit (loss) for the period | 9904 | €247,403 | €110,669 | -€136,733 | -55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €247,403 | €110,669 | -€136,733 | -55.3% |
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 27 October 2026 via checked.be.