SWD GROUP: 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.
SWD GROUP
Largest movements
- Receivables within one year +€169,107
up €169,107 (+80.5%), from €209,951 to €379,058
of which Other amounts receivable: +€171,578
- Cash -€87,395
down €87,395 (-26.3%), from €332,192 to €244,797
mainly Receivables within one year (-€169,107) and Debts after one year (-€19,684)
- Tangible fixed assets -€37,708
down €37,708 (-16.6%), from €226,831 to €189,123
of which Furniture and vehicles: -€32,074
- Profit (loss) carried forward +€44,685
up €44,685 (+11.2%), from €398,898 to €443,583
- Tax, wage and social debts +€31,717
up €31,717 (+12.8%), from €247,642 to €279,359
of which Remuneration and social security: +€35,207
- Debts after one year -€19,684
down €19,684 (-34.7%), from €56,659 to €36,975
- Trade debts -€14,257
down €14,257 (-53.2%), from €26,792 to €12,535
- Staff costs +€166,374
up €166,374 (+15.6%), from €1.1m to €1.2m
- Gross operating margin +€124,664
up €124,664 (+10.4%), from €1.2m to €1.3m
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €783,242 | €828,182 | +€44,940 | +5.7% |
| Fixed assets | 21/28 | €231,493 | €192,038 | -€39,455 | -17.0% |
| Intangible fixed assets | 21 | €4,402 | €2,655 | -€1,747 | -39.7% |
| Tangible fixed assets | 22/27 | €226,831 | €189,123 | -€37,708 | -16.6% |
| Land and buildings | 22 | €72,562 | €70,649 | -€1,913 | -2.6% |
| Plant, machinery and equipment | 23 | €18,838 | €15,117 | -€3,721 | -19.8% |
| Furniture and vehicles | 24 | €135,431 | €103,357 | -€32,074 | -23.7% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €551,749 | €636,144 | +€84,395 | +15.3% |
| Amounts receivable within one year | 40/41 | €209,951 | €379,058 | +€169,107 | +80.5% |
| Trade receivables | 40 | €49,762 | €47,291 | -€2,471 | -5.0% |
| Other amounts receivable | 41 | €160,189 | €331,767 | +€171,578 | +107.1% |
| Cash at bank and in hand | 54/58 | €332,192 | €244,797 | -€87,395 | -26.3% |
| Deferred charges and accrued income | 490/1 | €9,606 | €12,289 | +€2,683 | +27.9% |
| Total equity and liabilities | 10/49 | €783,242 | €828,182 | +€44,940 | +5.7% |
| Equity | 10/15 | €428,898 | €473,583 | +€44,685 | +10.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €398,898 | €443,583 | +€44,685 | +11.2% |
| Amounts payable | 17/49 | €354,344 | €354,599 | +€255 | +0.1% |
| Amounts payable after more than one year | 17 | €56,659 | €36,975 | -€19,684 | -34.7% |
| Financial debts | 170/4 | €56,659 | €36,975 | -€19,684 | -34.7% |
| Amounts payable within one year | 42/48 | €295,501 | €316,349 | +€20,848 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €18,651 | €19,684 | +€1,033 | +5.5% |
| Trade debts | 44 | €26,792 | €12,535 | -€14,257 | -53.2% |
| Suppliers | 440/4 | €26,792 | €12,535 | -€14,257 | -53.2% |
| Taxes, remuneration and social security | 45 | €247,642 | €279,359 | +€31,717 | +12.8% |
| Taxes | 450/3 | €5,716 | €2,226 | -€3,490 | -61.1% |
| Remuneration and social security | 454/9 | €241,926 | €277,133 | +€35,207 | +14.6% |
| Other amounts payable | 47/48 | €2,416 | €4,771 | +€2,355 | +97.5% |
| Accrued charges and deferred income | 492/3 | €2,184 | €1,275 | -€909 | -41.6% |
| Remuneration, social security and pensions | 62 | €1,069,044 | €1,235,418 | +€166,374 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,594 | €39,454 | +€8,860 | +29.0% |
| Other operating charges | 640/8 | €2,071 | €7,472 | +€5,401 | +260.8% |
| Gross operating margin | 9900 | €1,202,031 | €1,326,695 | +€124,664 | +10.4% |
| Operating profit (loss) | 9901 | €100,322 | €44,351 | -€55,971 | -55.8% |
| Financial income | 75/76B | €2,314 | €3,659 | +€1,345 | +58.1% |
| Recurring financial income | 75 | €2,314 | €3,659 | +€1,345 | +58.1% |
| Financial charges | 65/66B | €2,482 | €2,841 | +€359 | +14.5% |
| Recurring financial charges | 65 | €2,482 | €2,841 | +€359 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €100,154 | €45,169 | -€54,985 | -54.9% |
| Income taxes | 67/77 | €550 | €485 | -€65 | -11.8% |
| Profit (loss) for the period | 9904 | €99,604 | €44,684 | -€54,920 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €99,604 | €44,684 | -€54,920 | -55.1% |
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.