SWD PROJECTS: 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 PROJECTS
Largest movements
- Cash +€29,685
up €29,685 (+19.6%), from €151,585 to €181,270
mainly Depreciation (+€76,709) and Net result for the year (+€32,469)
- Tangible fixed assets -€26,667
down €26,667 (-11.0%), from €241,716 to €215,049
of which Leasing and similar rights: -€32,530
- Receivables within one year +€11,710
up €11,710 (+20.2%), from €57,945 to €69,654
of which Other amounts receivable: +€12,726
- Debts after one year -€37,443
down €37,443 (-39.0%), from €95,961 to €58,518
- Reserves +€32,469
up €32,469 (+10.9%), from €297,825 to €330,294
of which Distributable reserves: +€32,469
- Trade debts +€15,292
up €15,292 (+254%), from €6,027 to €21,319
- Gross operating margin +€9,211
up €9,211 (+7.8%), from €118,655 to €127,867
- Depreciation +€9,045
up €9,045 (+13.4%), from €67,664 to €76,709
- Taxes -€5,354
down €5,354 (-32.1%), from €16,688 to €11,335
- Other operating charges -€2,783
down €2,783 (-62.7%), from €4,440 to €1,658
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 | €459,511 | €475,709 | +€16,198 | +3.5% |
| Fixed assets | 21/28 | €241,716 | €215,049 | -€26,667 | -11.0% |
| Tangible fixed assets | 22/27 | €241,716 | €215,049 | -€26,667 | -11.0% |
| Land and buildings | 22 | €4,648 | €3,341 | -€1,306 | -28.1% |
| Plant, machinery and equipment | 23 | €55,500 | €83,456 | +€27,955 | +50.4% |
| Furniture and vehicles | 24 | €59,748 | €38,963 | -€20,786 | -34.8% |
| Leasing and similar rights | 25 | €121,820 | €89,289 | -€32,530 | -26.7% |
| Current assets | 29/58 | €217,795 | €260,660 | +€42,865 | +19.7% |
| Amounts receivable within one year | 40/41 | €57,945 | €69,654 | +€11,710 | +20.2% |
| Trade receivables | 40 | €56,746 | €55,729 | -€1,017 | -1.8% |
| Other amounts receivable | 41 | €1,199 | €13,925 | +€12,726 | +1,061% |
| Cash at bank and in hand | 54/58 | €151,585 | €181,270 | +€29,685 | +19.6% |
| Deferred charges and accrued income | 490/1 | €8,264 | €9,735 | +€1,470 | +17.8% |
| Total equity and liabilities | 10/49 | €459,511 | €475,709 | +€16,198 | +3.5% |
| Equity | 10/15 | €316,425 | €348,894 | +€32,469 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €297,825 | €330,294 | +€32,469 | +10.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €295,965 | €328,434 | +€32,469 | +11.0% |
| Amounts payable | 17/49 | €143,086 | €126,815 | -€16,271 | -11.4% |
| Amounts payable after more than one year | 17 | €95,961 | €58,518 | -€37,443 | -39.0% |
| Financial debts | 170/4 | €95,961 | €58,518 | -€37,443 | -39.0% |
| Amounts payable within one year | 42/48 | €47,125 | €68,297 | +€21,172 | +44.9% |
| Current portion of amounts payable after more than one year | 42 | €35,604 | €37,443 | +€1,839 | +5.2% |
| Trade debts | 44 | €6,027 | €21,319 | +€15,292 | +254% |
| Suppliers | 440/4 | €6,027 | €21,319 | +€15,292 | +254% |
| Taxes, remuneration and social security | 45 | €5,365 | €9,535 | +€4,170 | +77.7% |
| Taxes | 450/3 | €5,365 | €9,535 | +€4,170 | +77.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €129 | €0 | -€129 | -100% |
| Non-recurring operating income | 76A | €1,159 | €30,302 | +€29,144 | +2,516% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,664 | €76,709 | +€9,045 | +13.4% |
| Other operating charges | 640/8 | €4,440 | €1,658 | -€2,783 | -62.7% |
| Non-recurring operating charges | 66A | €1,063 | €0 | -€1,063 | -100% |
| Gross operating margin | 9900 | €118,655 | €127,867 | +€9,211 | +7.8% |
| Operating profit (loss) | 9901 | €45,488 | €49,500 | +€4,012 | +8.8% |
| Financial income | 75/76B | €1 | €638 | +€637 | +88,451% |
| Recurring financial income | 75 | €1 | €638 | +€637 | +88,451% |
| Financial charges | 65/66B | €5,618 | €6,334 | +€715 | +12.7% |
| Recurring financial charges | 65 | €5,618 | €6,334 | +€715 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €39,870 | €43,804 | +€3,934 | +9.9% |
| Income taxes | 67/77 | €16,688 | €11,335 | -€5,354 | -32.1% |
| Profit (loss) for the period | 9904 | €23,182 | €32,469 | +€9,287 | +40.1% |
| Transfer from tax-exempt reserves | 789 | €18,750 | €0 | -€18,750 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €41,932 | €32,469 | -€9,463 | -22.6% |
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 23 October 2026 via checked.be.