SWEEL: 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.
SWEEL
Largest movements
- Intangible fixed assets -€60,046
down €60,046 (-33.2%), from €180,972 to €120,926
- Tangible fixed assets -€9,483
down €9,483 (-45.8%), from €20,722 to €11,239
- Receivables within one year -€3,909
down €3,909 (-93.1%), from €4,199 to €290
- Cash +€2,094
up €2,094 (+124.8%), from €1,678 to €3,772
mainly Depreciation (+€70,661) and Receivables within one year (+€3,909)
- Profit (loss) carried forward -€72,334
down €72,334 (-28.0%), from -€258,455 to -€330,789
- Gross operating margin -€11,966
down €11,966, from €10,762 to -€1,204
- Depreciation +€5,433
up €5,433 (+8.3%), from €65,228 to €70,661
- Write-downs -€339
no longer reported in 2025 (was €339)
- Financial charges -€131
no longer reported in 2025 (was €131)
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 | €207,571 | €136,377 | -€71,194 | -34.3% |
| Fixed assets | 21/28 | €201,694 | €132,165 | -€69,529 | -34.5% |
| Intangible fixed assets | 21 | €180,972 | €120,926 | -€60,046 | -33.2% |
| Tangible fixed assets | 22/27 | €20,722 | €11,239 | -€9,483 | -45.8% |
| Furniture and vehicles | 24 | €20,722 | €11,239 | -€9,483 | -45.8% |
| Current assets | 29/58 | €5,877 | €4,212 | -€1,665 | -28.3% |
| Amounts receivable within one year | 40/41 | €4,199 | €290 | -€3,909 | -93.1% |
| Other amounts receivable | 41 | €4,199 | €290 | -€3,909 | -93.1% |
| Cash at bank and in hand | 54/58 | €1,678 | €3,772 | +€2,094 | +124.8% |
| Deferred charges and accrued income | 490/1 | - | €150 | +€150 | |
| Total equity and liabilities | 10/49 | €207,571 | €136,377 | -€71,194 | -34.3% |
| Equity | 10/15 | €158,859 | €86,525 | -€72,334 | -45.5% |
| Contributions | 10/11 | €417,314 | €417,314 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€258,455 | -€330,789 | -€72,334 | -28.0% |
| Amounts payable | 17/49 | €48,712 | €49,852 | +€1,140 | +2.3% |
| Amounts payable within one year | 42/48 | €48,712 | €49,852 | +€1,140 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €2,433 | €2,433 | = | 0.0% |
| Trade debts | 44 | €23,324 | €24,404 | +€1,080 | +4.6% |
| Suppliers | 440/4 | €23,324 | €24,404 | +€1,080 | +4.6% |
| Other amounts payable | 47/48 | €22,955 | €23,015 | +€60 | +0.3% |
| Non-recurring operating income | 76A | €15,000 | - | -€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,228 | €70,661 | +€5,433 | +8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €339 | - | -€339 | |
| Other operating charges | 640/8 | €575 | €469 | -€106 | -18.4% |
| Gross operating margin | 9900 | €10,762 | -€1,204 | -€11,966 | |
| Operating profit (loss) | 9901 | -€55,380 | -€72,334 | -€16,954 | -30.6% |
| Financial charges | 65/66B | €131 | - | -€131 | |
| Recurring financial charges | 65 | €131 | - | -€131 | |
| Profit (loss) for the period before taxes | 9903 | -€55,511 | -€72,334 | -€16,823 | -30.3% |
| Profit (loss) for the period | 9904 | -€55,511 | -€72,334 | -€16,823 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,511 | -€72,334 | -€16,823 | -30.3% |
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 4 October 2026 via checked.be.