SWEGCO: 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
SWEGCO
NACE 68.204, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€5,223
2024 · -€37,488+€32,265
Equity
€1.0m
2024 · €1.0m-€5,223
Cash
€39,187
2024 · €22,761+€16,426
Balance sheet total
€3.0m
2024 · €3.1m-€155,663
Largest movements
Assets
- Receivables within one year -€840,648
down €840,648 (-72.2%), from €1.2m to €323,999
of which Other amounts receivable: -€879,772
- Financial fixed assets +€819,888
up €819,888 (+91,099%), from €900 to €820,788
- Tangible fixed assets -€194,700
down €194,700 (-10.1%), from €1.9m to €1.7m
of which Leasing and similar rights: -€103,725
- Stocks and contracts +€43,965
new in 2025: €43,965
Equity and liabilities
- Other debts -€188,446
down €188,446 (-97.6%), from €193,081 to €4,635
Income statement
- Gross operating margin +€61,464
up €61,464 (+22.0%), from €279,912 to €341,377
- Staff costs +€41,434
up €41,434 (+54.5%), from €76,079 to €117,513
- Depreciation -€13,276
down €13,276 (-6.4%), from €206,533 to €193,258
- Other operating charges -€10,498
down €10,498 (-41.2%), from €25,485 to €14,987
- Taxes +€5,788
up €5,788 (+5,197%), from €111 to €5,899
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
-€37,488
Gross operating margin
+€61,464
Staff costs
-€41,434
Depreciation
+€13,276
Write-downs
+€2,041
Other operating charges
+€10,498
Financial income
-€5,087
Financial charges
-€2,704
Taxes
-€5,788
Result 2025
-€5,223
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
+€810,324
Investment
-€817,878
Financing
+€23,980
Cash 2024
€22,761
From operations (derived)
+€810,324
Net result for the year
-€5,223
Depreciation
+€193,258
Stocks and contracts
-€43,965
Receivables within one year
+€840,648
Deferred charges and accrued income
+€26
Provisions
-€2,128
Trade debts
-€15,157
Tax, wage and social debts
+€20,346
Other debts
-€188,446
Accrued charges and deferred income
+€10,965
Investment (derived)
-€817,878
Investment in fixed assets (net)
-€817,878
Financing
+€23,980
Debts after one year
+€23,426
Current portion of long-term debt
+€555
Cash 2025
€39,187
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,124,636 | €2,968,973 | -€155,663 | -5.0% |
| Fixed assets | 21/28 | €1,936,913 | €2,561,533 | +€624,620 | +32.2% |
| Intangible fixed assets | 21 | €2,839 | €2,271 | -€568 | -20.0% |
| Tangible fixed assets | 22/27 | €1,933,174 | €1,738,475 | -€194,700 | -10.1% |
| Land and buildings | 22 | €749,074 | €665,674 | -€83,400 | -11.1% |
| Furniture and vehicles | 24 | €28,765 | €21,189 | -€7,575 | -26.3% |
| Leasing and similar rights | 25 | €1,155,336 | €1,051,611 | -€103,725 | -9.0% |
| Financial fixed assets | 28 | €900 | €820,788 | +€819,888 | +91,099% |
| Current assets | 29/58 | €1,187,723 | €407,440 | -€780,283 | -65.7% |
| Stocks and contracts in progress | 3 | - | €43,965 | +€43,965 | |
| Stocks | 30/36 | - | €43,965 | +€43,965 | |
| Amounts receivable within one year | 40/41 | €1,164,647 | €323,999 | -€840,648 | -72.2% |
| Trade receivables | 40 | €284,875 | €323,999 | +€39,124 | +13.7% |
| Other amounts receivable | 41 | €879,772 | - | -€879,772 | |
| Cash at bank and in hand | 54/58 | €22,761 | €39,187 | +€16,426 | +72.2% |
| Deferred charges and accrued income | 490/1 | €315 | €289 | -€26 | -8.3% |
| Total equity and liabilities | 10/49 | €3,124,636 | €2,968,973 | -€155,663 | -5.0% |
| Equity | 10/15 | €1,049,518 | €1,044,295 | -€5,223 | -0.5% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €994,518 | €989,295 | -€5,223 | -0.5% |
| Tax-exempt reserves | 132 | €267,689 | €261,303 | -€6,385 | -2.4% |
| Distributable reserves | 133 | €726,829 | €727,992 | +€1,163 | +0.2% |
| Provisions and deferred taxes | 16 | €89,229 | €87,101 | -€2,128 | -2.4% |
| Deferred taxes | 168 | €89,229 | €87,101 | -€2,128 | -2.4% |
| Amounts payable | 17/49 | €1,985,889 | €1,837,577 | -€148,312 | -7.5% |
| Amounts payable after more than one year | 17 | €1,513,165 | €1,536,591 | +€23,426 | +1.5% |
| Financial debts | 170/4 | €1,513,165 | €1,349,500 | -€163,665 | -10.8% |
| Other amounts payable | 178/9 | - | €187,090 | +€187,090 | |
| Amounts payable within one year | 42/48 | €437,621 | €254,919 | -€182,702 | -41.7% |
| Current portion of amounts payable after more than one year | 42 | €163,110 | €163,665 | +€555 | +0.3% |
| Trade debts | 44 | €56,687 | €41,531 | -€15,157 | -26.7% |
| Suppliers | 440/4 | €56,687 | €41,531 | -€15,157 | -26.7% |
| Taxes, remuneration and social security | 45 | €24,743 | €45,088 | +€20,346 | +82.2% |
| Taxes | 450/3 | €20,250 | €34,763 | +€14,513 | +71.7% |
| Remuneration and social security | 454/9 | €4,492 | €10,325 | +€5,833 | +130% |
| Other amounts payable | 47/48 | €193,081 | €4,635 | -€188,446 | -97.6% |
| Accrued charges and deferred income | 492/3 | €35,103 | €46,068 | +€10,965 | +31.2% |
| Remuneration, social security and pensions | 62 | €76,079 | €117,513 | +€41,434 | +54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,533 | €193,258 | -€13,276 | -6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,041 | - | -€2,041 | |
| Other operating charges | 640/8 | €25,485 | €14,987 | -€10,498 | -41.2% |
| Gross operating margin | 9900 | €279,912 | €341,377 | +€61,464 | +22.0% |
| Operating profit (loss) | 9901 | -€30,226 | €15,618 | +€45,844 | |
| Financial income | 75/76B | €38,203 | €33,116 | -€5,087 | -13.3% |
| Recurring financial income | 75 | €38,203 | €33,116 | -€5,087 | -13.3% |
| Financial charges | 65/66B | €47,482 | €50,186 | +€2,704 | +5.7% |
| Recurring financial charges | 65 | €47,482 | €50,186 | +€2,704 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€39,505 | -€1,452 | +€38,053 | +96.3% |
| Transfer from deferred taxes | 780 | €2,128 | €2,128 | = | 0.0% |
| Income taxes | 67/77 | €111 | €5,899 | +€5,788 | +5,197% |
| Profit (loss) for the period | 9904 | -€37,488 | -€5,223 | +€32,265 | +86.1% |
| Transfer from tax-exempt reserves | 789 | €6,385 | €6,385 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,102 | €1,163 | +€32,265 |
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 15 October 2026 via checked.be.