SWELL SERVICES & SOLUTIONS: 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.
SWELL SERVICES & SOLUTIONS
Largest movements
- Current investments +€115,103
up €115,103 (+230%), from €50,071 to €165,175
- Receivables within one year -€73,315
down €73,315 (-42.7%), from €171,770 to €98,456
of which Trade receivables: -€79,960
- Cash +€58,115
up €58,115 (+907%), from €6,410 to €64,525
mainly Net result for the year (+€170,280) and Receivables within one year (+€73,315)
- Tangible fixed assets -€18,031
down €18,031 (-8.9%), from €203,142 to €185,111
of which Land and buildings: -€9,601
- Reserves +€170,280
up €170,280 (+152%), from €111,674 to €281,954
- Other debts -€94,989
no longer reported in 2025 (was €94,989)
- Debts after one year -€37,473
down €37,473 (-69.9%), from €53,635 to €16,163
- Tax, wage and social debts +€32,721
up €32,721 (+63.4%), from €51,634 to €84,355
of which Taxes: +€34,221
- Current portion of long-term debt +€10,411
up €10,411 (+26.9%), from €38,728 to €49,139
- Gross operating margin +€46,416
up €46,416 (+20.6%), from €224,872 to €271,288
- Taxes +€22,415
up €22,415 (+42.9%), from €52,278 to €74,693
- Depreciation -€3,774
down €3,774 (-15.9%), from €23,782 to €20,008
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 | €431,999 | €513,267 | +€81,268 | +18.8% |
| Fixed assets | 21/28 | €203,340 | €185,111 | -€18,229 | -9.0% |
| Tangible fixed assets | 22/27 | €203,142 | €185,111 | -€18,031 | -8.9% |
| Land and buildings | 22 | €160,992 | €151,391 | -€9,601 | -6.0% |
| Plant, machinery and equipment | 23 | €29,029 | €25,328 | -€3,701 | -12.8% |
| Furniture and vehicles | 24 | €9,121 | €2,661 | -€6,460 | -70.8% |
| Other tangible fixed assets | 26 | €4,000 | €5,732 | +€1,732 | +43.3% |
| Financial fixed assets | 28 | €198 | - | -€198 | |
| Current assets | 29/58 | €228,659 | €328,155 | +€99,496 | +43.5% |
| Amounts receivable within one year | 40/41 | €171,770 | €98,456 | -€73,315 | -42.7% |
| Trade receivables | 40 | €83,006 | €3,046 | -€79,960 | -96.3% |
| Other amounts receivable | 41 | €88,764 | €95,409 | +€6,646 | +7.5% |
| Current investments | 50/53 | €50,071 | €165,175 | +€115,103 | +230% |
| Cash at bank and in hand | 54/58 | €6,410 | €64,525 | +€58,115 | +907% |
| Deferred charges and accrued income | 490/1 | €408 | - | -€408 | |
| Total equity and liabilities | 10/49 | €431,999 | €513,267 | +€81,268 | +18.8% |
| Equity | 10/15 | €192,480 | €362,760 | +€170,280 | +88.5% |
| Contributions | 10/11 | €6,262 | €6,262 | = | 0.0% |
| Reserves | 13 | €111,674 | €281,954 | +€170,280 | +152% |
| Distributable reserves | 133 | €111,674 | €281,954 | +€170,280 | +152% |
| Profit (loss) carried forward | 14 | €74,544 | €74,544 | = | 0.0% |
| Amounts payable | 17/49 | €239,520 | €150,507 | -€89,012 | -37.2% |
| Amounts payable after more than one year | 17 | €53,635 | €16,163 | -€37,473 | -69.9% |
| Financial debts | 170/4 | €53,635 | €16,163 | -€37,473 | -69.9% |
| Amounts payable within one year | 42/48 | €185,884 | €134,345 | -€51,540 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €38,728 | €49,139 | +€10,411 | +26.9% |
| Trade debts | 44 | €532 | €850 | +€318 | +59.7% |
| Suppliers | 440/4 | €532 | €850 | +€318 | +59.7% |
| Taxes, remuneration and social security | 45 | €51,634 | €84,355 | +€32,721 | +63.4% |
| Taxes | 450/3 | €50,134 | €84,355 | +€34,221 | +68.3% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €94,989 | - | -€94,989 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,782 | €20,008 | -€3,774 | -15.9% |
| Other operating charges | 640/8 | €2,028 | €1,886 | -€142 | -7.0% |
| Gross operating margin | 9900 | €224,872 | €271,288 | +€46,416 | +20.6% |
| Operating profit (loss) | 9901 | €199,062 | €249,394 | +€50,331 | +25.3% |
| Financial income | 75/76B | €21 | €353 | +€332 | +1,567% |
| Recurring financial income | 75 | €21 | €353 | +€332 | +1,567% |
| Financial charges | 65/66B | €6,423 | €4,773 | -€1,649 | -25.7% |
| Recurring financial charges | 65 | €6,423 | €4,773 | -€1,649 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €192,661 | €244,973 | +€52,312 | +27.2% |
| Income taxes | 67/77 | €52,278 | €74,693 | +€22,415 | +42.9% |
| Profit (loss) for the period | 9904 | €140,383 | €170,280 | +€29,897 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €140,383 | €170,280 | +€29,897 | +21.3% |
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 22 October 2026 via checked.be.