SWEP: 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.
SWEP
Largest movements
- Tangible fixed assets -€31,127
down €31,127 (-2.9%), from €1.1m to €1.0m
- Other debts -€211,710
down €211,710 (-17.2%), from €1.2m to €1.0m
- Reserves +€144,688
up €144,688 (+18.5%), from €783,076 to €927,764
of which Distributable reserves: +€144,688
- Gross operating margin +€50,497
up €50,497 (+96.2%), from €52,489 to €102,986
- Depreciation -€18,868
down €18,868 (-37.7%), from €49,995 to €31,127
- Taxes +€17,914
up €17,914 (+5,646%), from €317 to €18,231
- Other operating charges +€4,891
up €4,891 (+1,751%), from €279 to €5,170
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 | €2,500,024 | €2,446,073 | -€53,951 | -2.2% |
| Fixed assets | 21/28 | €2,057,239 | €2,026,112 | -€31,127 | -1.5% |
| Tangible fixed assets | 22/27 | €1,065,665 | €1,034,538 | -€31,127 | -2.9% |
| Land and buildings | 22 | €1,065,665 | €1,034,538 | -€31,127 | -2.9% |
| Financial fixed assets | 28 | €991,574 | €991,574 | = | 0.0% |
| Current assets | 29/58 | €442,785 | €419,961 | -€22,824 | -5.2% |
| Amounts receivable within one year | 40/41 | €79,637 | €60,500 | -€19,137 | -24.0% |
| Trade receivables | 40 | €78,650 | €60,500 | -€18,150 | -23.1% |
| Other amounts receivable | 41 | €987 | €0 | -€987 | -100% |
| Current investments | 50/53 | €168,725 | €168,725 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €194,422 | €190,736 | -€3,687 | -1.9% |
| Total equity and liabilities | 10/49 | €2,500,024 | €2,446,073 | -€53,951 | -2.2% |
| Equity | 10/15 | €860,398 | €1,005,086 | +€144,688 | +16.8% |
| Contributions | 10/11 | €65,055 | €65,055 | = | 0.0% |
| Capital | 10 | €65,055 | €65,055 | = | 0.0% |
| Issued capital | 100 | €65,055 | €65,055 | = | 0.0% |
| Reserves | 13 | €783,076 | €927,764 | +€144,688 | +18.5% |
| Non-distributable reserves | 130/1 | €85,200 | €85,200 | = | 0.0% |
| Legal reserve | 130 | €85,200 | €85,200 | = | 0.0% |
| Distributable reserves | 133 | €697,876 | €842,564 | +€144,688 | +20.7% |
| Profit (loss) carried forward | 14 | €12,267 | €12,267 | = | 0.0% |
| Amounts payable | 17/49 | €1,639,626 | €1,440,987 | -€198,639 | -12.1% |
| Amounts payable after more than one year | 17 | €400,000 | €400,000 | = | 0.0% |
| Financial debts | 170/4 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,239,626 | €1,040,987 | -€198,639 | -16.0% |
| Trade debts | 44 | €2,613 | €0 | -€2,613 | -100% |
| Suppliers | 440/4 | €2,613 | €0 | -€2,613 | -100% |
| Taxes, remuneration and social security | 45 | €3,621 | €19,304 | +€15,683 | +433% |
| Taxes | 450/3 | €3,621 | €19,304 | +€15,683 | +433% |
| Other amounts payable | 47/48 | €1,233,392 | €1,021,682 | -€211,710 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,995 | €31,127 | -€18,868 | -37.7% |
| Other operating charges | 640/8 | €279 | €5,170 | +€4,891 | +1,751% |
| Gross operating margin | 9900 | €52,489 | €102,986 | +€50,497 | +96.2% |
| Operating profit (loss) | 9901 | €2,215 | €66,689 | +€64,474 | +2,911% |
| Financial income | 75/76B | €96,016 | €96,415 | +€399 | +0.4% |
| Recurring financial income | 75 | €96,016 | €96,415 | +€399 | +0.4% |
| Financial charges | 65/66B | €1,026 | €185 | -€841 | -82.0% |
| Recurring financial charges | 65 | €1,026 | €185 | -€841 | -82.0% |
| Profit (loss) for the period before taxes | 9903 | €97,205 | €162,919 | +€65,714 | +67.6% |
| Income taxes | 67/77 | €317 | €18,231 | +€17,914 | +5,646% |
| Profit (loss) for the period | 9904 | €96,888 | €144,688 | +€47,801 | +49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €96,888 | €144,688 | +€47,801 | +49.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.