SWEPA: 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.
SWEPA
Largest movements
- Receivables within one year +€95,316
up €95,316 (+76.6%), from €124,364 to €219,679
of which Trade receivables: +€93,199
- Cash +€2,523
up €2,523 (+18.3%), from €13,783 to €16,306
mainly Trade debts (+€53,286) and Net result for the year (+€35,871)
- Trade debts +€53,286
up €53,286 (+307%), from €17,383 to €70,669
- Reserves +€23,155
up €23,155 (+23.0%), from €100,656 to €123,811
of which Distributable reserves: +€23,155
- Profit (loss) carried forward +€12,716
up €12,716, from -€12,716 to €0
- Tax, wage and social debts +€10,408
up €10,408 (+147%), from €7,062 to €17,470
- Write-downs -€23,473
down €23,473 (-100%), from €23,473 to €0
- Gross operating margin +€23,100
up €23,100 (+70.9%), from €32,573 to €55,673
- Taxes +€16,728
up €16,728 (+6,086%), from €275 to €17,003
- Financial charges -€3,105
down €3,105 (-67.3%), from €4,612 to €1,507
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 | €138,851 | €239,310 | +€100,459 | +72.3% |
| Fixed assets | 21/28 | €705 | €2,454 | +€1,750 | +248% |
| Tangible fixed assets | 22/27 | €705 | €2,454 | +€1,750 | +248% |
| Plant, machinery and equipment | 23 | €705 | €148 | -€557 | -79.0% |
| Furniture and vehicles | 24 | - | €2,306 | +€2,306 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €138,146 | €236,856 | +€98,709 | +71.5% |
| Amounts receivable within one year | 40/41 | €124,364 | €219,679 | +€95,316 | +76.6% |
| Trade receivables | 40 | €108,645 | €201,844 | +€93,199 | +85.8% |
| Other amounts receivable | 41 | €15,718 | €17,835 | +€2,117 | +13.5% |
| Cash at bank and in hand | 54/58 | €13,783 | €16,306 | +€2,523 | +18.3% |
| Deferred charges and accrued income | 490/1 | €0 | €871 | +€871 | |
| Total equity and liabilities | 10/49 | €138,851 | €239,310 | +€100,459 | +72.3% |
| Equity | 10/15 | €94,140 | €130,011 | +€35,871 | +38.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100,656 | €123,811 | +€23,155 | +23.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €98,796 | €121,951 | +€23,155 | +23.4% |
| Profit (loss) carried forward | 14 | -€12,716 | €0 | +€12,716 | |
| Amounts payable | 17/49 | €44,711 | €109,299 | +€64,588 | +144% |
| Amounts payable within one year | 42/48 | €44,324 | €108,888 | +€64,564 | +146% |
| Trade debts | 44 | €17,383 | €70,669 | +€53,286 | +307% |
| Suppliers | 440/4 | €17,383 | €70,669 | +€53,286 | +307% |
| Taxes, remuneration and social security | 45 | €7,062 | €17,470 | +€10,408 | +147% |
| Taxes | 450/3 | €7,062 | €17,470 | +€10,408 | +147% |
| Other amounts payable | 47/48 | €19,879 | €20,749 | +€871 | +4.4% |
| Accrued charges and deferred income | 492/3 | €387 | €411 | +€24 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €817 | €900 | +€84 | +10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,473 | €0 | -€23,473 | -100% |
| Other operating charges | 640/8 | €1,154 | €766 | -€388 | -33.6% |
| Non-recurring operating charges | 66A | €9,300 | €0 | -€9,300 | -100% |
| Gross operating margin | 9900 | €32,573 | €55,673 | +€23,100 | +70.9% |
| Operating profit (loss) | 9901 | -€2,170 | €54,007 | +€56,177 | |
| Financial income | 75/76B | €0 | €375 | +€375 | |
| Recurring financial income | 75 | €0 | €375 | +€375 | |
| Financial charges | 65/66B | €4,612 | €1,507 | -€3,105 | -67.3% |
| Recurring financial charges | 65 | €4,612 | €1,507 | -€3,105 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,782 | €52,874 | +€59,656 | |
| Income taxes | 67/77 | €275 | €17,003 | +€16,728 | +6,086% |
| Profit (loss) for the period | 9904 | -€7,057 | €35,871 | +€42,928 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,057 | €35,871 | +€42,928 |
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.