SWERS: 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.
SWERS
Largest movements
- Receivables within one year -€11,906
down €11,906 (-9.8%), from €121,597 to €109,691
of which Trade receivables: -€8,512
- Tangible fixed assets -€2,596
down €2,596 (-46.3%), from €5,606 to €3,010
- Cash +€2,594
up €2,594 (+113%), from €2,296 to €4,890
mainly Receivables within one year (+€11,906) and Depreciation (+€2,596)
- Reserves -€20,717
down €20,717 (-17.5%), from €118,565 to €97,848
- Profit (loss) carried forward +€9,577
no longer reported in 2025 (was -€9,577)
- Trade debts -€1,708
down €1,708 (-56.7%), from €3,015 to €1,307
- Gross operating margin -€3,757
down €3,757 (-63.8%), from -€5,886 to -€9,643
- Depreciation -€666
down €666 (-20.4%), from €3,263 to €2,596
- Financial income -€237
down €237 (-11.8%), from €2,018 to €1,781
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 | €130,595 | €117,747 | -€12,848 | -9.8% |
| Fixed assets | 21/28 | €5,606 | €3,010 | -€2,596 | -46.3% |
| Tangible fixed assets | 22/27 | €5,606 | €3,010 | -€2,596 | -46.3% |
| Plant, machinery and equipment | 23 | €5,606 | €3,010 | -€2,596 | -46.3% |
| Current assets | 29/58 | €124,989 | €114,737 | -€10,252 | -8.2% |
| Stocks and contracts in progress | 3 | €238 | €156 | -€83 | -34.8% |
| Stocks | 30/36 | €238 | €156 | -€83 | -34.8% |
| Amounts receivable within one year | 40/41 | €121,597 | €109,691 | -€11,906 | -9.8% |
| Trade receivables | 40 | €54,325 | €45,813 | -€8,512 | -15.7% |
| Other amounts receivable | 41 | €67,272 | €63,879 | -€3,393 | -5.0% |
| Cash at bank and in hand | 54/58 | €2,296 | €4,890 | +€2,594 | +113% |
| Deferred charges and accrued income | 490/1 | €857 | - | -€857 | |
| Total equity and liabilities | 10/49 | €130,595 | €117,747 | -€12,848 | -9.8% |
| Equity | 10/15 | €127,580 | €116,440 | -€11,140 | -8.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €118,565 | €97,848 | -€20,717 | -17.5% |
| Distributable reserves | 133 | €118,565 | €97,848 | -€20,717 | -17.5% |
| Profit (loss) carried forward | 14 | -€9,577 | - | +€9,577 | |
| Amounts payable | 17/49 | €3,015 | €1,307 | -€1,708 | -56.7% |
| Amounts payable within one year | 42/48 | €3,015 | €1,307 | -€1,708 | -56.7% |
| Trade debts | 44 | €3,015 | €1,307 | -€1,708 | -56.7% |
| Suppliers | 440/4 | €3,015 | €1,307 | -€1,708 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,263 | €2,596 | -€666 | -20.4% |
| Other operating charges | 640/8 | €449 | €535 | +€86 | +19.1% |
| Gross operating margin | 9900 | -€5,886 | -€9,643 | -€3,757 | -63.8% |
| Operating profit (loss) | 9901 | -€9,598 | -€12,775 | -€3,177 | -33.1% |
| Financial income | 75/76B | €2,018 | €1,781 | -€237 | -11.8% |
| Recurring financial income | 75 | €2,018 | €1,781 | -€237 | -11.8% |
| Financial charges | 65/66B | €74 | €146 | +€72 | +98.5% |
| Recurring financial charges | 65 | €74 | €146 | +€72 | +98.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,653 | -€11,139 | -€3,487 | -45.6% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€7,653 | -€11,140 | -€3,487 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,653 | -€11,140 | -€3,487 | -45.6% |
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.