SWERTS MANAGEMENT: 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.
SWERTS MANAGEMENT
Largest movements
- Tangible fixed assets +€50,677
up €50,677 (+690%), from €7,344 to €58,020
- Reserves +€16,766
up €16,766 (+105%), from €16,038 to €32,803
- Profit (loss) carried forward +€12,397
up €12,397, from -€12,397 to €0
- Debts after one year +€7,830
up €7,830, from €0 to €7,830
- Current portion of long-term debt +€5,788
up €5,788 (+102%), from €5,650 to €11,438
- Tax, wage and social debts +€4,768
up €4,768 (+25.2%), from €18,904 to €23,672
of which Taxes: +€8,300
- Gross operating margin +€44,642
up €44,642 (+62.2%), from €71,784 to €116,426
- Staff costs +€11,353
up €11,353 (+21.8%), from €52,197 to €63,550
- Taxes +€7,395
up €7,395 (+237%), from €3,116 to €10,511
- Depreciation -€3,408
down €3,408 (-28.3%), from €12,053 to €8,645
- Other operating charges +€1,445
up €1,445 (+115%), from €1,261 to €2,706
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 | €216,857 | €270,362 | +€53,504 | +24.7% |
| Fixed assets | 21/28 | €215,574 | €266,251 | +€50,677 | +23.5% |
| Tangible fixed assets | 22/27 | €7,344 | €58,020 | +€50,677 | +690% |
| Furniture and vehicles | 24 | €7,344 | €58,020 | +€50,677 | +690% |
| Financial fixed assets | 28 | €208,231 | €208,231 | = | 0.0% |
| Current assets | 29/58 | €1,283 | €4,111 | +€2,828 | +220% |
| Amounts receivable within one year | 40/41 | €0 | €2,205 | +€2,205 | |
| Trade receivables | 40 | €0 | €2,205 | +€2,205 | |
| Cash at bank and in hand | 54/58 | - | €510 | +€510 | |
| Deferred charges and accrued income | 490/1 | €1,283 | €1,396 | +€113 | +8.8% |
| Total equity and liabilities | 10/49 | €216,857 | €270,362 | +€53,504 | +24.7% |
| Equity | 10/15 | €16,041 | €45,203 | +€29,163 | +182% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €16,038 | €32,803 | +€16,766 | +105% |
| Distributable reserves | 133 | €16,038 | €32,803 | +€16,766 | +105% |
| Profit (loss) carried forward | 14 | -€12,397 | €0 | +€12,397 | |
| Amounts payable | 17/49 | €200,817 | €225,159 | +€24,342 | +12.1% |
| Amounts payable after more than one year | 17 | €0 | €7,830 | +€7,830 | |
| Financial debts | 170/4 | €0 | €7,830 | +€7,830 | |
| Amounts payable within one year | 42/48 | €200,817 | €217,073 | +€16,256 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €5,650 | €11,438 | +€5,788 | +102% |
| Trade debts | 44 | €6,362 | €7,584 | +€1,221 | +19.2% |
| Suppliers | 440/4 | €6,362 | €7,584 | +€1,221 | +19.2% |
| Taxes, remuneration and social security | 45 | €18,904 | €23,672 | +€4,768 | +25.2% |
| Taxes | 450/3 | €7,436 | €15,736 | +€8,300 | +112% |
| Remuneration and social security | 454/9 | €11,468 | €7,936 | -€3,532 | -30.8% |
| Other amounts payable | 47/48 | €169,900 | €174,380 | +€4,480 | +2.6% |
| Accrued charges and deferred income | 492/3 | €0 | €255 | +€255 | |
| Remuneration, social security and pensions | 62 | €52,197 | €63,550 | +€11,353 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,053 | €8,645 | -€3,408 | -28.3% |
| Other operating charges | 640/8 | €1,261 | €2,706 | +€1,445 | +115% |
| Gross operating margin | 9900 | €71,784 | €116,426 | +€44,642 | +62.2% |
| Operating profit (loss) | 9901 | €6,274 | €41,525 | +€35,251 | +562% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,383 | €1,851 | +€468 | +33.9% |
| Recurring financial charges | 65 | €1,383 | €1,851 | +€468 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €4,891 | €39,674 | +€34,783 | +711% |
| Income taxes | 67/77 | €3,116 | €10,511 | +€7,395 | +237% |
| Profit (loss) for the period | 9904 | €1,775 | €29,163 | +€27,387 | +1,543% |
| Profit (loss) for the period to be appropriated | 9905 | €1,775 | €29,163 | +€27,387 | +1,543% |
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 29 October 2026 via checked.be.