SWETEC: what changed
Two fiscal 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.
SWETEC
Largest movements
- Stocks and contracts +€125,984
up €125,984 (+173.7%), from €72,537 to €198,522
- Receivables within one year +€82,593
up €82,593 (+15.5%), from €531,968 to €614,562
of which Trade receivables: +€145,015
- Cash -€78,695
down €78,695 (-33.7%), from €233,253 to €154,558
mainly Contributions, distributions and other (-€272,000) and Stocks and contracts (-€125,984)
- Tangible fixed assets -€35,194
down €35,194 (-8.1%), from €432,614 to €397,420
- Other debts +€220,243
up €220,243 (+98.5%), from €223,583 to €443,826
- Trade debts -€62,908
down €62,908 (-22.8%), from €275,536 to €212,627
- Current portion of long-term debt -€58,175
down €58,175 (-61.3%), from €94,942 to €36,767
- Tax, wage and social debts +€39,491
up €39,491 (+290.5%), from €13,595 to €53,086
- Debts after one year -€34,939
down €34,939 (-20.5%), from €170,045 to €135,105
- Gross operating margin +€108,476
up €108,476 (+32.1%), from €337,519 to €445,995
- Other operating charges +€29,375
up €29,375 (+478.8%), from €6,135 to €35,510
- Write-downs -€27,478
down €27,478, from €0 to -€27,478
- Depreciation +€26,356
up €26,356 (+66.9%), from €39,423 to €65,779
- Taxes +€20,132
up €20,132 (+27.9%), from €72,073 to €92,206
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.
Cash bridge derived
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 | €1,273,779 | €1,372,544 | +€98,765 | +7.8% |
| Fixed assets | 21/28 | €432,654 | €397,460 | -€35,194 | -8.1% |
| Tangible fixed assets | 22/27 | €432,614 | €397,420 | -€35,194 | -8.1% |
| Land and buildings | 22 | €304,369 | €289,266 | -€15,103 | -5.0% |
| Plant, machinery and equipment | 23 | €21,713 | €12,054 | -€9,659 | -44.5% |
| Furniture and vehicles | 24 | €106,532 | €96,100 | -€10,432 | -9.8% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €841,125 | €975,084 | +€133,959 | +15.9% |
| Stocks and contracts in progress | 3 | €72,537 | €198,522 | +€125,984 | +173.7% |
| Stocks | 30/36 | €72,537 | €198,522 | +€125,984 | +173.7% |
| Amounts receivable within one year | 40/41 | €531,968 | €614,562 | +€82,593 | +15.5% |
| Trade receivables | 40 | €466,252 | €611,267 | +€145,015 | +31.1% |
| Other amounts receivable | 41 | €65,716 | €3,295 | -€62,422 | -95.0% |
| Cash at bank and in hand | 54/58 | €233,253 | €154,558 | -€78,695 | -33.7% |
| Deferred charges and accrued income | 490/1 | €3,367 | €7,443 | +€4,076 | +121.1% |
| Total equity and liabilities | 10/49 | €1,273,779 | €1,372,544 | +€98,765 | +7.8% |
| Equity | 10/15 | €459,760 | €459,779 | +€18 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €441,160 | €441,179 | +€18 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €391 | €391 | = | 0.0% |
| Distributable reserves | 133 | €438,909 | €438,927 | +€18 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €814,019 | €912,766 | +€98,747 | +12.1% |
| Amounts payable after more than one year | 17 | €170,045 | €135,105 | -€34,939 | -20.5% |
| Financial debts | 170/4 | €170,045 | €135,105 | -€34,939 | -20.5% |
| Amounts payable within one year | 42/48 | €643,974 | €777,660 | +€133,686 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €94,942 | €36,767 | -€58,175 | -61.3% |
| Financial debts | 43 | €36,319 | €31,354 | -€4,964 | -13.7% |
| Credit institutions | 430/8 | €36,319 | €31,354 | -€4,964 | -13.7% |
| Trade debts | 44 | €275,536 | €212,627 | -€62,908 | -22.8% |
| Suppliers | 440/4 | €275,536 | €212,627 | -€62,908 | -22.8% |
| Taxes, remuneration and social security | 45 | €13,595 | €53,086 | +€39,491 | +290.5% |
| Taxes | 450/3 | €13,595 | €53,086 | +€39,491 | +290.5% |
| Other amounts payable | 47/48 | €223,583 | €443,826 | +€220,243 | +98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,423 | €65,779 | +€26,356 | +66.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€27,478 | -€27,478 | |
| Other operating charges | 640/8 | €6,135 | €35,510 | +€29,375 | +478.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €337,519 | €445,995 | +€108,476 | +32.1% |
| Operating profit (loss) | 9901 | €291,961 | €372,184 | +€80,222 | +27.5% |
| Financial income | 75/76B | €4,169 | €1,581 | -€2,587 | -62.1% |
| Recurring financial income | 75 | €4,169 | €1,581 | -€2,587 | -62.1% |
| Financial charges | 65/66B | €5,563 | €9,541 | +€3,978 | +71.5% |
| Recurring financial charges | 65 | €5,563 | €9,541 | +€3,978 | +71.5% |
| Profit (loss) for the period before taxes | 9903 | €290,567 | €364,224 | +€73,657 | +25.3% |
| Income taxes | 67/77 | €72,073 | €92,206 | +€20,132 | +27.9% |
| Profit (loss) for the period | 9904 | €218,494 | €272,018 | +€53,524 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €218,494 | €272,018 | +€53,524 | +24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.