SWG: 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.
SWG
Largest movements
- Tangible fixed assets -€21,308
down €21,308 (-5.3%), from €401,934 to €380,626
of which Land and buildings: -€11,354
- Receivables within one year +€13,087
up €13,087 (+15.7%), from €83,464 to €96,551
of which Other amounts receivable: +€21,647
- Profit (loss) carried forward +€42,283
up €42,283 (+30.9%), from €136,759 to €179,042
- Debts after one year -€32,842
down €32,842 (-20.7%), from €158,625 to €125,783
- Trade debts -€16,537
down €16,537 (-31.9%), from €51,858 to €35,321
- Tax, wage and social debts +€15,254
up €15,254 (+101.9%), from €14,967 to €30,221
- Current portion of long-term debt -€7,728
down €7,728 (-11.8%), from €65,631 to €57,903
- Turnover +€52,415
up €52,415 (+27.3%), from €191,980 to €244,395
- Purchases and services +€29,529
up €29,529 (+33.9%), from €87,105 to €116,634
- Gross operating margin +€19,657
up €19,657 (+18.1%), from €108,406 to €128,063
- Taxes +€11,983
up €11,983 (+325.7%), from €3,679 to €15,662
- Depreciation -€11,056
down €11,056 (-16.5%), from €67,185 to €56,128
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 | €512,732 | €508,908 | -€3,825 | -0.7% |
| Fixed assets | 21/28 | €402,094 | €380,786 | -€21,308 | -5.3% |
| Tangible fixed assets | 22/27 | €401,934 | €380,626 | -€21,308 | -5.3% |
| Land and buildings | 22 | €360,938 | €349,584 | -€11,354 | -3.1% |
| Plant, machinery and equipment | 23 | €38,706 | €29,626 | -€9,079 | -23.5% |
| Furniture and vehicles | 24 | €2,290 | €1,415 | -€875 | -38.2% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €110,639 | €128,122 | +€17,484 | +15.8% |
| Stocks and contracts in progress | 3 | €5,102 | €4,872 | -€230 | -4.5% |
| Stocks | 30/36 | €5,102 | €4,872 | -€230 | -4.5% |
| Amounts receivable within one year | 40/41 | €83,464 | €96,551 | +€13,087 | +15.7% |
| Trade receivables | 40 | €8,560 | - | -€8,560 | |
| Other amounts receivable | 41 | €74,904 | €96,551 | +€21,647 | +28.9% |
| Cash at bank and in hand | 54/58 | €21,496 | €25,687 | +€4,191 | +19.5% |
| Deferred charges and accrued income | 490/1 | €577 | €1,013 | +€435 | +75.4% |
| Total equity and liabilities | 10/49 | €512,732 | €508,908 | -€3,825 | -0.7% |
| Equity | 10/15 | €217,399 | €258,228 | +€40,829 | +18.8% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €6,500 | €6,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,759 | €179,042 | +€42,283 | +30.9% |
| Investment grants | 15 | €9,140 | €7,686 | -€1,454 | -15.9% |
| Amounts payable | 17/49 | €295,333 | €250,680 | -€44,654 | -15.1% |
| Amounts payable after more than one year | 17 | €158,625 | €125,783 | -€32,842 | -20.7% |
| Financial debts | 170/4 | €158,625 | €125,783 | -€32,842 | -20.7% |
| Amounts payable within one year | 42/48 | €135,368 | €123,445 | -€11,924 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €65,631 | €57,903 | -€7,728 | -11.8% |
| Trade debts | 44 | €51,858 | €35,321 | -€16,537 | -31.9% |
| Suppliers | 440/4 | €51,858 | €35,321 | -€16,537 | -31.9% |
| Taxes, remuneration and social security | 45 | €14,967 | €30,221 | +€15,254 | +101.9% |
| Taxes | 450/3 | €14,967 | €30,221 | +€15,254 | +101.9% |
| Other amounts payable | 47/48 | €2,912 | - | -€2,912 | |
| Accrued charges and deferred income | 492/3 | €1,340 | €1,453 | +€112 | +8.4% |
| Turnover | 70 | €191,980 | €244,395 | +€52,415 | +27.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €87,105 | €116,634 | +€29,529 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,185 | €56,128 | -€11,056 | -16.5% |
| Other operating charges | 640/8 | €4,790 | €5,718 | +€928 | +19.4% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €108,406 | €128,063 | +€19,657 | +18.1% |
| Operating profit (loss) | 9901 | €36,131 | €66,217 | +€30,086 | +83.3% |
| Financial income | 75/76B | €1,484 | €1,616 | +€132 | +8.9% |
| Recurring financial income | 75 | €1,484 | €1,616 | +€132 | +8.9% |
| Financial charges | 65/66B | €11,132 | €9,887 | -€1,245 | -11.2% |
| Recurring financial charges | 65 | €11,132 | €9,887 | -€1,245 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €26,482 | €57,945 | +€31,463 | +118.8% |
| Income taxes | 67/77 | €3,679 | €15,662 | +€11,983 | +325.7% |
| Profit (loss) for the period | 9904 | €22,804 | €42,283 | +€19,479 | +85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,804 | €42,283 | +€19,479 | +85.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.