Swhite: 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.
Swhite
Largest movements
- Receivables within one year +€366,099
up €366,099 (+179.6%), from €203,843 to €569,942
of which Trade receivables: +€368,583
- Cash -€172,230
down €172,230 (-17.1%), from €1.0m to €835,517
mainly Receivables within one year (-€366,099) and Contributions, distributions and other (-€135,294)
- Profit (loss) carried forward +€89,793
up €89,793 (+8.9%), from €1.0m to €1.1m
- Other debts +€47,872
up €47,872 (+204.2%), from €23,438 to €71,310
- Tax, wage and social debts +€27,550
up €27,550 (+15.8%), from €174,558 to €202,108
of which Remuneration and social security: +€17,048
- Trade debts +€15,283
up €15,283 (+99.7%), from €15,323 to €30,606
- Gross operating margin +€216,768
up €216,768 (+20.5%), from €1.1m to €1.3m
- Staff costs +€188,114
up €188,114 (+25.2%), from €747,452 to €935,565
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 | €1,282,347 | €1,465,391 | +€183,044 | +14.3% |
| Fixed assets | 21/28 | €56,838 | €48,833 | -€8,005 | -14.1% |
| Tangible fixed assets | 22/27 | €49,213 | €41,208 | -€8,005 | -16.3% |
| Furniture and vehicles | 24 | €33,415 | €24,077 | -€9,338 | -27.9% |
| Other tangible fixed assets | 26 | €15,798 | €17,131 | +€1,333 | +8.4% |
| Financial fixed assets | 28 | €7,625 | €7,625 | = | 0.0% |
| Current assets | 29/58 | €1,225,510 | €1,416,558 | +€191,049 | +15.6% |
| Amounts receivable within one year | 40/41 | €203,843 | €569,942 | +€366,099 | +179.6% |
| Trade receivables | 40 | €201,160 | €569,743 | +€368,583 | +183.2% |
| Other amounts receivable | 41 | €2,683 | €199 | -€2,484 | -92.6% |
| Cash at bank and in hand | 54/58 | €1,007,747 | €835,517 | -€172,230 | -17.1% |
| Deferred charges and accrued income | 490/1 | €13,920 | €11,099 | -€2,821 | -20.3% |
| Total equity and liabilities | 10/49 | €1,282,347 | €1,465,391 | +€183,044 | +14.3% |
| Equity | 10/15 | €1,032,315 | €1,122,108 | +€89,793 | +8.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Distributable reserves | 133 | - | €1,855 | +€1,855 | |
| Profit (loss) carried forward | 14 | €1,011,910 | €1,101,703 | +€89,793 | +8.9% |
| Amounts payable | 17/49 | €250,032 | €343,283 | +€93,251 | +37.3% |
| Amounts payable within one year | 42/48 | €249,710 | €340,392 | +€90,683 | +36.3% |
| Financial debts | 43 | €36,390 | €36,368 | -€22 | -0.1% |
| Credit institutions | 430/8 | €36,390 | €36,368 | -€22 | -0.1% |
| Trade debts | 44 | €15,323 | €30,606 | +€15,283 | +99.7% |
| Suppliers | 440/4 | €15,323 | €30,606 | +€15,283 | +99.7% |
| Taxes, remuneration and social security | 45 | €174,558 | €202,108 | +€27,550 | +15.8% |
| Taxes | 450/3 | €92,305 | €102,807 | +€10,502 | +11.4% |
| Remuneration and social security | 454/9 | €82,253 | €99,301 | +€17,048 | +20.7% |
| Other amounts payable | 47/48 | €23,438 | €71,310 | +€47,872 | +204.2% |
| Accrued charges and deferred income | 492/3 | €322 | €2,890 | +€2,568 | +797.3% |
| Non-recurring operating income | 76A | €5,981 | - | -€5,981 | |
| Remuneration, social security and pensions | 62 | €747,452 | €935,565 | +€188,114 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,492 | €19,896 | -€1,596 | -7.4% |
| Other operating charges | 640/8 | €8,436 | €7,921 | -€515 | -6.1% |
| Non-recurring operating charges | 66A | - | €762 | +€762 | |
| Gross operating margin | 9900 | €1,058,740 | €1,275,507 | +€216,768 | +20.5% |
| Operating profit (loss) | 9901 | €281,360 | €311,363 | +€30,003 | +10.7% |
| Financial income | 75/76B | €419 | €3,378 | +€2,959 | +706.9% |
| Recurring financial income | 75 | €419 | €3,378 | +€2,959 | +706.9% |
| Financial charges | 65/66B | €5,607 | €6,181 | +€573 | +10.2% |
| Recurring financial charges | 65 | €5,607 | €6,181 | +€573 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €276,171 | €308,560 | +€32,389 | +11.7% |
| Income taxes | 67/77 | €70,721 | €83,473 | +€12,752 | +18.0% |
| Profit (loss) for the period | 9904 | €205,450 | €225,087 | +€19,637 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €205,450 | €225,087 | +€19,637 | +9.6% |
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 29 September 2026 via checked.be.