SWI PROJECTS: 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.
SWI PROJECTS
Largest movements
- Cash +€44,256
up €44,256 (+36.1%), from €122,492 to €166,749
mainly Net result for the year (+€65,674) and Receivables within one year (+€39,148)
- Receivables within one year -€39,148
down €39,148 (-27.4%), from €142,981 to €103,832
of which Other amounts receivable: -€23,405
- Tangible fixed assets -€17,168
down €17,168 (-8.9%), from €193,353 to €176,186
of which Other tangible fixed assets: -€17,891
- Reserves +€65,674
up €65,674 (+79.2%), from €82,969 to €148,642
of which Distributable reserves: +€65,674
- Profit (loss) carried forward -€65,000
down €65,000 (-22.8%), from €284,910 to €219,910
- Tax, wage and social debts -€9,051
down €9,051 (-99.0%), from €9,146 to €96
- Gross operating margin +€5,518
up €5,518 (+5.6%), from €99,002 to €104,520
- Taxes +€4,491
up €4,491 (+97.1%), from €4,623 to €9,114
- Depreciation +€2,218
up €2,218 (+8.2%), from €26,926 to €29,144
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 | €545,726 | €537,048 | -€8,678 | -1.6% |
| Fixed assets | 21/28 | €195,453 | €178,286 | -€17,168 | -8.8% |
| Tangible fixed assets | 22/27 | €193,353 | €176,186 | -€17,168 | -8.9% |
| Plant, machinery and equipment | 23 | €4,106 | €2,676 | -€1,430 | -34.8% |
| Furniture and vehicles | 24 | €21,497 | €23,649 | +€2,153 | +10.0% |
| Other tangible fixed assets | 26 | €167,751 | €149,860 | -€17,891 | -10.7% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €350,273 | €358,763 | +€8,490 | +2.4% |
| Amounts receivable after more than one year | 29 | €84,800 | €84,800 | = | 0.0% |
| Other amounts receivable | 291 | €84,800 | €84,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €142,981 | €103,832 | -€39,148 | -27.4% |
| Trade receivables | 40 | €29,913 | €14,169 | -€15,744 | -52.6% |
| Other amounts receivable | 41 | €113,068 | €89,663 | -€23,405 | -20.7% |
| Cash at bank and in hand | 54/58 | €122,492 | €166,749 | +€44,256 | +36.1% |
| Deferred charges and accrued income | 490/1 | - | €3,382 | +€3,382 | |
| Total equity and liabilities | 10/49 | €545,726 | €537,048 | -€8,678 | -1.6% |
| Equity | 10/15 | €471,279 | €471,952 | +€674 | +0.1% |
| Contributions | 10/11 | €103,400 | €103,400 | = | 0.0% |
| Reserves | 13 | €82,969 | €148,642 | +€65,674 | +79.2% |
| Tax-exempt reserves | 132 | €5,889 | €5,889 | = | 0.0% |
| Distributable reserves | 133 | €77,080 | €142,753 | +€65,674 | +85.2% |
| Profit (loss) carried forward | 14 | €284,910 | €219,910 | -€65,000 | -22.8% |
| Amounts payable | 17/49 | €74,447 | €65,096 | -€9,351 | -12.6% |
| Amounts payable within one year | 42/48 | €74,447 | €65,096 | -€9,351 | -12.6% |
| Trade debts | 44 | €301 | - | -€301 | |
| Suppliers | 440/4 | €301 | - | -€301 | |
| Taxes, remuneration and social security | 45 | €9,146 | €96 | -€9,051 | -99.0% |
| Taxes | 450/3 | €9,146 | €96 | -€9,051 | -99.0% |
| Other amounts payable | 47/48 | €65,000 | €65,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,926 | €29,144 | +€2,218 | +8.2% |
| Other operating charges | 640/8 | €668 | €544 | -€125 | -18.6% |
| Gross operating margin | 9900 | €99,002 | €104,520 | +€5,518 | +5.6% |
| Operating profit (loss) | 9901 | €71,408 | €74,832 | +€3,424 | +4.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €45 | €45 | -€0 | -0.1% |
| Recurring financial charges | 65 | €45 | €45 | -€0 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €71,363 | €74,788 | +€3,425 | +4.8% |
| Income taxes | 67/77 | €4,623 | €9,114 | +€4,491 | +97.1% |
| Profit (loss) for the period | 9904 | €66,740 | €65,674 | -€1,066 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,740 | €65,674 | -€1,066 | -1.6% |
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.