SWIDEL: 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.
SWIDEL
Largest movements
- Tangible fixed assets -€401,531
down €401,531 (-13.8%), from €2.9m to €2.5m
of which Land and buildings: -€393,763
- Cash +€71,932
up €71,932 (+2206.5%), from €3,260 to €75,192
mainly Investment in fixed assets (net) (+€332,113) and Depreciation (+€69,417)
- Other debts -€130,633
down €130,633 (-5.8%), from €2.2m to €2.1m
- Short-term financial debts -€105,178
down €105,178 (-100.0%), from €105,178 to €0
- Debts after one year -€60,580
down €60,580 (-20.3%), from €297,845 to €237,264
- Trade debts -€46,907
down €46,907 (-96.5%), from €48,604 to €1,697
- Depreciation -€17,899
down €17,899 (-20.5%), from €87,317 to €69,417
- Gross operating margin +€12,536
up €12,536 (+12.9%), from €96,918 to €109,454
- Taxes +€4,319
up €4,319 (+436.6%), from €989 to €5,308
- Financial charges +€2,333
up €2,333 (+26.4%), from €8,847 to €11,180
of which Financial charges: +€2,813
- Financial income -€1,835
down €1,835 (-81.5%), from €2,251 to €416
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 | €2,937,562 | €2,611,370 | -€326,192 | -11.1% |
| Fixed assets | 21/28 | €2,908,232 | €2,506,701 | -€401,531 | -13.8% |
| Tangible fixed assets | 22/27 | €2,908,232 | €2,506,701 | -€401,531 | -13.8% |
| Land and buildings | 22 | €2,877,211 | €2,483,447 | -€393,763 | -13.7% |
| Furniture and vehicles | 24 | €31,021 | €23,253 | -€7,768 | -25.0% |
| Current assets | 29/58 | €29,330 | €104,669 | +€75,339 | +256.9% |
| Amounts receivable within one year | 40/41 | €22,561 | €21,367 | -€1,195 | -5.3% |
| Trade receivables | 40 | €1,376 | €2,149 | +€773 | +56.2% |
| Other amounts receivable | 41 | €21,185 | €19,218 | -€1,967 | -9.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,260 | €75,192 | +€71,932 | +2206.5% |
| Deferred charges and accrued income | 490/1 | €3,509 | €8,110 | +€4,601 | +131.1% |
| Total equity and liabilities | 10/49 | €2,937,562 | €2,611,370 | -€326,192 | -11.1% |
| Equity | 10/15 | €182,981 | €193,975 | +€10,994 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,381 | €175,375 | +€10,994 | +6.7% |
| Distributable reserves | 133 | €164,381 | €175,375 | +€10,994 | +6.7% |
| Amounts payable | 17/49 | €2,754,582 | €2,417,395 | -€337,187 | -12.2% |
| Amounts payable after more than one year | 17 | €297,845 | €237,264 | -€60,580 | -20.3% |
| Financial debts | 170/4 | €297,845 | €237,264 | -€60,580 | -20.3% |
| Amounts payable within one year | 42/48 | €2,456,737 | €2,180,131 | -€276,606 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €59,651 | €60,580 | +€929 | +1.6% |
| Financial debts | 43 | €105,178 | €0 | -€105,178 | -100.0% |
| Credit institutions | 430/8 | €105,178 | €0 | -€105,178 | -100.0% |
| Trade debts | 44 | €48,604 | €1,697 | -€46,907 | -96.5% |
| Suppliers | 440/4 | €48,604 | €1,697 | -€46,907 | -96.5% |
| Taxes, remuneration and social security | 45 | €0 | €5,183 | +€5,183 | |
| Taxes | 450/3 | €0 | €5,183 | +€5,183 | |
| Other amounts payable | 47/48 | €2,243,304 | €2,112,670 | -€130,633 | -5.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,317 | €69,417 | -€17,899 | -20.5% |
| Other operating charges | 640/8 | €13,520 | €12,971 | -€549 | -4.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €96,918 | €109,454 | +€12,536 | +12.9% |
| Operating profit (loss) | 9901 | -€3,918 | €27,065 | +€30,984 | |
| Financial income | 75/76B | €2,251 | €416 | -€1,835 | -81.5% |
| Recurring financial income | 75 | €2,251 | €416 | -€1,835 | -81.5% |
| Financial charges | 65/66B | €8,847 | €11,180 | +€2,333 | +26.4% |
| Recurring financial charges | 65 | €8,367 | €11,180 | +€2,813 | +33.6% |
| Non-recurring financial charges | 66B | €480 | €0 | -€480 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,514 | €16,302 | +€26,816 | |
| Income taxes | 67/77 | €989 | €5,308 | +€4,319 | +436.6% |
| Profit (loss) for the period | 9904 | -€11,503 | €10,994 | +€22,497 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,503 | €10,994 | +€22,497 |
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 8 October 2026 via checked.be.