SWINDAEL: 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.
SWINDAEL
Largest movements
- Intangible fixed assets -€28,040
down €28,040 (-20.0%), from €140,198 to €112,158
- Current investments +€9,000
new in 2025: €9,000
- Tangible fixed assets -€6,377
down €6,377 (-32.1%), from €19,857 to €13,481
of which Plant, machinery and equipment: -€9,775
- Cash +€5,034
up €5,034 (+4.5%), from €112,797 to €117,830
mainly Net result for the year (+€163,786) and Depreciation (+€37,866)
- Reserves +€163,786
up €163,786 (+536.0%), from €30,555 to €194,341
- Other debts -€108,621
down €108,621 (-80.4%), from €135,177 to €26,556
- Current portion of long-term debt -€47,600
down €47,600 (-83.3%), from €57,120 to €9,520
- Tax, wage and social debts -€20,576
down €20,576 (-87.4%), from €23,540 to €2,964
- Debts after one year -€9,520
down €9,520 (-100.0%), from €9,520 to €0
- Gross operating margin +€28,592
up €28,592 (+12.5%), from €228,608 to €257,200
- Taxes +€6,424
up €6,424 (+14.6%), from €44,040 to €50,464
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 | €278,994 | €255,024 | -€23,971 | -8.6% |
| Fixed assets | 21/28 | €160,055 | €125,639 | -€34,416 | -21.5% |
| Intangible fixed assets | 21 | €140,198 | €112,158 | -€28,040 | -20.0% |
| Tangible fixed assets | 22/27 | €19,857 | €13,481 | -€6,377 | -32.1% |
| Plant, machinery and equipment | 23 | €19,857 | €10,082 | -€9,775 | -49.2% |
| Furniture and vehicles | 24 | - | €3,399 | +€3,399 | |
| Current assets | 29/58 | €118,939 | €129,385 | +€10,445 | +8.8% |
| Amounts receivable within one year | 40/41 | €1,280 | €0 | -€1,280 | -100.0% |
| Other amounts receivable | 41 | €1,280 | €0 | -€1,280 | -100.0% |
| Current investments | 50/53 | - | €9,000 | +€9,000 | |
| Cash at bank and in hand | 54/58 | €112,797 | €117,830 | +€5,034 | +4.5% |
| Deferred charges and accrued income | 490/1 | €4,863 | €2,554 | -€2,309 | -47.5% |
| Total equity and liabilities | 10/49 | €278,994 | €255,024 | -€23,971 | -8.6% |
| Equity | 10/15 | €49,155 | €212,941 | +€163,786 | +333.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,555 | €194,341 | +€163,786 | +536.0% |
| Distributable reserves | 133 | €30,555 | €194,341 | +€163,786 | +536.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €229,839 | €42,083 | -€187,756 | -81.7% |
| Amounts payable after more than one year | 17 | €9,520 | €0 | -€9,520 | -100.0% |
| Financial debts | 170/4 | €9,520 | €0 | -€9,520 | -100.0% |
| Amounts payable within one year | 42/48 | €220,319 | €42,083 | -€178,236 | -80.9% |
| Current portion of amounts payable after more than one year | 42 | €57,120 | €9,520 | -€47,600 | -83.3% |
| Trade debts | 44 | €4,481 | €3,042 | -€1,439 | -32.1% |
| Suppliers | 440/4 | €4,481 | €3,042 | -€1,439 | -32.1% |
| Taxes, remuneration and social security | 45 | €23,540 | €2,964 | -€20,576 | -87.4% |
| Taxes | 450/3 | €23,540 | €2,964 | -€20,576 | -87.4% |
| Other amounts payable | 47/48 | €135,177 | €26,556 | -€108,621 | -80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,870 | €37,866 | -€4 | 0.0% |
| Other operating charges | 640/8 | €1,078 | €859 | -€219 | -20.3% |
| Gross operating margin | 9900 | €228,608 | €257,200 | +€28,592 | +12.5% |
| Operating profit (loss) | 9901 | €189,660 | €218,475 | +€28,815 | +15.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,333 | €4,225 | -€1,107 | -20.8% |
| Recurring financial charges | 65 | €5,333 | €4,225 | -€1,107 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €184,327 | €214,250 | +€29,923 | +16.2% |
| Income taxes | 67/77 | €44,040 | €50,464 | +€6,424 | +14.6% |
| Profit (loss) for the period | 9904 | €140,287 | €163,786 | +€23,499 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €140,287 | €163,786 | +€23,499 | +16.8% |
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 10 October 2026 via checked.be.