SWIP: 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.
SWIP
Largest movements
- Tangible fixed assets +€88,747
up €88,747 (+18.6%), from €476,253 to €565,000
of which Land and buildings: +€453,000
- Receivables within one year +€84,386
up €84,386 (+1,402%), from €6,019 to €90,405
of which Trade receivables: +€84,212
- Trade debts +€85,252
up €85,252 (+1,458%), from €5,847 to €91,100
- Debts after one year +€50,990
up €50,990 (+11.5%), from €443,011 to €494,002
of which Other amounts payable: +€42,467
- Other debts -€21,095
down €21,095 (-100%), from €21,095 to €0
- Revaluation surpluses +€19,592
new in 2025: €19,592
- Accrued charges and deferred income +€18,036
up €18,036 (+1,804%), from €1,000 to €19,036
- Gross operating margin +€24,269
up €24,269 (+386%), from €6,293 to €30,562
- Financial charges +€13,879
up €13,879 (+299%), from €4,642 to €18,521
- Depreciation +€10,067
new in 2025: €10,067
- Financial income +€715
up €715 (+292%), from €245 to €960
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 | €487,476 | €655,965 | +€168,490 | +34.6% |
| Fixed assets | 21/28 | €476,253 | €565,000 | +€88,747 | +18.6% |
| Tangible fixed assets | 22/27 | €476,253 | €565,000 | +€88,747 | +18.6% |
| Land and buildings | 22 | €112,000 | €565,000 | +€453,000 | +404% |
| Assets under construction and advance payments | 27 | €364,253 | €0 | -€364,253 | -100% |
| Current assets | 29/58 | €11,223 | €90,965 | +€79,743 | +711% |
| Amounts receivable within one year | 40/41 | €6,019 | €90,405 | +€84,386 | +1,402% |
| Trade receivables | 40 | €5,104 | €89,316 | +€84,212 | +1,650% |
| Other amounts receivable | 41 | €915 | €1,090 | +€174 | +19.0% |
| Cash at bank and in hand | 54/58 | €5,203 | €560 | -€4,643 | -89.2% |
| Total equity and liabilities | 10/49 | €487,476 | €655,965 | +€168,490 | +34.6% |
| Equity | 10/15 | €4,679 | €25,717 | +€21,038 | +450% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €19,592 | +€19,592 | |
| Reserves | 13 | €2,679 | €4,125 | +€1,446 | +54.0% |
| Distributable reserves | 133 | €2,679 | €4,125 | +€1,446 | +54.0% |
| Amounts payable | 17/49 | €482,797 | €630,248 | +€147,452 | +30.5% |
| Amounts payable after more than one year | 17 | €443,011 | €494,002 | +€50,990 | +11.5% |
| Financial debts | 170/4 | €443,011 | €451,534 | +€8,523 | +1.9% |
| Other amounts payable | 178/9 | - | €42,467 | +€42,467 | |
| Amounts payable within one year | 42/48 | €38,785 | €117,210 | +€78,425 | +202% |
| Current portion of amounts payable after more than one year | 42 | €11,500 | €20,970 | +€9,470 | +82.3% |
| Trade debts | 44 | €5,847 | €91,100 | +€85,252 | +1,458% |
| Suppliers | 440/4 | €5,847 | €91,100 | +€85,252 | +1,458% |
| Taxes, remuneration and social security | 45 | €343 | €5,141 | +€4,798 | +1,398% |
| Taxes | 450/3 | €343 | €5,141 | +€4,798 | +1,398% |
| Other amounts payable | 47/48 | €21,095 | €0 | -€21,095 | -100% |
| Accrued charges and deferred income | 492/3 | €1,000 | €19,036 | +€18,036 | +1,804% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €10,067 | +€10,067 | |
| Other operating charges | 640/8 | €1,135 | €986 | -€149 | -13.1% |
| Gross operating margin | 9900 | €6,293 | €30,562 | +€24,269 | +386% |
| Operating profit (loss) | 9901 | €5,158 | €19,508 | +€14,350 | +278% |
| Financial income | 75/76B | €245 | €960 | +€715 | +292% |
| Recurring financial income | 75 | €245 | €960 | +€715 | +292% |
| Financial charges | 65/66B | €4,642 | €18,521 | +€13,879 | +299% |
| Recurring financial charges | 65 | €4,642 | €18,521 | +€13,879 | +299% |
| Profit (loss) for the period before taxes | 9903 | €761 | €1,948 | +€1,187 | +156% |
| Income taxes | 67/77 | €268 | €502 | +€234 | +87.3% |
| Profit (loss) for the period | 9904 | €493 | €1,446 | +€953 | +193% |
| Profit (loss) for the period to be appropriated | 9905 | €493 | €1,446 | +€953 | +193% |
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 14 October 2026 via checked.be.