SWM: 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.
SWM
Largest movements
- Receivables within one year +€137,224
up €137,224 (+167.1%), from €82,135 to €219,359
of which Trade receivables: +€122,589
- Stocks and contracts -€87,348
down €87,348 (-21.4%), from €407,339 to €319,991
of which Contracts in progress: -€97,833
- Cash -€60,320
down €60,320 (-73.3%), from €82,322 to €22,002
mainly Receivables within one year (-€137,224) and Investment in fixed assets (net) (-€109,329)
- Deferred charges and accrued income +€36,831
up €36,831 (+1098.7%), from €3,352 to €40,184
- Tangible fixed assets +€26,756
up €26,756 (+3.6%), from €740,120 to €766,876
of which Leasing and similar rights: +€38,976
- Tax, wage and social debts +€76,312
up €76,312 (+518.4%), from €14,721 to €91,033
- Current portion of long-term debt +€35,730
up €35,730 (+29.0%), from €123,405 to €159,134
- Profit (loss) carried forward -€30,852
down €30,852, from €0 to -€30,852
- Other debts -€28,136
down €28,136 (-66.3%), from €42,426 to €14,291
- Gross operating margin -€51,178
down €51,178 (-33.5%), from €152,575 to €101,397
- Financial income +€25,971
up €25,971 (+13725.5%), from €189 to €26,161
of which Non-recurring financial income: +€25,490
- Other operating charges +€24,543
up €24,543 (+507.9%), from €4,833 to €29,375
- Taxes -€12,691
down €12,691 (-96.5%), from €13,146 to €455
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 | €1,396,137 | €1,449,280 | +€53,143 | +3.8% |
| Fixed assets | 21/28 | €787,070 | €813,826 | +€26,756 | +3.4% |
| Tangible fixed assets | 22/27 | €740,120 | €766,876 | +€26,756 | +3.6% |
| Land and buildings | 22 | €353,798 | €363,730 | +€9,932 | +2.8% |
| Plant, machinery and equipment | 23 | €109,063 | €97,949 | -€11,114 | -10.2% |
| Furniture and vehicles | 24 | €23,111 | €23,509 | +€398 | +1.7% |
| Leasing and similar rights | 25 | €108,073 | €147,050 | +€38,976 | +36.1% |
| Other tangible fixed assets | 26 | €146,075 | €134,639 | -€11,436 | -7.8% |
| Financial fixed assets | 28 | €46,950 | €46,950 | = | 0.0% |
| Current assets | 29/58 | €609,066 | €635,453 | +€26,387 | +4.3% |
| Amounts receivable after more than one year | 29 | €33,919 | €33,919 | = | 0.0% |
| Other amounts receivable | 291 | €33,919 | €33,919 | = | 0.0% |
| Stocks and contracts in progress | 3 | €407,339 | €319,991 | -€87,348 | -21.4% |
| Stocks | 30/36 | €21,015 | €31,500 | +€10,485 | +49.9% |
| Contracts in progress | 37 | €386,324 | €288,491 | -€97,833 | -25.3% |
| Amounts receivable within one year | 40/41 | €82,135 | €219,359 | +€137,224 | +167.1% |
| Trade receivables | 40 | €50,266 | €172,855 | +€122,589 | +243.9% |
| Other amounts receivable | 41 | €31,869 | €46,503 | +€14,635 | +45.9% |
| Cash at bank and in hand | 54/58 | €82,322 | €22,002 | -€60,320 | -73.3% |
| Deferred charges and accrued income | 490/1 | €3,352 | €40,184 | +€36,831 | +1098.7% |
| Total equity and liabilities | 10/49 | €1,396,137 | €1,449,280 | +€53,143 | +3.8% |
| Equity | 10/15 | €370,696 | €339,844 | -€30,852 | -8.3% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €315,696 | €315,696 | = | 0.0% |
| Distributable reserves | 133 | €315,696 | €315,696 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€30,852 | -€30,852 | |
| Amounts payable | 17/49 | €1,025,441 | €1,109,436 | +€83,995 | +8.2% |
| Amounts payable after more than one year | 17 | €499,084 | €497,900 | -€1,183 | -0.2% |
| Financial debts | 170/4 | €499,084 | €497,900 | -€1,183 | -0.2% |
| Amounts payable within one year | 42/48 | €524,274 | €611,535 | +€87,262 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €123,405 | €159,134 | +€35,730 | +29.0% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €93,722 | €97,078 | +€3,356 | +3.6% |
| Suppliers | 440/4 | €93,722 | €97,078 | +€3,356 | +3.6% |
| Taxes, remuneration and social security | 45 | €14,721 | €91,033 | +€76,312 | +518.4% |
| Taxes | 450/3 | €14,721 | €91,033 | +€76,312 | +518.4% |
| Other amounts payable | 47/48 | €42,426 | €14,291 | -€28,136 | -66.3% |
| Accrued charges and deferred income | 492/3 | €2,083 | €0 | -€2,083 | -100.0% |
| Non-recurring operating income | 76A | €3,500 | €1,510 | -€1,990 | -56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,850 | €82,573 | -€277 | -0.3% |
| Other operating charges | 640/8 | €4,833 | €29,375 | +€24,543 | +507.9% |
| Non-recurring operating charges | 66A | €0 | €5,564 | +€5,564 | |
| Gross operating margin | 9900 | €152,575 | €101,397 | -€51,178 | -33.5% |
| Operating profit (loss) | 9901 | €64,893 | -€16,115 | -€81,008 | |
| Financial income | 75/76B | €189 | €26,161 | +€25,971 | +13725.5% |
| Recurring financial income | 75 | €189 | €670 | +€481 | +254.3% |
| Non-recurring financial income | 76B | - | €25,490 | +€25,490 | |
| Financial charges | 65/66B | €40,032 | €40,442 | +€410 | +1.0% |
| Recurring financial charges | 65 | €40,032 | €40,442 | +€410 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €25,050 | -€30,397 | -€55,447 | |
| Income taxes | 67/77 | €13,146 | €455 | -€12,691 | -96.5% |
| Profit (loss) for the period | 9904 | €11,904 | -€30,852 | -€42,756 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,904 | -€30,852 | -€42,756 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.