SWM9: 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.
SWM9
Largest movements
- Current investments -€300,398
down €300,398 (-100.0%), from €300,398 to €0
- Cash +€199,246
up €199,246 (+65.3%), from €305,240 to €504,486
mainly Net result for the year (+€308,015) and Current investments (+€300,398)
- Receivables within one year +€45,448
up €45,448 (+93.0%), from €48,867 to €94,315
of which Other amounts receivable: +€38,768
- Debts after one year -€506,869
down €506,869 (-24.9%), from €2.0m to €1.5m
- Reserves +€308,015
up €308,015 (+109.6%), from €280,915 to €588,930
of which Distributable reserves: +€308,015
- Other debts +€158,588
up €158,588 (+19.9%), from €796,885 to €955,473
- Financial income +€206,257
up €206,257 (+215.0%), from €95,933 to €302,191
- Gross operating margin +€80,098
up €80,098 (+60.0%), from €133,526 to €213,624
- Other operating charges +€22,165
up €22,165 (+1273.8%), from €1,740 to €23,905
- Financial charges -€21,978
down €21,978 (-14.1%), from €156,256 to €134,278
- Taxes -€14,048
down €14,048 (-42.1%), from €33,340 to €19,293
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 | €4,226,420 | €4,160,139 | -€66,282 | -1.6% |
| Fixed assets | 21/28 | €2,621,295 | €2,590,971 | -€30,324 | -1.2% |
| Intangible fixed assets | 21 | €121,295 | €90,971 | -€30,324 | -25.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €2,500,000 | €2,500,000 | = | 0.0% |
| Current assets | 29/58 | €1,605,125 | €1,569,167 | -€35,958 | -2.2% |
| Stocks and contracts in progress | 3 | €946,844 | €946,844 | = | 0.0% |
| Stocks | 30/36 | €946,844 | €946,844 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,867 | €94,315 | +€45,448 | +93.0% |
| Trade receivables | 40 | €48,867 | €55,547 | +€6,679 | +13.7% |
| Other amounts receivable | 41 | €0 | €38,768 | +€38,768 | |
| Current investments | 50/53 | €300,398 | €0 | -€300,398 | -100.0% |
| Cash at bank and in hand | 54/58 | €305,240 | €504,486 | +€199,246 | +65.3% |
| Deferred charges and accrued income | 490/1 | €3,775 | €23,522 | +€19,747 | +523.0% |
| Total equity and liabilities | 10/49 | €4,226,420 | €4,160,139 | -€66,282 | -1.6% |
| Equity | 10/15 | €1,049,465 | €1,357,480 | +€308,015 | +29.3% |
| Contributions | 10/11 | €768,550 | €768,550 | = | 0.0% |
| Reserves | 13 | €280,915 | €588,930 | +€308,015 | +109.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €279,060 | €587,075 | +€308,015 | +110.4% |
| Amounts payable | 17/49 | €3,176,955 | €2,802,659 | -€374,297 | -11.8% |
| Amounts payable after more than one year | 17 | €2,034,530 | €1,527,662 | -€506,869 | -24.9% |
| Financial debts | 170/4 | €2,034,530 | €1,527,662 | -€506,869 | -24.9% |
| Amounts payable within one year | 42/48 | €1,142,377 | €1,274,997 | +€132,620 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €268,787 | €282,901 | +€14,115 | +5.3% |
| Financial debts | 43 | - | €4,213 | +€4,213 | |
| Credit institutions | 430/8 | - | €4,213 | +€4,213 | |
| Trade debts | 44 | €30,377 | €22,327 | -€8,050 | -26.5% |
| Suppliers | 440/4 | €30,377 | €22,327 | -€8,050 | -26.5% |
| Taxes, remuneration and social security | 45 | €46,328 | €10,082 | -€36,246 | -78.2% |
| Taxes | 450/3 | €46,328 | €10,082 | -€36,246 | -78.2% |
| Other amounts payable | 47/48 | €796,885 | €955,473 | +€158,588 | +19.9% |
| Accrued charges and deferred income | 492/3 | €48 | €0 | -€48 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,763 | €30,324 | -€439 | -1.4% |
| Other operating charges | 640/8 | €1,740 | €23,905 | +€22,165 | +1273.8% |
| Gross operating margin | 9900 | €133,526 | €213,624 | +€80,098 | +60.0% |
| Operating profit (loss) | 9901 | €101,023 | €159,395 | +€58,372 | +57.8% |
| Financial income | 75/76B | €95,933 | €302,191 | +€206,257 | +215.0% |
| Recurring financial income | 75 | €95,933 | €302,191 | +€206,257 | +215.0% |
| Financial charges | 65/66B | €156,256 | €134,278 | -€21,978 | -14.1% |
| Recurring financial charges | 65 | €156,256 | €134,278 | -€21,978 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €40,700 | €327,308 | +€286,607 | +704.2% |
| Income taxes | 67/77 | €33,340 | €19,293 | -€14,048 | -42.1% |
| Profit (loss) for the period | 9904 | €7,360 | €308,015 | +€300,655 | +4085.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,360 | €308,015 | +€300,655 | +4085.1% |
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 4 October 2026 via checked.be.