SWOLFS MANAGEMENT: 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.
SWOLFS MANAGEMENT
Largest movements
- Cash +€3.4m
up €3.4m (+11,560%), from €29,588 to €3.4m
mainly Net result for the year (+€9.2m) and Stocks and contracts (+€1.3m)
- Deferred charges and accrued income +€1.7m
up €1.7m (+44,003%), from €3,821 to €1.7m
- Financial fixed assets +€1.6m
up €1.6m (+79.8%), from €2.0m to €3.7m
- Stocks and contracts -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Receivables after one year +€1.1m
up €1.1m (+21,000%), from €5,000 to €1.1m
- Reserves +€7.8m
up €7.8m (+867%), from €904,053 to €8.7m
- Short-term financial debts -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Other debts +€751,691
up €751,691 (+155%), from €484,855 to €1.2m
- Debts after one year -€573,821
down €573,821 (-100%), from €573,821 to €0
- Financial income +€9.2m
up €9.2m (+2,817%), from €325,501 to €9.5m
of which Non-recurring financial income: +€9.2m
- Gross operating margin -€151,330
down €151,330, from €98,742 to -€52,588
- Financial charges -€24,005
down €24,005 (-27.4%), from €87,521 to €63,516
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 | €3,516,400 | €10,512,493 | +€7.0m | +199% |
| Fixed assets | 21/28 | €2,167,361 | €3,761,385 | +€1.6m | +73.5% |
| Tangible fixed assets | 22/27 | €123,081 | €86,385 | -€36,696 | -29.8% |
| Plant, machinery and equipment | 23 | €1,199 | €0 | -€1,199 | -100% |
| Furniture and vehicles | 24 | €121,882 | €86,385 | -€35,497 | -29.1% |
| Financial fixed assets | 28 | €2,044,280 | €3,675,000 | +€1.6m | +79.8% |
| Current assets | 29/58 | €1,349,039 | €6,751,108 | +€5.4m | +400% |
| Amounts receivable after more than one year | 29 | €5,000 | €1,055,000 | +€1.1m | +21,000% |
| Other amounts receivable | 291 | €5,000 | €1,055,000 | +€1.1m | +21,000% |
| Stocks and contracts in progress | 3 | €1,273,850 | €0 | -€1.3m | -100% |
| Stocks | 30/36 | €1,273,850 | €0 | -€1.3m | -100% |
| Amounts receivable within one year | 40/41 | €36,781 | €61,079 | +€24,298 | +66.1% |
| Trade receivables | 40 | €0 | €54,298 | +€54,298 | |
| Other amounts receivable | 41 | €36,781 | €6,781 | -€30,000 | -81.6% |
| Current investments | 50/53 | €0 | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €29,588 | €3,449,808 | +€3.4m | +11,560% |
| Deferred charges and accrued income | 490/1 | €3,821 | €1,685,221 | +€1.7m | +44,003% |
| Total equity and liabilities | 10/49 | €3,516,400 | €10,512,493 | +€7.0m | +199% |
| Equity | 10/15 | €1,304,053 | €9,141,779 | +€7.8m | +601% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €904,053 | €8,741,779 | +€7.8m | +867% |
| Distributable reserves | 133 | €904,053 | €8,741,779 | +€7.8m | +867% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,212,348 | €1,370,713 | -€841,634 | -38.0% |
| Amounts payable after more than one year | 17 | €573,821 | €0 | -€573,821 | -100% |
| Financial debts | 170/4 | €573,821 | €0 | -€573,821 | -100% |
| Amounts payable within one year | 42/48 | €1,603,518 | €1,339,290 | -€264,227 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €28,114 | €0 | -€28,114 | -100% |
| Financial debts | 43 | €1,084,000 | €0 | -€1.1m | -100% |
| Credit institutions | 430/8 | €1,084,000 | €0 | -€1.1m | -100% |
| Trade debts | 44 | €0 | €102,133 | +€102,133 | |
| Suppliers | 440/4 | €0 | €102,133 | +€102,133 | |
| Taxes, remuneration and social security | 45 | €6,549 | €612 | -€5,937 | -90.7% |
| Taxes | 450/3 | €336 | €612 | +€275 | +81.9% |
| Remuneration and social security | 454/9 | €6,213 | €0 | -€6,213 | -100% |
| Other amounts payable | 47/48 | €484,855 | €1,236,546 | +€751,691 | +155% |
| Accrued charges and deferred income | 492/3 | €35,010 | €31,423 | -€3,586 | -10.2% |
| Non-recurring operating income | 76A | €20,328 | €0 | -€20,328 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,808 | €35,497 | -€311 | -0.9% |
| Other operating charges | 640/8 | €3,168 | €2,359 | -€809 | -25.5% |
| Non-recurring operating charges | 66A | - | €101,862 | +€101,862 | |
| Gross operating margin | 9900 | €98,742 | -€52,588 | -€151,330 | |
| Operating profit (loss) | 9901 | €59,766 | -€192,306 | -€252,072 | |
| Financial income | 75/76B | €325,501 | €9,493,725 | +€9.2m | +2,817% |
| Recurring financial income | 75 | €191,956 | €207,607 | +€15,652 | +8.2% |
| Non-recurring financial income | 76B | €133,545 | €9,286,117 | +€9.2m | +6,854% |
| Financial charges | 65/66B | €87,521 | €63,516 | -€24,005 | -27.4% |
| Recurring financial charges | 65 | €87,521 | €63,516 | -€24,005 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €297,746 | €9,237,903 | +€8.9m | +3,003% |
| Income taxes | 67/77 | €191 | €176 | -€15 | -7.8% |
| Profit (loss) for the period | 9904 | €297,555 | €9,237,726 | +€8.9m | +3,005% |
| Profit (loss) for the period to be appropriated | 9905 | €297,555 | €9,237,726 | +€8.9m | +3,005% |
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 13 October 2026 via checked.be.