SWS: 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.
SWS
Largest movements
- Receivables within one year -€11,302
down €11,302 (-28.1%), from €40,180 to €28,878
of which Trade receivables: -€11,813
- Cash +€3,192
up €3,192 (+18.5%), from €17,281 to €20,473
mainly Receivables within one year (+€11,302) and Net result for the year (+€6,577)
- Tangible fixed assets +€1,580
up €1,580 (+132.8%), from €1,189 to €2,769
of which Furniture and vehicles: +€1,984
- Trade debts -€4,805
down €4,805 (-95.3%), from €5,042 to €237
- Reserves -€1,834
down €1,834 (-3.6%), from €50,687 to €48,853
of which Distributable reserves: -€1,834
- Tax, wage and social debts +€747
up €747 (+11.6%), from €6,458 to €7,205
- Current portion of long-term debt -€638
no longer reported in 2025 (was €638)
- Gross operating margin -€17,066
down €17,066 (-62.0%), from €27,546 to €10,480
- Taxes -€3,189
down €3,189 (-47.3%), from €6,741 to €3,552
- Financial charges -€576
down €576 (-66.1%), from €872 to €295
- Depreciation +€311
up €311 (+61.1%), from €509 to €819
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 | €58,650 | €52,120 | -€6,530 | -11.1% |
| Fixed assets | 21/28 | €1,189 | €2,769 | +€1,580 | +132.8% |
| Tangible fixed assets | 22/27 | €1,189 | €2,769 | +€1,580 | +132.8% |
| Plant, machinery and equipment | 23 | €1,189 | €785 | -€404 | -34.0% |
| Furniture and vehicles | 24 | - | €1,984 | +€1,984 | |
| Current assets | 29/58 | €57,461 | €49,351 | -€8,110 | -14.1% |
| Amounts receivable within one year | 40/41 | €40,180 | €28,878 | -€11,302 | -28.1% |
| Trade receivables | 40 | €15,573 | €3,760 | -€11,813 | -75.9% |
| Other amounts receivable | 41 | €24,607 | €25,118 | +€511 | +2.1% |
| Cash at bank and in hand | 54/58 | €17,281 | €20,473 | +€3,192 | +18.5% |
| Total equity and liabilities | 10/49 | €58,650 | €52,120 | -€6,530 | -11.1% |
| Equity | 10/15 | €46,512 | €44,678 | -€1,834 | -3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €50,687 | €48,853 | -€1,834 | -3.6% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €50,067 | €48,233 | -€1,834 | -3.7% |
| Profit (loss) carried forward | 14 | -€10,375 | -€10,375 | = | 0.0% |
| Amounts payable | 17/49 | €12,139 | €7,442 | -€4,696 | -38.7% |
| Amounts payable within one year | 42/48 | €12,139 | €7,442 | -€4,696 | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €638 | - | -€638 | |
| Trade debts | 44 | €5,042 | €237 | -€4,805 | -95.3% |
| Suppliers | 440/4 | €5,042 | €237 | -€4,805 | -95.3% |
| Taxes, remuneration and social security | 45 | €6,458 | €7,205 | +€747 | +11.6% |
| Taxes | 450/3 | €6,458 | €7,205 | +€747 | +11.6% |
| Remuneration, social security and pensions | 62 | €168 | €176 | +€8 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €509 | €819 | +€311 | +61.1% |
| Other operating charges | 640/8 | €708 | €528 | -€180 | -25.4% |
| Gross operating margin | 9900 | €27,546 | €10,480 | -€17,066 | -62.0% |
| Operating profit (loss) | 9901 | €26,161 | €8,957 | -€17,205 | -65.8% |
| Financial income | 75/76B | €1,448 | €1,468 | +€20 | +1.4% |
| Recurring financial income | 75 | €1,448 | €1,468 | +€20 | +1.4% |
| Financial charges | 65/66B | €872 | €295 | -€576 | -66.1% |
| Recurring financial charges | 65 | €872 | €295 | -€576 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | €26,737 | €10,129 | -€16,608 | -62.1% |
| Income taxes | 67/77 | €6,741 | €3,552 | -€3,189 | -47.3% |
| Profit (loss) for the period | 9904 | €19,996 | €6,577 | -€13,419 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,996 | €6,577 | -€13,419 | -67.1% |
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 9 October 2026 via checked.be.