SWS PROJECTS: 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.
SWS PROJECTS
Largest movements
- Receivables within one year -€25,607
down €25,607 (-83.9%), from €30,512 to €4,904
of which Other amounts receivable: -€19,932
- Financial fixed assets -€11,860
down €11,860 (-96.8%), from €12,250 to €390
- Deferred charges and accrued income +€5,345
up €5,345 (+3326.1%), from €161 to €5,506
- Tangible fixed assets -€3,726
down €3,726 (-100.0%), from €3,726 to €0
of which Other tangible fixed assets: -€3,689
- Cash -€1,618
down €1,618 (-30.5%), from €5,302 to €3,684
mainly Net result for the year (-€32,408) and Tax, wage and social debts (-€6,795)
- Profit (loss) carried forward -€24,036
down €24,036 (-1169.6%), from -€2,055 to -€26,091
- Reserves -€8,372
down €8,372 (-22.1%), from €37,923 to €29,551
- Tax, wage and social debts -€6,795
down €6,795 (-65.0%), from €10,461 to €3,665
of which Taxes: -€8,495
- Trade debts +€5,455
up €5,455 (+366.3%), from €1,489 to €6,944
- Accrued charges and deferred income -€3,705
down €3,705 (-92.2%), from €4,020 to €315
- Gross operating margin -€23,292
down €23,292, from €2,849 to -€20,443
- Financial charges +€4,487
up €4,487 (+147.1%), from €3,049 to €7,536
of which Non-recurring financial charges: +€6,931
- Depreciation -€820
down €820 (-95.7%), from €857 to €37
- Financial income -€719
down €719 (-50.5%), from €1,424 to €705
- Other operating charges -€698
down €698 (-33.1%), from €2,106 to €1,408
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 | €51,951 | €14,484 | -€37,467 | -72.1% |
| Fixed assets | 21/28 | €15,976 | €390 | -€15,586 | -97.6% |
| Tangible fixed assets | 22/27 | €3,726 | €0 | -€3,726 | -100.0% |
| Furniture and vehicles | 24 | €37 | €0 | -€37 | -100.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €3,689 | €0 | -€3,689 | -100.0% |
| Financial fixed assets | 28 | €12,250 | €390 | -€11,860 | -96.8% |
| Current assets | 29/58 | €35,975 | €14,094 | -€21,880 | -60.8% |
| Amounts receivable within one year | 40/41 | €30,512 | €4,904 | -€25,607 | -83.9% |
| Trade receivables | 40 | €5,778 | €103 | -€5,675 | -98.2% |
| Other amounts receivable | 41 | €24,734 | €4,801 | -€19,932 | -80.6% |
| Cash at bank and in hand | 54/58 | €5,302 | €3,684 | -€1,618 | -30.5% |
| Deferred charges and accrued income | 490/1 | €161 | €5,506 | +€5,345 | +3326.1% |
| Total equity and liabilities | 10/49 | €51,951 | €14,484 | -€37,467 | -72.1% |
| Equity | 10/15 | €35,968 | €3,560 | -€32,408 | -90.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €37,923 | €29,551 | -€8,372 | -22.1% |
| Distributable reserves | 133 | €37,923 | €29,551 | -€8,372 | -22.1% |
| Profit (loss) carried forward | 14 | -€2,055 | -€26,091 | -€24,036 | -1169.6% |
| Amounts payable | 17/49 | €15,983 | €10,924 | -€5,059 | -31.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €11,963 | €10,610 | -€1,353 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,489 | €6,944 | +€5,455 | +366.3% |
| Suppliers | 440/4 | €1,489 | €6,944 | +€5,455 | +366.3% |
| Taxes, remuneration and social security | 45 | €10,461 | €3,665 | -€6,795 | -65.0% |
| Taxes | 450/3 | €10,461 | €1,965 | -€8,495 | -81.2% |
| Remuneration and social security | 454/9 | - | €1,700 | +€1,700 | |
| Other amounts payable | 47/48 | €13 | €0 | -€13 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,020 | €315 | -€3,705 | -92.2% |
| Non-recurring operating income | 76A | €547 | €0 | -€547 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €857 | €37 | -€820 | -95.7% |
| Other operating charges | 640/8 | €2,106 | €1,408 | -€698 | -33.1% |
| Non-recurring operating charges | 66A | - | €3,689 | +€3,689 | |
| Gross operating margin | 9900 | €2,849 | -€20,443 | -€23,292 | |
| Operating profit (loss) | 9901 | -€115 | -€25,577 | -€25,463 | -22236.2% |
| Financial income | 75/76B | €1,424 | €705 | -€719 | -50.5% |
| Recurring financial income | 75 | €1,424 | €705 | -€719 | -50.5% |
| Financial charges | 65/66B | €3,049 | €7,536 | +€4,487 | +147.1% |
| Recurring financial charges | 65 | €3,049 | €605 | -€2,444 | -80.2% |
| Non-recurring financial charges | 66B | - | €6,931 | +€6,931 | |
| Profit (loss) for the period before taxes | 9903 | -€1,740 | -€32,408 | -€30,668 | -1762.7% |
| Income taxes | 67/77 | €315 | €0 | -€315 | -100.0% |
| Profit (loss) for the period | 9904 | -€2,055 | -€32,408 | -€30,353 | -1476.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,055 | -€32,408 | -€30,353 | -1476.9% |
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 1 October 2026 via checked.be.