SWS Vastgoed: what changed
SWS Vastgoed
Largest movements
- Tangible fixed assets +€454,399
up €454,399 (+13,899%), from €3,269 to €457,669
of which Land and buildings: +€457,407
- Cash -€135,704
down €135,704 (-23.5%), from €577,388 to €441,684
- Intangible fixed assets -€42,271
no longer reported in 2025 (was €42,271)
- Receivables within one year +€20,000
up €20,000 (+309%), from €6,465 to €26,465
of which Other amounts receivable: +€24,751
- Debts after one year +€307,305
new in 2025: €307,305
- Accrued charges and deferred income -€299,769
no longer reported in 2025 (was €299,769)
- Trade debts +€141,664
up €141,664 (+613%), from €23,119 to €164,783
- Other debts +€99,570
up €99,570 (+93.5%), from €106,511 to €206,081
- Current portion of long-term debt +€16,360
new in 2025: €16,360
- Staff costs -€83,117
down €83,117 (-94.7%), from €87,784 to €4,667
- Depreciation -€19,682
down €19,682 (-87.7%), from €22,447 to €2,766
- Gross operating margin +€10,596
up €10,596 (+6.3%), from €166,939 to €177,534
- Financial income +€8,072
up €8,072 (+1,999%), from €404 to €8,475
- Taxes +€4,389
up €4,389 (+449%), from €977 to €5,366
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €639,122 | €930,276 | +€291,154 | +45.6% |
| Fixed assets | 21/28 | €45,691 | €457,819 | +€412,128 | +902% |
| Intangible fixed assets | 21 | €42,271 | - | -€42,271 | |
| Tangible fixed assets | 22/27 | €3,269 | €457,669 | +€454,399 | +13,899% |
| Land and buildings | 22 | - | €457,407 | +€457,407 | |
| Plant, machinery and equipment | 23 | €3,269 | €262 | -€3,008 | -92.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €593,432 | €472,458 | -€120,974 | -20.4% |
| Stocks and contracts in progress | 3 | €7,913 | - | -€7,913 | |
| Stocks | 30/36 | €7,913 | - | -€7,913 | |
| Amounts receivable within one year | 40/41 | €6,465 | €26,465 | +€20,000 | +309% |
| Trade receivables | 40 | €4,751 | - | -€4,751 | |
| Other amounts receivable | 41 | €1,714 | €26,465 | +€24,751 | +1,444% |
| Cash at bank and in hand | 54/58 | €577,388 | €441,684 | -€135,704 | -23.5% |
| Deferred charges and accrued income | 490/1 | €1,665 | €4,309 | +€2,644 | +159% |
| Total equity and liabilities | 10/49 | €639,122 | €930,276 | +€291,154 | +45.6% |
| Equity | 10/15 | €128,341 | €150,557 | +€22,216 | +17.3% |
| Contributions | 10/11 | €58,800 | €68,600 | +€9,800 | +16.7% |
| Reserves | 13 | €69,541 | €81,957 | +€12,416 | +17.9% |
| Distributable reserves | 133 | €69,541 | €81,957 | +€12,416 | +17.9% |
| Amounts payable | 17/49 | €510,781 | €779,719 | +€268,938 | +52.7% |
| Amounts payable after more than one year | 17 | - | €307,305 | +€307,305 | |
| Financial debts | 170/4 | - | €307,305 | +€307,305 | |
| Amounts payable within one year | 42/48 | €211,013 | €472,414 | +€261,401 | +124% |
| Current portion of amounts payable after more than one year | 42 | - | €16,360 | +€16,360 | |
| Trade debts | 44 | €23,119 | €164,783 | +€141,664 | +613% |
| Suppliers | 440/4 | €23,119 | €164,783 | +€141,664 | +613% |
| Taxes, remuneration and social security | 45 | €81,382 | €85,190 | +€3,808 | +4.7% |
| Taxes | 450/3 | €15,347 | €5,366 | -€9,980 | -65.0% |
| Remuneration and social security | 454/9 | €66,035 | €79,823 | +€13,788 | +20.9% |
| Other amounts payable | 47/48 | €106,511 | €206,081 | +€99,570 | +93.5% |
| Accrued charges and deferred income | 492/3 | €299,769 | - | -€299,769 | |
| Non-recurring operating income | 76A | - | €499,769 | +€499,769 | |
| Remuneration, social security and pensions | 62 | €87,784 | €4,667 | -€83,117 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,447 | €2,766 | -€19,682 | -87.7% |
| Other operating charges | 640/8 | €6,111 | €9,551 | +€3,439 | +56.3% |
| Non-recurring operating charges | 66A | - | €45,541 | +€45,541 | |
| Gross operating margin | 9900 | €166,939 | €177,534 | +€10,596 | +6.3% |
| Operating profit (loss) | 9901 | €50,596 | €115,010 | +€64,414 | +127% |
| Financial income | 75/76B | €404 | €8,475 | +€8,072 | +1,999% |
| Recurring financial income | 75 | €404 | €8,475 | +€8,072 | +1,999% |
| Financial charges | 65/66B | €2,378 | €5,703 | +€3,325 | +140% |
| Recurring financial charges | 65 | €2,378 | €5,703 | +€3,325 | +140% |
| Profit (loss) for the period before taxes | 9903 | €48,622 | €117,782 | +€69,160 | +142% |
| Income taxes | 67/77 | €977 | €5,366 | +€4,389 | +449% |
| Profit (loss) for the period | 9904 | €47,645 | €112,416 | +€64,771 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €47,645 | €112,416 | +€64,771 | +136% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.