SWT: 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.
SWT
Largest movements
- Tangible fixed assets +€210,711
up €210,711 (+153%), from €138,042 to €348,752
of which Furniture and vehicles: +€213,629
- Receivables within one year +€20,684
up €20,684 (+8.3%), from €247,922 to €268,606
of which Other amounts receivable: +€33,410
- Advances received +€185,500
up €185,500 (+824%), from €22,500 to €208,000
- Trade debts +€82,466
up €82,466 (+608%), from €13,565 to €96,031
- Other debts -€71,533
down €71,533 (-45.9%), from €155,926 to €84,393
- Tax, wage and social debts +€61,725
up €61,725 (+233%), from €26,527 to €88,251
- Profit (loss) carried forward -€33,916
down €33,916 (-26.5%), from €128,066 to €94,150
- Gross operating margin +€151,505
up €151,505 (+77.5%), from €195,427 to €346,932
- Depreciation +€60,908
up €60,908 (+158%), from €38,572 to €99,480
- Taxes +€35,852
up €35,852 (+150%), from €23,955 to €59,807
- Financial charges +€4,809
up €4,809 (+354%), from €1,359 to €6,168
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €397,313 | €621,494 | +€224,181 | +56.4% |
| Fixed assets | 21/28 | €142,356 | €350,191 | +€207,836 | +146% |
| Tangible fixed assets | 22/27 | €138,042 | €348,752 | +€210,711 | +153% |
| Plant, machinery and equipment | 23 | €6,456 | €3,538 | -€2,918 | -45.2% |
| Furniture and vehicles | 24 | €131,586 | €345,214 | +€213,629 | +162% |
| Financial fixed assets | 28 | €4,314 | €1,439 | -€2,875 | -66.6% |
| Current assets | 29/58 | €254,957 | €271,303 | +€16,346 | +6.4% |
| Amounts receivable within one year | 40/41 | €247,922 | €268,606 | +€20,684 | +8.3% |
| Trade receivables | 40 | €33,971 | €21,245 | -€12,726 | -37.5% |
| Other amounts receivable | 41 | €213,951 | €247,361 | +€33,410 | +15.6% |
| Deferred charges and accrued income | 490/1 | €7,035 | €2,696 | -€4,339 | -61.7% |
| Total equity and liabilities | 10/49 | €397,313 | €621,494 | +€224,181 | +56.4% |
| Equity | 10/15 | €138,066 | €104,150 | -€33,916 | -24.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,066 | €94,150 | -€33,916 | -26.5% |
| Amounts payable | 17/49 | €259,246 | €517,344 | +€258,097 | +99.6% |
| Amounts payable after more than one year | 17 | €32,919 | €24,800 | -€8,119 | -24.7% |
| Financial debts | 170/4 | €32,919 | €24,800 | -€8,119 | -24.7% |
| Amounts payable within one year | 42/48 | €226,327 | €492,544 | +€266,217 | +118% |
| Current portion of amounts payable after more than one year | 42 | €7,809 | €8,119 | +€310 | +4.0% |
| Financial debts | 43 | - | €7,749 | +€7,749 | |
| Credit institutions | 430/8 | - | €7,749 | +€7,749 | |
| Trade debts | 44 | €13,565 | €96,031 | +€82,466 | +608% |
| Suppliers | 440/4 | €13,565 | €96,031 | +€82,466 | +608% |
| Advances received on contracts in progress | 46 | €22,500 | €208,000 | +€185,500 | +824% |
| Taxes, remuneration and social security | 45 | €26,527 | €88,251 | +€61,725 | +233% |
| Taxes | 450/3 | €26,527 | €88,251 | +€61,725 | +233% |
| Other amounts payable | 47/48 | €155,926 | €84,393 | -€71,533 | -45.9% |
| Non-recurring operating income | 76A | - | €63,699 | +€63,699 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,572 | €99,480 | +€60,908 | +158% |
| Other operating charges | 640/8 | €2,055 | €1,995 | -€60 | -2.9% |
| Gross operating margin | 9900 | €195,427 | €346,932 | +€151,505 | +77.5% |
| Operating profit (loss) | 9901 | €154,800 | €245,458 | +€90,658 | +58.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,359 | €6,168 | +€4,809 | +354% |
| Recurring financial charges | 65 | €1,359 | €6,168 | +€4,809 | +354% |
| Profit (loss) for the period before taxes | 9903 | €153,441 | €239,291 | +€85,850 | +55.9% |
| Income taxes | 67/77 | €23,955 | €59,807 | +€35,852 | +150% |
| Profit (loss) for the period | 9904 | €129,486 | €179,484 | +€49,998 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €129,486 | €179,484 | +€49,998 | +38.6% |
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 14 October 2026 via checked.be.