SWUSTEN: 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.
SWUSTEN
Largest movements
- Cash +€18,021
up €18,021 (+26.8%), from €67,273 to €85,294
mainly Net result for the year (+€26,507) and Depreciation (+€2,955)
- Receivables within one year +€7,003
up €7,003 (+26.7%), from €26,194 to €33,196
- Tangible fixed assets -€2,457
down €2,457 (-2.4%), from €102,264 to €99,807
of which Plant, machinery and equipment: -€1,723
- Reserves +€26,507
up €26,507 (+15.7%), from €168,525 to €195,032
of which Distributable reserves: +€26,507
- Trade debts -€4,418
down €4,418 (-74.8%), from €5,910 to €1,492
- Gross operating margin +€20,575
up €20,575 (+84.8%), from €24,252 to €44,827
- Taxes +€9,033
up €9,033 (+239.1%), from €3,777 to €12,810
- Depreciation -€7,704
down €7,704 (-72.3%), from €10,659 to €2,955
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 | €197,059 | €219,799 | +€22,739 | +11.5% |
| Fixed assets | 21/28 | €102,264 | €99,807 | -€2,457 | -2.4% |
| Tangible fixed assets | 22/27 | €102,264 | €99,807 | -€2,457 | -2.4% |
| Land and buildings | 22 | €94,735 | €94,661 | -€73 | -0.1% |
| Plant, machinery and equipment | 23 | €5,268 | €3,545 | -€1,723 | -32.7% |
| Furniture and vehicles | 24 | €2,261 | €1,601 | -€660 | -29.2% |
| Current assets | 29/58 | €94,795 | €119,991 | +€25,196 | +26.6% |
| Amounts receivable within one year | 40/41 | €26,194 | €33,196 | +€7,003 | +26.7% |
| Other amounts receivable | 41 | €26,194 | €33,196 | +€7,003 | +26.7% |
| Cash at bank and in hand | 54/58 | €67,273 | €85,294 | +€18,021 | +26.8% |
| Deferred charges and accrued income | 490/1 | €1,328 | €1,501 | +€173 | +13.0% |
| Total equity and liabilities | 10/49 | €197,059 | €219,799 | +€22,739 | +11.5% |
| Equity | 10/15 | €187,125 | €213,632 | +€26,507 | +14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €168,525 | €195,032 | +€26,507 | +15.7% |
| Tax-exempt reserves | 132 | €11,899 | €11,899 | = | 0.0% |
| Distributable reserves | 133 | €156,626 | €183,133 | +€26,507 | +16.9% |
| Amounts payable | 17/49 | €9,934 | €6,167 | -€3,767 | -37.9% |
| Amounts payable within one year | 42/48 | €9,934 | €6,167 | -€3,767 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €2,006 | €1,997 | -€8 | -0.4% |
| Trade debts | 44 | €5,910 | €1,492 | -€4,418 | -74.8% |
| Suppliers | 440/4 | €5,910 | €1,492 | -€4,418 | -74.8% |
| Taxes, remuneration and social security | 45 | €2,019 | €2,678 | +€659 | +32.7% |
| Taxes | 450/3 | €2,019 | €2,678 | +€659 | +32.7% |
| Non-recurring operating income | 76A | €607 | - | -€607 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,659 | €2,955 | -€7,704 | -72.3% |
| Other operating charges | 640/8 | €2,392 | €2,507 | +€115 | +4.8% |
| Gross operating margin | 9900 | €24,252 | €44,827 | +€20,575 | +84.8% |
| Operating profit (loss) | 9901 | €11,201 | €39,365 | +€28,165 | +251.5% |
| Financial income | 75/76B | €99 | €502 | +€403 | +405.0% |
| Recurring financial income | 75 | €99 | €502 | +€403 | +405.0% |
| Financial charges | 65/66B | €741 | €551 | -€190 | -25.6% |
| Recurring financial charges | 65 | €741 | €551 | -€190 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €10,559 | €39,316 | +€28,757 | +272.4% |
| Income taxes | 67/77 | €3,777 | €12,810 | +€9,033 | +239.1% |
| Profit (loss) for the period | 9904 | €6,782 | €26,507 | +€19,725 | +290.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,782 | €26,507 | +€19,725 | +290.9% |
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 7 October 2026 via checked.be.