SZWED: 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.
SZWED
Largest movements
- Tangible fixed assets -€21,824
down €21,824 (-3.1%), from €715,202 to €693,378
of which Land and buildings: -€13,430
- Cash -€11,486
down €11,486 (-40.5%), from €28,365 to €16,879
mainly Debts after one year (-€32,466) and Contributions, distributions and other (-€30,000)
- Receivables within one year -€8,520
down €8,520 (-24.4%), from €34,954 to €26,434
of which Other amounts receivable: -€7,533
- Debts after one year -€32,466
down €32,466 (-5.5%), from €586,625 to €554,159
- Trade debts -€10,269
down €10,269 (-96.7%), from €10,623 to €354
- Other debts +€7,911
new in 2025: €7,911
- Gross operating margin +€10,651
up €10,651 (+12.9%), from €82,575 to €93,226
- Taxes +€2,691
up €2,691 (+25.1%), from €10,731 to €13,422
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
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 | €780,950 | €744,897 | -€36,053 | -4.6% |
| Fixed assets | 21/28 | €715,202 | €693,378 | -€21,824 | -3.1% |
| Tangible fixed assets | 22/27 | €715,202 | €693,378 | -€21,824 | -3.1% |
| Land and buildings | 22 | €698,517 | €685,087 | -€13,430 | -1.9% |
| Plant, machinery and equipment | 23 | €2,963 | €2,578 | -€385 | -13.0% |
| Furniture and vehicles | 24 | €5,808 | €3,919 | -€1,889 | -32.5% |
| Leasing and similar rights | 25 | €7,914 | €1,794 | -€6,120 | -77.3% |
| Current assets | 29/58 | €65,749 | €51,519 | -€14,230 | -21.6% |
| Stocks and contracts in progress | 3 | - | €5,337 | +€5,337 | |
| Stocks | 30/36 | - | €5,337 | +€5,337 | |
| Amounts receivable within one year | 40/41 | €34,954 | €26,434 | -€8,520 | -24.4% |
| Trade receivables | 40 | €27,421 | €26,434 | -€987 | -3.6% |
| Other amounts receivable | 41 | €7,533 | - | -€7,533 | |
| Cash at bank and in hand | 54/58 | €28,365 | €16,879 | -€11,486 | -40.5% |
| Deferred charges and accrued income | 490/1 | €2,429 | €2,869 | +€440 | +18.1% |
| Total equity and liabilities | 10/49 | €780,950 | €744,897 | -€36,053 | -4.6% |
| Equity | 10/15 | €130,821 | €129,214 | -€1,607 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €124,621 | €123,014 | -€1,607 | -1.3% |
| Distributable reserves | 133 | €124,621 | €123,014 | -€1,607 | -1.3% |
| Amounts payable | 17/49 | €650,130 | €615,684 | -€34,446 | -5.3% |
| Amounts payable after more than one year | 17 | €586,625 | €554,159 | -€32,466 | -5.5% |
| Financial debts | 170/4 | €586,625 | €554,159 | -€32,466 | -5.5% |
| Amounts payable within one year | 42/48 | €62,416 | €60,436 | -€1,980 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €44,063 | €38,749 | -€5,314 | -12.1% |
| Trade debts | 44 | €10,623 | €354 | -€10,269 | -96.7% |
| Suppliers | 440/4 | €10,623 | €354 | -€10,269 | -96.7% |
| Taxes, remuneration and social security | 45 | €7,731 | €13,422 | +€5,691 | +73.6% |
| Taxes | 450/3 | €7,731 | €13,422 | +€5,691 | +73.6% |
| Other amounts payable | 47/48 | - | €7,911 | +€7,911 | |
| Accrued charges and deferred income | 492/3 | €1,089 | €1,089 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,274 | €33,805 | +€531 | +1.6% |
| Other operating charges | 640/8 | €3,032 | €3,150 | +€118 | +3.9% |
| Gross operating margin | 9900 | €82,575 | €93,226 | +€10,651 | +12.9% |
| Operating profit (loss) | 9901 | €46,268 | €56,271 | +€10,003 | +21.6% |
| Financial income | 75/76B | €200 | €0 | -€200 | -100.0% |
| Recurring financial income | 75 | €200 | €0 | -€200 | -100.0% |
| Financial charges | 65/66B | €15,200 | €14,456 | -€743 | -4.9% |
| Recurring financial charges | 65 | €15,200 | €14,456 | -€743 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €31,269 | €41,815 | +€10,546 | +33.7% |
| Income taxes | 67/77 | €10,731 | €13,422 | +€2,691 | +25.1% |
| Profit (loss) for the period | 9904 | €20,538 | €28,393 | +€7,855 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,538 | €28,393 | +€7,855 | +38.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.