scwitch
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 10 filings
Turnover
≈ €300,000
Estimated: probably between €260,000 and €360,000
Total assets
€333,406▼ 3.8%
2024 · €346,706
Net result
€17,660▼ 80.7%
2024 · €91,394
Working capital
€196,769▼ 17.3%
2024 · €237,848
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,773
▼ 80.2%
2025
20182025
Net result
€17,660
▼ 80.7%
2025
middle half of the sector
20182025
Equity
€198,560
▼ 13.8%
2025
middle half of the sector
20182025
Total assets
€333,406
▼ 3.8%
2025
middle half of the sector
20182025
Debt
€134,846
▲ 15.8%
2025
20182025
Working capital
€196,769
▼ 17.3%
2025
highest quarter of the sector
20182025
Solvency
59.6%
▼ 6.9pp
2025
middle half of the sector
20182025
Current ratio
2.47
▼ 0.86
2025
middle half of the sector
20182025
Return on assets (ROA)
5.3%
▼ 21.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1.7
▼ 15.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,681-€20,861▲ 172%-€19,551€14,338€55,778▲ 289%€84,051▲ 50.7%€125,234▲ 49.0%€24,773▼ 80.2%
Net result€8,868-€20,611▲ 132%-€19,838below the sector's middle half€14,122within the sector's middle half€43,030within the sector's middle half▲ 205%€61,280within the sector's middle half▲ 42.4%€91,394above the sector's middle half▲ 49.1%€17,660within the sector's middle half▼ 80.7%
Equity€19,399-€40,211▲ 107%€20,373below the sector's middle half▼ 49.3%€34,495within the sector's middle half▲ 69.3%€77,625within the sector's middle half▲ 125%€138,906within the sector's middle half▲ 78.9%€230,300within the sector's middle half▲ 65.8%€198,560within the sector's middle half▼ 13.8%
Total assets€75,140-€109,934▲ 46.3%€105,126within the sector's middle half▼ 4.4%€97,993within the sector's middle half▼ 6.8%€167,984within the sector's middle half▲ 71.4%€233,050within the sector's middle half▲ 38.7%€346,706within the sector's middle half▲ 48.8%€333,406within the sector's middle half▼ 3.8%
Debt€55,741-€69,724▲ 25.1%€84,753▲ 21.6%€63,498▼ 25.1%€90,358▲ 42.3%€94,144▲ 4.2%€116,406▲ 23.6%€134,846▲ 15.8%
Working capital€56,173-€75,724▲ 34.8%€51,678within the sector's middle half▼ 31.8%€64,941within the sector's middle half▲ 25.7%€86,787within the sector's middle half▲ 33.6%€155,067above the sector's middle half▲ 78.7%€237,848above the sector's middle half▲ 53.4%€196,769above the sector's middle half▼ 17.3%
Solvency25.8%-36.6%▲ 10.8pp19.4%below the sector's middle half▼ 17.2pp35.2%within the sector's middle half▲ 15.8pp46.2%within the sector's middle half▲ 11.0pp59.6%within the sector's middle half▲ 13.4pp66.4%within the sector's middle half▲ 6.8pp59.6%within the sector's middle half▼ 6.9pp
Current ratio4.64-3.26▼ 1.382.04within the sector's middle half▼ 1.223.20within the sector's middle half▲ 1.162.11within the sector's middle half▼ 1.093.42within the sector's middle half▲ 1.303.33within the sector's middle half▼ 0.092.47within the sector's middle half▼ 0.86
Return on assets (ROA)11.8%-18.7%▲ 6.9pp-18.9%below the sector's middle half▼ 37.6pp14.4%within the sector's middle half▲ 33.3pp25.6%within the sector's middle half▲ 11.2pp26.3%within the sector's middle half▲ 0.7pp26.4%within the sector's middle half▲ 0.1pp5.3%within the sector's middle half▼ 21.1pp
Staff (FTE)1.61.8within the sector's middle half▲ 12.5%2.5▲ 38.9%1.8▼ 28.0%2.7▲ 50.0%2▼ 25.9%1.7▼ 15.0%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 80% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €333,406
Fixed assets
€2,718 ▼ 59.1%
Current assets
€330,688 ▼ 2.8%
Equity and liabilities €333,406
Equity
€198,560 ▼ 13.8%
Debt
€134,846 ▲ 15.8%
Debt's share of the balance-sheet total rises from 33.6% to 40.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€31,192▼
2024 · €132,365
Cash flow
€24,079▼
2024 · €98,525
Debt to equity
0.68▲
2024 · 0.51
ROE
8.9%▼
2024 · 39.7%
Interest coverage
80.15▼
2024 · over 100
Debt ≤ 1 year
€133,919▲
2024 · €102,214
Income taxes
€6,739▼
2024 · €33,579
Staff costs
€146,554▲
2024 · €119,555
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 2 | 2 | 3 |
| full-time | 2 | 3 | 2 | 2 | 1 |
| part-time | - | - | 0 | 0 | 2 |
| in full-time equivalents | 2 | 3 | 2 | 2 | 2.3 |
| Average over the year, in full-time equivalents | 2.5 | 1.8 | 2.7 | 2 | 1.7 |
| On a permanent contract | 2 | 3 | 2 | 2 | 3 |
| Joined | 1 | 4 | 0 | - | 0 |
| Left | 1 | 3 | 1 | - | 0 |
| Training hours | 4 | 4 | 4 | 5 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €826 | €850 | - | - | €2,493 |
| Intangible fixed assets | - | - | €17,306 | - | - |
| Depreciation and write-downs of the year | €1,163 | €1,341 | €6,630 | €7,130 | €6,419 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €144,279 | €114,937 | €142,234 | €119,555 | €146,554 | ▲ 22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,428 | €2,806 | €1,707 | €1,163 | €1,341 | €6,630 | €7,130 | €6,419 | ▼ 10.0% |
| Other operating charges640/8 | - | - | - | €348 | €698 | €1,078 | €393 | €819 | ▲ 108% |
| Gross operating margin9900 | €70,353 | €117,034 | €91,425 | €160,127 | €172,754 | €233,992 | €252,313 | €178,565 | ▼ 29.2% |
| Operating profit (loss)9901 | €7,681 | €20,861 | -€19,551 | €14,338 | €55,778 | €84,051 | €125,234 | €24,773 | ▼ 80.2% |
| Financial income75/76B | - | - | - | - | €123 | €0 | €0 | €15 | ▲ 1,477× |
| Recurring financial income75 | €1,867 | €0 | €0 | - | €123 | €0 | €0 | €15 | ▲ 1,477× |
| Non-recurring financial income76B | - | - | - | - | €123 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €216 | €191 | €354 | €261 | €389 | ▲ 48.9% |
| Recurring financial charges65 | €680 | €249 | €287 | €216 | €191 | €354 | €261 | €389 | ▲ 48.9% |
| Profit (loss) for the period before taxes9903 | €8,868 | €20,611 | -€19,838 | €14,122 | €55,710 | €83,696 | €124,973 | €24,399 | ▼ 80.5% |
| Income taxes67/77 | - | - | - | - | €12,680 | €22,416 | €33,579 | €6,739 | ▼ 79.9% |
| Profit (loss) for the period9904 | €8,868 | €20,611 | -€19,838 | €14,122 | €43,030 | €61,280 | €91,394 | €17,660 | ▼ 80.7% |
| Profit (loss) for the period to be appropriated9905 | €8,868 | €20,611 | -€19,838 | €14,122 | €43,030 | €61,280 | €91,394 | €17,660 | ▼ 80.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €75,140 | €109,934 | €105,126 | €97,993 | €167,984 | €233,050 | €346,706 | €333,406 | ▼ 3.8% |
| Fixed assets21/28 | €3,538 | €731 | €3,926 | €3,589 | €3,098 | €13,774 | €6,644 | €2,718 | ▼ 59.1% |
| Intangible fixed assets21 | €2,631 | €500 | €3,926 | €2,941 | €1,960 | €13,195 | €6,447 | €678 | ▼ 89.5% |
| Tangible fixed assets22/27 | €907 | €232 | €0 | €648 | €1,138 | €579 | €198 | €2,040 | ▲ 932% |
| Plant, machinery and equipment23 | - | - | - | €648 | €1,138 | €579 | €198 | €774 | ▲ 292% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €1,266 | - |
| Current assets29/58 | €71,602 | €109,203 | €101,200 | €94,404 | €164,886 | €219,276 | €340,062 | €330,688 | ▼ 2.8% |
| Amounts receivable within one year40/41 | €41,991 | €63,926 | €67,127 | €70,078 | €81,103 | €89,556 | €146,399 | €185,713 | ▲ 26.9% |
| Trade receivables40 | - | - | - | €70,078 | €79,089 | €86,951 | €145,562 | €76,637 | ▼ 47.4% |
| Other amounts receivable41 | - | - | - | - | €2,014 | €2,606 | €838 | €109,077 | ▲ 130× |
| Current investments50/53 | - | - | €1,250 | €1,250 | €1,250 | €1,250 | €1,250 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €29,275 | €44,864 | €32,321 | €22,487 | €81,632 | €126,281 | €191,932 | €144,006 | ▼ 25.0% |
| Deferred charges and accrued income490/1 | - | - | - | €589 | €901 | €2,189 | €481 | €969 | ▲ 102% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €75,140 | €109,934 | €105,126 | €97,993 | €167,984 | €233,050 | €346,706 | €333,406 | ▼ 3.8% |
| Equity10/15 | €19,399 | €40,211 | €20,373 | €34,495 | €77,625 | €138,906 | €230,300 | €198,560 | ▼ 13.8% |
| Contributions10/11 | €49,100 | €49,300 | - | €49,300 | €49,400 | €49,400 | €49,400 | - | - |
| Reserves13 | - | - | - | - | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Non-distributable reserves130/1 | - | - | - | - | €7,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €7,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €7,000 | €7,000 | - | - |
| Profit (loss) carried forward14 | -€29,701 | -€9,089 | -€28,927 | -€14,805 | €21,225 | €82,506 | €173,900 | €191,560 | ▲ 10.2% |
| Amounts payable17/49 | €55,741 | €69,724 | €84,753 | €63,498 | €90,358 | €94,144 | €116,406 | €134,846 | ▲ 15.8% |
| Amounts payable after more than one year17 | €20,000 | €20,000 | €20,000 | €20,000 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €20,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €15,429 | €33,479 | €49,522 | €29,464 | €78,099 | €64,209 | €102,214 | €133,919 | ▲ 31.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €20,000 | €0 | - | - | - |
| Trade debts44 | €1,775 | €18,409 | €36,171 | €7,468 | €25,061 | €8,182 | €25,591 | €79,037 | ▲ 209% |
| Suppliers440/4 | - | - | - | €7,468 | €25,061 | €8,182 | €25,591 | €79,037 | ▲ 209% |
| Taxes, remuneration and social security45 | - | - | - | €21,995 | €33,038 | €56,027 | €76,624 | €37,382 | ▼ 51.2% |
| Taxes450/3 | - | - | - | €7,715 | €21,003 | €36,597 | €61,815 | €25,817 | ▼ 58.2% |
| Remuneration and social security454/9 | - | - | - | €14,281 | €12,035 | €19,430 | €14,809 | €11,565 | ▼ 21.9% |
| Accrued charges and deferred income492/3 | - | - | - | €14,034 | €12,259 | €29,935 | €14,192 | €927 | ▼ 93.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,868 | €20,611 | -€19,838 | €14,122 | €43,030 | €61,280 | €91,394 | €17,660 | ▼ 80.7% |
| + Depreciation and write-downs630 | €7,428 | €2,806 | €1,707 | €1,163 | €1,341 | €6,630 | €7,130 | €6,419 | ▼ 10.0% |
| Operating cash flow (approximation) | €16,296 | €23,418 | -€18,131 | €15,285 | €44,372 | €67,910 | €98,525 | €24,079 | ▼ 75.6% |
| Investment in fixed assets (approximation) | - | €0 | -€4,901 | -€826 | -€850 | -€17,306 | -€0 | -€2,493 | ▼ 24,931,000% |
| Change in cash | - | €15,589 | -€12,542 | -€9,834 | €59,144 | €44,649 | €65,651 | -€47,926 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as scwitch has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of scwitch itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for scwitch. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00232537 | |
| 31-12-2024 | micro format | 23-05-2025 | 2025-00105485 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00234277 | |
| 31-12-2022 | micro format | 09-06-2023 | 2023-00121824 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20041058 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-28200172 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-38400441 | |
| 31-12-2018 | micro format | 30-06-2019 | 2019-25900265 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-35800297 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-21800458 |