SWITCH
ActiveSummary
SWITCH has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-14k) and a net result of €-2k. Equity is shrinking by ~57.2% per year across the filed fiscal years. Its solvency ranks better than 13% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+61
Solvency15▼-2
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.77 against 0.76 in 2024; short-term debt: 109.6% and cash: 3.5% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-9.6%
Return on assets
-1.3%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-14k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
21 d late
2024
22 d early
2023
30 d late
2022
91 d late
2021
31 d late
2020
24 d early
2019
49 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-14k▼ 15.3%
2024 · €-12k
2018: €7k
2019: €27k▲ +295% vs 2018
2020: €29k▲ +5.8% vs 2019highest in 8 years
2021: €25k▼ -14.8% vs 2020
2022: €12k▼ -51.5% vs 2021
2023: €3k▼ -75.1% vs 2022
2024: €-12k▼ -502% vs 2023
2025: €-14k▼ -15.3% vs 2024lowest in 8 years
2018 → 2025
Total assets
€145k▼ 0.3%
2024 · €145k
2018: €120klowest in 8 years
2019: €142k▲ +18.0% vs 2018
2020: €127k▼ -10.3% vs 2019
2021: €152k▲ +19.7% vs 2020highest in 8 years
2022: €131k▼ -13.7% vs 2021
2023: €149k▲ +13.2% vs 2022
2024: €145k▼ -2.2% vs 2023
2025: €145k▼ -0.3% vs 2024
2018 → 2025
Net result
€-2k▲ 87.8%
2024 · €-15k
2018: €5k
2019: €21k▲ +281% vs 2018highest in 8 years
2020: €2k▼ -92.3% vs 2019
2021: €-4k▼ -372% vs 2020
2022: €-13k▼ -196% vs 2021
2023: €-9k▲ +29.2% vs 2022
2024: €-15k▼ -66.4% vs 2023lowest in 8 years
2025: €-2k▲ +87.8% vs 2024
2018 → 2025
Working capital
€-37k▲ 4.0%
2024 · €-38k
2018: €7k
2019: €27k▲ +304% vs 2018
2020: €29k▲ +5.8% vs 2019highest in 8 years
2021: €9k▼ -69.5% vs 2020
2022: €-4k▼ -146% vs 2021
2023: €-27k▼ -551% vs 2022
2024: €-38k▼ -43.8% vs 2023lowest in 8 years
2025: €-37k▲ +4.0% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€25k-€12k▼ 51.5%€3k▼ 75.1%€-12k€-14k▼ 15.3%
2021: €25khighest in 5 years
2022: €12k▼ -51.5% vs 2021
2023: €3k▼ -75.1% vs 2022
2024: €-12k▼ -502% vs 2023
2025: €-14k▼ -15.3% vs 2024lowest in 5 years
Operating result€-4k-€-12k▼ 213%€-9k▲ 30.0%€-15k▼ 68.7%€-2k▲ 88.6%
2021: €-4k
2022: €-12k▼ -213% vs 2021
2023: €-9k▲ +30.0% vs 2022
2024: €-15k▼ -68.7% vs 2023lowest in 5 years
2025: €-2k▲ +88.6% vs 2024highest in 5 years
Net result€-4k-€-13k▼ 196%€-9k▲ 29.2%€-15k▼ 66.4%€-2k▲ 87.8%
2021: €-4k
2022: €-13k▼ -196% vs 2021
2023: €-9k▲ +29.2% vs 2022
2024: €-15k▼ -66.4% vs 2023lowest in 5 years
2025: €-2k▲ +87.8% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2k in 2025 against €15k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €145k
Fixed assets
€23k ▼ 12.9%
Current assets
€122k ▲ 2.4%
Key figures and ratios
EBITDA
€2k▲
2024 · €-11k
Cash flow
€2k▲
2024 · €-12k
Solvency
-9.6%▼
2024 · -8.3%
Current ratio
0.77▲
2024 · 0.76
Quick ratio
0.06▲
2024 · 0.04
Debt to equity
-11.46▲
2024 · -13.10
ROA
-1.3%▲
2024 · -10.3%
Interest coverage
10.17▲
2024 · -27.56
Debt
€159k▲
2024 · €157k
Debt ≤ 1 year
€159k▲
2024 · €157k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 37 lines
Balance sheet
Code20242025
Assets
Total assets20/58€145k€145k▼
Fixed assets21/28€26k€23k▼
Tangible fixed assets22/27€26k€23k▼
Land and buildings22€26k€23k▼
Financial fixed assets28€200€200=
Current assets29/58€119k€122k▲
Stocks and contracts in progress3€113k€113k=
Stocks30/36€113k€113k=
Amounts receivable within one year40/41€5k€5k=
Trade receivables40€5k€5k=
Cash at bank and in hand54/58€2k€5k▲
Deferred charges and accrued income490/1€390-
Equity and liabilities
Total equity and liabilities10/49€145k€145k▼
Equity10/15€-12k€-14k▼
Contributions10/11€25k€25k=
Reserves13€3k€3k=
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Profit (loss) carried forward14€-40k€-41k▼
Amounts payable17/49€157k€159k▲
Amounts payable within one year42/48€157k€159k▲
Trade debts44€622€225▼
Suppliers440/4€622€225▼
Other amounts payable47/48€157k€159k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€3k=
Other operating charges640/8€3k-
Gross operating margin9900€-8k€2k▲
Operating profit (loss)9901€-15k€-2k▲
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€407€168▼
Recurring financial charges65€407€168▼
Profit (loss) for the period before taxes9903€-15k€-2k▲
Profit (loss) for the period9904€-15k€-2k▲
Profit (loss) for the period to be appropriated9905€-15k€-2k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-40k€-41k▼
Profit (loss) brought forward from the previous period14P€-25k€-40k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €730 | €2k | €2k | €3k | €3k | = |
| Other operating charges640/8 | €3k | €3k | €2k | €3k | - | - |
| Gross operating margin9900 | €-93 | €-8k | €-4k | €-8k | €2k | ▲ 122% |
| Operating profit (loss)9901 | €-4k | €-12k | €-9k | €-15k | €-2k | ▲ 88.6% |
| Financial income75/76B | €0 | - | - | €0 | - | - |
| Recurring financial income75 | €0 | - | - | €0 | - | - |
| Financial charges65/66B | €353 | €376 | €362 | €407 | €168 | ▼ 58.7% |
| Recurring financial charges65 | €353 | €376 | €362 | €407 | €168 | ▼ 58.7% |
| Profit (loss) for the period before taxes9903 | €-4k | €-13k | €-9k | €-15k | €-2k | ▲ 87.8% |
| Profit (loss) for the period9904 | €-4k | €-13k | €-9k | €-15k | €-2k | ▲ 87.8% |
| Profit (loss) for the period to be appropriated9905 | €-4k | €-13k | €-9k | €-15k | €-2k | ▲ 87.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €152k | €131k | €149k | €145k | €145k | ▼ 0.3% |
| Fixed assets21/28 | €16k | €16k | €30k | €26k | €23k | ▼ 12.9% |
| Tangible fixed assets22/27 | €16k | €16k | €29k | €26k | €23k | ▼ 13.0% |
| Land and buildings22 | €16k | €16k | €29k | €26k | €23k | ▼ 13.0% |
| Financial fixed assets28 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €136k | €115k | €119k | €119k | €122k | ▲ 2.4% |
| Stocks and contracts in progress3 | €113k | €113k | €113k | €113k | €113k | = |
| Stocks30/36 | €113k | €113k | €113k | €113k | €113k | = |
| Amounts receivable within one year40/41 | €19k | €2k | €5k | €5k | €5k | = |
| Trade receivables40 | €19k | €2k | €5k | €5k | €5k | = |
| Other amounts receivable41 | €398 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €4k | €529 | €2k | €2k | €5k | ▲ 188% |
| Deferred charges and accrued income490/1 | - | €349 | €498 | €390 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €152k | €131k | €149k | €145k | €145k | ▼ 0.3% |
| Equity10/15 | €25k | €12k | €3k | €-12k | €-14k | ▼ 15.3% |
| Contributions10/11 | €25k | €25k | €25k | €25k | €25k | = |
| Reserves13 | €3k | €3k | €3k | €3k | €3k | = |
| Non-distributable reserves130/1 | €3k | €3k | €3k | €3k | €3k | = |
| Reserves not available under the articles1311 | €3k | €3k | €3k | €3k | €3k | = |
| Profit (loss) carried forward14 | €-3k | €-15k | €-25k | €-40k | €-41k | ▼ 4.7% |
| Amounts payable17/49 | €128k | €119k | €146k | €157k | €159k | ▲ 0.8% |
| Amounts payable within one year42/48 | €127k | €119k | €146k | €157k | €159k | ▲ 0.8% |
| Trade debts44 | €19k | €2k | €1k | €622 | €225 | ▼ 63.8% |
| Suppliers440/4 | €19k | €2k | €1k | €622 | €225 | ▼ 63.8% |
| Taxes, remuneration and social security45 | €288 | €1k | - | - | - | - |
| Taxes450/3 | - | €1k | - | - | - | - |
| Remuneration and social security454/9 | €288 | - | - | - | - | - |
| Other amounts payable47/48 | €108k | €116k | €144k | €157k | €159k | ▲ 1.1% |
| Accrued charges and deferred income492/3 | €30 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-4k | €-13k | €-9k | €-15k | €-2k | ▲ 87.8% |
| + Depreciation and write-downs630 | €730 | €2k | €2k | €3k | €3k | = |
| Operating cash flow (approximation) | €-4k | €-11k | €-7k | €-12k | €2k | ▲ 113% |
| Investment in fixed assets (approximation) | - | €-2k | €-15k | €0 | €0 | - |
| Change in cash | - | €-4k | €988 | €225 | €3k | ▲ 1,357% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
21-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 21 days late
2025
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-15k
Net result drops to €-15k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
30-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 91 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
07-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
18-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 49 days late
2019
31-12
Financial
Highest result since 2018net €21k ▲281%
Operating result €21k, net result €21k, both a record.
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 22 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2007
Ground area
81 m²
Building footprint
54 m²
Volume, LiDAR
667 m³
Parcel 21808H1662/00A000, Brussels · tallest building 16.1 m, ±4 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
-
since 20072.163.495.819
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21808H1662/00A000 | Brussels | 81 m² | 1 · 54 m² | 16.1 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 11,748 companies in sector 68310 we hold annual accounts for 6,905. 1,503 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded04-04-2007
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
Contact
Phone
0496/231026Brussel
Scores and ratios are computed by Checked and are not a credit decision.