EnergySwitch: 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.
EnergySwitch
Largest movements
- Tangible fixed assets -€61,053
down €61,053 (-5.9%), from €1.0m to €968,900
of which Land and buildings: -€50,534
- Cash -€55,302
down €55,302 (-93.7%), from €59,045 to €3,743
mainly Contributions, distributions and other (-€68,600) and Other debts (-€57,176)
- Current investments +€40,184
new in 2025: €40,184
- Other debts -€57,176
no longer reported in 2025 (was €57,176)
- Debts after one year -€37,676
down €37,676 (-6.6%), from €574,625 to €536,949
- Reserves +€31,179
up €31,179 (+7.5%), from €415,449 to €446,628
- Contributions -€18,600
no longer reported in 2025 (was €18,600)
- Gross operating margin +€54,263
up €54,263 (+31.2%), from €173,972 to €228,235
- Taxes +€15,700
up €15,700 (+82.8%), from €18,964 to €34,664
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 | €1,113,339 | €1,033,710 | -€79,629 | -7.2% |
| Fixed assets | 21/28 | €1,029,953 | €968,900 | -€61,053 | -5.9% |
| Tangible fixed assets | 22/27 | €1,029,953 | €968,900 | -€61,053 | -5.9% |
| Land and buildings | 22 | €986,567 | €936,033 | -€50,534 | -5.1% |
| Plant, machinery and equipment | 23 | €1,352 | €593 | -€759 | -56.1% |
| Furniture and vehicles | 24 | €26,170 | €20,962 | -€5,208 | -19.9% |
| Leasing and similar rights | 25 | €15,864 | €11,312 | -€4,552 | -28.7% |
| Current assets | 29/58 | €83,386 | €64,810 | -€18,576 | -22.3% |
| Amounts receivable within one year | 40/41 | €23,974 | €20,557 | -€3,417 | -14.3% |
| Trade receivables | 40 | €4,281 | €9,668 | +€5,387 | +126% |
| Other amounts receivable | 41 | €19,693 | €10,889 | -€8,804 | -44.7% |
| Current investments | 50/53 | - | €40,184 | +€40,184 | |
| Cash at bank and in hand | 54/58 | €59,045 | €3,743 | -€55,302 | -93.7% |
| Deferred charges and accrued income | 490/1 | €367 | €326 | -€41 | -11.2% |
| Total equity and liabilities | 10/49 | €1,113,339 | €1,033,710 | -€79,629 | -7.2% |
| Equity | 10/15 | €434,049 | €446,628 | +€12,579 | +2.9% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €415,449 | €446,628 | +€31,179 | +7.5% |
| Distributable reserves | 133 | €415,449 | €446,628 | +€31,179 | +7.5% |
| Amounts payable | 17/49 | €679,290 | €587,082 | -€92,208 | -13.6% |
| Amounts payable after more than one year | 17 | €574,625 | €536,949 | -€37,676 | -6.6% |
| Financial debts | 170/4 | €574,625 | €536,949 | -€37,676 | -6.6% |
| Amounts payable within one year | 42/48 | €104,665 | €50,133 | -€54,532 | -52.1% |
| Current portion of amounts payable after more than one year | 42 | €37,157 | €37,676 | +€519 | +1.4% |
| Trade debts | 44 | €2,044 | €2,798 | +€754 | +36.9% |
| Suppliers | 440/4 | €2,044 | €2,798 | +€754 | +36.9% |
| Taxes, remuneration and social security | 45 | €8,288 | €9,659 | +€1,371 | +16.5% |
| Taxes | 450/3 | €3,434 | €4,550 | +€1,116 | +32.5% |
| Remuneration and social security | 454/9 | €4,854 | €5,109 | +€255 | +5.3% |
| Other amounts payable | 47/48 | €57,176 | - | -€57,176 | |
| Remuneration, social security and pensions | 62 | €37,625 | €37,871 | +€246 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,951 | €61,053 | +€102 | +0.2% |
| Other operating charges | 640/8 | €4,806 | €5,298 | +€492 | +10.2% |
| Gross operating margin | 9900 | €173,972 | €228,235 | +€54,263 | +31.2% |
| Operating profit (loss) | 9901 | €70,590 | €124,013 | +€53,423 | +75.7% |
| Financial income | 75/76B | €275 | €745 | +€470 | +171% |
| Recurring financial income | 75 | €275 | €745 | +€470 | +171% |
| Financial charges | 65/66B | €8,347 | €8,915 | +€568 | +6.8% |
| Recurring financial charges | 65 | €8,347 | €8,915 | +€568 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €62,518 | €115,843 | +€53,325 | +85.3% |
| Income taxes | 67/77 | €18,964 | €34,664 | +€15,700 | +82.8% |
| Profit (loss) for the period | 9904 | €43,554 | €81,179 | +€37,625 | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,554 | €81,179 | +€37,625 | +86.4% |
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 15 October 2026 via checked.be.