Swisch: 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.
Swisch
Largest movements
- Receivables after one year +€224,727
up €224,727 (+236.2%), from €95,145 to €319,872
- Receivables within one year -€101,226
down €101,226 (-45.4%), from €223,021 to €121,795
of which Trade receivables: -€143,572
- Cash -€60,321
down €60,321 (-47.7%), from €126,551 to €66,231
mainly Receivables after one year (-€224,727) and Stocks and contracts (-€42,316)
- Stocks and contracts +€42,316
up €42,316 (+89.4%), from €47,316 to €89,632
- Tangible fixed assets -€31,985
down €31,985 (-35.5%), from €90,128 to €58,143
- Reserves +€118,938
up €118,938 (+31.4%), from €378,531 to €497,469
- Tax, wage and social debts -€18,231
down €18,231 (-10.2%), from €178,459 to €160,228
- Debts after one year -€11,744
down €11,744 (-27.2%), from €43,242 to €31,498
- Gross operating margin -€121,297
down €121,297 (-37.9%), from €319,656 to €198,359
- Taxes -€40,785
down €40,785 (-43.7%), from €93,316 to €52,531
- Depreciation +€10,690
up €10,690 (+50.2%), from €21,295 to €31,985
- Financial income +€7,642
up €7,642 (+1286.8%), from €594 to €8,236
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 | €624,252 | €707,497 | +€83,245 | +13.3% |
| Fixed assets | 21/28 | €90,128 | €58,143 | -€31,985 | -35.5% |
| Tangible fixed assets | 22/27 | €90,128 | €58,143 | -€31,985 | -35.5% |
| Furniture and vehicles | 24 | €90,128 | €58,143 | -€31,985 | -35.5% |
| Current assets | 29/58 | €534,124 | €649,354 | +€115,230 | +21.6% |
| Amounts receivable after more than one year | 29 | €95,145 | €319,872 | +€224,727 | +236.2% |
| Other amounts receivable | 291 | €95,145 | €319,872 | +€224,727 | +236.2% |
| Stocks and contracts in progress | 3 | €47,316 | €89,632 | +€42,316 | +89.4% |
| Stocks | 30/36 | €47,316 | €89,632 | +€42,316 | +89.4% |
| Amounts receivable within one year | 40/41 | €223,021 | €121,795 | -€101,226 | -45.4% |
| Trade receivables | 40 | €176,096 | €32,524 | -€143,572 | -81.5% |
| Other amounts receivable | 41 | €46,925 | €89,272 | +€42,346 | +90.2% |
| Current investments | 50/53 | €39,022 | €48,777 | +€9,755 | +25.0% |
| Cash at bank and in hand | 54/58 | €126,551 | €66,231 | -€60,321 | -47.7% |
| Deferred charges and accrued income | 490/1 | €3,069 | €3,047 | -€21 | -0.7% |
| Total equity and liabilities | 10/49 | €624,252 | €707,497 | +€83,245 | +13.3% |
| Equity | 10/15 | €382,531 | €501,469 | +€118,938 | +31.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €378,531 | €497,469 | +€118,938 | +31.4% |
| Distributable reserves | 133 | €378,531 | €497,469 | +€118,938 | +31.4% |
| Amounts payable | 17/49 | €241,721 | €206,028 | -€35,693 | -14.8% |
| Amounts payable after more than one year | 17 | €43,242 | €31,498 | -€11,744 | -27.2% |
| Financial debts | 170/4 | €43,242 | €31,498 | -€11,744 | -27.2% |
| Amounts payable within one year | 42/48 | €198,479 | €174,529 | -€23,949 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €11,283 | €11,744 | +€460 | +4.1% |
| Trade debts | 44 | €8,736 | €2,557 | -€6,179 | -70.7% |
| Suppliers | 440/4 | €8,736 | €2,557 | -€6,179 | -70.7% |
| Taxes, remuneration and social security | 45 | €178,459 | €160,228 | -€18,231 | -10.2% |
| Taxes | 450/3 | €178,459 | €160,228 | -€18,231 | -10.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,295 | €31,985 | +€10,690 | +50.2% |
| Other operating charges | 640/8 | €490 | €561 | +€71 | +14.5% |
| Gross operating margin | 9900 | €319,656 | €198,359 | -€121,297 | -37.9% |
| Operating profit (loss) | 9901 | €297,871 | €165,813 | -€132,058 | -44.3% |
| Financial income | 75/76B | €594 | €8,236 | +€7,642 | +1286.8% |
| Recurring financial income | 75 | €594 | €8,236 | +€7,642 | +1286.8% |
| Financial charges | 65/66B | €2,499 | €2,580 | +€81 | +3.2% |
| Recurring financial charges | 65 | €2,499 | €2,580 | +€81 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €295,966 | €171,469 | -€124,497 | -42.1% |
| Income taxes | 67/77 | €93,316 | €52,531 | -€40,785 | -43.7% |
| Profit (loss) for the period | 9904 | €202,650 | €118,938 | -€83,712 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €202,650 | €118,938 | -€83,712 | -41.3% |
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 3 October 2026 via checked.be.