Switch Management: 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.
Switch Management
Largest movements
- Tangible fixed assets -€36,198
down €36,198 (-2.4%), from €1.5m to €1.5m
- Debts after one year -€64,778
down €64,778 (-4.5%), from €1.4m to €1.4m
of which Financial debts: -€64,778
- Profit (loss) carried forward +€17,964
up €17,964, from -€17,964 to €0
- Gross operating margin +€25,858
up €25,858 (+30.3%), from €85,421 to €111,280
- Financial charges -€1,864
down €1,864 (-5.3%), from €35,395 to €33,531
- Taxes +€1,849
new in 2025: €1,849
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 | €1,514,328 | €1,478,851 | -€35,477 | -2.3% |
| Fixed assets | 21/28 | €1,509,033 | €1,472,835 | -€36,198 | -2.4% |
| Tangible fixed assets | 22/27 | €1,509,033 | €1,472,835 | -€36,198 | -2.4% |
| Land and buildings | 22 | €1,509,033 | €1,472,835 | -€36,198 | -2.4% |
| Current assets | 29/58 | €5,295 | €6,016 | +€721 | +13.6% |
| Cash at bank and in hand | 54/58 | €3,776 | €1,480 | -€2,296 | -60.8% |
| Deferred charges and accrued income | 490/1 | €1,519 | €4,536 | +€3,017 | +198.6% |
| Total equity and liabilities | 10/49 | €1,514,328 | €1,478,851 | -€35,477 | -2.3% |
| Equity | 10/15 | €7,036 | €32,015 | +€24,979 | +355.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €7,015 | +€7,015 | |
| Distributable reserves | 133 | - | €7,015 | +€7,015 | |
| Profit (loss) carried forward | 14 | -€17,964 | €0 | +€17,964 | |
| Amounts payable | 17/49 | €1,507,292 | €1,446,836 | -€60,456 | -4.0% |
| Amounts payable after more than one year | 17 | €1,439,357 | €1,374,578 | -€64,778 | -4.5% |
| Financial debts | 170/4 | €998,357 | €933,578 | -€64,778 | -6.5% |
| Other amounts payable | 178/9 | €441,000 | €441,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €67,936 | €72,258 | +€4,322 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €67,737 | €69,903 | +€2,167 | +3.2% |
| Trade debts | 44 | €199 | €505 | +€306 | +154.0% |
| Suppliers | 440/4 | €199 | €505 | +€306 | +154.0% |
| Taxes, remuneration and social security | 45 | - | €1,849 | +€1,849 | |
| Taxes | 450/3 | - | €1,849 | +€1,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,091 | €36,198 | +€108 | +0.3% |
| Other operating charges | 640/8 | €14,311 | €14,722 | +€411 | +2.9% |
| Gross operating margin | 9900 | €85,421 | €111,280 | +€25,858 | +30.3% |
| Operating profit (loss) | 9901 | €35,020 | €60,360 | +€25,339 | +72.4% |
| Financial charges | 65/66B | €35,395 | €33,531 | -€1,864 | -5.3% |
| Recurring financial charges | 65 | €35,395 | €33,531 | -€1,864 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€375 | €26,829 | +€27,203 | |
| Income taxes | 67/77 | - | €1,849 | +€1,849 | |
| Profit (loss) for the period | 9904 | -€375 | €24,979 | +€25,354 | |
| Profit (loss) for the period to be appropriated | 9905 | -€375 | €24,979 | +€25,354 |
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 4 October 2026 via checked.be.