Switch Projects: 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.
Switch Projects
Largest movements
- Cash +€44,579
up €44,579 (+98.2%), from €45,375 to €89,954
mainly Net result for the year (+€44,620) and Depreciation (+€23,114)
- Tangible fixed assets -€23,114
down €23,114 (-6.4%), from €360,040 to €336,927
of which Land and buildings: -€17,182
- Receivables within one year +€7,317
up €7,317 (+81.4%), from €8,985 to €16,302
of which Trade receivables: +€7,366
- Reserves +€44,620
up €44,620 (+50.2%), from €88,913 to €133,534
- Debts after one year -€13,658
down €13,658 (-5.6%), from €244,899 to €231,241
- Other debts +€5,725
up €5,725 (+18.9%), from €30,239 to €35,964
- Tax, wage and social debts -€5,606
down €5,606 (-15.9%), from €35,360 to €29,754
- Other operating charges -€40,398
down €40,398 (-96.2%), from €42,014 to €1,616
- Gross operating margin +€17,218
up €17,218 (+21.1%), from €81,437 to €98,655
- Depreciation +€16,514
up €16,514 (+250.3%), from €6,599 to €23,114
- Taxes +€8,950
up €8,950 (+105.3%), from €8,499 to €17,450
- Financial charges +€8,607
up €8,607 (+264.9%), from €3,249 to €11,856
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 | €414,991 | €446,525 | +€31,533 | +7.6% |
| Fixed assets | 21/28 | €360,040 | €336,927 | -€23,114 | -6.4% |
| Tangible fixed assets | 22/27 | €360,040 | €336,927 | -€23,114 | -6.4% |
| Land and buildings | 22 | €343,213 | €326,031 | -€17,182 | -5.0% |
| Furniture and vehicles | 24 | €16,828 | €10,896 | -€5,932 | -35.3% |
| Current assets | 29/58 | €54,951 | €109,598 | +€54,647 | +99.4% |
| Amounts receivable within one year | 40/41 | €8,985 | €16,302 | +€7,317 | +81.4% |
| Trade receivables | 40 | €6,140 | €13,506 | +€7,366 | +120.0% |
| Other amounts receivable | 41 | €2,846 | €2,797 | -€49 | -1.7% |
| Cash at bank and in hand | 54/58 | €45,375 | €89,954 | +€44,579 | +98.2% |
| Deferred charges and accrued income | 490/1 | €591 | €3,342 | +€2,751 | +465.1% |
| Total equity and liabilities | 10/49 | €414,991 | €446,525 | +€31,533 | +7.6% |
| Equity | 10/15 | €90,413 | €135,034 | +€44,620 | +49.4% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €88,913 | €133,534 | +€44,620 | +50.2% |
| Distributable reserves | 133 | €88,913 | €133,534 | +€44,620 | +50.2% |
| Amounts payable | 17/49 | €324,578 | €311,491 | -€13,087 | -4.0% |
| Amounts payable after more than one year | 17 | €244,899 | €231,241 | -€13,658 | -5.6% |
| Financial debts | 170/4 | €244,899 | €231,241 | -€13,658 | -5.6% |
| Amounts payable within one year | 42/48 | €79,679 | €80,250 | +€571 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €13,067 | €13,658 | +€591 | +4.5% |
| Trade debts | 44 | €1,013 | €875 | -€139 | -13.7% |
| Suppliers | 440/4 | €1,013 | €875 | -€139 | -13.7% |
| Taxes, remuneration and social security | 45 | €35,360 | €29,754 | -€5,606 | -15.9% |
| Taxes | 450/3 | €35,360 | €29,754 | -€5,606 | -15.9% |
| Other amounts payable | 47/48 | €30,239 | €35,964 | +€5,725 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,599 | €23,114 | +€16,514 | +250.3% |
| Other operating charges | 640/8 | €42,014 | €1,616 | -€40,398 | -96.2% |
| Gross operating margin | 9900 | €81,437 | €98,655 | +€17,218 | +21.1% |
| Operating profit (loss) | 9901 | €32,824 | €73,926 | +€41,102 | +125.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €3,249 | €11,856 | +€8,607 | +264.9% |
| Recurring financial charges | 65 | €3,249 | €11,856 | +€8,607 | +264.9% |
| Profit (loss) for the period before taxes | 9903 | €29,575 | €62,070 | +€32,495 | +109.9% |
| Income taxes | 67/77 | €8,499 | €17,450 | +€8,950 | +105.3% |
| Profit (loss) for the period | 9904 | €21,076 | €44,620 | +€23,544 | +111.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,076 | €44,620 | +€23,544 | +111.7% |
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 11 October 2026 via checked.be.