SWITCH4U: 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.
SWITCH4U
Largest movements
- Intangible fixed assets -€110,948
down €110,948 (-56.6%), from €195,951 to €85,003
- Cash -€63,056
down €63,056 (-70.9%), from €88,928 to €25,871
- Receivables within one year +€60,150
up €60,150 (+126.5%), from €47,562 to €107,712
of which Trade receivables: +€90,485
- Current investments -€15,000
no longer reported in 2025 (was €15,000)
- Deferred charges and accrued income +€8,760
up €8,760 (+7423.4%), from €118 to €8,878
- Profit (loss) carried forward -€428,430
new in 2025: -€428,430
- Trade debts +€368,807
up €368,807 (+184.0%), from €200,393 to €569,200
- Reserves -€83,648
no longer reported in 2025 (was €83,648)
- Other debts +€19,144
up €19,144 (+37886.4%), from €51 to €19,195
- Gross operating margin -€342,152
down €342,152 (-966.5%), from -€35,401 to -€377,552
- Financial income +€150,648
up €150,648 (+690.1%), from €21,831 to €172,478
of which Non-recurring financial income: +€144,516
- Other operating charges +€83,539
up €83,539 (+4103.7%), from €2,036 to €85,575
- Financial charges +€66,129
up €66,129 (+14642.5%), from €452 to €66,580
- Depreciation +€21,660
up €21,660 (+24.3%), from €89,287 to €110,948
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,943 | €227,465 | -€126,478 | -35.7% |
| Fixed assets | 21/28 | €202,335 | €85,003 | -€117,332 | -58.0% |
| Intangible fixed assets | 21 | €195,951 | €85,003 | -€110,948 | -56.6% |
| Financial fixed assets | 28 | €6,384 | - | -€6,384 | |
| Current assets | 29/58 | €151,608 | €142,461 | -€9,146 | -6.0% |
| Amounts receivable within one year | 40/41 | €47,562 | €107,712 | +€60,150 | +126.5% |
| Trade receivables | 40 | €17,187 | €107,671 | +€90,485 | +526.5% |
| Other amounts receivable | 41 | €30,375 | €41 | -€30,334 | -99.9% |
| Current investments | 50/53 | €15,000 | - | -€15,000 | |
| Cash at bank and in hand | 54/58 | €88,928 | €25,871 | -€63,056 | -70.9% |
| Deferred charges and accrued income | 490/1 | €118 | €8,878 | +€8,760 | +7423.4% |
| Total equity and liabilities | 10/49 | €353,943 | €227,465 | -€126,478 | -35.7% |
| Equity | 10/15 | €148,648 | -€363,430 | -€512,078 | |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €83,648 | - | -€83,648 | |
| Distributable reserves | 133 | €83,648 | - | -€83,648 | |
| Profit (loss) carried forward | 14 | - | -€428,430 | -€428,430 | |
| Amounts payable | 17/49 | €205,295 | €590,894 | +€385,600 | +187.8% |
| Amounts payable within one year | 42/48 | €200,444 | €588,394 | +€387,951 | +193.5% |
| Trade debts | 44 | €200,393 | €569,200 | +€368,807 | +184.0% |
| Suppliers | 440/4 | €200,393 | €569,200 | +€368,807 | +184.0% |
| Other amounts payable | 47/48 | €51 | €19,195 | +€19,144 | +37886.4% |
| Accrued charges and deferred income | 492/3 | €4,851 | €2,500 | -€2,351 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,287 | €110,948 | +€21,660 | +24.3% |
| Other operating charges | 640/8 | €2,036 | €85,575 | +€83,539 | +4103.7% |
| Non-recurring operating charges | 66A | - | €43,901 | +€43,901 | |
| Gross operating margin | 9900 | -€35,401 | -€377,552 | -€342,152 | -966.5% |
| Operating profit (loss) | 9901 | -€126,724 | -€617,976 | -€491,252 | -387.7% |
| Financial income | 75/76B | €21,831 | €172,478 | +€150,648 | +690.1% |
| Recurring financial income | 75 | €1,754 | €7,886 | +€6,132 | +349.6% |
| Non-recurring financial income | 76B | €20,077 | €164,593 | +€144,516 | +719.8% |
| Financial charges | 65/66B | €452 | €66,580 | +€66,129 | +14642.5% |
| Recurring financial charges | 65 | €452 | €66,580 | +€66,129 | +14642.5% |
| Profit (loss) for the period before taxes | 9903 | -€105,345 | -€512,078 | -€406,733 | -386.1% |
| Income taxes | 67/77 | €1,311 | - | -€1,311 | |
| Profit (loss) for the period | 9904 | -€106,656 | -€512,078 | -€405,421 | -380.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€106,656 | -€512,078 | -€405,421 | -380.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 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.