SWITCHPOINT: 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.
SWITCHPOINT
Largest movements
- Tangible fixed assets -€52,700
down €52,700 (-6.7%), from €783,382 to €730,682
of which Assets under construction and advance payments: -€322,953
- Receivables within one year -€42,334
down €42,334 (-10.5%), from €402,120 to €359,785
of which Trade receivables: -€44,340
- Profit (loss) carried forward -€135,816
down €135,816 (-76.0%), from -€178,674 to -€314,490
- Accrued charges and deferred income +€28,305
up €28,305 (+23.7%), from €119,572 to €147,877
- Other debts +€20,000
up €20,000 (+1.7%), from €1.2m to €1.2m
- Depreciation +€23,225
up €23,225 (+60.1%), from €38,641 to €61,867
- Gross operating margin -€20,538
down €20,538 (-90.0%), from -€22,821 to -€43,359
- Other operating charges +€2,013
up €2,013 (+3121.7%), from €65 to €2,078
- Financial income -€820
down €820 (-100.0%), from €820 to €0
- Financial charges -€758
down €758 (-2.6%), from €29,270 to €28,512
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 | €1,206,026 | €1,116,239 | -€89,787 | -7.4% |
| Fixed assets | 21/28 | €783,702 | €731,002 | -€52,700 | -6.7% |
| Tangible fixed assets | 22/27 | €783,382 | €730,682 | -€52,700 | -6.7% |
| Furniture and vehicles | 24 | €460,430 | €730,682 | +€270,253 | +58.7% |
| Assets under construction and advance payments | 27 | €322,953 | €0 | -€322,953 | -100.0% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €422,324 | €385,237 | -€37,086 | -8.8% |
| Amounts receivable within one year | 40/41 | €402,120 | €359,785 | -€42,334 | -10.5% |
| Trade receivables | 40 | €77,420 | €33,080 | -€44,340 | -57.3% |
| Other amounts receivable | 41 | €324,700 | €326,705 | +€2,006 | +0.6% |
| Cash at bank and in hand | 54/58 | €5,116 | €9,784 | +€4,668 | +91.2% |
| Deferred charges and accrued income | 490/1 | €15,088 | €15,668 | +€580 | +3.8% |
| Total equity and liabilities | 10/49 | €1,206,026 | €1,116,239 | -€89,787 | -7.4% |
| Equity | 10/15 | -€117,373 | -€253,189 | -€135,816 | -115.7% |
| Contributions | 10/11 | €50,100 | €50,100 | = | 0.0% |
| Reserves | 13 | €11,201 | €11,201 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,201 | €11,201 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,201 | €11,201 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,674 | -€314,490 | -€135,816 | -76.0% |
| Amounts payable | 17/49 | €1,323,399 | €1,369,428 | +€46,029 | +3.5% |
| Amounts payable within one year | 42/48 | €1,203,827 | €1,221,551 | +€17,724 | +1.5% |
| Trade debts | 44 | €3,827 | €1,551 | -€2,276 | -59.5% |
| Suppliers | 440/4 | €3,827 | €1,551 | -€2,276 | -59.5% |
| Other amounts payable | 47/48 | €1,200,000 | €1,220,000 | +€20,000 | +1.7% |
| Accrued charges and deferred income | 492/3 | €119,572 | €147,877 | +€28,305 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,641 | €61,867 | +€23,225 | +60.1% |
| Other operating charges | 640/8 | €65 | €2,078 | +€2,013 | +3121.7% |
| Gross operating margin | 9900 | -€22,821 | -€43,359 | -€20,538 | -90.0% |
| Operating profit (loss) | 9901 | -€61,527 | -€107,304 | -€45,777 | -74.4% |
| Financial income | 75/76B | €820 | €0 | -€820 | -100.0% |
| Recurring financial income | 75 | €820 | €0 | -€820 | -100.0% |
| Financial charges | 65/66B | €29,270 | €28,512 | -€758 | -2.6% |
| Recurring financial charges | 65 | €29,270 | €28,512 | -€758 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | -€89,976 | -€135,816 | -€45,840 | -50.9% |
| Profit (loss) for the period | 9904 | -€89,976 | -€135,816 | -€45,840 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€89,976 | -€135,816 | -€45,840 | -50.9% |
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 2 October 2026 via checked.be.