switchSG: 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.
switchSG
Largest movements
- Tangible fixed assets -€96,837
down €96,837 (-6.7%), from €1.5m to €1.4m
of which Land and buildings: -€62,836
- Receivables within one year -€78,191
down €78,191 (-25.4%), from €308,065 to €229,874
of which Other amounts receivable: -€69,479
- Debts after one year -€126,616
down €126,616 (-12.3%), from €1.0m to €899,103
- Reserves +€73,855
up €73,855 (+3.7%), from €2.0m to €2.0m
- Tax, wage and social debts -€70,233
down €70,233 (-76.5%), from €91,779 to €21,546
of which Taxes: -€70,250
- Other debts -€38,305
down €38,305 (-13.0%), from €295,301 to €256,996
- Gross operating margin -€69,455
down €69,455 (-22.9%), from €303,669 to €234,214
- Taxes -€5,529
down €5,529 (-16.0%), from €34,498 to €28,969
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 | €3,570,563 | €3,404,638 | -€165,925 | -4.6% |
| Fixed assets | 21/28 | €3,258,099 | €3,161,262 | -€96,837 | -3.0% |
| Tangible fixed assets | 22/27 | €1,451,336 | €1,354,499 | -€96,837 | -6.7% |
| Land and buildings | 22 | €1,304,832 | €1,241,997 | -€62,836 | -4.8% |
| Furniture and vehicles | 24 | €146,503 | €112,502 | -€34,001 | -23.2% |
| Financial fixed assets | 28 | €1,806,763 | €1,806,763 | = | 0.0% |
| Current assets | 29/58 | €312,464 | €243,376 | -€69,088 | -22.1% |
| Amounts receivable within one year | 40/41 | €308,065 | €229,874 | -€78,191 | -25.4% |
| Trade receivables | 40 | €58,693 | €49,981 | -€8,712 | -14.8% |
| Other amounts receivable | 41 | €249,372 | €179,893 | -€69,479 | -27.9% |
| Cash at bank and in hand | 54/58 | €3,918 | €11,279 | +€7,362 | +187.9% |
| Deferred charges and accrued income | 490/1 | €482 | €2,222 | +€1,741 | +361.5% |
| Total equity and liabilities | 10/49 | €3,570,563 | €3,404,638 | -€165,925 | -4.6% |
| Equity | 10/15 | €1,993,306 | €2,067,161 | +€73,855 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,974,706 | €2,048,561 | +€73,855 | +3.7% |
| Distributable reserves | 133 | €1,974,706 | €2,048,561 | +€73,855 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,577,257 | €1,337,477 | -€239,780 | -15.2% |
| Amounts payable after more than one year | 17 | €1,025,718 | €899,103 | -€126,616 | -12.3% |
| Financial debts | 170/4 | €1,025,718 | €899,103 | -€126,616 | -12.3% |
| Amounts payable within one year | 42/48 | €533,249 | €418,530 | -€114,719 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €145,510 | €135,023 | -€10,487 | -7.2% |
| Trade debts | 44 | €659 | €4,964 | +€4,306 | +653.6% |
| Suppliers | 440/4 | €659 | €4,964 | +€4,306 | +653.6% |
| Taxes, remuneration and social security | 45 | €91,779 | €21,546 | -€70,233 | -76.5% |
| Taxes | 450/3 | €88,832 | €18,582 | -€70,250 | -79.1% |
| Remuneration and social security | 454/9 | €2,947 | €2,964 | +€17 | +0.6% |
| Other amounts payable | 47/48 | €295,301 | €256,996 | -€38,305 | -13.0% |
| Accrued charges and deferred income | 492/3 | €18,289 | €19,844 | +€1,555 | +8.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €23,961 | €24,627 | +€666 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,209 | €102,372 | +€2,162 | +2.2% |
| Other operating charges | 640/8 | €5,698 | €5,716 | +€18 | +0.3% |
| Gross operating margin | 9900 | €303,669 | €234,214 | -€69,455 | -22.9% |
| Operating profit (loss) | 9901 | €173,801 | €101,500 | -€72,302 | -41.6% |
| Financial income | 75/76B | €52,248 | €50,579 | -€1,669 | -3.2% |
| Recurring financial income | 75 | €52,248 | €50,579 | -€1,669 | -3.2% |
| Financial charges | 65/66B | €50,587 | €49,255 | -€1,333 | -2.6% |
| Recurring financial charges | 65 | €50,587 | €49,083 | -€1,504 | -3.0% |
| Non-recurring financial charges | 66B | - | €172 | +€172 | |
| Profit (loss) for the period before taxes | 9903 | €175,462 | €102,824 | -€72,638 | -41.4% |
| Income taxes | 67/77 | €34,498 | €28,969 | -€5,529 | -16.0% |
| Profit (loss) for the period | 9904 | €140,964 | €73,855 | -€67,109 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €140,964 | €73,855 | -€67,109 | -47.6% |
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 6 October 2026 via checked.be.