2.1Net working capital
Trade accounts receivable
in CHF mn | 2025 | 2024 |
Trade accounts receivable | 175.1 | 194.5 |
Value adjustments | -2.4 | -3.2 |
Total | 172.7 | 191.3 |
The due dates as of the balance sheet date are shown in the table below:
in CHF mn | 2025 | 2024 |
not yet due | 123.3 | 92.7 |
due in less than 30 days | 39.1 | 70.6 |
due in 30 to 60 days | 7.1 | 21.9 |
due in 60 to 90 days | 1.9 | 5.0 |
due in 90 to 120 days | 1.1 | 1.1 |
due in more than 120 days | 2.5 | 3.2 |
As of 31 December | 175.1 | 194.5 |
The value adjustments on receivables have changed as follows:
in CHF mn | 2025 | 2024 |
As of 1 January | -3.2 | -11.5 |
Change in group of consolidated companies | 0.1 | 0.0 |
Increase | -0.8 | -1.8 |
Reversal | 0.3 | 0.8 |
Used during the financial year | 1.2 | 9.3 |
As of 31 December | -2.4 | -3.2 |
Receivables are measured at their nominal value. For doubtful receivables whose collection is uncertain, bad debt provisions are charged to the income statement. In regard to the general valuation risk, TX Group applies the simplified approach in accordance with IFRS 9 to measure anticipated loan losses, factoring in the need to make value allowances based on past experiences and anticipated losses from future default events for all trade accounts receivable.
Other current liabilities
in CHF mn | 2025 | 2024 |
Liabilities to public authorities | 12.3 | 16.1 |
Liabilities to insurance companies | 4.0 | 4.0 |
Liabilities to employee benefit funds | 1.4 | 1.2 |
Liabilities to employees | 0.2 | 0.1 |
Advance payments from customers | 2.5 | 3.1 |
Other current liabilities | 4.2 | 4.7 |
Total | 24.5 | 29.3 |
Deferred revenues and accrued liabilities
in CHF mn | 2025 | 2024 |
Deferred subscription revenues | 117.8 | 118.0 |
Deferred online revenues | 58.6 | 67.2 |
Deferred revenues from commercialisation revenue | 20.1 | 20.8 |
Total contract liabilities | 196.6 | 206.0 |
Deferred personnel expenses | 22.7 | 28.1 |
Other deferred revenues and accrued liabilities | 56.6 | 51.7 |
Total deferred revenues and accrued liabilities | 79.3 | 79.8 |
Total accrued liabilities | 275.8 | 285.7 |
The accrued liabilities decreased by CHF 9.9 million, from CHF 285.7 million to CHF 275.8 million. Contract liabilities decreased by a total of CHF 9.4 million. At the same time, deferred personnel expenses fell by CHF 5.4 million to CHF 22.7 million, primarily as a result of reduced accruals for variable compensation. Part of the variable compensation and the expected costs for the Long Term Incentive plan (LTI) are now reported as provisions due to the uncertain components.
The revenues recognised in the reporting period, and which were included in the balance of contract liabilities at the start of the period, amount to CHF 187.1 million (previous year: CHF 199.4 million). There are no material revenues recognised in the reporting period from performance obligations that were performed either in full or in part during earlier periods (e.g., subsequent purchase price adjustments).
Statement of cash flows
in CHF mn | 2025 | 2024 |
Other non-cash income | ||
Employee benefit plans | 2.5 | 9.4 |
Capital taxes | 1.2 | 1.3 |
Share-based payments | -0.1 | -0.3 |
Purchase price and repurchase obligations / put options | -0.8 | 6.9 |
Changes in shares of associates / joint ventures | -0.1 | 3.4 |
Recycling currency translation differences | -0.1 | -4.4 |
Other | 2.9 | 0.3 |
Total | 5.5 | 16.6 |
Change in net working capital | ||
Trade accounts receivable | 15.8 | 35.5 |
Other current receivables | 1.5 | -5.1 |
Contract assets | 0.5 | 0.2 |
Accrued income and prepaid expenses | 3.2 | -0.6 |
Inventories | 0.5 | 1.5 |
Trade accounts payable | -11.5 | -17.1 |
Other current liabilities | -1.2 | -0.4 |
Contract liabilities | -8.7 | -14.0 |
Deferred revenues and accrued liabilities | -1.2 | -5.0 |
Current provisions | 0.7 | 23.8 |
Total | -0.5 | 18.7 |
Of the change in net working capital (excluding non-current provisions), a total of CHF 0.9 million (previous year: CHF –0.5 million) results from changes in the scope of consolidation.