B - CONNECT: 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.
B - CONNECT
Largest movements
- Cash +€186,611
up €186,611 (+148.0%), from €126,048 to €312,659
mainly Other debts (+€89,342) and Depreciation (+€86,837)
- Tangible fixed assets -€65,900
down €65,900 (-26.3%), from €250,141 to €184,242
of which Land and buildings: -€82,134
- Receivables within one year -€17,287
down €17,287 (-40.7%), from €42,496 to €25,209
of which Other amounts receivable: -€13,060
- Intangible fixed assets -€16,235
down €16,235 (-80.2%), from €20,252 to €4,017
- Other debts +€89,342
up €89,342 (+979.1%), from €9,125 to €98,467
- Tax, wage and social debts +€35,087
up €35,087 (+467.5%), from €7,506 to €42,593
of which Taxes: +€33,087
- Debts after one year -€31,170
down €31,170 (-47.0%), from €66,324 to €35,155
- Profit (loss) carried forward +€9,159
up €9,159 (+4.1%), from €221,222 to €230,382
- Trade debts -€9,069
down €9,069 (-34.4%), from €26,380 to €17,312
- Gross operating margin +€42,510
up €42,510 (+26.8%), from €158,808 to €201,318
- Depreciation +€37,809
up €37,809 (+77.1%), from €49,027 to €86,837
- Financial charges +€6,357
up €6,357 (+6.6%), from €96,152 to €102,509
- Other operating charges -€6,322
down €6,322 (-87.6%), from €7,219 to €897
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €438,938 | €526,126 | +€87,189 | +19.9% |
| Fixed assets | 21/28 | €270,393 | €188,259 | -€82,135 | -30.4% |
| Intangible fixed assets | 21 | €20,252 | €4,017 | -€16,235 | -80.2% |
| Tangible fixed assets | 22/27 | €250,141 | €184,242 | -€65,900 | -26.3% |
| Land and buildings | 22 | €193,023 | €110,889 | -€82,134 | -42.6% |
| Furniture and vehicles | 24 | €57,118 | €73,353 | +€16,235 | +28.4% |
| Current assets | 29/58 | €168,544 | €337,868 | +€169,324 | +100.5% |
| Amounts receivable within one year | 40/41 | €42,496 | €25,209 | -€17,287 | -40.7% |
| Trade receivables | 40 | €27,899 | €23,672 | -€4,227 | -15.2% |
| Other amounts receivable | 41 | €14,597 | €1,538 | -€13,060 | -89.5% |
| Cash at bank and in hand | 54/58 | €126,048 | €312,659 | +€186,611 | +148.0% |
| Total equity and liabilities | 10/49 | €438,938 | €526,126 | +€87,189 | +19.9% |
| Equity | 10/15 | €289,288 | €298,447 | +€9,159 | +3.2% |
| Contributions | 10/11 | €8,065 | €8,065 | = | 0.0% |
| Reserves | 13 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,222 | €230,382 | +€9,159 | +4.1% |
| Amounts payable | 17/49 | €149,650 | €227,680 | +€78,030 | +52.1% |
| Amounts payable after more than one year | 17 | €66,324 | €35,155 | -€31,170 | -47.0% |
| Financial debts | 170/4 | €66,324 | €35,155 | -€31,170 | -47.0% |
| Amounts payable within one year | 42/48 | €83,326 | €192,525 | +€109,199 | +131.1% |
| Current portion of amounts payable after more than one year | 42 | €38,975 | €32,814 | -€6,161 | -15.8% |
| Trade debts | 44 | €26,380 | €17,312 | -€9,069 | -34.4% |
| Suppliers | 440/4 | €26,380 | €17,312 | -€9,069 | -34.4% |
| Advances received on contracts in progress | 46 | €1,340 | €1,340 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,506 | €42,593 | +€35,087 | +467.5% |
| Taxes | 450/3 | €7,506 | €40,593 | +€33,087 | +440.8% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €9,125 | €98,467 | +€89,342 | +979.1% |
| Non-recurring operating income | 76A | - | €23,985 | +€23,985 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,027 | €86,837 | +€37,809 | +77.1% |
| Other operating charges | 640/8 | €7,219 | €897 | -€6,322 | -87.6% |
| Gross operating margin | 9900 | €158,808 | €201,318 | +€42,510 | +26.8% |
| Operating profit (loss) | 9901 | €102,561 | €113,585 | +€11,023 | +10.7% |
| Financial income | 75/76B | - | €821 | +€821 | |
| Recurring financial income | 75 | - | €821 | +€821 | |
| Financial charges | 65/66B | €96,152 | €102,509 | +€6,357 | +6.6% |
| Recurring financial charges | 65 | €96,152 | €102,509 | +€6,357 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €6,410 | €11,897 | +€5,487 | +85.6% |
| Income taxes | 67/77 | €1,767 | €2,737 | +€971 | +54.9% |
| Profit (loss) for the period | 9904 | €4,643 | €9,159 | +€4,516 | +97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,643 | €9,159 | +€4,516 | +97.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.