CONELL: 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.
CONELL
Largest movements
- Stocks and contracts +€39,962
up €39,962 (+28.6%), from €139,559 to €179,521
- Cash -€8,496
down €8,496 (-83.6%), from €10,167 to €1,671
mainly Stocks and contracts (-€39,962) and Debts after one year (-€14,958)
- Receivables within one year -€3,448
down €3,448 (-7.0%), from €49,496 to €46,049
of which Other amounts receivable: -€5,135
- Deferred charges and accrued income +€3,369
up €3,369 (+206.6%), from €1,631 to €5,000
- Short-term financial debts +€38,984
new in 2025: €38,984
- Debts after one year -€14,958
down €14,958 (-49.0%), from €30,518 to €15,560
- Profit (loss) carried forward +€13,243
up €13,243 (+464.6%), from €2,851 to €16,094
- Reserves -€6,060
down €6,060 (-5.1%), from €118,978 to €112,918
of which Distributable reserves: -€6,060
- Staff costs +€8,839
up €8,839 (+36.0%), from €24,572 to €33,411
- Gross operating margin +€3,544
up €3,544 (+7.2%), from €49,477 to €53,021
- Other operating charges -€3,166
down €3,166 (-58.1%), from €5,451 to €2,285
- Financial income +€1,689
up €1,689 (+219.7%), from €769 to €2,458
- Financial charges +€1,326
up €1,326 (+29.4%), from €4,513 to €5,839
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 | €212,598 | €244,342 | +€31,745 | +14.9% |
| Fixed assets | 21/28 | €11,744 | €12,101 | +€356 | +3.0% |
| Tangible fixed assets | 22/27 | €11,744 | €12,101 | +€356 | +3.0% |
| Plant, machinery and equipment | 23 | €4,230 | €3,792 | -€438 | -10.3% |
| Furniture and vehicles | 24 | €2,859 | €4,388 | +€1,529 | +53.5% |
| Other tangible fixed assets | 26 | €4,656 | €3,920 | -€735 | -15.8% |
| Current assets | 29/58 | €200,853 | €232,242 | +€31,388 | +15.6% |
| Stocks and contracts in progress | 3 | €139,559 | €179,521 | +€39,962 | +28.6% |
| Stocks | 30/36 | €139,559 | €179,521 | +€39,962 | +28.6% |
| Amounts receivable within one year | 40/41 | €49,496 | €46,049 | -€3,448 | -7.0% |
| Trade receivables | 40 | €10,625 | €12,313 | +€1,687 | +15.9% |
| Other amounts receivable | 41 | €38,871 | €33,736 | -€5,135 | -13.2% |
| Cash at bank and in hand | 54/58 | €10,167 | €1,671 | -€8,496 | -83.6% |
| Deferred charges and accrued income | 490/1 | €1,631 | €5,000 | +€3,369 | +206.6% |
| Total equity and liabilities | 10/49 | €212,598 | €244,342 | +€31,745 | +14.9% |
| Equity | 10/15 | €140,428 | €147,612 | +€7,183 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €118,978 | €112,918 | -€6,060 | -5.1% |
| Tax-exempt reserves | 132 | €17,118 | €17,118 | = | 0.0% |
| Distributable reserves | 133 | €101,860 | €95,800 | -€6,060 | -5.9% |
| Profit (loss) carried forward | 14 | €2,851 | €16,094 | +€13,243 | +464.6% |
| Amounts payable | 17/49 | €72,169 | €96,730 | +€24,561 | +34.0% |
| Amounts payable after more than one year | 17 | €30,518 | €15,560 | -€14,958 | -49.0% |
| Financial debts | 170/4 | €30,518 | €15,560 | -€14,958 | -49.0% |
| Amounts payable within one year | 42/48 | €41,651 | €81,170 | +€39,519 | +94.9% |
| Current portion of amounts payable after more than one year | 42 | €14,379 | €14,958 | +€579 | +4.0% |
| Financial debts | 43 | - | €38,984 | +€38,984 | |
| Credit institutions | 430/8 | - | €38,984 | +€38,984 | |
| Trade debts | 44 | €12,273 | €11,973 | -€299 | -2.4% |
| Suppliers | 440/4 | €12,273 | €11,973 | -€299 | -2.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €15,000 | €15,256 | +€256 | +1.7% |
| Taxes | 450/3 | €13,694 | €12,417 | -€1,277 | -9.3% |
| Remuneration and social security | 454/9 | €1,306 | €2,839 | +€1,533 | +117.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €24,572 | €33,411 | +€8,839 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,987 | €3,793 | +€806 | +27.0% |
| Other operating charges | 640/8 | €5,451 | €2,285 | -€3,166 | -58.1% |
| Gross operating margin | 9900 | €49,477 | €53,021 | +€3,544 | +7.2% |
| Operating profit (loss) | 9901 | €16,467 | €13,531 | -€2,935 | -17.8% |
| Financial income | 75/76B | €769 | €2,458 | +€1,689 | +219.7% |
| Recurring financial income | 75 | €769 | €2,458 | +€1,689 | +219.7% |
| Financial charges | 65/66B | €4,513 | €5,839 | +€1,326 | +29.4% |
| Recurring financial charges | 65 | €4,513 | €5,839 | +€1,326 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €12,723 | €10,150 | -€2,573 | -20.2% |
| Income taxes | 67/77 | €3,821 | €2,967 | -€854 | -22.4% |
| Profit (loss) for the period | 9904 | €8,902 | €7,183 | -€1,719 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,902 | €7,183 | -€1,719 | -19.3% |
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.