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.
CONNECT
Largest movements
- Receivables within one year +€684,743
up €684,743 (+68.1%), from €1.0m to €1.7m
of which Trade receivables: +€678,019
- Deferred charges and accrued income -€352,738
down €352,738 (-85.0%), from €415,118 to €62,380
- Cash +€90,886
up €90,886 (+24.1%), from €376,417 to €467,304
mainly Trade debts (+€462,431) and Short-term financial debts (+€410,000)
- Tangible fixed assets -€24,378
down €24,378 (-20.2%), from €120,942 to €96,564
- Other debts -€870,608
no longer reported in 2025 (was €870,608)
- Trade debts +€462,431
up €462,431 (+209.5%), from €220,740 to €683,171
- Short-term financial debts +€410,000
up €410,000 (+1640.0%), from €25,000 to €435,000
- Reserves +€399,461
up €399,461 (+164.4%), from €242,987 to €642,448
- Current portion of long-term debt +€150,333
new in 2025: €150,333
- Staff costs +€215,526
up €215,526 (+8.8%), from €2.4m to €2.7m
- Financial income -€200,613
down €200,613 (-50.0%), from €401,003 to €200,390
- Gross operating margin +€64,006
up €64,006 (+2.1%), from €3.0m to €3.1m
- Taxes -€39,097
down €39,097 (-27.7%), from €141,211 to €102,114
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 | €1,946,508 | €2,344,471 | +€397,964 | +20.4% |
| Fixed assets | 21/28 | €149,390 | €124,463 | -€24,928 | -16.7% |
| Tangible fixed assets | 22/27 | €120,942 | €96,564 | -€24,378 | -20.2% |
| Land and buildings | 22 | €15,092 | €7,546 | -€7,546 | -50.0% |
| Furniture and vehicles | 24 | €49,447 | €41,775 | -€7,672 | -15.5% |
| Other tangible fixed assets | 26 | €56,403 | €47,243 | -€9,160 | -16.2% |
| Financial fixed assets | 28 | €28,448 | €27,898 | -€550 | -1.9% |
| Current assets | 29/58 | €1,797,117 | €2,220,009 | +€422,891 | +23.5% |
| Amounts receivable within one year | 40/41 | €1,005,582 | €1,690,325 | +€684,743 | +68.1% |
| Trade receivables | 40 | €1,000,590 | €1,678,609 | +€678,019 | +67.8% |
| Other amounts receivable | 41 | €4,993 | €11,717 | +€6,724 | +134.7% |
| Cash at bank and in hand | 54/58 | €376,417 | €467,304 | +€90,886 | +24.1% |
| Deferred charges and accrued income | 490/1 | €415,118 | €62,380 | -€352,738 | -85.0% |
| Total equity and liabilities | 10/49 | €1,946,508 | €2,344,471 | +€397,964 | +20.4% |
| Equity | 10/15 | €307,448 | €704,448 | +€396,999 | +129.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | - | -€62,000 | |
| Share premium | 1100/10 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €242,987 | €642,448 | +€399,461 | +164.4% |
| Distributable reserves | 133 | €242,987 | €642,448 | +€399,461 | +164.4% |
| Profit (loss) carried forward | 14 | €2,462 | - | -€2,462 | |
| Amounts payable | 17/49 | €1,639,059 | €1,640,024 | +€964 | +0.1% |
| Amounts payable within one year | 42/48 | €1,514,132 | €1,585,718 | +€71,586 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | - | €150,333 | +€150,333 | |
| Financial debts | 43 | €25,000 | €435,000 | +€410,000 | +1640.0% |
| Credit institutions | 430/8 | €25,000 | €435,000 | +€410,000 | +1640.0% |
| Trade debts | 44 | €220,740 | €683,171 | +€462,431 | +209.5% |
| Suppliers | 440/4 | €220,740 | €683,171 | +€462,431 | +209.5% |
| Taxes, remuneration and social security | 45 | €397,784 | €317,215 | -€80,569 | -20.3% |
| Taxes | 450/3 | €116,319 | €46,522 | -€69,796 | -60.0% |
| Remuneration and social security | 454/9 | €281,466 | €270,693 | -€10,773 | -3.8% |
| Other amounts payable | 47/48 | €870,608 | - | -€870,608 | |
| Accrued charges and deferred income | 492/3 | €124,927 | €54,305 | -€70,622 | -56.5% |
| Non-recurring operating income | 76A | €16,238 | €488 | -€15,751 | -97.0% |
| Remuneration, social security and pensions | 62 | €2,439,789 | €2,655,315 | +€215,526 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,614 | €51,946 | -€9,668 | -15.7% |
| Other operating charges | 640/8 | €3,840 | €4,025 | +€184 | +4.8% |
| Gross operating margin | 9900 | €2,986,159 | €3,050,165 | +€64,006 | +2.1% |
| Operating profit (loss) | 9901 | €480,915 | €338,879 | -€142,037 | -29.5% |
| Financial income | 75/76B | €401,003 | €200,390 | -€200,613 | -50.0% |
| Recurring financial income | 75 | €401,003 | €200,390 | -€200,613 | -50.0% |
| Financial charges | 65/66B | €26,722 | €40,155 | +€13,433 | +50.3% |
| Recurring financial charges | 65 | €26,722 | €40,155 | +€13,433 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | €855,197 | €499,113 | -€356,084 | -41.6% |
| Income taxes | 67/77 | €141,211 | €102,114 | -€39,097 | -27.7% |
| Profit (loss) for the period | 9904 | €713,986 | €396,999 | -€316,986 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €713,986 | €396,999 | -€316,986 | -44.4% |
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 3 October 2026 via checked.be.