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
- Cash +€46,841
up €46,841 (+171.2%), from €27,367 to €74,208
mainly Net result for the year (+€109,294) and Other debts (+€28,147)
- Receivables within one year +€18,485
up €18,485 (+24.4%), from €75,846 to €94,331
of which Trade receivables: +€19,737
- Tangible fixed assets -€5,175
down €5,175 (-11.4%), from €45,280 to €40,105
of which Furniture and vehicles: -€5,175
- Other debts +€28,147
up €28,147 (+35.1%), from €80,124 to €108,271
- Trade debts +€27,744
up €27,744 (+51.3%), from €54,064 to €81,808
- Tax, wage and social debts +€7,569
up €7,569 (+106.6%), from €7,098 to €14,667
of which Remuneration and social security: +€8,198
- Debts after one year -€6,260
down €6,260 (-35.0%), from €17,886 to €11,627
- Gross operating margin +€75,589
up €75,589 (+56.1%), from €134,776 to €210,365
- Staff costs +€40,058
up €40,058 (+92.2%), from €43,463 to €83,521
- Depreciation +€5,757
up €5,757 (+164.9%), from €3,492 to €9,249
- Financial charges +€5,548
up €5,548, from -€4,363 to €1,186
- Taxes +€2,165
up €2,165 (+56.6%), from €3,822 to €5,987
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 | €224,846 | €283,605 | +€58,759 | +26.1% |
| Fixed assets | 21/28 | €50,474 | €43,837 | -€6,637 | -13.1% |
| Intangible fixed assets | 21 | €5,194 | €3,732 | -€1,462 | -28.2% |
| Tangible fixed assets | 22/27 | €45,280 | €40,105 | -€5,175 | -11.4% |
| Furniture and vehicles | 24 | €33,280 | €28,105 | -€5,175 | -15.6% |
| Other tangible fixed assets | 26 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €174,372 | €239,768 | +€65,396 | +37.5% |
| Amounts receivable within one year | 40/41 | €75,846 | €94,331 | +€18,485 | +24.4% |
| Trade receivables | 40 | €74,432 | €94,169 | +€19,737 | +26.5% |
| Other amounts receivable | 41 | €1,414 | €162 | -€1,252 | -88.6% |
| Current investments | 50/53 | €64,500 | €64,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,367 | €74,208 | +€46,841 | +171.2% |
| Deferred charges and accrued income | 490/1 | €6,660 | €6,730 | +€70 | +1.0% |
| Total equity and liabilities | 10/49 | €224,846 | €283,605 | +€58,759 | +26.1% |
| Equity | 10/15 | €59,679 | €60,973 | +€1,294 | +2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €39,679 | €40,973 | +€1,294 | +3.3% |
| Distributable reserves | 133 | €39,679 | €40,973 | +€1,294 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €165,167 | €222,633 | +€57,465 | +34.8% |
| Amounts payable after more than one year | 17 | €17,886 | €11,627 | -€6,260 | -35.0% |
| Financial debts | 170/4 | €17,886 | €11,627 | -€6,260 | -35.0% |
| Amounts payable within one year | 42/48 | €147,281 | €211,006 | +€63,725 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €5,995 | €6,260 | +€265 | +4.4% |
| Trade debts | 44 | €54,064 | €81,808 | +€27,744 | +51.3% |
| Suppliers | 440/4 | €54,064 | €81,808 | +€27,744 | +51.3% |
| Taxes, remuneration and social security | 45 | €7,098 | €14,667 | +€7,569 | +106.6% |
| Taxes | 450/3 | €4,079 | €3,450 | -€629 | -15.4% |
| Remuneration and social security | 454/9 | €3,020 | €11,217 | +€8,198 | +271.5% |
| Other amounts payable | 47/48 | €80,124 | €108,271 | +€28,147 | +35.1% |
| Remuneration, social security and pensions | 62 | €43,463 | €83,521 | +€40,058 | +92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,492 | €9,249 | +€5,757 | +164.9% |
| Other operating charges | 640/8 | €725 | €1,030 | +€305 | +42.1% |
| Non-recurring operating charges | 66A | €0 | €99 | +€99 | |
| Gross operating margin | 9900 | €134,776 | €210,365 | +€75,589 | +56.1% |
| Operating profit (loss) | 9901 | €87,096 | €116,466 | +€29,370 | +33.7% |
| Financial income | 75/76B | €0 | €1 | +€1 | +500.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +500.0% |
| Financial charges | 65/66B | -€4,363 | €1,186 | +€5,548 | |
| Recurring financial charges | 65 | -€4,363 | €1,186 | +€5,548 | |
| Profit (loss) for the period before taxes | 9903 | €91,459 | €115,281 | +€23,822 | +26.0% |
| Income taxes | 67/77 | €3,822 | €5,987 | +€2,165 | +56.6% |
| Profit (loss) for the period | 9904 | €87,636 | €109,294 | +€21,657 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €87,636 | €109,294 | +€21,657 | +24.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.