Connect Estates: 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 Estates
Largest movements
- Stocks and contracts +€509,808
up €509,808 (+339.9%), from €150,000 to €659,808
- Tangible fixed assets +€410,524
up €410,524 (+1845.6%), from €22,243 to €432,767
of which Land and buildings: +€415,559
- Cash -€98,096
down €98,096 (-59.6%), from €164,632 to €66,535
mainly Stocks and contracts (-€509,808) and Investment in fixed assets (net) (-€420,911)
- Receivables within one year -€91,121
down €91,121 (-53.2%), from €171,121 to €80,000
of which Trade receivables: -€171,121
- Debts after one year +€659,337
new in 2025: €659,337
of which Financial debts: +€657,817
- Trade debts +€52,093
up €52,093 (+376.5%), from €13,835 to €65,928
- Other debts -€48,416
down €48,416 (-35.9%), from €134,712 to €86,296
- Advances received +€34,721
new in 2025: €34,721
- Reserves +€16,954
up €16,954 (+6.3%), from €269,312 to €286,266
- Gross operating margin -€328,811
down €328,811 (-70.9%), from €463,819 to €135,007
- Taxes -€76,720
down €76,720 (-91.1%), from €84,235 to €7,516
- Financial charges -€20,502
down €20,502 (-33.7%), from €60,857 to €40,355
- Staff costs +€19,592
up €19,592 (+64.9%), from €30,183 to €49,775
- Depreciation +€6,119
up €6,119 (+143.4%), from €4,268 to €10,387
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 | €511,147 | €1,241,119 | +€729,972 | +142.8% |
| Fixed assets | 21/28 | €22,243 | €432,767 | +€410,524 | +1845.6% |
| Tangible fixed assets | 22/27 | €22,243 | €432,767 | +€410,524 | +1845.6% |
| Land and buildings | 22 | - | €415,559 | +€415,559 | |
| Furniture and vehicles | 24 | €22,243 | €17,207 | -€5,036 | -22.6% |
| Current assets | 29/58 | €488,904 | €808,352 | +€319,449 | +65.3% |
| Stocks and contracts in progress | 3 | €150,000 | €659,808 | +€509,808 | +339.9% |
| Stocks | 30/36 | €150,000 | €659,808 | +€509,808 | +339.9% |
| Amounts receivable within one year | 40/41 | €171,121 | €80,000 | -€91,121 | -53.2% |
| Trade receivables | 40 | €171,121 | - | -€171,121 | |
| Other amounts receivable | 41 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €164,632 | €66,535 | -€98,096 | -59.6% |
| Deferred charges and accrued income | 490/1 | €3,151 | €2,009 | -€1,143 | -36.3% |
| Total equity and liabilities | 10/49 | €511,147 | €1,241,119 | +€729,972 | +142.8% |
| Equity | 10/15 | €274,312 | €291,266 | +€16,954 | +6.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €269,312 | €286,266 | +€16,954 | +6.3% |
| Distributable reserves | 133 | €269,312 | €286,266 | +€16,954 | +6.3% |
| Amounts payable | 17/49 | €236,835 | €949,853 | +€713,019 | +301.1% |
| Amounts payable after more than one year | 17 | - | €659,337 | +€659,337 | |
| Financial debts | 170/4 | - | €657,817 | +€657,817 | |
| Other amounts payable | 178/9 | - | €1,520 | +€1,520 | |
| Amounts payable within one year | 42/48 | €236,835 | €290,516 | +€53,682 | +22.7% |
| Trade debts | 44 | €13,835 | €65,928 | +€52,093 | +376.5% |
| Suppliers | 440/4 | €13,835 | €65,928 | +€52,093 | +376.5% |
| Advances received on contracts in progress | 46 | - | €34,721 | +€34,721 | |
| Taxes, remuneration and social security | 45 | €88,287 | €103,570 | +€15,283 | +17.3% |
| Taxes | 450/3 | €84,235 | €91,751 | +€7,516 | +8.9% |
| Remuneration and social security | 454/9 | €4,052 | €11,819 | +€7,768 | +191.7% |
| Other amounts payable | 47/48 | €134,712 | €86,296 | -€48,416 | -35.9% |
| Remuneration, social security and pensions | 62 | €30,183 | €49,775 | +€19,592 | +64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,268 | €10,387 | +€6,119 | +143.4% |
| Other operating charges | 640/8 | €14,964 | €10,021 | -€4,943 | -33.0% |
| Gross operating margin | 9900 | €463,819 | €135,007 | -€328,811 | -70.9% |
| Operating profit (loss) | 9901 | €414,404 | €64,825 | -€349,580 | -84.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €60,857 | €40,355 | -€20,502 | -33.7% |
| Recurring financial charges | 65 | €60,857 | €40,355 | -€20,502 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €353,547 | €24,469 | -€329,078 | -93.1% |
| Income taxes | 67/77 | €84,235 | €7,516 | -€76,720 | -91.1% |
| Profit (loss) for the period | 9904 | €269,312 | €16,954 | -€252,358 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €269,312 | €16,954 | -€252,358 | -93.7% |
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 7 October 2026 via checked.be.