CONNECT GROUP: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Largest movements
- Receivables within one year -€22.9m
down €22.9m (-31.7%), from €72.2m to €49.4m
of which Other amounts receivable: -€17.2m
- Receivables after one year +€9.7m
up €9.7m (+162%), from €6.0m to €15.7m
- Financial fixed assets -€6.5m
down €6.5m (-26.8%), from €24.3m to €17.8m
of which Affiliated companies: -€6.5m
- Tangible fixed assets +€2.5m
up €2.5m (+79.4%), from €3.2m to €5.7m
of which Assets under construction and advance payments: +€2.5m
- Cash +€1.6m
up €1.6m (+109,645%), from €1,423 to €1.6m
mainly Receivables within one year (+€22.9m) and Current portion of long-term debt (+€7.9m)
- Profit (loss) carried forward -€26.0m
down €26.0m, from €11.2m to -€14.8m
- Current portion of long-term debt +€7.9m
up €7.9m (+172%), from €4.6m to €12.5m
- Debts after one year -€6.8m
no longer reported in 2025 (was €6.8m)
- Provisions +€5.9m
up €5.9m (+675%), from €876,306 to €6.8m
- Trade debts +€5.2m
up €5.2m (+19.2%), from €27.0m to €32.2m
- Financial charges +€12.5m
up €12.5m (+527%), from €2.4m to €14.9m
of which Non-recurring financial charges: +€12.5m
- Write-downs +€10.5m
up €10.5m, from -€372,926 to €10.2m
- Services and other goods +€2.1m
up €2.1m (+15.9%), from €13.2m to €15.3m
- Goods and materials +€1.8m
up €1.8m (+2.0%), from €89.1m to €90.8m
of which Purchases: +€1.6m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €134,982,340 | €118,089,101 | -€16.9m | -12.5% |
| Fixed assets | 21/28 | €29,790,856 | €24,648,338 | -€5.1m | -17.3% |
| Intangible fixed assets | 21 | €2,338,275 | €1,168,129 | -€1.2m | -50.0% |
| Tangible fixed assets | 22/27 | €3,179,448 | €5,703,332 | +€2.5m | +79.4% |
| Land and buildings | 22 | €2,006,865 | €2,007,707 | +€842 | 0.0% |
| Plant, machinery and equipment | 23 | €846,372 | €899,743 | +€53,371 | +6.3% |
| Furniture and vehicles | 24 | €266,395 | €234,643 | -€31,752 | -11.9% |
| Assets under construction and advance payments | 27 | €59,816 | €2,561,239 | +€2.5m | +4,182% |
| Financial fixed assets | 28 | €24,273,133 | €17,776,877 | -€6.5m | -26.8% |
| Affiliated companies | 280/1 | €24,269,445 | €17,770,327 | -€6.5m | -26.8% |
| Participating interests | 280 | €24,269,445 | €17,770,327 | -€6.5m | -26.8% |
| Other financial fixed assets | 284/8 | €3,688 | €6,550 | +€2,862 | +77.6% |
| Amounts receivable and cash guarantees | 285/8 | €3,688 | €6,550 | +€2,862 | +77.6% |
| Current assets | 29/58 | €105,191,484 | €93,440,763 | -€11.8m | -11.2% |
| Amounts receivable after more than one year | 29 | €6,000,000 | €15,700,000 | +€9.7m | +162% |
| Other amounts receivable | 291 | €6,000,000 | €15,700,000 | +€9.7m | +162% |
| Stocks and contracts in progress | 3 | €26,055,281 | €25,778,951 | -€276,330 | -1.1% |
| Stocks | 30/36 | €26,055,281 | €25,778,951 | -€276,330 | -1.1% |
| Raw materials and consumables | 30/31 | €24,538,607 | €23,321,189 | -€1.2m | -5.0% |
| Work in progress | 32 | €1,096,636 | €2,240,175 | +€1.1m | +104% |
| Finished goods | 33 | €420,038 | €217,587 | -€202,451 | -48.2% |
| Amounts receivable within one year | 40/41 | €72,244,686 | €49,371,941 | -€22.9m | -31.7% |
| Trade receivables | 40 | €31,936,682 | €26,230,522 | -€5.7m | -17.9% |
| Other amounts receivable | 41 | €40,308,004 | €23,141,419 | -€17.2m | -42.6% |
| Cash at bank and in hand | 54/58 | €1,423 | €1,561,676 | +€1.6m | +109,645% |
| Deferred charges and accrued income | 490/1 | €890,094 | €1,028,195 | +€138,101 | +15.5% |
| Total equity and liabilities | 10/49 | €134,982,340 | €118,089,101 | -€16.9m | -12.5% |
| Equity | 10/15 | €59,777,351 | €33,755,693 | -€26.0m | -43.5% |
| Contributions | 10/11 | €48,421,632 | €48,421,632 | = | 0.0% |
| Capital | 10 | €1,658,752 | €1,658,752 | = | 0.0% |
| Issued capital | 100 | €1,658,752 | €1,658,752 | = | 0.0% |
| Contributions outside capital | 11 | €46,762,880 | €46,762,880 | = | 0.0% |
| Share premium | 1100/10 | €46,762,880 | €46,762,880 | = | 0.0% |
| Reserves | 13 | €165,875 | €165,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €165,875 | €165,875 | = | 0.0% |
| Legal reserve | 130 | €165,875 | €165,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,189,844 | -€14,831,814 | -€26.0m | |
| Provisions and deferred taxes | 16 | €876,306 | €6,787,477 | +€5.9m | +675% |
| Provisions for liabilities and charges | 160/5 | €876,306 | €6,787,477 | +€5.9m | +675% |
| Pensions and similar obligations | 160 | €376,306 | €362,813 | -€13,493 | -3.6% |
| Other liabilities and charges | 164/5 | €500,000 | €6,424,664 | +€5.9m | +1,185% |
| Amounts payable | 17/49 | €74,328,683 | €77,545,931 | +€3.2m | +4.3% |
| Amounts payable after more than one year | 17 | €6,815,479 | - | -€6.8m | |
| Financial debts | 170/4 | €6,815,479 | - | -€6.8m | |
| Credit institutions | 173 | €6,815,479 | - | -€6.8m | |
| Amounts payable within one year | 42/48 | €66,007,089 | €75,619,855 | +€9.6m | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €4,582,269 | €12,485,070 | +€7.9m | +172% |
| Financial debts | 43 | €27,215,315 | €24,596,051 | -€2.6m | -9.6% |
| Credit institutions | 430/8 | €14,715,315 | €10,796,051 | -€3.9m | -26.6% |
| Other loans | 439 | €12,500,000 | €13,800,000 | +€1.3m | +10.4% |
| Trade debts | 44 | €26,986,766 | €32,167,449 | +€5.2m | +19.2% |
| Suppliers | 440/4 | €26,986,766 | €32,167,449 | +€5.2m | +19.2% |
| Advances received on contracts in progress | 46 | €2,388,363 | €1,960,952 | -€427,411 | -17.9% |
| Taxes, remuneration and social security | 45 | €4,834,376 | €4,410,333 | -€424,043 | -8.8% |
| Taxes | 450/3 | €2,098,266 | €1,276,487 | -€821,779 | -39.2% |
| Remuneration and social security | 454/9 | €2,736,110 | €3,133,846 | +€397,736 | +14.5% |
| Accrued charges and deferred income | 492/3 | €1,506,115 | €1,926,076 | +€419,961 | +27.9% |
| Operating income | 70/76A | €124,762,317 | €127,807,864 | +€3.0m | +2.4% |
| Turnover | 70 | €117,349,717 | €116,802,301 | -€547,416 | -0.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€915,620 | €941,088 | +€1.9m | |
| Own construction capitalised | 72 | - | €2,544,805 | +€2.5m | |
| Other operating income | 74 | €8,261,020 | €7,487,978 | -€773,042 | -9.4% |
| Non-recurring operating income | 76A | €67,200 | €31,692 | -€35,508 | -52.8% |
| Operating charges | 60/66A | €119,955,906 | €141,105,923 | +€21.2m | +17.6% |
| Goods for resale, raw materials and consumables | 60 | €89,069,847 | €90,828,497 | +€1.8m | +2.0% |
| Purchases | 600/8 | €89,263,097 | €90,876,604 | +€1.6m | +1.8% |
| Change in stocks: decrease (increase) | 609 | -€193,250 | -€48,107 | +€145,143 | +75.1% |
| Services and other goods | 61 | €13,243,668 | €15,348,520 | +€2.1m | +15.9% |
| Remuneration, social security and pensions | 62 | €15,845,734 | €16,822,222 | +€976,488 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,919,847 | €1,844,997 | -€74,850 | -3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€372,926 | €10,173,640 | +€10.5m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €470 | -€13,493 | -€13,963 | |
| Other operating charges | 640/8 | €248,991 | €176,487 | -€72,504 | -29.1% |
| Non-recurring operating charges | 66A | €275 | €5,925,053 | +€5.9m | +2,154,465% |
| Operating profit (loss) | 9901 | €4,806,411 | -€13,298,059 | -€18.1m | |
| Financial income | 75/76B | €3,439,923 | €2,486,291 | -€953,632 | -27.7% |
| Recurring financial income | 75 | €3,439,923 | €2,486,291 | -€953,632 | -27.7% |
| Income from financial fixed assets | 750 | €19,945 | €20,312 | +€367 | +1.8% |
| Income from current assets | 751 | €2,759,735 | €2,152,825 | -€606,910 | -22.0% |
| Other financial income | 752/9 | €660,243 | €313,154 | -€347,089 | -52.6% |
| Financial charges | 65/66B | €2,375,510 | €14,903,479 | +€12.5m | +527% |
| Recurring financial charges | 65 | €2,375,510 | €2,403,479 | +€27,969 | +1.2% |
| Debt charges | 650 | €2,124,168 | €1,711,697 | -€412,471 | -19.4% |
| Other financial charges | 652/9 | €251,342 | €691,782 | +€440,440 | +175% |
| Non-recurring financial charges | 66B | - | €12,500,000 | +€12.5m | |
| Profit (loss) for the period before taxes | 9903 | €5,870,824 | -€25,715,247 | -€31.6m | |
| Income taxes | 67/77 | €571,607 | €306,411 | -€265,196 | -46.4% |
| Taxes | 670/3 | €571,607 | €306,411 | -€265,196 | -46.4% |
| Profit (loss) for the period | 9904 | €5,299,217 | -€26,021,658 | -€31.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €5,299,217 | -€26,021,658 | -€31.3m |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIts turnover (€116.8m) and balance sheet total (€118.1m) are both above the SME limits of €50m turnover or €43m balance sheet total. It files consolidated accounts. This indication rests only on its own accounts, without the subsidiaries. This indication is made for SMEs. For a company of this size market prices set the value, and those prices are not in this range.
Indicative value of the equity
Indication, not a valuation or adviceMidpoint €31.2m · 50% capitalised earnings, 50% adjusted equity
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €33,755,693
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€1,168,129
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €32.6m
Capitalised earnings
- 2025
- -€26,021,658
- excluding non-recurring income and charges
- -€7,628,297
- 2024
- €5,299,217
- excluding non-recurring income and charges
- €5,232,292
- 2023
- €13,207,437
- excluding non-recurring income and charges
- €13,159,863
- 2022
- €4,799,436
- excluding non-recurring income and charges
- €4,770,376
- 2021
- €8,598,149
- excluding non-recurring income and charges
- €12,894,870
- Average result, excluding non-recurring income and charges
- €3,587,953
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €25.6m / €29.9m / €35.9m
Your EBITDA multiple
- EBITDA 2025
- -€11,453,062
- Net financial debt
- €35,519,445
- Your multiple
- -
- Value with your multiple
- -
These accounts do not break down the debts after one year. They count in full as financial debt.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.