CONNECT GROUP: 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 GROUP
Largest movements
- Receivables within one year -€87,358
down €87,358 (-26.5%), from €329,081 to €241,723
of which Trade receivables: -€87,742
- Cash +€55,162
up €55,162 (+109.5%), from €50,365 to €105,527
mainly Receivables within one year (+€87,358) and Depreciation (+€61,213)
- Stocks and contracts +€19,244
up €19,244 (+36.1%), from €53,285 to €72,529
of which Stocks: +€19,244
- Tangible fixed assets -€7,918
down €7,918 (-12.5%), from €63,515 to €55,597
of which Furniture and vehicles: -€17,882
- Deferred charges and accrued income +€7,776
up €7,776 (+160.8%), from €4,835 to €12,611
- Other debts -€26,932
down €26,932 (-26.9%), from €100,082 to €73,150
- Tax, wage and social debts +€26,850
up €26,850 (+47.5%), from €56,510 to €83,360
of which Remuneration and social security: +€32,980
- Debts after one year -€8,735
down €8,735 (-14.7%), from €59,353 to €50,618
- Trade debts -€7,938
down €7,938 (-7.7%), from €102,785 to €94,847
- Gross operating margin +€399,604
up €399,604 (+100.6%), from €397,303 to €796,906
- Staff costs +€368,572
up €368,572 (+115.3%), from €319,798 to €688,370
- Depreciation +€32,021
up €32,021 (+109.7%), from €29,192 to €61,213
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 | €512,912 | €499,849 | -€13,063 | -2.5% |
| Fixed assets | 21/28 | €75,347 | €67,461 | -€7,886 | -10.5% |
| Intangible fixed assets | 21 | €7,032 | €7,064 | +€32 | +0.5% |
| Tangible fixed assets | 22/27 | €63,515 | €55,597 | -€7,918 | -12.5% |
| Plant, machinery and equipment | 23 | €9,851 | €30,161 | +€20,310 | +206.2% |
| Furniture and vehicles | 24 | €31,851 | €13,968 | -€17,882 | -56.1% |
| Other tangible fixed assets | 26 | €21,813 | €11,467 | -€10,346 | -47.4% |
| Financial fixed assets | 28 | €4,800 | €4,800 | = | 0.0% |
| Current assets | 29/58 | €437,565 | €432,388 | -€5,177 | -1.2% |
| Stocks and contracts in progress | 3 | €53,285 | €72,529 | +€19,244 | +36.1% |
| Stocks | 30/36 | €53,285 | €72,529 | +€19,244 | +36.1% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €329,081 | €241,723 | -€87,358 | -26.5% |
| Trade receivables | 40 | €328,690 | €240,948 | -€87,742 | -26.7% |
| Other amounts receivable | 41 | €391 | €775 | +€384 | +98.1% |
| Cash at bank and in hand | 54/58 | €50,365 | €105,527 | +€55,162 | +109.5% |
| Deferred charges and accrued income | 490/1 | €4,835 | €12,611 | +€7,776 | +160.8% |
| Total equity and liabilities | 10/49 | €512,912 | €499,849 | -€13,063 | -2.5% |
| Equity | 10/15 | €50,622 | €51,450 | +€828 | +1.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €47,622 | €48,450 | +€828 | +1.7% |
| Distributable reserves | 133 | €47,622 | €48,450 | +€828 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €462,290 | €448,399 | -€13,891 | -3.0% |
| Amounts payable after more than one year | 17 | €59,353 | €50,618 | -€8,735 | -14.7% |
| Financial debts | 170/4 | €59,353 | €50,618 | -€8,735 | -14.7% |
| Amounts payable within one year | 42/48 | €402,936 | €397,781 | -€5,156 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €18,560 | €21,424 | +€2,864 | +15.4% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €102,785 | €94,847 | -€7,938 | -7.7% |
| Suppliers | 440/4 | €102,785 | €94,847 | -€7,938 | -7.7% |
| Taxes, remuneration and social security | 45 | €56,510 | €83,360 | +€26,850 | +47.5% |
| Taxes | 450/3 | €13,303 | €7,172 | -€6,130 | -46.1% |
| Remuneration and social security | 454/9 | €43,207 | €76,187 | +€32,980 | +76.3% |
| Other amounts payable | 47/48 | €100,082 | €73,150 | -€26,932 | -26.9% |
| Non-recurring operating income | 76A | €9,000 | €0 | -€9,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €319,798 | €688,370 | +€368,572 | +115.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,192 | €61,213 | +€32,021 | +109.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,125 | +€3,125 | |
| Other operating charges | 640/8 | €13,117 | €15,180 | +€2,062 | +15.7% |
| Non-recurring operating charges | 66A | - | €1,322 | +€1,322 | |
| Gross operating margin | 9900 | €397,303 | €796,906 | +€399,604 | +100.6% |
| Operating profit (loss) | 9901 | €35,195 | €27,696 | -€7,499 | -21.3% |
| Financial income | 75/76B | €1,426 | €144 | -€1,282 | -89.9% |
| Recurring financial income | 75 | €1,426 | €144 | -€1,282 | -89.9% |
| Financial charges | 65/66B | €22,309 | €22,013 | -€297 | -1.3% |
| Recurring financial charges | 65 | €22,309 | €22,013 | -€297 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €14,312 | €5,828 | -€8,484 | -59.3% |
| Income taxes | 67/77 | €8,863 | €5,000 | -€3,863 | -43.6% |
| Profit (loss) for the period | 9904 | €5,449 | €828 | -€4,621 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,449 | €828 | -€4,621 | -84.8% |
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 5 October 2026 via checked.be.