CONNECT ME: what changed
CONNECT ME
Largest movements
- Receivables within one year +€155,772
up €155,772 (+222%), from €70,235 to €226,007
of which Trade receivables: +€130,528
- Tangible fixed assets +€107,460
up €107,460 (+37.2%), from €288,985 to €396,444
of which Leasing and similar rights: +€385,752
- Cash -€25,639
down €25,639 (-74.2%), from €34,553 to €8,914
mainly Receivables within one year (-€155,772) and Investment in fixed assets (net) (-€128,106)
- Stocks and contracts +€22,483
up €22,483, from €0 to €22,483
- Profit (loss) carried forward +€144,451
up €144,451, from -€144,015 to €436
- Debts after one year +€144,450
up €144,450 (+144%), from €99,984 to €244,434
of which Trade debts: +€140,450
- Current portion of long-term debt -€60,255
down €60,255 (-69.6%), from €86,527 to €26,272
- Tax, wage and social debts +€33,351
up €33,351 (+99.6%), from €33,487 to €66,838
- Gross operating margin +€58,543
up €58,543 (+33.5%), from €174,564 to €233,107
- Taxes +€41,223
up €41,223 (+454%), from €9,073 to €50,296
- Depreciation -€31,330
down €31,330 (-60.4%), from €51,836 to €20,506
- Financial charges -€10,406
down €10,406 (-34.1%), from €30,491 to €20,085
of which Financial charges: -€13,282
- Financial income +€2,770
up €2,770 (+244%), from €1,134 to €3,904
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 | €404,626 | €662,861 | +€258,235 | +63.8% |
| Fixed assets | 21/28 | €297,857 | €405,457 | +€107,600 | +36.1% |
| Intangible fixed assets | 21 | €160 | - | -€160 | |
| Tangible fixed assets | 22/27 | €288,985 | €396,444 | +€107,460 | +37.2% |
| Land and buildings | 22 | €259,991 | - | -€259,991 | |
| Plant, machinery and equipment | 23 | €19,225 | €10,692 | -€8,533 | -44.4% |
| Furniture and vehicles | 24 | €9,768 | - | -€9,768 | |
| Leasing and similar rights | 25 | - | €385,752 | +€385,752 | |
| Financial fixed assets | 28 | €8,713 | €9,013 | +€300 | +3.4% |
| Current assets | 29/58 | €106,769 | €257,404 | +€150,635 | +141% |
| Stocks and contracts in progress | 3 | €0 | €22,483 | +€22,483 | |
| Stocks | 30/36 | €0 | €22,483 | +€22,483 | |
| Amounts receivable within one year | 40/41 | €70,235 | €226,007 | +€155,772 | +222% |
| Trade receivables | 40 | €12,813 | €143,341 | +€130,528 | +1,019% |
| Other amounts receivable | 41 | €57,422 | €82,666 | +€25,244 | +44.0% |
| Cash at bank and in hand | 54/58 | €34,553 | €8,914 | -€25,639 | -74.2% |
| Deferred charges and accrued income | 490/1 | €1,981 | - | -€1,981 | |
| Total equity and liabilities | 10/49 | €404,626 | €662,861 | +€258,235 | +63.8% |
| Equity | 10/15 | €42,985 | €187,436 | +€144,451 | +336% |
| Contributions | 10/11 | €187,000 | €187,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€144,015 | €436 | +€144,451 | |
| Amounts payable | 17/49 | €361,641 | €475,425 | +€113,784 | +31.5% |
| Amounts payable after more than one year | 17 | €99,984 | €244,434 | +€144,450 | +144% |
| Financial debts | 170/4 | €99,984 | €103,984 | +€4,000 | +4.0% |
| Trade debts | 175 | - | €140,450 | +€140,450 | |
| Amounts payable within one year | 42/48 | €261,657 | €230,991 | -€30,666 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €86,527 | €26,272 | -€60,255 | -69.6% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €16,644 | €12,881 | -€3,763 | -22.6% |
| Suppliers | 440/4 | €16,644 | €12,881 | -€3,763 | -22.6% |
| Taxes, remuneration and social security | 45 | €33,487 | €66,838 | +€33,351 | +99.6% |
| Taxes | 450/3 | €33,487 | €66,838 | +€33,351 | +99.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €24,835 | - | -€24,835 | |
| Remuneration, social security and pensions | 62 | -€2,530 | - | +€2,530 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,836 | €20,506 | -€31,330 | -60.4% |
| Other operating charges | 640/8 | €3,692 | €1,673 | -€2,019 | -54.7% |
| Non-recurring operating charges | 66A | €252 | - | -€252 | |
| Gross operating margin | 9900 | €174,564 | €233,107 | +€58,543 | +33.5% |
| Operating profit (loss) | 9901 | €121,314 | €210,928 | +€89,614 | +73.9% |
| Financial income | 75/76B | €1,134 | €3,904 | +€2,770 | +244% |
| Recurring financial income | 75 | €1,134 | €3,904 | +€2,770 | +244% |
| Financial charges | 65/66B | €30,491 | €20,085 | -€10,406 | -34.1% |
| Recurring financial charges | 65 | €30,491 | €17,209 | -€13,282 | -43.6% |
| Non-recurring financial charges | 66B | - | €2,876 | +€2,876 | |
| Profit (loss) for the period before taxes | 9903 | €91,957 | €194,747 | +€102,790 | +112% |
| Income taxes | 67/77 | €9,073 | €50,296 | +€41,223 | +454% |
| Profit (loss) for the period | 9904 | €82,884 | €144,451 | +€61,568 | +74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,884 | €144,451 | +€61,568 | +74.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.