CONNECT-S: 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-S
Largest movements
- Receivables within one year -€20,388
down €20,388 (-48.3%), from €42,168 to €21,780
of which Trade receivables: -€12,420
- Cash +€6,951
up €6,951 (+583.3%), from €1,192 to €8,143
mainly Receivables within one year (+€20,388) and Trade debts (+€1,701)
- Tangible fixed assets -€690
down €690 (-14.3%), from €4,826 to €4,136
- Profit (loss) carried forward -€11,982
down €11,982 (-138.8%), from -€8,635 to -€20,617
- Tax, wage and social debts -€1,977
down €1,977 (-35.6%), from €5,548 to €3,571
- Trade debts +€1,701
up €1,701 (+296.3%), from €574 to €2,274
- Accrued charges and deferred income -€1,400
no longer reported in 2025 (was €1,400)
- Gross operating margin -€3,333
down €3,333 (-61.7%), from -€5,405 to -€8,737
- Financial charges -€276
down €276 (-86.0%), from €321 to €45
- Staff costs +€267
up €267 (+16.3%), from €1,640 to €1,907
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 | €48,185 | €34,059 | -€14,126 | -29.3% |
| Fixed assets | 21/28 | €4,826 | €4,136 | -€690 | -14.3% |
| Tangible fixed assets | 22/27 | €4,826 | €4,136 | -€690 | -14.3% |
| Other tangible fixed assets | 26 | €4,826 | €4,136 | -€690 | -14.3% |
| Current assets | 29/58 | €43,359 | €29,923 | -€13,436 | -31.0% |
| Amounts receivable within one year | 40/41 | €42,168 | €21,780 | -€20,388 | -48.3% |
| Trade receivables | 40 | €34,200 | €21,780 | -€12,420 | -36.3% |
| Other amounts receivable | 41 | €7,968 | - | -€7,968 | |
| Cash at bank and in hand | 54/58 | €1,192 | €8,143 | +€6,951 | +583.3% |
| Total equity and liabilities | 10/49 | €48,185 | €34,059 | -€14,126 | -29.3% |
| Equity | 10/15 | €39,728 | €27,746 | -€11,982 | -30.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €44,363 | €44,363 | = | 0.0% |
| Distributable reserves | 133 | €44,363 | €44,363 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,635 | -€20,617 | -€11,982 | -138.8% |
| Amounts payable | 17/49 | €8,457 | €6,313 | -€2,144 | -25.4% |
| Amounts payable within one year | 42/48 | €7,057 | €6,313 | -€744 | -10.5% |
| Trade debts | 44 | €574 | €2,274 | +€1,701 | +296.3% |
| Suppliers | 440/4 | €574 | €2,274 | +€1,701 | +296.3% |
| Taxes, remuneration and social security | 45 | €5,548 | €3,571 | -€1,977 | -35.6% |
| Taxes | 450/3 | €5,548 | €3,571 | -€1,977 | -35.6% |
| Other amounts payable | 47/48 | €935 | €468 | -€468 | -50.0% |
| Accrued charges and deferred income | 492/3 | €1,400 | - | -€1,400 | |
| Remuneration, social security and pensions | 62 | €1,640 | €1,907 | +€267 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €690 | €690 | = | 0.0% |
| Other operating charges | 640/8 | €580 | €603 | +€22 | +3.8% |
| Gross operating margin | 9900 | -€5,405 | -€8,737 | -€3,333 | -61.7% |
| Operating profit (loss) | 9901 | -€8,315 | -€11,937 | -€3,622 | -43.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €321 | €45 | -€276 | -86.0% |
| Recurring financial charges | 65 | €321 | €45 | -€276 | -86.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,635 | -€11,982 | -€3,347 | -38.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€8,635 | -€11,982 | -€3,347 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,635 | -€11,982 | -€3,347 | -38.8% |
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 7 October 2026 via checked.be.