CONNECTED MINDS: what changed
Two financial 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.
CONNECTED MINDS
Largest movements
- Receivables within one year +€37,119
up €37,119 (+154%), from €24,087 to €61,206
of which Trade receivables: +€43,033
- Cash -€20,625
down €20,625 (-43.2%), from €47,783 to €27,158
mainly Contributions, distributions and other (-€45,000) and Receivables within one year (-€37,119)
- Tangible fixed assets -€8,371
down €8,371 (-12.5%), from €67,050 to €58,680
of which Furniture and vehicles: -€9,476
- Deferred charges and accrued income +€7,425
up €7,425 (+130%), from €5,690 to €13,115
- Intangible fixed assets +€3,138
new in 2025: €3,138
- Debts after one year -€12,644
down €12,644 (-60.5%), from €20,906 to €8,262
- Trade debts +€10,109
up €10,109 (+88.8%), from €11,383 to €21,492
- Profit (loss) carried forward +€7,550
up €7,550 (+25.2%), from €29,987 to €37,537
- Tax, wage and social debts +€7,538
up €7,538 (+59.7%), from €12,622 to €20,160
- Other debts +€6,273
up €6,273 (+17.2%), from €36,509 to €42,782
- Gross operating margin +€2,911
up €2,911 (+3.5%), from €83,538 to €86,449
- Depreciation -€2,671
down €2,671 (-15.6%), from €17,073 to €14,402
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.
Derived cash bridge
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 | €144,652 | €163,338 | +€18,686 | +12.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €67,092 | €61,859 | -€5,232 | -7.8% |
| Intangible fixed assets | 21 | - | €3,138 | +€3,138 | |
| Tangible fixed assets | 22/27 | €67,050 | €58,680 | -€8,371 | -12.5% |
| Plant, machinery and equipment | 23 | €27,736 | €28,842 | +€1,105 | +4.0% |
| Furniture and vehicles | 24 | €39,314 | €29,838 | -€9,476 | -24.1% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €77,560 | €101,478 | +€23,918 | +30.8% |
| Amounts receivable within one year | 40/41 | €24,087 | €61,206 | +€37,119 | +154% |
| Trade receivables | 40 | €8,594 | €51,627 | +€43,033 | +501% |
| Other amounts receivable | 41 | €15,493 | €9,579 | -€5,914 | -38.2% |
| Cash at bank and in hand | 54/58 | €47,783 | €27,158 | -€20,625 | -43.2% |
| Deferred charges and accrued income | 490/1 | €5,690 | €13,115 | +€7,425 | +130% |
| Total equity and liabilities | 10/49 | €144,652 | €163,338 | +€18,686 | +12.9% |
| Equity | 10/15 | €50,447 | €57,997 | +€7,550 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,987 | €37,537 | +€7,550 | +25.2% |
| Amounts payable | 17/49 | €94,205 | €105,341 | +€11,136 | +11.8% |
| Amounts payable after more than one year | 17 | €20,906 | €8,262 | -€12,644 | -60.5% |
| Financial debts | 170/4 | €20,906 | €8,262 | -€12,644 | -60.5% |
| Amounts payable within one year | 42/48 | €72,722 | €97,078 | +€24,356 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €12,208 | €12,644 | +€436 | +3.6% |
| Trade debts | 44 | €11,383 | €21,492 | +€10,109 | +88.8% |
| Suppliers | 440/4 | €11,383 | €21,492 | +€10,109 | +88.8% |
| Taxes, remuneration and social security | 45 | €12,622 | €20,160 | +€7,538 | +59.7% |
| Taxes | 450/3 | €12,622 | €20,160 | +€7,538 | +59.7% |
| Other amounts payable | 47/48 | €36,509 | €42,782 | +€6,273 | +17.2% |
| Accrued charges and deferred income | 492/3 | €577 | €0 | -€577 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,073 | €14,402 | -€2,671 | -15.6% |
| Other operating charges | 640/8 | €952 | €772 | -€180 | -18.9% |
| Gross operating margin | 9900 | €83,538 | €86,449 | +€2,911 | +3.5% |
| Operating profit (loss) | 9901 | €65,513 | €71,275 | +€5,762 | +8.8% |
| Financial income | 75/76B | €68 | €6 | -€63 | -91.9% |
| Recurring financial income | 75 | €68 | €6 | -€63 | -91.9% |
| Financial charges | 65/66B | €3,938 | €3,405 | -€533 | -13.5% |
| Recurring financial charges | 65 | €3,938 | €3,405 | -€533 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €61,644 | €67,876 | +€6,232 | +10.1% |
| Income taxes | 67/77 | €14,627 | €15,326 | +€699 | +4.8% |
| Profit (loss) for the period | 9904 | €47,017 | €52,550 | +€5,533 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,017 | €52,550 | +€5,533 | +11.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.