CONNECTED WORLD: 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 WORLD
Largest movements
- Receivables within one year +€21,113
up €21,113 (+24.5%), from €86,142 to €107,255
of which Other amounts receivable: +€26,013
- Cash -€5,410
down €5,410 (-16.8%), from €32,221 to €26,810
mainly Trade debts (-€29,680) and Receivables within one year (-€21,113)
- Tangible fixed assets -€3,147
down €3,147 (-51.4%), from €6,118 to €2,971
- Deferred charges and accrued income +€1,412
up €1,412 (+666%), from €212 to €1,624
- Reserves +€59,234
up €59,234 (+187%), from €31,671 to €90,905
- Trade debts -€29,680
down €29,680 (-87.1%), from €34,065 to €4,385
- Tax, wage and social debts -€16,462
down €16,462 (-60.1%), from €27,380 to €10,919
- Short-term financial debts +€2,452
new in 2025: €2,452
- Current portion of long-term debt -€1,577
down €1,577 (-100%), from €1,577 to €0
- Gross operating margin +€45,418
up €45,418 (+80.1%), from €56,691 to €102,108
- Taxes +€18,526
up €18,526 (+115%), from €16,089 to €34,616
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 | €124,693 | €138,661 | +€13,967 | +11.2% |
| Fixed assets | 21/28 | €6,118 | €2,971 | -€3,147 | -51.4% |
| Tangible fixed assets | 22/27 | €6,118 | €2,971 | -€3,147 | -51.4% |
| Furniture and vehicles | 24 | €6,118 | €2,971 | -€3,147 | -51.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €118,575 | €135,689 | +€17,114 | +14.4% |
| Amounts receivable within one year | 40/41 | €86,142 | €107,255 | +€21,113 | +24.5% |
| Trade receivables | 40 | €8,965 | €4,065 | -€4,900 | -54.7% |
| Other amounts receivable | 41 | €77,177 | €103,190 | +€26,013 | +33.7% |
| Cash at bank and in hand | 54/58 | €32,221 | €26,810 | -€5,410 | -16.8% |
| Deferred charges and accrued income | 490/1 | €212 | €1,624 | +€1,412 | +666% |
| Total equity and liabilities | 10/49 | €124,693 | €138,661 | +€13,967 | +11.2% |
| Equity | 10/15 | €61,671 | €120,905 | +€59,234 | +96.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €31,671 | €90,905 | +€59,234 | +187% |
| Distributable reserves | 133 | €31,671 | €90,905 | +€59,234 | +187% |
| Amounts payable | 17/49 | €63,022 | €17,755 | -€45,267 | -71.8% |
| Amounts payable within one year | 42/48 | €63,022 | €17,755 | -€45,267 | -71.8% |
| Current portion of amounts payable after more than one year | 42 | €1,577 | €0 | -€1,577 | -100% |
| Financial debts | 43 | - | €2,452 | +€2,452 | |
| Credit institutions | 430/8 | - | €2,452 | +€2,452 | |
| Trade debts | 44 | €34,065 | €4,385 | -€29,680 | -87.1% |
| Suppliers | 440/4 | €34,065 | €4,385 | -€29,680 | -87.1% |
| Taxes, remuneration and social security | 45 | €27,380 | €10,919 | -€16,462 | -60.1% |
| Taxes | 450/3 | €27,380 | €10,919 | -€16,462 | -60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,983 | €4,245 | -€738 | -14.8% |
| Other operating charges | 640/8 | €457 | €1,411 | +€955 | +209% |
| Non-recurring operating charges | 66A | €1,429 | €0 | -€1,429 | -100% |
| Gross operating margin | 9900 | €56,691 | €102,108 | +€45,418 | +80.1% |
| Operating profit (loss) | 9901 | €49,822 | €96,452 | +€46,630 | +93.6% |
| Financial income | 75/76B | €42 | €856 | +€814 | +1,937% |
| Recurring financial income | 75 | €42 | €856 | +€814 | +1,937% |
| Financial charges | 65/66B | €3,768 | €3,457 | -€310 | -8.2% |
| Recurring financial charges | 65 | €3,768 | €3,457 | -€310 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €46,096 | €93,850 | +€47,754 | +104% |
| Income taxes | 67/77 | €16,089 | €34,616 | +€18,526 | +115% |
| Profit (loss) for the period | 9904 | €30,007 | €59,234 | +€29,228 | +97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,007 | €59,234 | +€29,228 | +97.4% |
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 16 October 2026 via checked.be.