CONNECTEM: 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.
CONNECTEM
Largest movements
- Cash -€92,224
down €92,224 (-91.6%), from €100,676 to €8,451
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€33,850)
- Tangible fixed assets +€6,979
up €6,979 (+11.6%), from €59,909 to €66,888
of which Other tangible fixed assets: +€4,438
- Receivables within one year -€2,567
down €2,567 (-2.9%), from €89,402 to €86,835
of which Trade receivables: -€2,785
- Reserves -€104,284
down €104,284 (-56.3%), from €185,322 to €81,038
- Other debts +€18,484
up €18,484 (+258.9%), from €7,140 to €25,624
- Trade debts +€15,195
up €15,195 (+228.5%), from €6,649 to €21,844
- Tax, wage and social debts -€8,959
down €8,959 (-29.7%), from €30,150 to €21,191
of which Taxes: -€6,359
- Debts after one year -€7,874
down €7,874 (-62.2%), from €12,655 to €4,781
- Gross operating margin -€16,256
down €16,256 (-15.6%), from €103,972 to €87,716
- Depreciation +€14,036
up €14,036 (+109.4%), from €12,835 to €26,871
- Taxes -€5,818
down €5,818 (-31.1%), from €18,736 to €12,919
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 | €252,551 | €164,853 | -€87,698 | -34.7% |
| Fixed assets | 21/28 | €59,909 | €66,888 | +€6,979 | +11.6% |
| Tangible fixed assets | 22/27 | €59,909 | €66,888 | +€6,979 | +11.6% |
| Plant, machinery and equipment | 23 | €295 | €37 | -€258 | -87.5% |
| Furniture and vehicles | 24 | €59,615 | €62,414 | +€2,799 | +4.7% |
| Other tangible fixed assets | 26 | - | €4,438 | +€4,438 | |
| Current assets | 29/58 | €192,642 | €97,965 | -€94,677 | -49.1% |
| Amounts receivable within one year | 40/41 | €89,402 | €86,835 | -€2,567 | -2.9% |
| Trade receivables | 40 | €87,539 | €84,754 | -€2,785 | -3.2% |
| Other amounts receivable | 41 | €1,863 | €2,081 | +€219 | +11.7% |
| Cash at bank and in hand | 54/58 | €100,676 | €8,451 | -€92,224 | -91.6% |
| Deferred charges and accrued income | 490/1 | €2,564 | €2,678 | +€114 | +4.4% |
| Total equity and liabilities | 10/49 | €252,551 | €164,853 | -€87,698 | -34.7% |
| Equity | 10/15 | €187,822 | €83,538 | -€104,284 | -55.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €185,322 | €81,038 | -€104,284 | -56.3% |
| Distributable reserves | 133 | €185,322 | €81,038 | -€104,284 | -56.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €64,729 | €81,315 | +€16,586 | +25.6% |
| Amounts payable after more than one year | 17 | €12,655 | €4,781 | -€7,874 | -62.2% |
| Financial debts | 170/4 | €12,655 | €4,781 | -€7,874 | -62.2% |
| Amounts payable within one year | 42/48 | €51,424 | €76,534 | +€25,110 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €7,485 | €7,874 | +€390 | +5.2% |
| Trade debts | 44 | €6,649 | €21,844 | +€15,195 | +228.5% |
| Suppliers | 440/4 | €6,649 | €21,844 | +€15,195 | +228.5% |
| Taxes, remuneration and social security | 45 | €30,150 | €21,191 | -€8,959 | -29.7% |
| Taxes | 450/3 | €27,550 | €21,191 | -€6,359 | -23.1% |
| Remuneration and social security | 454/9 | €2,600 | €0 | -€2,600 | -100.0% |
| Other amounts payable | 47/48 | €7,140 | €25,624 | +€18,484 | +258.9% |
| Accrued charges and deferred income | 492/3 | €650 | €0 | -€650 | -100.0% |
| Non-recurring operating income | 76A | €17,355 | €0 | -€17,355 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,835 | €26,871 | +€14,036 | +109.4% |
| Other operating charges | 640/8 | €761 | €443 | -€318 | -41.8% |
| Gross operating margin | 9900 | €103,972 | €87,716 | -€16,256 | -15.6% |
| Operating profit (loss) | 9901 | €90,376 | €60,402 | -€29,974 | -33.2% |
| Financial income | 75/76B | €10 | €140 | +€129 | +1245.6% |
| Recurring financial income | 75 | €10 | €140 | +€129 | +1245.6% |
| Financial charges | 65/66B | €1,832 | €1,907 | +€75 | +4.1% |
| Recurring financial charges | 65 | €1,832 | €1,907 | +€75 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €88,554 | €58,634 | -€29,920 | -33.8% |
| Income taxes | 67/77 | €18,736 | €12,919 | -€5,818 | -31.1% |
| Profit (loss) for the period | 9904 | €69,818 | €45,716 | -€24,102 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €69,818 | €45,716 | -€24,102 | -34.5% |
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 3 October 2026 via checked.be.