Connection Belgium: 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.
Connection Belgium
Largest movements
- Receivables within one year -€11,307
down €11,307 (-15.0%), from €75,161 to €63,854
of which Trade receivables: -€22,281
- Tangible fixed assets -€3,575
down €3,575 (-45.7%), from €7,826 to €4,251
- Profit (loss) carried forward -€77,952
down €77,952 (-32.6%), from -€238,988 to -€316,940
- Accrued charges and deferred income +€58,074
up €58,074 (+1,148%), from €5,058 to €63,132
- Other debts +€19,306
up €19,306 (+8.9%), from €217,996 to €237,302
- Tax, wage and social debts -€13,264
down €13,264 (-15.1%), from €87,666 to €74,402
of which Remuneration and social security: -€9,862
- Trade debts -€1,150
down €1,150 (-18.4%), from €6,240 to €5,090
- Gross operating margin -€106,901
down €106,901 (-26.8%), from €398,611 to €291,710
- Staff costs -€104,653
down €104,653 (-22.7%), from €461,715 to €357,063
- Financial charges +€6,496
up €6,496 (+310%), from €2,093 to €8,589
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 | €84,172 | €69,186 | -€14,986 | -17.8% |
| Fixed assets | 21/28 | €7,915 | €4,590 | -€3,325 | -42.0% |
| Tangible fixed assets | 22/27 | €7,826 | €4,251 | -€3,575 | -45.7% |
| Furniture and vehicles | 24 | €7,826 | €4,251 | -€3,575 | -45.7% |
| Financial fixed assets | 28 | €89 | €339 | +€250 | +281% |
| Current assets | 29/58 | €76,257 | €64,596 | -€11,661 | -15.3% |
| Amounts receivable within one year | 40/41 | €75,161 | €63,854 | -€11,307 | -15.0% |
| Trade receivables | 40 | €75,052 | €52,771 | -€22,281 | -29.7% |
| Other amounts receivable | 41 | €109 | €11,083 | +€10,974 | +10,059% |
| Cash at bank and in hand | 54/58 | €777 | €310 | -€467 | -60.1% |
| Deferred charges and accrued income | 490/1 | €318 | €431 | +€113 | +35.4% |
| Total equity and liabilities | 10/49 | €84,172 | €69,186 | -€14,986 | -17.8% |
| Equity | 10/15 | -€232,788 | -€310,740 | -€77,952 | -33.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€238,988 | -€316,940 | -€77,952 | -32.6% |
| Amounts payable | 17/49 | €316,960 | €379,926 | +€62,966 | +19.9% |
| Amounts payable within one year | 42/48 | €311,902 | €316,794 | +€4,892 | +1.6% |
| Trade debts | 44 | €6,240 | €5,090 | -€1,150 | -18.4% |
| Suppliers | 440/4 | €6,240 | €5,090 | -€1,150 | -18.4% |
| Taxes, remuneration and social security | 45 | €87,666 | €74,402 | -€13,264 | -15.1% |
| Taxes | 450/3 | €27,161 | €23,759 | -€3,402 | -12.5% |
| Remuneration and social security | 454/9 | €60,505 | €50,643 | -€9,862 | -16.3% |
| Other amounts payable | 47/48 | €217,996 | €237,302 | +€19,306 | +8.9% |
| Accrued charges and deferred income | 492/3 | €5,058 | €63,132 | +€58,074 | +1,148% |
| Remuneration, social security and pensions | 62 | €461,715 | €357,063 | -€104,653 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,575 | €3,575 | = | 0.0% |
| Other operating charges | 640/8 | €1,641 | €625 | -€1,016 | -61.9% |
| Gross operating margin | 9900 | €398,611 | €291,710 | -€106,901 | -26.8% |
| Operating profit (loss) | 9901 | -€68,321 | -€69,553 | -€1,232 | -1.8% |
| Financial income | 75/76B | €0 | €318 | +€318 | |
| Recurring financial income | 75 | €0 | €318 | +€318 | |
| Financial charges | 65/66B | €2,093 | €8,589 | +€6,496 | +310% |
| Recurring financial charges | 65 | €2,093 | €8,589 | +€6,496 | +310% |
| Profit (loss) for the period before taxes | 9903 | -€70,414 | -€77,824 | -€7,411 | -10.5% |
| Income taxes | 67/77 | €125 | €128 | +€3 | +2.2% |
| Profit (loss) for the period | 9904 | -€70,539 | -€77,952 | -€7,413 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,539 | -€77,952 | -€7,413 | -10.5% |
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 30 October 2026 via checked.be.