CONNECTIONS: 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.
CONNECTIONS
Largest movements
- Cash +€19,962
up €19,962 (+16.4%), from €121,565 to €141,527
mainly Net result for the year (+€43,602) and Other debts (+€36,448)
- Tangible fixed assets +€8,960
up €8,960 (+34.3%), from €26,152 to €35,112
of which Plant, machinery and equipment: +€8,935
- Receivables within one year +€7,352
up €7,352 (+13.1%), from €56,051 to €63,403
of which Other amounts receivable: +€8,069
- Other debts +€36,448
new in 2025: €36,448
- Reserves +€4,018
up €4,018 (+2.0%), from €196,667 to €200,685
- Gross operating margin -€33,776
down €33,776 (-31.4%), from €107,517 to €73,741
- Taxes -€10,232
down €10,232 (-37.1%), from €27,552 to €17,320
- Depreciation +€1,378
up €1,378 (+20.2%), from €6,811 to €8,189
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €205,830 | €242,896 | +€37,065 | +18.0% |
| Fixed assets | 21/28 | €26,152 | €35,112 | +€8,960 | +34.3% |
| Tangible fixed assets | 22/27 | €26,152 | €35,112 | +€8,960 | +34.3% |
| Plant, machinery and equipment | 23 | €15,120 | €24,055 | +€8,935 | +59.1% |
| Furniture and vehicles | 24 | €11,032 | €11,057 | +€25 | +0.2% |
| Current assets | 29/58 | €179,678 | €207,784 | +€28,106 | +15.6% |
| Amounts receivable within one year | 40/41 | €56,051 | €63,403 | +€7,352 | +13.1% |
| Trade receivables | 40 | €717 | - | -€717 | |
| Other amounts receivable | 41 | €55,334 | €63,403 | +€8,069 | +14.6% |
| Cash at bank and in hand | 54/58 | €121,565 | €141,527 | +€19,962 | +16.4% |
| Deferred charges and accrued income | 490/1 | €2,062 | €2,853 | +€792 | +38.4% |
| Total equity and liabilities | 10/49 | €205,830 | €242,896 | +€37,065 | +18.0% |
| Equity | 10/15 | €196,767 | €201,387 | +€4,620 | +2.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Outside capital | 11 | €100 | €100 | = | 0.0% |
| Other | 1109/19 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €196,667 | €200,685 | +€4,018 | +2.0% |
| Distributable reserves | 133 | €196,667 | €200,685 | +€4,018 | +2.0% |
| Profit (loss) carried forward | 14 | - | €602 | +€602 | |
| Amounts payable | 17/49 | €9,063 | €41,509 | +€32,446 | +358.0% |
| Amounts payable within one year | 42/48 | €9,063 | €41,509 | +€32,446 | +358.0% |
| Trade debts | 44 | €2,118 | €30 | -€2,087 | -98.6% |
| Suppliers | 440/4 | €2,118 | €30 | -€2,087 | -98.6% |
| Taxes, remuneration and social security | 45 | €6,946 | €5,030 | -€1,915 | -27.6% |
| Taxes | 450/3 | €6,946 | €5,030 | -€1,915 | -27.6% |
| Other amounts payable | 47/48 | - | €36,448 | +€36,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,811 | €8,189 | +€1,378 | +20.2% |
| Other operating charges | 640/8 | €1,648 | €1,705 | +€58 | +3.5% |
| Gross operating margin | 9900 | €107,517 | €73,741 | -€33,776 | -31.4% |
| Operating profit (loss) | 9901 | €99,059 | €63,846 | -€35,212 | -35.5% |
| Financial income | 75/76B | €18 | €6 | -€12 | -67.4% |
| Recurring financial income | 75 | €18 | €6 | -€12 | -67.4% |
| Financial charges | 65/66B | €2,065 | €2,930 | +€865 | +41.9% |
| Recurring financial charges | 65 | €2,065 | €2,930 | +€865 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €97,012 | €60,922 | -€36,090 | -37.2% |
| Income taxes | 67/77 | €27,552 | €17,320 | -€10,232 | -37.1% |
| Profit (loss) for the period | 9904 | €69,460 | €43,602 | -€25,858 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,460 | €43,602 | -€25,858 | -37.2% |
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 4 October 2026 via checked.be.