CONNECTIVITY: 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.
CONNECTIVITY
Largest movements
- Cash -€80,591
down €80,591 (-31.1%), from €258,889 to €178,297
mainly Contributions, distributions and other (-€100,000) and Other debts (-€77,950)
- Current investments +€64,230
up €64,230 (+312.0%), from €20,585 to €84,815
- Reserves +€84,900
up €84,900 (+13.5%), from €630,100 to €715,000
of which Distributable reserves: +€127,000
- Other debts -€77,950
down €77,950 (-99.6%), from €78,270 to €320
- Tax, wage and social debts -€14,891
down €14,891 (-47.1%), from €31,607 to €16,716
- Gross operating margin +€29,482
up €29,482 (+12.2%), from €240,772 to €270,255
- Depreciation +€8,240
up €8,240 (+40.2%), from €20,497 to €28,736
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 | €807,467 | €792,381 | -€15,086 | -1.9% |
| Fixed assets | 21/28 | €406,521 | €404,806 | -€1,715 | -0.4% |
| Tangible fixed assets | 22/27 | €406,521 | €404,806 | -€1,715 | -0.4% |
| Land and buildings | 22 | €393,772 | €394,181 | +€409 | +0.1% |
| Furniture and vehicles | 24 | €12,749 | €10,625 | -€2,124 | -16.7% |
| Current assets | 29/58 | €400,947 | €387,576 | -€13,371 | -3.3% |
| Amounts receivable within one year | 40/41 | €120,213 | €122,476 | +€2,263 | +1.9% |
| Trade receivables | 40 | €120,213 | €121,145 | +€932 | +0.8% |
| Other amounts receivable | 41 | - | €1,331 | +€1,331 | |
| Current investments | 50/53 | €20,585 | €84,815 | +€64,230 | +312.0% |
| Cash at bank and in hand | 54/58 | €258,889 | €178,297 | -€80,591 | -31.1% |
| Deferred charges and accrued income | 490/1 | €1,260 | €1,987 | +€727 | +57.7% |
| Total equity and liabilities | 10/49 | €807,467 | €792,381 | -€15,086 | -1.9% |
| Equity | 10/15 | €632,692 | €718,432 | +€85,740 | +13.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €630,100 | €715,000 | +€84,900 | +13.5% |
| Tax-exempt reserves | 132 | €42,100 | €0 | -€42,100 | -100.0% |
| Distributable reserves | 133 | €588,000 | €715,000 | +€127,000 | +21.6% |
| Profit (loss) carried forward | 14 | €92 | €932 | +€840 | +913.3% |
| Amounts payable | 17/49 | €174,775 | €73,949 | -€100,826 | -57.7% |
| Amounts payable after more than one year | 17 | €54,892 | €47,836 | -€7,056 | -12.9% |
| Financial debts | 170/4 | €54,892 | €47,836 | -€7,056 | -12.9% |
| Amounts payable within one year | 42/48 | €119,183 | €26,114 | -€93,070 | -78.1% |
| Current portion of amounts payable after more than one year | 42 | €6,788 | €7,056 | +€268 | +4.0% |
| Trade debts | 44 | €2,518 | €2,022 | -€496 | -19.7% |
| Suppliers | 440/4 | €2,518 | €2,022 | -€496 | -19.7% |
| Taxes, remuneration and social security | 45 | €31,607 | €16,716 | -€14,891 | -47.1% |
| Taxes | 450/3 | €31,607 | €16,716 | -€14,891 | -47.1% |
| Other amounts payable | 47/48 | €78,270 | €320 | -€77,950 | -99.6% |
| Accrued charges and deferred income | 492/3 | €700 | €0 | -€700 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,497 | €28,736 | +€8,240 | +40.2% |
| Other operating charges | 640/8 | €2,250 | €1,699 | -€551 | -24.5% |
| Gross operating margin | 9900 | €240,772 | €270,255 | +€29,482 | +12.2% |
| Operating profit (loss) | 9901 | €218,026 | €239,820 | +€21,794 | +10.0% |
| Financial income | 75/76B | €1,254 | €2,240 | +€986 | +78.6% |
| Recurring financial income | 75 | €1,254 | €2,240 | +€986 | +78.6% |
| Financial charges | 65/66B | €3,164 | €2,721 | -€443 | -14.0% |
| Recurring financial charges | 65 | €3,164 | €2,721 | -€443 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €216,117 | €239,339 | +€23,223 | +10.7% |
| Income taxes | 67/77 | €50,910 | €53,599 | +€2,689 | +5.3% |
| Profit (loss) for the period | 9904 | €165,207 | €185,740 | +€20,533 | +12.4% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €165,207 | €227,840 | +€62,633 | +37.9% |
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 29 September 2026 via checked.be.