CONNEXION.: 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.
CONNEXION.
Largest movements
- Receivables within one year -€21,964
down €21,964 (-28.6%), from €76,698 to €54,734
of which Trade receivables: -€21,385
- Cash +€17,473
up €17,473 (+160.9%), from €10,862 to €28,335
mainly Receivables within one year (+€21,964) and Net result for the year (+€7,953)
- Tangible fixed assets -€3,249
down €3,249 (-55.4%), from €5,867 to €2,618
- Deferred charges and accrued income +€1,195
up €1,195 (+57.4%), from €2,082 to €3,277
- Tax, wage and social debts -€15,006
down €15,006 (-35.4%), from €42,434 to €27,428
of which Remuneration and social security: -€8,730
- Reserves +€7,953
up €7,953 (+79.2%), from €10,045 to €17,999
- Trade debts +€5,300
up €5,300 (+23.9%), from €22,197 to €27,498
- Debts after one year -€5,224
down €5,224 (-42.7%), from €12,241 to €7,017
- Gross operating margin -€24,838
down €24,838 (-56.8%), from €43,744 to €18,905
- Other operating charges -€16,015
down €16,015 (-95.8%), from €16,710 to €696
- Write-downs +€3,213
new in 2025: €3,213
- Taxes -€1,536
down €1,536 (-36.6%), from €4,200 to €2,664
- Depreciation +€460
up €460 (+16.5%), from €2,789 to €3,249
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 | €95,609 | €89,064 | -€6,546 | -6.8% |
| Fixed assets | 21/28 | €5,967 | €2,718 | -€3,249 | -54.4% |
| Tangible fixed assets | 22/27 | €5,867 | €2,618 | -€3,249 | -55.4% |
| Furniture and vehicles | 24 | €5,867 | €2,618 | -€3,249 | -55.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €89,642 | €86,345 | -€3,297 | -3.7% |
| Amounts receivable within one year | 40/41 | €76,698 | €54,734 | -€21,964 | -28.6% |
| Trade receivables | 40 | €76,118 | €54,734 | -€21,385 | -28.1% |
| Other amounts receivable | 41 | €580 | €0 | -€580 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,862 | €28,335 | +€17,473 | +160.9% |
| Deferred charges and accrued income | 490/1 | €2,082 | €3,277 | +€1,195 | +57.4% |
| Total equity and liabilities | 10/49 | €95,609 | €89,064 | -€6,546 | -6.8% |
| Equity | 10/15 | €13,045 | €20,999 | +€7,953 | +61.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €10,045 | €17,999 | +€7,953 | +79.2% |
| Distributable reserves | 133 | €10,045 | €17,999 | +€7,953 | +79.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €82,564 | €68,065 | -€14,499 | -17.6% |
| Amounts payable after more than one year | 17 | €12,241 | €7,017 | -€5,224 | -42.7% |
| Financial debts | 170/4 | €12,241 | €7,017 | -€5,224 | -42.7% |
| Amounts payable within one year | 42/48 | €70,323 | €61,048 | -€9,275 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €4,901 | €5,224 | +€323 | +6.6% |
| Financial debts | 43 | - | €10 | +€10 | |
| Credit institutions | 430/8 | - | €10 | +€10 | |
| Trade debts | 44 | €22,197 | €27,498 | +€5,300 | +23.9% |
| Suppliers | 440/4 | €22,197 | €27,498 | +€5,300 | +23.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €42,434 | €27,428 | -€15,006 | -35.4% |
| Taxes | 450/3 | €19,154 | €12,878 | -€6,276 | -32.8% |
| Remuneration and social security | 454/9 | €23,280 | €14,550 | -€8,730 | -37.5% |
| Other amounts payable | 47/48 | €791 | €889 | +€97 | +12.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,789 | €3,249 | +€460 | +16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,213 | +€3,213 | |
| Other operating charges | 640/8 | €16,710 | €696 | -€16,015 | -95.8% |
| Gross operating margin | 9900 | €43,744 | €18,905 | -€24,838 | -56.8% |
| Operating profit (loss) | 9901 | €24,245 | €11,748 | -€12,497 | -51.5% |
| Financial income | 75/76B | €80 | €87 | +€8 | +9.5% |
| Recurring financial income | 75 | €80 | €87 | +€8 | +9.5% |
| Financial charges | 65/66B | €904 | €1,218 | +€314 | +34.7% |
| Recurring financial charges | 65 | €904 | €1,218 | +€314 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €23,420 | €10,617 | -€12,804 | -54.7% |
| Income taxes | 67/77 | €4,200 | €2,664 | -€1,536 | -36.6% |
| Profit (loss) for the period | 9904 | €19,220 | €7,953 | -€11,267 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,220 | €7,953 | -€11,267 | -58.6% |
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 7 October 2026 via checked.be.