Connext: 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.
Connext
Largest movements
- Receivables within one year +€150,397
up €150,397 (+26.0%), from €578,902 to €729,300
of which Trade receivables: +€156,962
- Stocks and contracts -€80,855
down €80,855 (-19.3%), from €418,144 to €337,289
of which Contracts in progress: -€78,216
- Cash -€78,048
down €78,048 (-54.8%), from €142,536 to €64,488
mainly Trade debts (-€166,986) and Receivables within one year (-€150,397)
- Tangible fixed assets -€14,857
down €14,857 (-24.4%), from €60,922 to €46,066
of which Plant, machinery and equipment: -€8,138
- Trade debts -€166,986
down €166,986 (-36.4%), from €459,013 to €292,027
- Profit (loss) carried forward +€128,576
up €128,576, from -€59,991 to €68,585
- Debts after one year -€85,202
down €85,202 (-28.3%), from €300,965 to €215,763
- Tax, wage and social debts +€69,427
up €69,427 (+280.6%), from €24,739 to €94,166
of which Taxes: +€66,677
- Short-term financial debts +€14,167
up €14,167 (+7.1%), from €200,000 to €214,167
- Gross operating margin -€92,036
down €92,036 (-19.8%), from €465,713 to €373,676
- Taxes +€37,924
up €37,924 (+632.1%), from €6,000 to €43,924
- Staff costs +€23,730
up €23,730 (+17.4%), from €136,002 to €159,731
- Financial charges -€8,267
down €8,267 (-27.5%), from €30,031 to €21,765
- Depreciation +€7,627
up €7,627 (+60.2%), from €12,674 to €20,301
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 | €1,222,639 | €1,188,317 | -€34,322 | -2.8% |
| Fixed assets | 21/28 | €71,927 | €54,200 | -€17,727 | -24.6% |
| Intangible fixed assets | 21 | €4,915 | €2,045 | -€2,870 | -58.4% |
| Tangible fixed assets | 22/27 | €60,922 | €46,066 | -€14,857 | -24.4% |
| Plant, machinery and equipment | 23 | €20,646 | €12,508 | -€8,138 | -39.4% |
| Furniture and vehicles | 24 | €2,131 | €3,134 | +€1,003 | +47.1% |
| Leasing and similar rights | 25 | €38,146 | €30,424 | -€7,722 | -20.2% |
| Financial fixed assets | 28 | €6,090 | €6,090 | = | 0.0% |
| Current assets | 29/58 | €1,150,711 | €1,134,116 | -€16,595 | -1.4% |
| Stocks and contracts in progress | 3 | €418,144 | €337,289 | -€80,855 | -19.3% |
| Stocks | 30/36 | €111,306 | €108,667 | -€2,639 | -2.4% |
| Contracts in progress | 37 | €306,838 | €228,622 | -€78,216 | -25.5% |
| Amounts receivable within one year | 40/41 | €578,902 | €729,300 | +€150,397 | +26.0% |
| Trade receivables | 40 | €572,338 | €729,300 | +€156,962 | +27.4% |
| Other amounts receivable | 41 | €6,565 | - | -€6,565 | |
| Cash at bank and in hand | 54/58 | €142,536 | €64,488 | -€78,048 | -54.8% |
| Deferred charges and accrued income | 490/1 | €11,130 | €3,039 | -€8,090 | -72.7% |
| Total equity and liabilities | 10/49 | €1,222,639 | €1,188,317 | -€34,322 | -2.8% |
| Equity | 10/15 | €155,199 | €283,775 | +€128,576 | +82.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €153,190 | €153,190 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €146,990 | €146,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,991 | €68,585 | +€128,576 | |
| Amounts payable | 17/49 | €1,067,440 | €904,542 | -€162,898 | -15.3% |
| Amounts payable after more than one year | 17 | €300,965 | €215,763 | -€85,202 | -28.3% |
| Financial debts | 170/4 | €300,965 | €215,763 | -€85,202 | -28.3% |
| Amounts payable within one year | 42/48 | €766,475 | €688,150 | -€78,325 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €82,722 | €85,202 | +€2,479 | +3.0% |
| Financial debts | 43 | €200,000 | €214,167 | +€14,167 | +7.1% |
| Credit institutions | 430/8 | €200,000 | €214,167 | +€14,167 | +7.1% |
| Trade debts | 44 | €459,013 | €292,027 | -€166,986 | -36.4% |
| Suppliers | 440/4 | €459,013 | €292,027 | -€166,986 | -36.4% |
| Taxes, remuneration and social security | 45 | €24,739 | €94,166 | +€69,427 | +280.6% |
| Taxes | 450/3 | €6,000 | €72,677 | +€66,677 | +1111.3% |
| Remuneration and social security | 454/9 | €18,739 | €21,489 | +€2,750 | +14.7% |
| Other amounts payable | 47/48 | - | €2,588 | +€2,588 | |
| Accrued charges and deferred income | 492/3 | - | €629 | +€629 | |
| Non-recurring operating income | 76A | - | €3,633 | +€3,633 | |
| Remuneration, social security and pensions | 62 | €136,002 | €159,731 | +€23,730 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,674 | €20,301 | +€7,627 | +60.2% |
| Other operating charges | 640/8 | €1,026 | €949 | -€77 | -7.5% |
| Gross operating margin | 9900 | €465,713 | €373,676 | -€92,036 | -19.8% |
| Operating profit (loss) | 9901 | €316,011 | €192,695 | -€123,315 | -39.0% |
| Financial income | 75/76B | €914 | €1,569 | +€655 | +71.6% |
| Recurring financial income | 75 | €914 | €1,569 | +€655 | +71.6% |
| Financial charges | 65/66B | €30,031 | €21,765 | -€8,267 | -27.5% |
| Recurring financial charges | 65 | €30,031 | €21,765 | -€8,267 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €286,894 | €172,500 | -€114,394 | -39.9% |
| Income taxes | 67/77 | €6,000 | €43,924 | +€37,924 | +632.1% |
| Profit (loss) for the period | 9904 | €280,894 | €128,576 | -€152,318 | -54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €280,894 | €128,576 | -€152,318 | -54.2% |
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 2 October 2026 via checked.be.