CONNOSTRA: 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.
CONNOSTRA
Largest movements
- Tangible fixed assets -€383,123
down €383,123 (-10.1%), from €3.8m to €3.4m
of which Land and buildings: -€383,123
- Cash +€308,611
up €308,611 (+549.0%), from €56,209 to €364,820
mainly Investment in fixed assets (net) (+€227,517) and Depreciation (+€155,606)
- Receivables within one year +€102,316
up €102,316 (+69.1%), from €147,982 to €250,299
of which Other amounts receivable: +€94,346
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€78,411
up €78,411 (+1202.5%), from €6,521 to €84,932
- Financial charges +€45,173
up €45,173, from -€45,036 to €137
- Financial income +€29,629
up €29,629 (+42.0%), from €70,567 to €100,196
- Depreciation -€15,792
down €15,792 (-9.2%), from €171,398 to €155,606
- Other operating charges -€11,317
down €11,317 (-24.4%), from €46,305 to €34,989
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 | €8,360,982 | €8,338,783 | -€22,199 | -0.3% |
| Fixed assets | 21/28 | €3,778,405 | €3,395,281 | -€383,123 | -10.1% |
| Tangible fixed assets | 22/27 | €3,775,455 | €3,392,331 | -€383,123 | -10.1% |
| Land and buildings | 22 | €3,565,748 | €3,182,625 | -€383,123 | -10.7% |
| Assets under construction and advance payments | 27 | €209,706 | €209,706 | = | 0.0% |
| Financial fixed assets | 28 | €2,950 | €2,950 | = | 0.0% |
| Current assets | 29/58 | €4,582,577 | €4,943,502 | +€360,925 | +7.9% |
| Amounts receivable within one year | 40/41 | €147,982 | €250,299 | +€102,316 | +69.1% |
| Trade receivables | 40 | €0 | €7,970 | +€7,970 | |
| Other amounts receivable | 41 | €147,982 | €242,328 | +€94,346 | +63.8% |
| Current investments | 50/53 | €4,340,655 | €4,288,974 | -€51,681 | -1.2% |
| Cash at bank and in hand | 54/58 | €56,209 | €364,820 | +€308,611 | +549.0% |
| Deferred charges and accrued income | 490/1 | €37,730 | €39,409 | +€1,679 | +4.4% |
| Total equity and liabilities | 10/49 | €8,360,982 | €8,338,783 | -€22,199 | -0.3% |
| Equity | 10/15 | €8,343,037 | €8,330,795 | -€12,241 | -0.1% |
| Contributions | 10/11 | €10,373,370 | €10,373,370 | = | 0.0% |
| Capital | 10 | €10,373,370 | €10,373,370 | = | 0.0% |
| Issued capital | 100 | €10,373,370 | €10,373,370 | = | 0.0% |
| Reserves | 13 | €80,218 | €80,218 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,218 | €80,218 | = | 0.0% |
| Legal reserve | 130 | €80,218 | €80,218 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,110,551 | -€2,122,792 | -€12,241 | -0.6% |
| Amounts payable | 17/49 | €17,945 | €7,988 | -€9,957 | -55.5% |
| Amounts payable within one year | 42/48 | €10,588 | €7,988 | -€2,600 | -24.6% |
| Trade debts | 44 | €7,135 | €7,746 | +€610 | +8.6% |
| Suppliers | 440/4 | €7,135 | €7,746 | +€610 | +8.6% |
| Taxes, remuneration and social security | 45 | €3,453 | €242 | -€3,210 | -93.0% |
| Taxes | 450/3 | €3,453 | €242 | -€3,210 | -93.0% |
| Accrued charges and deferred income | 492/3 | €7,357 | €0 | -€7,357 | -100.0% |
| Non-recurring operating income | 76A | - | €142,483 | +€142,483 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,398 | €155,606 | -€15,792 | -9.2% |
| Other operating charges | 640/8 | €46,305 | €34,989 | -€11,317 | -24.4% |
| Gross operating margin | 9900 | €6,521 | €84,932 | +€78,411 | +1202.5% |
| Operating profit (loss) | 9901 | -€211,183 | -€105,663 | +€105,520 | +50.0% |
| Financial income | 75/76B | €70,567 | €100,196 | +€29,629 | +42.0% |
| Recurring financial income | 75 | €70,567 | €100,196 | +€29,629 | +42.0% |
| Financial charges | 65/66B | -€45,036 | €137 | +€45,173 | |
| Recurring financial charges | 65 | -€45,036 | €137 | +€45,173 | |
| Profit (loss) for the period before taxes | 9903 | -€95,580 | -€5,604 | +€89,976 | +94.1% |
| Income taxes | 67/77 | - | €6,637 | +€6,637 | |
| Profit (loss) for the period | 9904 | -€95,580 | -€12,241 | +€83,339 | +87.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,580 | -€12,241 | +€83,339 | +87.2% |
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 11 October 2026 via checked.be.