INTERCONNECTION: 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.
INTERCONNECTION
Largest movements
- Stocks and contracts -€232,863
down €232,863 (-15.2%), from €1.5m to €1.3m
- Receivables within one year -€131,642
down €131,642 (-88.9%), from €148,043 to €16,401
of which Trade receivables: -€121,269
- Advances received -€293,907
down €293,907 (-77.9%), from €377,459 to €83,552
- Short-term financial debts -€175,579
down €175,579 (-90.5%), from €194,031 to €18,452
- Reserves +€62,135
up €62,135 (+7.4%), from €843,463 to €905,598
of which Distributable reserves: +€62,135
- Other debts +€35,760
up €35,760 (+45.1%), from €79,363 to €115,123
- Write-downs -€265,634
down €265,634, from €245,965 to -€19,669
- Gross operating margin +€67,754
up €67,754, from -€3,168 to €64,586
- Taxes +€3,263
new in 2025: €3,263
- Financial charges -€2,188
down €2,188 (-18.1%), from €12,116 to €9,928
- Financial income -€1,705
down €1,705 (-99.2%), from €1,718 to €13
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 | €1,705,707 | €1,333,174 | -€372,533 | -21.8% |
| Fixed assets | 21/28 | €15,212 | €5,578 | -€9,634 | -63.3% |
| Tangible fixed assets | 22/27 | €7,606 | €4,503 | -€3,103 | -40.8% |
| Furniture and vehicles | 24 | €7,606 | €4,503 | -€3,103 | -40.8% |
| Financial fixed assets | 28 | €7,606 | €1,075 | -€6,531 | -85.9% |
| Current assets | 29/58 | €1,690,495 | €1,327,596 | -€362,899 | -21.5% |
| Stocks and contracts in progress | 3 | €1,529,973 | €1,297,110 | -€232,863 | -15.2% |
| Stocks | 30/36 | €1,529,973 | €1,297,110 | -€232,863 | -15.2% |
| Amounts receivable within one year | 40/41 | €148,043 | €16,401 | -€131,642 | -88.9% |
| Trade receivables | 40 | €133,043 | €11,774 | -€121,269 | -91.2% |
| Other amounts receivable | 41 | €15,000 | €4,627 | -€10,373 | -69.2% |
| Cash at bank and in hand | 54/58 | €6,901 | €14,085 | +€7,184 | +104.1% |
| Deferred charges and accrued income | 490/1 | €5,578 | - | -€5,578 | |
| Total equity and liabilities | 10/49 | €1,705,707 | €1,333,174 | -€372,533 | -21.8% |
| Equity | 10/15 | €1,043,463 | €1,109,171 | +€65,708 | +6.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €843,463 | €905,598 | +€62,135 | +7.4% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €823,463 | €885,598 | +€62,135 | +7.5% |
| Profit (loss) carried forward | 14 | - | €3,573 | +€3,573 | |
| Amounts payable | 17/49 | €662,244 | €224,003 | -€438,241 | -66.2% |
| Amounts payable within one year | 42/48 | €662,244 | €224,003 | -€438,241 | -66.2% |
| Financial debts | 43 | €194,031 | €18,452 | -€175,579 | -90.5% |
| Credit institutions | 430/8 | €194,031 | €18,452 | -€175,579 | -90.5% |
| Trade debts | 44 | €5,698 | €1,435 | -€4,263 | -74.8% |
| Suppliers | 440/4 | €5,698 | €1,435 | -€4,263 | -74.8% |
| Advances received on contracts in progress | 46 | €377,459 | €83,552 | -€293,907 | -77.9% |
| Taxes, remuneration and social security | 45 | €5,693 | €5,441 | -€252 | -4.4% |
| Taxes | 450/3 | €5,693 | €5,441 | -€252 | -4.4% |
| Other amounts payable | 47/48 | €79,363 | €115,123 | +€35,760 | +45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,632 | €3,103 | +€1,471 | +90.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €245,965 | -€19,669 | -€265,634 | |
| Other operating charges | 640/8 | €1,347 | €2,267 | +€920 | +68.3% |
| Gross operating margin | 9900 | -€3,168 | €64,586 | +€67,754 | |
| Operating profit (loss) | 9901 | -€252,113 | €78,885 | +€330,998 | |
| Financial income | 75/76B | €1,718 | €13 | -€1,705 | -99.2% |
| Recurring financial income | 75 | €1,718 | €13 | -€1,705 | -99.2% |
| Financial charges | 65/66B | €12,116 | €9,928 | -€2,188 | -18.1% |
| Recurring financial charges | 65 | €12,116 | €9,928 | -€2,188 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | -€262,511 | €68,970 | +€331,481 | |
| Income taxes | 67/77 | - | €3,263 | +€3,263 | |
| Profit (loss) for the period | 9904 | -€262,511 | €65,708 | +€328,218 | |
| Profit (loss) for the period to be appropriated | 9905 | -€262,511 | €65,708 | +€328,218 |
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 5 October 2026 via checked.be.