Just Connect: 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.
Just Connect
Largest movements
- Current investments +€249,906
new in 2025: €249,906
- Financial fixed assets +€126,000
up €126,000 (+2,770%), from €4,549 to €130,549
- Cash +€109,049
up €109,049 (+83.6%), from €130,438 to €239,487
mainly Net result for the year (+€413,949) and Current portion of long-term debt (+€150,840)
- Intangible fixed assets +€88,000
up €88,000 (+191%), from €45,962 to €133,962
- Receivables within one year -€71,716
down €71,716 (-29.4%), from €244,294 to €172,578
of which Trade receivables: -€129,525
- Reserves +€413,949
up €413,949 (+190%), from €217,946 to €631,895
- Current portion of long-term debt +€150,840
up €150,840 (+817%), from €18,461 to €169,301
- Tax, wage and social debts +€22,337
up €22,337 (+15.4%), from €144,703 to €167,040
of which Taxes: +€17,445
- Debts after one year -€18,945
down €18,945 (-100%), from €18,945 to €0
- Gross operating margin +€346,404
up €346,404 (+59.4%), from €582,996 to €929,400
- Taxes +€100,884
up €100,884 (+101%), from €100,276 to €201,160
- Staff costs +€35,954
up €35,954 (+17.3%), from €208,266 to €244,220
- Depreciation +€32,928
up €32,928 (+129%), from €25,562 to €58,490
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.
Derived cash bridge
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 | €432,196 | €988,543 | +€556,347 | +129% |
| Fixed assets | 21/28 | €55,816 | €321,084 | +€265,268 | +475% |
| Intangible fixed assets | 21 | €45,962 | €133,962 | +€88,000 | +191% |
| Tangible fixed assets | 22/27 | €5,306 | €56,574 | +€51,268 | +966% |
| Plant, machinery and equipment | 23 | - | €2,071 | +€2,071 | |
| Furniture and vehicles | 24 | €3,415 | €4,144 | +€729 | +21.3% |
| Other tangible fixed assets | 26 | €1,891 | €50,360 | +€48,469 | +2,563% |
| Financial fixed assets | 28 | €4,549 | €130,549 | +€126,000 | +2,770% |
| Current assets | 29/58 | €376,380 | €667,459 | +€291,079 | +77.3% |
| Amounts receivable within one year | 40/41 | €244,294 | €172,578 | -€71,716 | -29.4% |
| Trade receivables | 40 | €239,951 | €110,426 | -€129,525 | -54.0% |
| Other amounts receivable | 41 | €4,344 | €62,153 | +€57,809 | +1,331% |
| Current investments | 50/53 | - | €249,906 | +€249,906 | |
| Cash at bank and in hand | 54/58 | €130,438 | €239,487 | +€109,049 | +83.6% |
| Deferred charges and accrued income | 490/1 | €1,648 | €5,488 | +€3,841 | +233% |
| Total equity and liabilities | 10/49 | €432,196 | €988,543 | +€556,347 | +129% |
| Equity | 10/15 | €227,946 | €641,895 | +€413,949 | +182% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €217,946 | €631,895 | +€413,949 | +190% |
| Distributable reserves | 133 | €217,946 | €631,895 | +€413,949 | +190% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €204,250 | €346,648 | +€142,398 | +69.7% |
| Amounts payable after more than one year | 17 | €18,945 | €0 | -€18,945 | -100% |
| Financial debts | 170/4 | €18,945 | €0 | -€18,945 | -100% |
| Amounts payable within one year | 42/48 | €185,305 | €346,648 | +€161,343 | +87.1% |
| Current portion of amounts payable after more than one year | 42 | €18,461 | €169,301 | +€150,840 | +817% |
| Trade debts | 44 | €17,846 | €10,308 | -€7,538 | -42.2% |
| Suppliers | 440/4 | €17,846 | €10,308 | -€7,538 | -42.2% |
| Taxes, remuneration and social security | 45 | €144,703 | €167,040 | +€22,337 | +15.4% |
| Taxes | 450/3 | €124,241 | €141,686 | +€17,445 | +14.0% |
| Remuneration and social security | 454/9 | €20,461 | €25,353 | +€4,892 | +23.9% |
| Other amounts payable | 47/48 | €4,296 | €0 | -€4,296 | -100% |
| Remuneration, social security and pensions | 62 | €208,266 | €244,220 | +€35,954 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,562 | €58,490 | +€32,928 | +129% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €480 | +€480 | |
| Other operating charges | 640/8 | €1,513 | €1,503 | -€10 | -0.7% |
| Gross operating margin | 9900 | €582,996 | €929,400 | +€346,404 | +59.4% |
| Operating profit (loss) | 9901 | €347,655 | €624,707 | +€277,052 | +79.7% |
| Financial income | 75/76B | €28 | €1,553 | +€1,525 | +5,368% |
| Recurring financial income | 75 | €28 | €1,553 | +€1,525 | +5,368% |
| Financial charges | 65/66B | €12,324 | €11,152 | -€1,172 | -9.5% |
| Recurring financial charges | 65 | €12,324 | €11,152 | -€1,172 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €335,359 | €615,109 | +€279,749 | +83.4% |
| Income taxes | 67/77 | €100,276 | €201,160 | +€100,884 | +101% |
| Profit (loss) for the period | 9904 | €235,083 | €413,949 | +€178,865 | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €235,083 | €413,949 | +€178,865 | +76.1% |
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 13 October 2026 via checked.be.