K-CONNEXION: 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.
K-CONNEXION
Largest movements
- Tangible fixed assets +€88,788
up €88,788 (+379%), from €23,415 to €112,203
of which Land and buildings: +€101,047
- Receivables within one year +€61,968
up €61,968 (+36.1%), from €171,621 to €233,590
of which Other amounts receivable: +€130,457
- Cash -€54,337
down €54,337 (-89.4%), from €60,776 to €6,440
mainly Investment in fixed assets (net) (-€102,374) and Receivables within one year (-€61,968)
- Stocks and contracts -€25,790
down €25,790 (-92.2%), from €27,977 to €2,187
- Debts after one year +€92,069
new in 2025: €92,069
- Profit (loss) carried forward -€48,640
down €48,640 (-32.5%), from €149,774 to €101,134
- Trade debts +€17,254
up €17,254 (+50.8%), from €33,963 to €51,217
- Current portion of long-term debt +€5,917
new in 2025: €5,917
- Accrued charges and deferred income +€4,807
new in 2025: €4,807
- Staff costs -€126,526
down €126,526, from €126,501 to -€25
- Gross operating margin -€49,212
down €49,212 (-72.2%), from €68,198 to €18,987
- Write-downs +€25,790
new in 2025: €25,790
- Other operating charges +€19,877
up €19,877 (+319%), from €6,240 to €26,117
- Depreciation +€7,854
up €7,854 (+137%), from €5,732 to €13,586
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 | €284,382 | €354,419 | +€70,037 | +24.6% |
| Fixed assets | 21/28 | €23,415 | €112,203 | +€88,788 | +379% |
| Tangible fixed assets | 22/27 | €23,415 | €112,203 | +€88,788 | +379% |
| Land and buildings | 22 | €11,155 | €112,203 | +€101,047 | +906% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €12,259 | €0 | -€12,259 | -100% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €260,968 | €242,216 | -€18,752 | -7.2% |
| Stocks and contracts in progress | 3 | €27,977 | €2,187 | -€25,790 | -92.2% |
| Stocks | 30/36 | €27,977 | €2,187 | -€25,790 | -92.2% |
| Amounts receivable within one year | 40/41 | €171,621 | €233,590 | +€61,968 | +36.1% |
| Trade receivables | 40 | €99,980 | €31,492 | -€68,488 | -68.5% |
| Other amounts receivable | 41 | €71,641 | €202,098 | +€130,457 | +182% |
| Cash at bank and in hand | 54/58 | €60,776 | €6,440 | -€54,337 | -89.4% |
| Deferred charges and accrued income | 490/1 | €593 | €0 | -€593 | -100% |
| Total equity and liabilities | 10/49 | €284,382 | €354,419 | +€70,037 | +24.6% |
| Equity | 10/15 | €245,962 | €197,322 | -€48,640 | -19.8% |
| 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 | €34,188 | €34,188 | = | 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 | €27,988 | €27,988 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,774 | €101,134 | -€48,640 | -32.5% |
| Amounts payable | 17/49 | €38,420 | €157,097 | +€118,677 | +309% |
| Amounts payable after more than one year | 17 | - | €92,069 | +€92,069 | |
| Financial debts | 170/4 | - | €92,069 | +€92,069 | |
| Amounts payable within one year | 42/48 | €38,420 | €60,221 | +€21,801 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | - | €5,917 | +€5,917 | |
| Trade debts | 44 | €33,963 | €51,217 | +€17,254 | +50.8% |
| Suppliers | 440/4 | €33,963 | €51,217 | +€17,254 | +50.8% |
| Taxes, remuneration and social security | 45 | €1,370 | - | -€1,370 | |
| Taxes | 450/3 | €1,370 | - | -€1,370 | |
| Other amounts payable | 47/48 | €3,087 | €3,087 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €4,807 | +€4,807 | |
| Remuneration, social security and pensions | 62 | €126,501 | -€25 | -€126,526 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,732 | €13,586 | +€7,854 | +137% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €25,790 | +€25,790 | |
| Other operating charges | 640/8 | €6,240 | €26,117 | +€19,877 | +319% |
| Gross operating margin | 9900 | €68,198 | €18,987 | -€49,212 | -72.2% |
| Operating profit (loss) | 9901 | -€70,274 | -€46,481 | +€23,793 | +33.9% |
| Financial income | 75/76B | €10 | €52 | +€41 | +397% |
| Recurring financial income | 75 | €10 | €52 | +€41 | +397% |
| Financial charges | 65/66B | €3,192 | €2,496 | -€696 | -21.8% |
| Recurring financial charges | 65 | €3,192 | €2,496 | -€696 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | -€73,455 | -€48,925 | +€24,530 | +33.4% |
| Income taxes | 67/77 | €3,214 | -€285 | -€3,500 | |
| Profit (loss) for the period | 9904 | -€76,669 | -€48,640 | +€28,030 | +36.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,669 | -€48,640 | +€28,030 | +36.6% |
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 31 October 2026 via checked.be.