Leuven Connected: 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.
What changed
Leuven Connected
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€909,769
2024 · -€3.0m+€2.1m
Equity
€5.2m
2024 · €5.9m-€709,769
Cash
€466,573
2024 · €150,618+€315,955
Balance sheet total
€39.1m
2024 · €37.8m+€1.3m
Largest movements
Assets
- Receivables within one year +€456,815
up €456,815 (+256%), from €178,408 to €635,223
of which Other amounts receivable: +€241,165
Equity and liabilities
- Debts after one year +€3.1m
new in 2025: €3.1m
- Short-term financial debts -€1.3m
down €1.3m (-4.1%), from €31.6m to €30.3m
- Profit (loss) carried forward -€909,769
down €909,769 (-22.5%), from -€4.1m to -€5.0m
Income statement
- Other operating charges -€890,748
down €890,748 (-99.9%), from €891,747 to €998
- Depreciation -€498,740
down €498,740 (-48.1%), from €1.0m to €538,135
- Financial charges -€382,203
down €382,203 (-29.0%), from €1.3m to €937,617
- Gross operating margin +€296,922
up €296,922 (+76.9%), from €386,051 to €682,973
- Staff costs +€26,507
up €26,507 (+26.8%), from €99,028 to €125,535
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.
Result 2024
-€3.0m
Gross operating margin
+€296,922
Staff costs
-€26,507
Depreciation
+€498,740
Other operating charges
+€890,748
Financial income
+€9,542
Financial charges
+€382,203
Result 2025
-€909,769
raises the resultlowers the result
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.
From operations
-€876,159
Investment
-€772,365
Financing
+€2.0m
Cash 2024
€150,618
From operations (derived)
-€876,159
Net result for the year
-€909,769
Depreciation
+€538,135
Receivables within one year
-€456,815
Deferred charges and accrued income
-€246,764
Trade debts
+€71,847
Tax, wage and social debts
+€172,635
Accrued charges and deferred income
-€45,427
Investment (derived)
-€772,365
Investment in fixed assets (net)
-€772,365
Financing
+€2.0m
Debts after one year
+€3.1m
Short-term financial debts
-€1.3m
Contributions, distributions and other
+€200,000
Cash 2025
€466,573
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,805,643 | €39,059,408 | +€1.3m | +3.3% |
| Fixed assets | 21/28 | €16,723,261 | €16,957,491 | +€234,230 | +1.4% |
| Tangible fixed assets | 22/27 | €16,723,261 | €16,957,491 | +€234,230 | +1.4% |
| Land and buildings | 22 | €16,721,016 | €16,246,646 | -€474,371 | -2.8% |
| Plant, machinery and equipment | 23 | €2,244 | €37,313 | +€35,069 | +1,563% |
| Furniture and vehicles | 24 | - | €1,205 | +€1,205 | |
| Assets under construction and advance payments | 27 | - | €672,327 | +€672,327 | |
| Current assets | 29/58 | €21,082,383 | €22,101,917 | +€1.0m | +4.8% |
| Stocks and contracts in progress | 3 | €20,726,037 | €20,726,037 | = | 0.0% |
| Stocks | 30/36 | €20,726,037 | €20,726,037 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €178,408 | €635,223 | +€456,815 | +256% |
| Trade receivables | 40 | €178,408 | €394,058 | +€215,650 | +121% |
| Other amounts receivable | 41 | - | €241,165 | +€241,165 | |
| Cash at bank and in hand | 54/58 | €150,618 | €466,573 | +€315,955 | +210% |
| Deferred charges and accrued income | 490/1 | €27,319 | €274,083 | +€246,764 | +903% |
| Total equity and liabilities | 10/49 | €37,805,643 | €39,059,408 | +€1.3m | +3.3% |
| Equity | 10/15 | €5,948,840 | €5,239,070 | -€709,769 | -11.9% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,051,160 | -€4,960,930 | -€909,769 | -22.5% |
| Investment grants | 15 | - | €200,000 | +€200,000 | |
| Amounts payable | 17/49 | €31,856,804 | €33,820,338 | +€2.0m | +6.2% |
| Amounts payable after more than one year | 17 | - | €3,064,479 | +€3.1m | |
| Financial debts | 170/4 | - | €3,064,479 | +€3.1m | |
| Amounts payable within one year | 42/48 | €31,806,177 | €30,750,658 | -€1.1m | -3.3% |
| Financial debts | 43 | €31,600,000 | €30,300,000 | -€1.3m | -4.1% |
| Credit institutions | 430/8 | €31,600,000 | €30,300,000 | -€1.3m | -4.1% |
| Trade debts | 44 | €188,961 | €260,808 | +€71,847 | +38.0% |
| Suppliers | 440/4 | €188,961 | €260,808 | +€71,847 | +38.0% |
| Taxes, remuneration and social security | 45 | €17,215 | €189,850 | +€172,635 | +1,003% |
| Taxes | 450/3 | €362 | €161,717 | +€161,355 | +44,542% |
| Remuneration and social security | 454/9 | €16,853 | €28,133 | +€11,280 | +66.9% |
| Accrued charges and deferred income | 492/3 | €50,627 | €5,200 | -€45,427 | -89.7% |
| Remuneration, social security and pensions | 62 | €99,028 | €125,535 | +€26,507 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,036,875 | €538,135 | -€498,740 | -48.1% |
| Other operating charges | 640/8 | €891,747 | €998 | -€890,748 | -99.9% |
| Gross operating margin | 9900 | €386,051 | €682,973 | +€296,922 | +76.9% |
| Operating profit (loss) | 9901 | -€1,641,599 | €18,305 | +€1.7m | |
| Financial income | 75/76B | €1 | €9,543 | +€9,542 | +1,800,447% |
| Recurring financial income | 75 | €1 | €9,543 | +€9,542 | +1,800,447% |
| Financial charges | 65/66B | €1,319,820 | €937,617 | -€382,203 | -29.0% |
| Recurring financial charges | 65 | €1,319,820 | €937,617 | -€382,203 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,961,419 | -€909,769 | +€2.1m | +69.3% |
| Profit (loss) for the period | 9904 | -€2,961,419 | -€909,769 | +€2.1m | +69.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,961,419 | -€909,769 | +€2.1m | +69.3% |
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 21 October 2026 via checked.be.