N-Connection Group: 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.
N-Connection Group
Largest movements
- Stocks and contracts -€31,217
down €31,217 (-26.3%), from €118,909 to €87,692
- Receivables within one year +€21,199
up €21,199 (+107%), from €19,861 to €41,060
- Tangible fixed assets -€2,453
down €2,453 (-41.4%), from €5,919 to €3,466
of which Plant, machinery and equipment: -€1,821
- Intangible fixed assets -€1,806
down €1,806 (-13.8%), from €13,083 to €11,277
- Tax, wage and social debts +€16,901
up €16,901 (+74.3%), from €22,733 to €39,634
- Debts after one year -€13,709
down €13,709 (-63.4%), from €21,616 to €7,908
- Profit (loss) carried forward -€6,734
down €6,734 (-96.8%), from €6,955 to €220
- Trade debts -€6,587
down €6,587 (-99.5%), from €6,618 to €31
- Other debts -€5,766
down €5,766 (-8.6%), from €67,275 to €61,509
- Gross operating margin -€15,484
down €15,484, from €14,840 to -€643
- Depreciation -€2,191
down €2,191 (-34.0%), from €6,451 to €4,259
- Taxes -€1,498
no longer reported in 2025 (was €1,498)
- Financial charges +€308
up €308 (+20.3%), from €1,523 to €1,831
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €158,768 | €143,495 | -€15,273 | -9.6% |
| Fixed assets | 21/28 | €19,002 | €14,743 | -€4,259 | -22.4% |
| Intangible fixed assets | 21 | €13,083 | €11,277 | -€1,806 | -13.8% |
| Tangible fixed assets | 22/27 | €5,919 | €3,466 | -€2,453 | -41.4% |
| Plant, machinery and equipment | 23 | €4,830 | €3,009 | -€1,821 | -37.7% |
| Furniture and vehicles | 24 | €1,089 | €457 | -€632 | -58.1% |
| Current assets | 29/58 | €139,766 | €128,752 | -€11,014 | -7.9% |
| Stocks and contracts in progress | 3 | €118,909 | €87,692 | -€31,217 | -26.3% |
| Stocks | 30/36 | €118,909 | €87,692 | -€31,217 | -26.3% |
| Amounts receivable within one year | 40/41 | €19,861 | €41,060 | +€21,199 | +107% |
| Trade receivables | 40 | €19,861 | €41,060 | +€21,199 | +107% |
| Deferred charges and accrued income | 490/1 | €997 | - | -€997 | |
| Total equity and liabilities | 10/49 | €158,768 | €143,495 | -€15,273 | -9.6% |
| Equity | 10/15 | €26,955 | €20,220 | -€6,734 | -25.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,955 | €220 | -€6,734 | -96.8% |
| Amounts payable | 17/49 | €131,814 | €123,275 | -€8,539 | -6.5% |
| Amounts payable after more than one year | 17 | €21,616 | €7,908 | -€13,709 | -63.4% |
| Financial debts | 170/4 | €21,616 | €7,908 | -€13,709 | -63.4% |
| Amounts payable within one year | 42/48 | €110,197 | €115,367 | +€5,170 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €11,241 | €11,632 | +€390 | +3.5% |
| Financial debts | 43 | €2,330 | €2,561 | +€232 | +10.0% |
| Credit institutions | 430/8 | €2,330 | €2,561 | +€232 | +10.0% |
| Trade debts | 44 | €6,618 | €31 | -€6,587 | -99.5% |
| Suppliers | 440/4 | €6,618 | €31 | -€6,587 | -99.5% |
| Taxes, remuneration and social security | 45 | €22,733 | €39,634 | +€16,901 | +74.3% |
| Taxes | 450/3 | €22,733 | €39,634 | +€16,901 | +74.3% |
| Other amounts payable | 47/48 | €67,275 | €61,509 | -€5,766 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,451 | €4,259 | -€2,191 | -34.0% |
| Gross operating margin | 9900 | €14,840 | -€643 | -€15,484 | |
| Operating profit (loss) | 9901 | €8,390 | -€4,903 | -€13,292 | |
| Financial charges | 65/66B | €1,523 | €1,831 | +€308 | +20.3% |
| Recurring financial charges | 65 | €1,523 | €1,831 | +€308 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €6,867 | -€6,734 | -€13,601 | |
| Income taxes | 67/77 | €1,498 | - | -€1,498 | |
| Profit (loss) for the period | 9904 | €5,369 | -€6,734 | -€12,103 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,369 | -€6,734 | -€12,103 |
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 20 October 2026 via checked.be.