NET site Connect U: 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.
NET site Connect U
Largest movements
- Cash +€186,145
up €186,145 (+58.0%), from €321,122 to €507,267
mainly Trade debts (+€231,865) and Net result for the year (+€121,174)
- Receivables within one year +€168,525
up €168,525 (+19.1%), from €883,273 to €1.1m
- Stocks and contracts -€26,810
down €26,810 (-52.3%), from €51,288 to €24,478
- Trade debts +€231,865
up €231,865 (+42.0%), from €551,438 to €783,303
- Advances received -€94,490
down €94,490 (-72.8%), from €129,765 to €35,275
- Reserves +€89,777
up €89,777 (+23.9%), from €375,231 to €465,008
- Tax, wage and social debts +€46,490
up €46,490 (+43.9%), from €105,907 to €152,397
of which Taxes: +€45,950
- Debts after one year +€36,071
new in 2025: €36,071
- Gross operating margin +€31,677
up €31,677 (+6.8%), from €464,611 to €496,288
- Staff costs -€13,515
down €13,515 (-4.5%), from €302,490 to €288,975
- Financial charges +€12,900
up €12,900 (+119.7%), from €10,779 to €23,679
- Financial income +€7,729
up €7,729 (+3389.9%), from €228 to €7,957
- Depreciation +€6,436
up €6,436 (+38.4%), from €16,766 to €23,202
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 | €1,337,273 | €1,675,689 | +€338,416 | +25.3% |
| Fixed assets | 21/28 | €77,703 | €89,213 | +€11,510 | +14.8% |
| Intangible fixed assets | 21 | €765 | - | -€765 | |
| Tangible fixed assets | 22/27 | €74,718 | €86,993 | +€12,275 | +16.4% |
| Plant, machinery and equipment | 23 | €70,375 | €53,081 | -€17,294 | -24.6% |
| Furniture and vehicles | 24 | €1,203 | €2,622 | +€1,419 | +118.0% |
| Leasing and similar rights | 25 | - | €29,720 | +€29,720 | |
| Other tangible fixed assets | 26 | €3,140 | €1,570 | -€1,570 | -50.0% |
| Financial fixed assets | 28 | €2,220 | €2,220 | = | 0.0% |
| Current assets | 29/58 | €1,259,570 | €1,586,476 | +€326,906 | +26.0% |
| Stocks and contracts in progress | 3 | €51,288 | €24,478 | -€26,810 | -52.3% |
| Stocks | 30/36 | €51,288 | €24,478 | -€26,810 | -52.3% |
| Amounts receivable within one year | 40/41 | €883,273 | €1,051,798 | +€168,525 | +19.1% |
| Trade receivables | 40 | €883,273 | €1,051,798 | +€168,525 | +19.1% |
| Cash at bank and in hand | 54/58 | €321,122 | €507,267 | +€186,145 | +58.0% |
| Deferred charges and accrued income | 490/1 | €3,887 | €2,933 | -€954 | -24.5% |
| Total equity and liabilities | 10/49 | €1,337,273 | €1,675,689 | +€338,416 | +25.3% |
| Equity | 10/15 | €501,008 | €622,182 | +€121,174 | +24.2% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €375,231 | €465,008 | +€89,777 | +23.9% |
| Distributable reserves | 133 | €375,231 | €465,008 | +€89,777 | +23.9% |
| Profit (loss) carried forward | 14 | €89,777 | €121,174 | +€31,397 | +35.0% |
| Amounts payable | 17/49 | €836,265 | €1,053,507 | +€217,242 | +26.0% |
| Amounts payable after more than one year | 17 | - | €36,071 | +€36,071 | |
| Financial debts | 170/4 | - | €36,071 | +€36,071 | |
| Amounts payable within one year | 42/48 | €836,265 | €1,017,436 | +€181,171 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €23,430 | €16,455 | -€6,975 | -29.8% |
| Trade debts | 44 | €551,438 | €783,303 | +€231,865 | +42.0% |
| Suppliers | 440/4 | €551,438 | €783,303 | +€231,865 | +42.0% |
| Advances received on contracts in progress | 46 | €129,765 | €35,275 | -€94,490 | -72.8% |
| Taxes, remuneration and social security | 45 | €105,907 | €152,397 | +€46,490 | +43.9% |
| Taxes | 450/3 | €72,219 | €118,169 | +€45,950 | +63.6% |
| Remuneration and social security | 454/9 | €33,688 | €34,228 | +€540 | +1.6% |
| Other amounts payable | 47/48 | €25,725 | €30,006 | +€4,281 | +16.6% |
| Remuneration, social security and pensions | 62 | €302,490 | €288,975 | -€13,515 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,766 | €23,202 | +€6,436 | +38.4% |
| Other operating charges | 640/8 | €4,421 | €3,399 | -€1,022 | -23.1% |
| Gross operating margin | 9900 | €464,611 | €496,288 | +€31,677 | +6.8% |
| Operating profit (loss) | 9901 | €140,934 | €180,712 | +€39,778 | +28.2% |
| Financial income | 75/76B | €228 | €7,957 | +€7,729 | +3389.9% |
| Recurring financial income | 75 | €228 | €7,957 | +€7,729 | +3389.9% |
| Financial charges | 65/66B | €10,779 | €23,679 | +€12,900 | +119.7% |
| Recurring financial charges | 65 | €10,779 | €23,679 | +€12,900 | +119.7% |
| Profit (loss) for the period before taxes | 9903 | €130,383 | €164,990 | +€34,607 | +26.5% |
| Income taxes | 67/77 | €40,606 | €43,816 | +€3,210 | +7.9% |
| Profit (loss) for the period | 9904 | €89,777 | €121,174 | +€31,397 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,777 | €121,174 | +€31,397 | +35.0% |
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 4 October 2026 via checked.be.