RED CONNECTION: 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.
RED CONNECTION
Largest movements
- Receivables within one year -€26,024
down €26,024 (-74.8%), from €34,796 to €8,772
of which Trade receivables: -€24,034
- Cash +€25,264
up €25,264 (+161.3%), from €15,666 to €40,930
mainly Receivables within one year (+€26,024) and Net result for the year (+€4,158)
- Other debts -€6,961
down €6,961 (-53.7%), from €12,965 to €6,003
- Reserves +€4,158
up €4,158 (+15.2%), from €27,443 to €31,600
- Trade debts +€4,108
up €4,108 (+253.3%), from €1,622 to €5,730
- Tax, wage and social debts -€2,064
down €2,064 (-38.0%), from €5,433 to €3,369
of which Taxes: -€2,224
- Gross operating margin -€9,750
down €9,750 (-48.6%), from €20,081 to €10,332
- Financial charges +€2,768
up €2,768 (+903.2%), from €306 to €3,074
- Taxes -€2,494
down €2,494 (-48.8%), from €5,113 to €2,619
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 | €50,462 | €49,702 | -€760 | -1.5% |
| Current assets | 29/58 | €50,462 | €49,702 | -€760 | -1.5% |
| Amounts receivable within one year | 40/41 | €34,796 | €8,772 | -€26,024 | -74.8% |
| Trade receivables | 40 | €32,279 | €8,245 | -€24,034 | -74.5% |
| Other amounts receivable | 41 | €2,518 | €527 | -€1,991 | -79.1% |
| Cash at bank and in hand | 54/58 | €15,666 | €40,930 | +€25,264 | +161.3% |
| Total equity and liabilities | 10/49 | €50,462 | €49,702 | -€760 | -1.5% |
| Equity | 10/15 | €30,443 | €34,600 | +€4,158 | +13.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €27,443 | €31,600 | +€4,158 | +15.2% |
| Distributable reserves | 133 | €27,443 | €31,600 | +€4,158 | +15.2% |
| Amounts payable | 17/49 | €20,019 | €15,102 | -€4,918 | -24.6% |
| Amounts payable within one year | 42/48 | €20,019 | €15,102 | -€4,918 | -24.6% |
| Trade debts | 44 | €1,622 | €5,730 | +€4,108 | +253.3% |
| Suppliers | 440/4 | €1,622 | €5,730 | +€4,108 | +253.3% |
| Taxes, remuneration and social security | 45 | €5,433 | €3,369 | -€2,064 | -38.0% |
| Taxes | 450/3 | €5,113 | €2,889 | -€2,224 | -43.5% |
| Remuneration and social security | 454/9 | €320 | €480 | +€160 | +50.0% |
| Other amounts payable | 47/48 | €12,965 | €6,003 | -€6,961 | -53.7% |
| Other operating charges | 640/8 | €463 | €480 | +€17 | +3.7% |
| Gross operating margin | 9900 | €20,081 | €10,332 | -€9,750 | -48.6% |
| Operating profit (loss) | 9901 | €19,618 | €9,851 | -€9,767 | -49.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €306 | €3,074 | +€2,768 | +903.2% |
| Recurring financial charges | 65 | €306 | €3,074 | +€2,768 | +903.2% |
| Profit (loss) for the period before taxes | 9903 | €19,312 | €6,777 | -€12,535 | -64.9% |
| Income taxes | 67/77 | €5,113 | €2,619 | -€2,494 | -48.8% |
| Profit (loss) for the period | 9904 | €14,199 | €4,158 | -€10,041 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,199 | €4,158 | -€10,041 | -70.7% |
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.