SENHA 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.
SENHA CONNECTION
Largest movements
- Receivables within one year +€511,647
up €511,647 (+294.2%), from €173,894 to €685,541
of which Other amounts receivable: +€450,000
- Cash -€67,985
down €67,985 (-14.5%), from €467,315 to €399,330
mainly Receivables within one year (-€511,647) and Debts after one year (-€289,794)
- Reserves +€695,472
up €695,472 (+59.2%), from €1.2m to €1.9m
- Debts after one year -€289,794
down €289,794 (-32.5%), from €890,390 to €600,596
of which Other amounts payable: -€250,000
- Tax, wage and social debts +€75,353
up €75,353 (+120.7%), from €62,422 to €137,775
- Other debts -€62,679
down €62,679 (-25.0%), from €250,523 to €187,844
- Financial income +€401,476
up €401,476 (+199.7%), from €201,047 to €602,523
- Gross operating margin +€54,541
up €54,541 (+20.1%), from €271,880 to €326,422
- Taxes +€47,589
up €47,589 (+65.4%), from €72,765 to €120,354
- Depreciation +€3,780
up €3,780 (+5.3%), from €71,072 to €74,851
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 | €2,643,046 | €3,061,806 | +€418,759 | +15.8% |
| Fixed assets | 21/28 | €1,984,443 | €1,964,500 | -€19,943 | -1.0% |
| Tangible fixed assets | 22/27 | €1,013,427 | €993,484 | -€19,943 | -2.0% |
| Land and buildings | 22 | €998,959 | €976,141 | -€22,819 | -2.3% |
| Plant, machinery and equipment | 23 | €2,034 | €1,923 | -€111 | -5.5% |
| Furniture and vehicles | 24 | €12,434 | €9,074 | -€3,359 | -27.0% |
| Other tangible fixed assets | 26 | - | €6,346 | +€6,346 | |
| Financial fixed assets | 28 | €971,016 | €971,016 | = | 0.0% |
| Current assets | 29/58 | €658,603 | €1,097,305 | +€438,702 | +66.6% |
| Amounts receivable within one year | 40/41 | €173,894 | €685,541 | +€511,647 | +294.2% |
| Trade receivables | 40 | €173,894 | €235,541 | +€61,647 | +35.5% |
| Other amounts receivable | 41 | - | €450,000 | +€450,000 | |
| Cash at bank and in hand | 54/58 | €467,315 | €399,330 | -€67,985 | -14.5% |
| Deferred charges and accrued income | 490/1 | €17,394 | €12,435 | -€4,960 | -28.5% |
| Total equity and liabilities | 10/49 | €2,643,046 | €3,061,806 | +€418,759 | +15.8% |
| Equity | 10/15 | €1,333,884 | €2,029,356 | +€695,472 | +52.1% |
| Contributions | 10/11 | €159,200 | €159,200 | = | 0.0% |
| Reserves | 13 | €1,174,684 | €1,870,156 | +€695,472 | +59.2% |
| Distributable reserves | 133 | €1,174,684 | €1,870,156 | +€695,472 | +59.2% |
| Provisions and deferred taxes | 16 | €46,559 | €46,559 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €46,559 | €46,559 | = | 0.0% |
| Pensions and similar obligations | 160 | €46,559 | €46,559 | = | 0.0% |
| Amounts payable | 17/49 | €1,262,603 | €985,891 | -€276,713 | -21.9% |
| Amounts payable after more than one year | 17 | €890,390 | €600,596 | -€289,794 | -32.5% |
| Financial debts | 170/4 | €140,390 | €100,596 | -€39,794 | -28.3% |
| Other amounts payable | 178/9 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Amounts payable within one year | 42/48 | €356,464 | €369,545 | +€13,081 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €39,192 | €39,794 | +€602 | +1.5% |
| Trade debts | 44 | €4,326 | €4,132 | -€194 | -4.5% |
| Suppliers | 440/4 | €4,326 | €4,132 | -€194 | -4.5% |
| Taxes, remuneration and social security | 45 | €62,422 | €137,775 | +€75,353 | +120.7% |
| Taxes | 450/3 | €62,422 | €137,775 | +€75,353 | +120.7% |
| Other amounts payable | 47/48 | €250,523 | €187,844 | -€62,679 | -25.0% |
| Accrued charges and deferred income | 492/3 | €15,750 | €15,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,072 | €74,851 | +€3,780 | +5.3% |
| Other operating charges | 640/8 | €11,991 | €12,729 | +€739 | +6.2% |
| Gross operating margin | 9900 | €271,880 | €326,422 | +€54,541 | +20.1% |
| Operating profit (loss) | 9901 | €188,818 | €238,841 | +€50,023 | +26.5% |
| Financial income | 75/76B | €201,047 | €602,523 | +€401,476 | +199.7% |
| Recurring financial income | 75 | €201,047 | €602,523 | +€401,476 | +199.7% |
| Financial charges | 65/66B | €26,785 | €25,538 | -€1,248 | -4.7% |
| Recurring financial charges | 65 | €26,785 | €25,538 | -€1,248 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €363,079 | €815,826 | +€452,747 | +124.7% |
| Income taxes | 67/77 | €72,765 | €120,354 | +€47,589 | +65.4% |
| Profit (loss) for the period | 9904 | €290,314 | €695,472 | +€405,158 | +139.6% |
| Profit (loss) for the period to be appropriated | 9905 | €290,314 | €695,472 | +€405,158 | +139.6% |
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 7 October 2026 via checked.be.