We Connect Infra: 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
We Connect Infra
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.9m
2024 · €179.2m-€175.3m
Equity
€266.9m
2024 · €263.0m+€3.9m
Cash
€1.2m
2024 · €239,514+€994,941
Balance sheet total
€370.2m
2024 · €353.4m+€16.8m
Largest movements
Assets
- Financial fixed assets +€9.7m
up €9.7m (+3.2%), from €303.2m to €312.9m
Equity and liabilities
- Debts after one year +€40.0m
up €40.0m (+133%), from €30.1m to €70.1m
- Other debts -€32.8m
down €32.8m (-85.1%), from €38.6m to €5.8m
- Reserves +€3.9m
up €3.9m (+163%), from €2.4m to €6.3m
Income statement
- Financial income -€178.8m
down €178.8m (-99.7%), from €179.4m to €563,237
of which Non-recurring financial income: -€112.9m
- Turnover +€10.5m
up €10.5m (+36.8%), from €28.6m to €39.1m
- Services and other goods +€8.7m
up €8.7m (+39.8%), from €21.9m to €30.6m
- Financial charges -€2.8m
down €2.8m (-42.0%), from €6.6m to €3.8m
- Taxes +€1.1m
up €1.1m (+359%), from €302,995 to €1.4m
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
€179.2m
Turnover
+€10.5m
Other operating income
+€1,114
Services and other goods
-€8.7m
Depreciation
-€2,551
Other operating charges
+€157
Financial income
-€178.8m
Financial charges
+€2.8m
Taxes
-€1.1m
Result 2025
€3.9m
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
-€29.3m
Investment
-€9.7m
Financing
+€39.9m
Cash 2024
€239,514
From operations (derived)
-€29.3m
Net result for the year
+€3.9m
Depreciation
+€9,244
Receivables after one year
-€2.5m
Receivables within one year
-€3.2m
Deferred charges and accrued income
-€533,787
Trade debts
+€2.0m
Tax, wage and social debts
+€3.2m
Other debts
-€32.8m
Accrued charges and deferred income
+€574,638
Investment (derived)
-€9.7m
Investment in fixed assets (net)
-€9.7m
Financing
+€39.9m
Debts after one year
+€40.0m
Current portion of long-term debt
+€389
Short-term financial debts
-€58,776
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,380,256 | €370,170,383 | +€16.8m | +4.8% |
| Fixed assets | 21/28 | €303,226,852 | €312,874,174 | +€9.6m | +3.2% |
| Tangible fixed assets | 22/27 | €30,283 | €21,039 | -€9,244 | -30.5% |
| Leasing and similar rights | 25 | €30,283 | €21,039 | -€9,244 | -30.5% |
| Financial fixed assets | 28 | €303,196,568 | €312,853,135 | +€9.7m | +3.2% |
| Affiliated companies | 280/1 | €303,196,568 | €312,853,135 | +€9.7m | +3.2% |
| Participating interests | 280 | €303,196,568 | €312,853,135 | +€9.7m | +3.2% |
| Current assets | 29/58 | €50,153,405 | €57,296,209 | +€7.1m | +14.2% |
| Amounts receivable after more than one year | 29 | €2,205,000 | €4,661,170 | +€2.5m | +111% |
| Other amounts receivable | 291 | €2,205,000 | €4,661,170 | +€2.5m | +111% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €47,650,952 | €50,808,859 | +€3.2m | +6.6% |
| Trade receivables | 40 | €31,860,002 | €39,676,600 | +€7.8m | +24.5% |
| Other amounts receivable | 41 | €15,790,951 | €11,132,259 | -€4.7m | -29.5% |
| Cash at bank and in hand | 54/58 | €239,514 | €1,234,455 | +€994,941 | +415% |
| Deferred charges and accrued income | 490/1 | €57,938 | €591,725 | +€533,787 | +921% |
| Total equity and liabilities | 10/49 | €353,380,256 | €370,170,383 | +€16.8m | +4.8% |
| Equity | 10/15 | €262,983,774 | €266,892,715 | +€3.9m | +1.5% |
| Contributions | 10/11 | €260,585,709 | €260,585,709 | = | 0.0% |
| Capital | 10 | €256,223,303 | €256,223,303 | = | 0.0% |
| Issued capital | 100 | €256,223,303 | €256,223,303 | = | 0.0% |
| Contributions outside capital | 11 | €4,362,406 | €4,362,406 | = | 0.0% |
| Share premium | 1100/10 | €4,362,406 | €4,362,406 | = | 0.0% |
| Reserves | 13 | €2,398,065 | €6,307,006 | +€3.9m | +163% |
| Non-distributable reserves | 130/1 | €2,398,065 | €6,307,006 | +€3.9m | +163% |
| Legal reserve | 130 | €2,398,065 | €6,307,006 | +€3.9m | +163% |
| Amounts payable | 17/49 | €90,396,482 | €103,277,668 | +€12.9m | +14.2% |
| Amounts payable after more than one year | 17 | €30,140,695 | €70,134,714 | +€40.0m | +133% |
| Financial debts | 170/4 | €30,140,695 | €70,134,714 | +€40.0m | +133% |
| Leasing and similar obligations | 172 | €21,570 | €12,238 | -€9,332 | -43.3% |
| Other loans | 174 | €30,119,125 | €70,122,476 | +€40.0m | +133% |
| Amounts payable within one year | 42/48 | €57,046,002 | €29,358,531 | -€27.7m | -48.5% |
| Current portion of amounts payable after more than one year | 42 | €8,943 | €9,332 | +€389 | +4.3% |
| Financial debts | 43 | €58,776 | €0 | -€58,776 | -100% |
| Credit institutions | 430/8 | €58,776 | €0 | -€58,776 | -100% |
| Trade debts | 44 | €18,165,182 | €20,155,681 | +€2.0m | +11.0% |
| Suppliers | 440/4 | €18,165,182 | €20,155,681 | +€2.0m | +11.0% |
| Taxes, remuneration and social security | 45 | €202,861 | €3,430,337 | +€3.2m | +1,591% |
| Taxes | 450/3 | €202,861 | €3,430,337 | +€3.2m | +1,591% |
| Other amounts payable | 47/48 | €38,610,239 | €5,763,180 | -€32.8m | -85.1% |
| Accrued charges and deferred income | 492/3 | €3,209,785 | €3,784,422 | +€574,638 | +17.9% |
| Operating income | 70/76A | €28,603,439 | €39,119,006 | +€10.5m | +36.8% |
| Turnover | 70 | €28,602,377 | €39,116,830 | +€10.5m | +36.8% |
| Other operating income | 74 | €1,062 | €2,176 | +€1,114 | +105% |
| Operating charges | 60/66A | €21,883,826 | €30,581,402 | +€8.7m | +39.7% |
| Services and other goods | 61 | €21,873,412 | €30,568,595 | +€8.7m | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,693 | €9,244 | +€2,551 | +38.1% |
| Other operating charges | 640/8 | €3,721 | €3,563 | -€157 | -4.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €6,719,613 | €8,537,604 | +€1.8m | +27.1% |
| Financial income | 75/76B | €179,350,555 | €563,237 | -€178.8m | -99.7% |
| Recurring financial income | 75 | €66,446,556 | €563,237 | -€65.9m | -99.2% |
| Income from financial fixed assets | 750 | €65,954,856 | €0 | -€66.0m | -100% |
| Income from current assets | 751 | €474,958 | €562,851 | +€87,893 | +18.5% |
| Other financial income | 752/9 | €16,741 | €386 | -€16,355 | -97.7% |
| Non-recurring financial income | 76B | €112,903,999 | €0 | -€112.9m | -100% |
| Financial charges | 65/66B | €6,551,737 | €3,800,412 | -€2.8m | -42.0% |
| Recurring financial charges | 65 | €6,551,737 | €3,800,412 | -€2.8m | -42.0% |
| Debt charges | 650 | €3,540,369 | €3,786,164 | +€245,796 | +6.9% |
| Other financial charges | 652/9 | €3,011,368 | €14,248 | -€3.0m | -99.5% |
| Profit (loss) for the period before taxes | 9903 | €179,518,431 | €5,300,429 | -€174.2m | -97.0% |
| Income taxes | 67/77 | €302,995 | €1,391,489 | +€1.1m | +359% |
| Taxes | 670/3 | €302,995 | €1,391,489 | +€1.1m | +359% |
| Profit (loss) for the period | 9904 | €179,215,436 | €3,908,941 | -€175.3m | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €179,215,436 | €3,908,941 | -€175.3m | -97.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.