@ CONNECT: 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.
@ CONNECT
Largest movements
- Tangible fixed assets -€30,512
down €30,512 (-36.9%), from €82,726 to €52,215
- Receivables within one year +€21,465
up €21,465 (+143%), from €15,007 to €36,472
of which Trade receivables: +€21,458
- Cash -€11,220
down €11,220 (-89.4%), from €12,545 to €1,326
mainly Other debts (-€49,559) and Receivables within one year (-€21,465)
- Other debts -€49,559
down €49,559 (-13.1%), from €378,843 to €329,284
- Tax, wage and social debts +€34,968
up €34,968 (+5,140%), from €680 to €35,648
of which Remuneration and social security: +€31,096
- Profit (loss) carried forward -€6,414
down €6,414 (-1.9%), from -€337,336 to -€343,750
- Gross operating margin +€38,712
up €38,712 (+178%), from €21,787 to €60,498
- Staff costs +€1,579
up €1,579 (+4.7%), from €33,879 to €35,457
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
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 | €540,358 | €520,092 | -€20,266 | -3.8% |
| Fixed assets | 21/28 | €512,806 | €482,295 | -€30,512 | -5.9% |
| Tangible fixed assets | 22/27 | €82,726 | €52,215 | -€30,512 | -36.9% |
| Furniture and vehicles | 24 | €82,726 | €52,215 | -€30,512 | -36.9% |
| Financial fixed assets | 28 | €430,080 | €430,080 | = | 0.0% |
| Current assets | 29/58 | €27,552 | €37,798 | +€10,246 | +37.2% |
| Amounts receivable within one year | 40/41 | €15,007 | €36,472 | +€21,465 | +143% |
| Trade receivables | 40 | €14,843 | €36,300 | +€21,458 | +145% |
| Other amounts receivable | 41 | €164 | €172 | +€8 | +4.8% |
| Cash at bank and in hand | 54/58 | €12,545 | €1,326 | -€11,220 | -89.4% |
| Total equity and liabilities | 10/49 | €540,358 | €520,092 | -€20,266 | -3.8% |
| Equity | 10/15 | €160,835 | €154,421 | -€6,414 | -4.0% |
| Contributions | 10/11 | €492,500 | €492,500 | = | 0.0% |
| Capital | 10 | €492,500 | €492,500 | = | 0.0% |
| Issued capital | 100 | €492,500 | €492,500 | = | 0.0% |
| Reserves | 13 | €5,671 | €5,671 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,671 | €5,671 | = | 0.0% |
| Legal reserve | 130 | €5,671 | €5,671 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€337,336 | -€343,750 | -€6,414 | -1.9% |
| Amounts payable | 17/49 | €379,524 | €365,672 | -€13,852 | -3.6% |
| Amounts payable within one year | 42/48 | €379,524 | €365,672 | -€13,852 | -3.6% |
| Trade debts | 44 | - | €740 | +€740 | |
| Suppliers | 440/4 | - | €740 | +€740 | |
| Taxes, remuneration and social security | 45 | €680 | €35,648 | +€34,968 | +5,140% |
| Taxes | 450/3 | €680 | €4,553 | +€3,872 | +569% |
| Remuneration and social security | 454/9 | - | €31,096 | +€31,096 | |
| Other amounts payable | 47/48 | €378,843 | €329,284 | -€49,559 | -13.1% |
| Remuneration, social security and pensions | 62 | €33,879 | €35,457 | +€1,579 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,512 | €30,512 | = | 0.0% |
| Other operating charges | 640/8 | €906 | €719 | -€186 | -20.6% |
| Gross operating margin | 9900 | €21,787 | €60,498 | +€38,712 | +178% |
| Operating profit (loss) | 9901 | -€43,509 | -€6,190 | +€37,320 | +85.8% |
| Financial income | 75/76B | - | €77 | +€77 | |
| Recurring financial income | 75 | - | €77 | +€77 | |
| Financial charges | 65/66B | €301 | €219 | -€82 | -27.4% |
| Recurring financial charges | 65 | €301 | €219 | -€82 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | -€43,810 | -€6,332 | +€37,478 | +85.5% |
| Income taxes | 67/77 | €218 | €82 | -€136 | -62.2% |
| Profit (loss) for the period | 9904 | -€44,028 | -€6,414 | +€37,614 | +85.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,028 | -€6,414 | +€37,614 | +85.4% |
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 25 October 2026 via checked.be.