EUROLINER: 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.
EUROLINER
Largest movements
- Tangible fixed assets -€77,004
down €77,004 (-23.6%), from €326,119 to €249,115
of which Leasing and similar rights: -€68,849
- Receivables within one year -€56,883
down €56,883 (-40.9%), from €139,125 to €82,242
of which Trade receivables: -€59,227
- Cash -€16,917
down €16,917 (-14.0%), from €121,194 to €104,277
mainly Contributions, distributions and other (-€111,252) and Debts after one year (-€37,203)
- Reserves -€104,567
down €104,567 (-32.7%), from €320,243 to €215,676
- Debts after one year -€37,203
down €37,203 (-34.1%), from €108,959 to €71,756
- Current portion of long-term debt -€9,703
down €9,703 (-20.7%), from €46,906 to €37,203
- Trade debts -€8,691
down €8,691 (-37.3%), from €23,282 to €14,591
- Gross operating margin -€70,307
down €70,307 (-37.4%), from €187,808 to €117,502
- Taxes -€23,490
down €23,490 (-85.5%), from €27,487 to €3,998
- Depreciation +€13,862
up €13,862 (+16.9%), from €82,044 to €95,906
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 | €612,207 | €459,521 | -€152,686 | -24.9% |
| Fixed assets | 21/28 | €331,625 | €254,621 | -€77,004 | -23.2% |
| Tangible fixed assets | 22/27 | €326,119 | €249,115 | -€77,004 | -23.6% |
| Land and buildings | 22 | €57,899 | €46,251 | -€11,648 | -20.1% |
| Plant, machinery and equipment | 23 | €3,764 | €2,830 | -€934 | -24.8% |
| Furniture and vehicles | 24 | €27,162 | €34,997 | +€7,835 | +28.8% |
| Leasing and similar rights | 25 | €218,194 | €149,345 | -€68,849 | -31.6% |
| Other tangible fixed assets | 26 | €19,100 | €15,692 | -€3,408 | -17.8% |
| Financial fixed assets | 28 | €5,506 | €5,506 | = | 0.0% |
| Current assets | 29/58 | €280,582 | €204,900 | -€75,682 | -27.0% |
| Amounts receivable within one year | 40/41 | €139,125 | €82,242 | -€56,883 | -40.9% |
| Trade receivables | 40 | €120,298 | €61,071 | -€59,227 | -49.2% |
| Other amounts receivable | 41 | €18,827 | €21,171 | +€2,344 | +12.5% |
| Cash at bank and in hand | 54/58 | €121,194 | €104,277 | -€16,917 | -14.0% |
| Deferred charges and accrued income | 490/1 | €20,263 | €18,381 | -€1,882 | -9.3% |
| Total equity and liabilities | 10/49 | €612,207 | €459,521 | -€152,686 | -24.9% |
| Equity | 10/15 | €423,293 | €318,726 | -€104,567 | -24.7% |
| Contributions | 10/11 | €103,050 | €103,050 | = | 0.0% |
| Reserves | 13 | €320,243 | €215,676 | -€104,567 | -32.7% |
| Distributable reserves | 133 | €320,243 | €215,676 | -€104,567 | -32.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €188,914 | €140,795 | -€48,119 | -25.5% |
| Amounts payable after more than one year | 17 | €108,959 | €71,756 | -€37,203 | -34.1% |
| Financial debts | 170/4 | €108,959 | €71,756 | -€37,203 | -34.1% |
| Amounts payable within one year | 42/48 | €79,955 | €69,039 | -€10,916 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €46,906 | €37,203 | -€9,703 | -20.7% |
| Trade debts | 44 | €23,282 | €14,591 | -€8,691 | -37.3% |
| Suppliers | 440/4 | €23,282 | €14,591 | -€8,691 | -37.3% |
| Taxes, remuneration and social security | 45 | €8,016 | €11,843 | +€3,827 | +47.7% |
| Taxes | 450/3 | €6,739 | €10,566 | +€3,827 | +56.8% |
| Remuneration and social security | 454/9 | €1,277 | €1,278 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €1,751 | €5,402 | +€3,651 | +208% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,044 | €95,906 | +€13,862 | +16.9% |
| Other operating charges | 640/8 | €5,962 | €4,205 | -€1,757 | -29.5% |
| Gross operating margin | 9900 | €187,808 | €117,502 | -€70,307 | -37.4% |
| Operating profit (loss) | 9901 | €99,802 | €17,391 | -€82,411 | -82.6% |
| Financial income | 75/76B | €586 | €721 | +€134 | +22.9% |
| Recurring financial income | 75 | €586 | €721 | +€134 | +22.9% |
| Financial charges | 65/66B | €8,187 | €7,429 | -€758 | -9.3% |
| Recurring financial charges | 65 | €8,187 | €7,429 | -€758 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €92,202 | €10,682 | -€81,519 | -88.4% |
| Income taxes | 67/77 | €27,487 | €3,998 | -€23,490 | -85.5% |
| Profit (loss) for the period | 9904 | €64,714 | €6,685 | -€58,030 | -89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,714 | €6,685 | -€58,030 | -89.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.