LINAERSAN: 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.
LINAERSAN
Largest movements
- Receivables within one year +€9,580
up €9,580 (+34.5%), from €27,761 to €37,341
of which Other amounts receivable: +€10,235
- Cash -€956
down €956 (-10.2%), from €9,391 to €8,435
mainly Contributions, distributions and other (-€9,790) and Receivables within one year (-€9,580)
- Tangible fixed assets -€873
down €873 (-38.2%), from €2,287 to €1,415
of which Plant, machinery and equipment: -€528
- Profit (loss) carried forward +€17,373
up €17,373 (+85.4%), from €20,340 to €37,713
- Contributions -€9,790
no longer reported in 2025 (was €9,790)
- Tax, wage and social debts +€3,321
up €3,321 (+52.7%), from €6,302 to €9,623
- Trade debts -€2,509
down €2,509 (-79.9%), from €3,139 to €630
- Gross operating margin -€8,967
down €8,967 (-26.3%), from €34,135 to €25,168
- Taxes -€788
down €788 (-15.0%), from €5,261 to €4,473
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 | €39,571 | €47,966 | +€8,395 | +21.2% |
| Fixed assets | 21/28 | €2,287 | €1,625 | -€663 | -29.0% |
| Tangible fixed assets | 22/27 | €2,287 | €1,415 | -€873 | -38.2% |
| Plant, machinery and equipment | 23 | €1,279 | €751 | -€528 | -41.3% |
| Furniture and vehicles | 24 | €1,008 | €664 | -€345 | -34.2% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €37,284 | €46,342 | +€9,058 | +24.3% |
| Stocks and contracts in progress | 3 | €132 | €566 | +€434 | +330% |
| Stocks | 30/36 | €132 | €566 | +€434 | +330% |
| Amounts receivable within one year | 40/41 | €27,761 | €37,341 | +€9,580 | +34.5% |
| Trade receivables | 40 | €1,524 | €869 | -€655 | -43.0% |
| Other amounts receivable | 41 | €26,237 | €36,473 | +€10,235 | +39.0% |
| Cash at bank and in hand | 54/58 | €9,391 | €8,435 | -€956 | -10.2% |
| Total equity and liabilities | 10/49 | €39,571 | €47,966 | +€8,395 | +21.2% |
| Equity | 10/15 | €30,130 | €37,713 | +€7,583 | +25.2% |
| Contributions | 10/11 | €9,790 | - | -€9,790 | |
| Profit (loss) carried forward | 14 | €20,340 | €37,713 | +€17,373 | +85.4% |
| Amounts payable | 17/49 | €9,441 | €10,253 | +€812 | +8.6% |
| Amounts payable within one year | 42/48 | €9,441 | €10,253 | +€812 | +8.6% |
| Trade debts | 44 | €3,139 | €630 | -€2,509 | -79.9% |
| Suppliers | 440/4 | €3,139 | €630 | -€2,509 | -79.9% |
| Taxes, remuneration and social security | 45 | €6,302 | €9,623 | +€3,321 | +52.7% |
| Taxes | 450/3 | €6,302 | €9,623 | +€3,321 | +52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €873 | €873 | = | 0.0% |
| Other operating charges | 640/8 | €419 | €175 | -€244 | -58.3% |
| Gross operating margin | 9900 | €34,135 | €25,168 | -€8,967 | -26.3% |
| Operating profit (loss) | 9901 | €32,843 | €24,120 | -€8,723 | -26.6% |
| Financial charges | 65/66B | €2,068 | €2,274 | +€206 | +10.0% |
| Recurring financial charges | 65 | €2,068 | €2,274 | +€206 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €30,775 | €21,846 | -€8,929 | -29.0% |
| Income taxes | 67/77 | €5,261 | €4,473 | -€788 | -15.0% |
| Profit (loss) for the period | 9904 | €25,514 | €17,373 | -€8,141 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,514 | €17,373 | -€8,141 | -31.9% |
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 27 October 2026 via checked.be.