LINAPO: 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.
What changed
LINAPO
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€132,635
2024 · €183,879-€51,244
Equity
€2.3m
2024 · €2.2m+€132,635
Cash
€327,250
2024 · €441,938-€114,688
Balance sheet total
€3.0m
2024 · €2.9m+€107,342
Largest movements
Assets
- Tangible fixed assets +€153,280
up €153,280 (+12.8%), from €1.2m to €1.4m
of which Land and buildings: +€183,804
- Cash -€114,688
down €114,688 (-26.0%), from €441,938 to €327,250
mainly Investment in fixed assets (net) (-€266,370) and Stocks and contracts (-€42,815)
- Stocks and contracts +€42,815
up €42,815 (+9.3%), from €460,062 to €502,877
- Receivables within one year +€30,829
up €30,829 (+15.8%), from €194,534 to €225,362
of which Trade receivables: +€24,644
Equity and liabilities
- Reserves +€132,635
up €132,635 (+6.9%), from €1.9m to €2.0m
of which Distributable reserves: +€221,169
Income statement
- Staff costs +€41,091
up €41,091 (+15.2%), from €269,795 to €310,886
- Financial income -€9,187
down €9,187 (-32.5%), from €28,266 to €19,079
- Taxes -€6,762
down €6,762 (-7.9%), from €86,101 to €79,338
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
€183,879
Gross operating margin
+€1,598
Staff costs
-€41,091
Depreciation
-€3,630
Other operating charges
-€2,136
Financial income
-€9,187
Financial charges
-€3,560
Taxes
+€6,762
Result 2025
€132,635
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.
From operations
+€160,243
Investment
-€266,370
Financing
-€8,561
Cash 2024
€441,938
From operations (derived)
+€160,243
Net result for the year
+€132,635
Depreciation
+€113,090
Receivables after one year
+€3,961
Stocks and contracts
-€42,815
Receivables within one year
-€30,829
Deferred charges and accrued income
+€933
Provisions
-€1,445
Trade debts
-€3,611
Tax, wage and social debts
-€6,802
Other debts
-€3,714
Accrued charges and deferred income
-€1,161
Investment (derived)
-€266,370
Investment in fixed assets (net)
-€266,370
Financing
-€8,561
Debts after one year
-€10,413
Current portion of long-term debt
+€1,853
Cash 2025
€327,250
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,856,632 | €2,963,974 | +€107,342 | +3.8% |
| Fixed assets | 21/28 | €1,210,849 | €1,364,129 | +€153,280 | +12.7% |
| Tangible fixed assets | 22/27 | €1,199,167 | €1,352,447 | +€153,280 | +12.8% |
| Land and buildings | 22 | €1,065,512 | €1,249,317 | +€183,804 | +17.3% |
| Plant, machinery and equipment | 23 | €61,295 | €37,571 | -€23,723 | -38.7% |
| Furniture and vehicles | 24 | €2,664 | €5,465 | +€2,801 | +105.2% |
| Other tangible fixed assets | 26 | €69,697 | €60,094 | -€9,603 | -13.8% |
| Financial fixed assets | 28 | €11,682 | €11,682 | = | 0.0% |
| Current assets | 29/58 | €1,645,783 | €1,599,845 | -€45,938 | -2.8% |
| Amounts receivable after more than one year | 29 | €86,193 | €82,233 | -€3,961 | -4.6% |
| Trade receivables | 290 | €86,193 | - | -€86,193 | |
| Other amounts receivable | 291 | - | €82,233 | +€82,233 | |
| Stocks and contracts in progress | 3 | €460,062 | €502,877 | +€42,815 | +9.3% |
| Stocks | 30/36 | €460,062 | €502,877 | +€42,815 | +9.3% |
| Amounts receivable within one year | 40/41 | €194,534 | €225,362 | +€30,829 | +15.8% |
| Trade receivables | 40 | €185,350 | €209,995 | +€24,644 | +13.3% |
| Other amounts receivable | 41 | €9,184 | €15,368 | +€6,184 | +67.3% |
| Current investments | 50/53 | €449,494 | €449,494 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €441,938 | €327,250 | -€114,688 | -26.0% |
| Deferred charges and accrued income | 490/1 | €13,562 | €12,629 | -€933 | -6.9% |
| Total equity and liabilities | 10/49 | €2,856,632 | €2,963,974 | +€107,342 | +3.8% |
| Equity | 10/15 | €2,174,531 | €2,307,166 | +€132,635 | +6.1% |
| Contributions | 10/11 | €257,467 | €257,467 | = | 0.0% |
| Capital | 10 | €257,467 | €257,467 | = | 0.0% |
| Issued capital | 100 | €257,467 | €257,467 | = | 0.0% |
| Reserves | 13 | €1,917,064 | €2,049,699 | +€132,635 | +6.9% |
| Non-distributable reserves | 130/1 | €25,747 | €25,747 | = | 0.0% |
| Legal reserve | 130 | €25,747 | €25,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €176,808 | €88,273 | -€88,535 | -50.1% |
| Distributable reserves | 133 | €1,714,510 | €1,935,679 | +€221,169 | +12.9% |
| Provisions and deferred taxes | 16 | €10,411 | €8,966 | -€1,445 | -13.9% |
| Deferred taxes | 168 | €10,411 | €8,966 | -€1,445 | -13.9% |
| Amounts payable | 17/49 | €671,690 | €647,842 | -€23,848 | -3.6% |
| Amounts payable after more than one year | 17 | €262,370 | €251,957 | -€10,413 | -4.0% |
| Financial debts | 170/4 | €262,370 | €251,957 | -€10,413 | -4.0% |
| Amounts payable within one year | 42/48 | €405,729 | €393,456 | -€12,273 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €15,537 | €17,390 | +€1,853 | +11.9% |
| Trade debts | 44 | €198,180 | €194,570 | -€3,611 | -1.8% |
| Suppliers | 440/4 | €198,180 | €194,570 | -€3,611 | -1.8% |
| Taxes, remuneration and social security | 45 | €63,125 | €56,323 | -€6,802 | -10.8% |
| Taxes | 450/3 | €30,239 | €30,599 | +€360 | +1.2% |
| Remuneration and social security | 454/9 | €32,886 | €25,724 | -€7,162 | -21.8% |
| Other amounts payable | 47/48 | €128,886 | €125,173 | -€3,714 | -2.9% |
| Accrued charges and deferred income | 492/3 | €3,591 | €2,430 | -€1,161 | -32.3% |
| Remuneration, social security and pensions | 62 | €269,795 | €310,886 | +€41,091 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,461 | €113,090 | +€3,630 | +3.3% |
| Other operating charges | 640/8 | €9,876 | €12,012 | +€2,136 | +21.6% |
| Gross operating margin | 9900 | €651,373 | €652,971 | +€1,598 | +0.2% |
| Operating profit (loss) | 9901 | €262,242 | €216,983 | -€45,259 | -17.3% |
| Financial income | 75/76B | €28,266 | €19,079 | -€9,187 | -32.5% |
| Recurring financial income | 75 | €28,266 | €19,079 | -€9,187 | -32.5% |
| Financial charges | 65/66B | €21,973 | €25,533 | +€3,560 | +16.2% |
| Recurring financial charges | 65 | €21,973 | €25,533 | +€3,560 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €268,535 | €210,528 | -€58,007 | -21.6% |
| Transfer from deferred taxes | 780 | €1,445 | €1,445 | = | 0.0% |
| Income taxes | 67/77 | €86,101 | €79,338 | -€6,762 | -7.9% |
| Profit (loss) for the period | 9904 | €183,879 | €132,635 | -€51,244 | -27.9% |
| Transfer from tax-exempt reserves | 789 | €4,335 | €88,535 | +€84,200 | +1942.4% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €146,114 | €221,169 | +€75,056 | +51.4% |
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 8 October 2026 via checked.be.