LINCOLN: 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.
LINCOLN
Largest movements
- Financial fixed assets -€298,149
down €298,149 (-29.6%), from €1.0m to €710,186
- Tangible fixed assets -€37,340
down €37,340 (-5.4%), from €688,277 to €650,937
of which Land and buildings: -€37,288
- Profit (loss) carried forward -€297,635
down €297,635 (-146%), from -€203,626 to -€501,261
- Debts after one year -€23,707
down €23,707 (-14.1%), from €167,580 to €143,874
- Financial charges +€297,983
up €297,983 (+5,878%), from €5,069 to €303,053
of which Non-recurring financial charges: +€298,149
- Gross operating margin +€14,348
up €14,348 (+61.5%), from €23,341 to €37,689
- Financial income -€7,462
down €7,462 (-48.6%), from €15,346 to €7,884
- Taxes -€4,595
down €4,595, from €0 to -€4,595
- Other operating charges +€1,195
up €1,195 (+19.2%), from €6,216 to €7,410
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 | €1,927,196 | €1,592,947 | -€334,249 | -17.3% |
| Fixed assets | 21/28 | €1,696,611 | €1,361,123 | -€335,489 | -19.8% |
| Tangible fixed assets | 22/27 | €688,277 | €650,937 | -€37,340 | -5.4% |
| Land and buildings | 22 | €688,225 | €650,937 | -€37,288 | -5.4% |
| Furniture and vehicles | 24 | €52 | - | -€52 | |
| Financial fixed assets | 28 | €1,008,335 | €710,186 | -€298,149 | -29.6% |
| Current assets | 29/58 | €230,585 | €231,824 | +€1,239 | +0.5% |
| Amounts receivable within one year | 40/41 | €228,732 | €224,562 | -€4,170 | -1.8% |
| Other amounts receivable | 41 | €228,732 | €224,562 | -€4,170 | -1.8% |
| Cash at bank and in hand | 54/58 | €973 | €4,607 | +€3,635 | +374% |
| Deferred charges and accrued income | 490/1 | €881 | €2,655 | +€1,775 | +202% |
| Total equity and liabilities | 10/49 | €1,927,196 | €1,592,947 | -€334,249 | -17.3% |
| Equity | 10/15 | €230,274 | -€67,361 | -€297,635 | |
| Contributions | 10/11 | €433,900 | €433,900 | = | 0.0% |
| Capital | 10 | €433,814 | €433,814 | = | 0.0% |
| Issued capital | 100 | €433,814 | €433,814 | = | 0.0% |
| Contributions outside capital | 11 | €86 | €86 | = | 0.0% |
| Share premium | 1100/10 | €86 | €86 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€203,626 | -€501,261 | -€297,635 | -146% |
| Amounts payable | 17/49 | €1,696,922 | €1,660,308 | -€36,614 | -2.2% |
| Amounts payable after more than one year | 17 | €167,580 | €143,874 | -€23,707 | -14.1% |
| Financial debts | 170/4 | €167,580 | €143,874 | -€23,707 | -14.1% |
| Amounts payable within one year | 42/48 | €1,526,792 | €1,513,885 | -€12,907 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €23,143 | €23,707 | +€564 | +2.4% |
| Trade debts | 44 | €3,146 | €2,651 | -€495 | -15.7% |
| Suppliers | 440/4 | €3,146 | €2,651 | -€495 | -15.7% |
| Other amounts payable | 47/48 | €1,500,504 | €1,487,527 | -€12,977 | -0.9% |
| Accrued charges and deferred income | 492/3 | €2,550 | €2,550 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,424 | €37,340 | -€84 | -0.2% |
| Other operating charges | 640/8 | €6,216 | €7,410 | +€1,195 | +19.2% |
| Gross operating margin | 9900 | €23,341 | €37,689 | +€14,348 | +61.5% |
| Operating profit (loss) | 9901 | -€20,299 | -€7,061 | +€13,237 | +65.2% |
| Financial income | 75/76B | €15,346 | €7,884 | -€7,462 | -48.6% |
| Recurring financial income | 75 | €15,346 | €7,884 | -€7,462 | -48.6% |
| Financial charges | 65/66B | €5,069 | €303,053 | +€297,983 | +5,878% |
| Recurring financial charges | 65 | €5,069 | €4,904 | -€166 | -3.3% |
| Non-recurring financial charges | 66B | - | €298,149 | +€298,149 | |
| Profit (loss) for the period before taxes | 9903 | -€10,022 | -€302,230 | -€292,208 | -2,916% |
| Income taxes | 67/77 | €0 | -€4,595 | -€4,595 | |
| Profit (loss) for the period | 9904 | -€10,022 | -€297,635 | -€287,613 | -2,870% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,022 | -€297,635 | -€287,613 | -2,870% |
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 16 October 2026 via checked.be.