LINDEN & STEVENS: 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.
LINDEN & STEVENS
Largest movements
- Cash +€614,811
up €614,811 (+71.5%), from €860,101 to €1.5m
mainly Net result for the year (+€360,322) and Receivables within one year (+€214,723)
- Receivables within one year -€214,723
down €214,723 (-25.0%), from €858,715 to €643,992
of which Trade receivables: -€151,815
- Tangible fixed assets -€187,126
down €187,126 (-24.3%), from €770,735 to €583,609
of which Plant, machinery and equipment: -€131,041
- Deferred charges and accrued income +€70,139
up €70,139 (+185%), from €37,859 to €107,999
- Profit (loss) carried forward +€360,322
up €360,322 (+34.5%), from €1.0m to €1.4m
- Trade debts -€177,699
down €177,699 (-40.1%), from €443,233 to €265,535
- Provisions +€142,528
new in 2025: €142,528
- Tax, wage and social debts -€82,930
down €82,930 (-36.1%), from €229,548 to €146,617
of which Taxes: -€73,550
- Accrued charges and deferred income +€31,544
up €31,544 (+12.5%), from €252,902 to €284,446
- Gross operating margin +€186,913
up €186,913 (+21.5%), from €868,574 to €1.1m
- Provisions +€51,823
new in 2025: €51,823
- Taxes +€46,501
up €46,501 (+40.3%), from €115,294 to €161,795
- Write-downs -€21,167
down €21,167, from €12,073 to -€9,094
- Financial charges -€11,451
down €11,451 (-58.1%), from €19,718 to €8,266
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 | €2,528,910 | €2,812,412 | +€283,502 | +11.2% |
| Fixed assets | 21/28 | €772,235 | €585,509 | -€186,726 | -24.2% |
| Tangible fixed assets | 22/27 | €770,735 | €583,609 | -€187,126 | -24.3% |
| Plant, machinery and equipment | 23 | €640,695 | €509,654 | -€131,041 | -20.5% |
| Furniture and vehicles | 24 | €115,640 | €64,355 | -€51,284 | -44.3% |
| Leasing and similar rights | 25 | €14,400 | €9,600 | -€4,800 | -33.3% |
| Financial fixed assets | 28 | €1,500 | €1,900 | +€400 | +26.7% |
| Current assets | 29/58 | €1,756,675 | €2,226,903 | +€470,228 | +26.8% |
| Amounts receivable within one year | 40/41 | €858,715 | €643,992 | -€214,723 | -25.0% |
| Trade receivables | 40 | €305,174 | €153,359 | -€151,815 | -49.7% |
| Other amounts receivable | 41 | €553,541 | €490,632 | -€62,908 | -11.4% |
| Cash at bank and in hand | 54/58 | €860,101 | €1,474,912 | +€614,811 | +71.5% |
| Deferred charges and accrued income | 490/1 | €37,859 | €107,999 | +€70,139 | +185% |
| Total equity and liabilities | 10/49 | €2,528,910 | €2,812,412 | +€283,502 | +11.2% |
| Equity | 10/15 | €1,064,215 | €1,424,537 | +€360,322 | +33.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,626 | €1,626 | = | 0.0% |
| Distributable reserves | 133 | €1,626 | €1,626 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,043,988 | €1,404,311 | +€360,322 | +34.5% |
| Provisions and deferred taxes | 16 | - | €142,528 | +€142,528 | |
| Provisions for liabilities and charges | 160/5 | - | €142,528 | +€142,528 | |
| Other liabilities and charges | 164/5 | - | €142,528 | +€142,528 | |
| Amounts payable | 17/49 | €1,464,695 | €1,245,346 | -€219,349 | -15.0% |
| Amounts payable after more than one year | 17 | €431,123 | €428,863 | -€2,260 | -0.5% |
| Financial debts | 170/4 | €29,726 | €5,587 | -€24,138 | -81.2% |
| Other amounts payable | 178/9 | €401,398 | €423,275 | +€21,878 | +5.5% |
| Amounts payable within one year | 42/48 | €780,670 | €532,038 | -€248,632 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €18,489 | €18,053 | -€437 | -2.4% |
| Trade debts | 44 | €443,233 | €265,535 | -€177,699 | -40.1% |
| Suppliers | 440/4 | €443,233 | €265,535 | -€177,699 | -40.1% |
| Taxes, remuneration and social security | 45 | €229,548 | €146,617 | -€82,930 | -36.1% |
| Taxes | 450/3 | €198,685 | €125,135 | -€73,550 | -37.0% |
| Remuneration and social security | 454/9 | €30,863 | €21,482 | -€9,380 | -30.4% |
| Other amounts payable | 47/48 | €89,400 | €101,833 | +€12,433 | +13.9% |
| Accrued charges and deferred income | 492/3 | €252,902 | €284,446 | +€31,544 | +12.5% |
| Non-recurring operating income | 76A | - | €27,718 | +€27,718 | |
| Remuneration, social security and pensions | 62 | €224,808 | €214,000 | -€10,808 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,396 | €176,399 | -€8,997 | -4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,073 | -€9,094 | -€21,167 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €51,823 | +€51,823 | |
| Other operating charges | 640/8 | €43,070 | €34,798 | -€8,272 | -19.2% |
| Non-recurring operating charges | 66A | -€0 | €90,705 | +€90,705 | |
| Gross operating margin | 9900 | €868,574 | €1,055,488 | +€186,913 | +21.5% |
| Operating profit (loss) | 9901 | €403,228 | €496,856 | +€93,628 | +23.2% |
| Financial income | 75/76B | €40,475 | €33,528 | -€6,947 | -17.2% |
| Recurring financial income | 75 | €40,475 | €33,528 | -€6,947 | -17.2% |
| Financial charges | 65/66B | €19,718 | €8,266 | -€11,451 | -58.1% |
| Recurring financial charges | 65 | €19,718 | €8,266 | -€11,451 | -58.1% |
| Profit (loss) for the period before taxes | 9903 | €423,985 | €522,117 | +€98,132 | +23.1% |
| Income taxes | 67/77 | €115,294 | €161,795 | +€46,501 | +40.3% |
| Profit (loss) for the period | 9904 | €308,691 | €360,322 | +€51,631 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €308,691 | €360,322 | +€51,631 | +16.7% |
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 30 October 2026 via checked.be.