LINDERS: 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.
LINDERS
Largest movements
- Cash -€77,548
down €77,548 (-46.3%), from €167,420 to €89,872
mainly Contributions, distributions and other (-€116,128) and Receivables within one year (-€38,648)
- Receivables within one year +€38,648
up €38,648 (+261%), from €14,817 to €53,465
of which Other amounts receivable: +€30,203
- Tangible fixed assets -€33,694
down €33,694 (-3.1%), from €1.1m to €1.0m
of which Land and buildings: -€35,174
- Current portion of long-term debt -€28,854
no longer reported in 2025 (was €28,854)
- Provisions -€26,718
down €26,718 (-29.6%), from €90,259 to €63,541
- Reserves -€17,603
down €17,603 (-1.7%), from €1.1m to €1.0m
of which Distributable reserves: -€32,940
- Gross operating margin -€18,094
down €18,094 (-5.2%), from €346,372 to €328,278
- Financial income -€15,285
down €15,285 (-100.0%), from €15,291 to €5
of which Non-recurring financial income: -€15,289
- Staff costs -€10,388
down €10,388 (-7.3%), from €141,568 to €131,180
- Taxes -€6,601
down €6,601 (-12.2%), from €54,101 to €47,500
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 | €1,269,741 | €1,195,721 | -€74,020 | -5.8% |
| Fixed assets | 21/28 | €1,075,667 | €1,041,973 | -€33,694 | -3.1% |
| Tangible fixed assets | 22/27 | €1,075,667 | €1,041,973 | -€33,694 | -3.1% |
| Land and buildings | 22 | €1,073,788 | €1,038,615 | -€35,174 | -3.3% |
| Plant, machinery and equipment | 23 | €1,879 | €2,475 | +€596 | +31.7% |
| Furniture and vehicles | 24 | - | €884 | +€884 | |
| Current assets | 29/58 | €194,074 | €153,748 | -€40,326 | -20.8% |
| Stocks and contracts in progress | 3 | €8,997 | €8,997 | = | 0.0% |
| Stocks | 30/36 | €8,997 | €8,997 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,817 | €53,465 | +€38,648 | +261% |
| Trade receivables | 40 | €105 | €8,550 | +€8,445 | +8,041% |
| Other amounts receivable | 41 | €14,712 | €44,915 | +€30,203 | +205% |
| Cash at bank and in hand | 54/58 | €167,420 | €89,872 | -€77,548 | -46.3% |
| Deferred charges and accrued income | 490/1 | €2,840 | €1,415 | -€1,426 | -50.2% |
| Total equity and liabilities | 10/49 | €1,269,741 | €1,195,721 | -€74,020 | -5.8% |
| Equity | 10/15 | €1,086,274 | €1,068,671 | -€17,603 | -1.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,066,274 | €1,048,671 | -€17,603 | -1.7% |
| Non-distributable reserves | 130/1 | €4,437 | €4,437 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,437 | €4,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €175,286 | €190,623 | +€15,337 | +8.7% |
| Distributable reserves | 133 | €886,550 | €853,610 | -€32,940 | -3.7% |
| Provisions and deferred taxes | 16 | €90,259 | €63,541 | -€26,718 | -29.6% |
| Deferred taxes | 168 | €90,259 | €63,541 | -€26,718 | -29.6% |
| Amounts payable | 17/49 | €93,209 | €63,509 | -€29,699 | -31.9% |
| Amounts payable within one year | 42/48 | €93,062 | €63,357 | -€29,705 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €28,854 | - | -€28,854 | |
| Trade debts | 44 | €4,771 | €5,124 | +€353 | +7.4% |
| Suppliers | 440/4 | €4,771 | €5,124 | +€353 | +7.4% |
| Taxes, remuneration and social security | 45 | €56,917 | €54,397 | -€2,520 | -4.4% |
| Taxes | 450/3 | €47,281 | €45,020 | -€2,261 | -4.8% |
| Remuneration and social security | 454/9 | €9,637 | €9,378 | -€259 | -2.7% |
| Other amounts payable | 47/48 | €2,520 | €3,836 | +€1,316 | +52.2% |
| Accrued charges and deferred income | 492/3 | €147 | €152 | +€5 | +3.6% |
| Remuneration, social security and pensions | 62 | €141,568 | €131,180 | -€10,388 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,536 | €41,958 | +€2,423 | +6.1% |
| Other operating charges | 640/8 | €9,666 | €9,047 | -€618 | -6.4% |
| Gross operating margin | 9900 | €346,372 | €328,278 | -€18,094 | -5.2% |
| Operating profit (loss) | 9901 | €155,602 | €146,092 | -€9,510 | -6.1% |
| Financial income | 75/76B | €15,291 | €5 | -€15,285 | -100.0% |
| Recurring financial income | 75 | €1 | €5 | +€4 | +303% |
| Non-recurring financial income | 76B | €15,289 | - | -€15,289 | |
| Financial charges | 65/66B | €4,587 | €2,918 | -€1,669 | -36.4% |
| Recurring financial charges | 65 | €4,587 | €2,918 | -€1,669 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €166,306 | €143,180 | -€23,126 | -13.9% |
| Transfer from deferred taxes | 780 | €3,868 | €2,845 | -€1,023 | -26.4% |
| Income taxes | 67/77 | €54,101 | €47,500 | -€6,601 | -12.2% |
| Profit (loss) for the period | 9904 | €116,072 | €98,525 | -€17,548 | -15.1% |
| Transfer from tax-exempt reserves | 789 | €7,512 | €8,535 | +€1,023 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €123,585 | €107,060 | -€16,524 | -13.4% |
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 13 October 2026 via checked.be.