LINEAS: 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
LINEAS
NACE 49.200, Land transport and transport via pipelines
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€58.9m
2024 · -€40.5m-€18.4m
Equity
€55.0m
2024 · €57.2m-€2.2m
Cash
€93,115
2024 · €65,902+€27,214
Balance sheet total
€290.1m
2024 · €283.3m+€6.7m
Largest movements
Assets
- Receivables within one year +€35.4m
up €35.4m (+41.3%), from €85.7m to €121.1m
of which Trade receivables: +€44.7m
- Tangible fixed assets -€11.4m
down €11.4m (-12.6%), from €91.2m to €79.8m
of which Leasing and similar rights: -€6.3m
- Deferred charges and accrued income -€10.1m
down €10.1m (-21.3%), from €47.1m to €37.1m
- Receivables after one year -€4.2m
down €4.2m (-24.5%), from €17.3m to €13.1m
of which Other amounts receivable: -€4.2m
Equity and liabilities
- Profit (loss) carried forward -€21.5m
down €21.5m (-53.9%), from -€39.9m to -€61.5m
- Contributions +€19.8m
up €19.8m (+22.1%), from €89.8m to €109.6m
of which Capital: +€19.8m
- Advances received +€19.2m
up €19.2m (+232.1%), from €8.3m to €27.4m
- Trade debts -€10.7m
down €10.7m (-9.5%), from €112.3m to €101.6m
of which Suppliers: -€10.7m
- Short-term financial debts +€4.1m
up €4.1m (+9.3%), from €44.1m to €48.1m
of which Other loans: +€3.6m
Income statement
- Turnover -€46.6m
down €46.6m (-9.7%), from €478.5m to €431.9m
- Goods and materials -€17.3m
down €17.3m (-6.2%), from €277.3m to €259.9m
of which Purchases: -€16.5m
- Other operating income -€11.5m
down €11.5m (-45.3%), from €25.4m to €13.9m
- Services and other goods -€11.2m
down €11.2m (-8.9%), from €126.5m to €115.3m
- Other operating charges -€6.9m
down €6.9m (-20.2%), from €34.3m to €27.4m
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
-€40.5m
Turnover
-€46.6m
Other operating income
-€11.5m
Goods and materials
+€17.3m
Services and other goods
+€11.2m
Staff costs
+€1.4m
Depreciation
+€5.5m
Write-downs
-€395,255
Provisions
-€731,382
Other operating charges
+€6.9m
Other operating items
-€1.8m
Financial income
-€70,721
Financial charges
+€231,956
Taxes
+€65,332
Result 2025
-€58.9m
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
-€56.5m
Investment
-€1.3m
Financing
+€57.8m
Cash 2024
€65,902
From operations (derived)
-€56.5m
Net result for the year
-€58.9m
Depreciation
+€15.5m
Receivables after one year
+€4.2m
Smaller working-capital items
+€172,502
Receivables within one year
-€35.4m
Deferred charges and accrued income
+€10.1m
Trade debts
-€10.7m
Advances received
+€19.2m
Other debts
+€391,588
Accrued charges and deferred income
-€1.0m
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€57.8m
Debts after one year
-€3.1m
Current portion of long-term debt
+€68,243
Short-term financial debts
+€4.1m
Contributions, distributions and other
+€56.7m
Cash 2025
€93,115
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €283,308,059 | €290,057,547 | +€6.7m | +2.4% |
| Fixed assets | 21/28 | €128,270,969 | €114,028,969 | -€14.2m | -11.1% |
| Intangible fixed assets | 21 | €25,201,548 | €22,685,504 | -€2.5m | -10.0% |
| Tangible fixed assets | 22/27 | €91,203,921 | €79,753,939 | -€11.4m | -12.6% |
| Land and buildings | 22 | €1,777,456 | €1,269,016 | -€508,440 | -28.6% |
| Plant, machinery and equipment | 23 | €4,333,594 | €1,134,449 | -€3.2m | -73.8% |
| Furniture and vehicles | 24 | €11,723,897 | €9,951,069 | -€1.8m | -15.1% |
| Leasing and similar rights | 25 | €73,130,514 | €66,791,125 | -€6.3m | -8.7% |
| Other tangible fixed assets | 26 | €131,411 | €186,904 | +€55,493 | +42.2% |
| Assets under construction and advance payments | 27 | €107,050 | €421,376 | +€314,326 | +293.6% |
| Financial fixed assets | 28 | €11,865,499 | €11,589,526 | -€275,973 | -2.3% |
| Affiliated companies | 280/1 | €3,610,001 | €3,610,001 | = | 0.0% |
| Participating interests | 280 | €3,610,001 | €3,610,001 | = | 0.0% |
| Amounts receivable | 281 | €0 | €0 | = | |
| Companies linked by participating interests | 282/3 | €1,257,824 | €1,257,824 | = | 0.0% |
| Participating interests | 282 | €1,257,824 | €1,257,824 | = | 0.0% |
| Amounts receivable | 283 | - | €0 | = | |
| Other financial fixed assets | 284/8 | €6,997,674 | €6,721,701 | -€275,973 | -3.9% |
| Shares | 284 | €44,578 | €3,750 | -€40,828 | -91.6% |
| Amounts receivable and cash guarantees | 285/8 | €6,953,097 | €6,717,951 | -€235,145 | -3.4% |
| Current assets | 29/58 | €155,037,090 | €176,028,577 | +€21.0m | +13.5% |
| Amounts receivable after more than one year | 29 | €17,296,138 | €13,062,889 | -€4.2m | -24.5% |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | €17,296,138 | €13,062,889 | -€4.2m | -24.5% |
| Stocks and contracts in progress | 3 | €4,841,308 | €4,712,878 | -€128,430 | -2.7% |
| Stocks | 30/36 | €4,841,308 | €4,712,878 | -€128,430 | -2.7% |
| Raw materials and consumables | 30/31 | €4,841,308 | €4,712,878 | -€128,430 | -2.7% |
| Work in progress | 32 | - | €0 | = | |
| Finished goods | 33 | - | €0 | = | |
| Goods purchased for resale | 34 | - | €0 | = | |
| Property held for sale | 35 | - | €0 | = | |
| Advance payments | 36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €85,684,284 | €121,064,721 | +€35.4m | +41.3% |
| Trade receivables | 40 | €68,395,939 | €113,057,430 | +€44.7m | +65.3% |
| Other amounts receivable | 41 | €17,288,345 | €8,007,291 | -€9.3m | -53.7% |
| Current investments | 50/53 | €0 | €0 | = | |
| Own shares | 50 | - | €0 | = | |
| Other investments | 51/53 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €65,902 | €93,115 | +€27,214 | +41.3% |
| Deferred charges and accrued income | 490/1 | €47,149,458 | €37,094,974 | -€10.1m | -21.3% |
| Total equity and liabilities | 10/49 | €283,308,059 | €290,057,547 | +€6.7m | +2.4% |
| Equity | 10/15 | €57,190,214 | €54,994,740 | -€2.2m | -3.8% |
| Contributions | 10/11 | €89,811,441 | €109,642,456 | +€19.8m | +22.1% |
| Capital | 10 | €89,501,119 | €109,341,980 | +€19.8m | +22.2% |
| Issued capital | 100 | €89,501,119 | €109,341,980 | +€19.8m | +22.2% |
| Uncalled capital | 101 | - | €0 | = | |
| Outside capital | 11 | €310,321 | €300,475 | -€9,846 | -3.2% |
| Share premium | 1100/10 | €310,321 | €300,475 | -€9,846 | -3.2% |
| Other | 1109/19 | - | €0 | = | |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €3,260,031 | €3,156,595 | -€103,436 | -3.2% |
| Non-distributable reserves | 130/1 | €2,309,880 | €2,236,591 | -€73,289 | -3.2% |
| Legal reserve | 130 | €2,233,078 | €2,162,225 | -€70,852 | -3.2% |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | €76,802 | €74,366 | -€2,437 | -3.2% |
| Tax-exempt reserves | 132 | €0 | €0 | = | |
| Distributable reserves | 133 | €950,151 | €920,004 | -€30,147 | -3.2% |
| Profit (loss) carried forward | 14 | -€39,949,240 | -€61,466,583 | -€21.5m | -53.9% |
| Investment grants | 15 | €4,067,982 | €3,662,272 | -€405,710 | -10.0% |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €667,250 | €677,354 | +€10,104 | +1.5% |
| Provisions for liabilities and charges | 160/5 | €667,250 | €677,354 | +€10,104 | +1.5% |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | €350,000 | €350,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €317,250 | €327,354 | +€10,104 | +3.2% |
| Amounts payable | 17/49 | €225,450,596 | €234,385,453 | +€8.9m | +4.0% |
| Amounts payable after more than one year | 17 | €35,025,440 | €31,941,584 | -€3.1m | -8.8% |
| Financial debts | 170/4 | €35,025,440 | €31,941,584 | -€3.1m | -8.8% |
| Subordinated loans | 170 | - | €0 | = | |
| Unsubordinated bonds | 171 | - | €0 | = | |
| Leasing and similar obligations | 172 | €35,025,440 | €31,941,584 | -€3.1m | -8.8% |
| Credit institutions | 173 | €0 | €0 | = | |
| Other loans | 174 | €0 | €0 | = | |
| Trade debts | 175 | - | €0 | = | |
| Suppliers | 1750 | - | €0 | = | |
| Bills of exchange payable | 1751 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €188,309,040 | €201,369,685 | +€13.1m | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €3,015,613 | €3,083,856 | +€68,243 | +2.3% |
| Financial debts | 43 | €44,052,135 | €48,130,396 | +€4.1m | +9.3% |
| Credit institutions | 430/8 | €21,422,825 | €21,880,396 | +€457,571 | +2.1% |
| Other loans | 439 | €22,629,310 | €26,250,000 | +€3.6m | +16.0% |
| Trade debts | 44 | €112,266,896 | €101,587,555 | -€10.7m | -9.5% |
| Suppliers | 440/4 | €112,266,896 | €101,587,555 | -€10.7m | -9.5% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | €8,259,323 | €27,427,248 | +€19.2m | +232.1% |
| Taxes, remuneration and social security | 45 | €19,830,636 | €19,864,603 | +€33,967 | +0.2% |
| Taxes | 450/3 | - | €59,612 | +€59,612 | |
| Remuneration and social security | 454/9 | €19,830,636 | €19,804,991 | -€25,645 | -0.1% |
| Other amounts payable | 47/48 | €884,438 | €1,276,027 | +€391,588 | +44.3% |
| Accrued charges and deferred income | 492/3 | €2,116,116 | €1,074,184 | -€1.0m | -49.2% |
| Operating income | 70/76A | €509,934,078 | €449,789,972 | -€60.1m | -11.8% |
| Turnover | 70 | €478,513,250 | €431,929,896 | -€46.6m | -9.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €0 | €0 | = | |
| Own construction capitalised | 72 | €5,120,369 | €3,806,358 | -€1.3m | -25.7% |
| Other operating income | 74 | €25,391,995 | €13,895,021 | -€11.5m | -45.3% |
| Non-recurring operating income | 76A | €908,464 | €158,697 | -€749,766 | -82.5% |
| Operating charges | 60/66A | €542,603,983 | €501,100,432 | -€41.5m | -7.6% |
| Goods for resale, raw materials and consumables | 60 | €277,264,528 | €259,936,349 | -€17.3m | -6.2% |
| Purchases | 600/8 | €276,425,500 | €259,920,144 | -€16.5m | -6.0% |
| Change in stocks: decrease (increase) | 609 | €839,028 | €16,205 | -€822,824 | -98.1% |
| Services and other goods | 61 | €126,507,397 | €115,265,672 | -€11.2m | -8.9% |
| Remuneration, social security and pensions | 62 | €83,246,067 | €81,885,174 | -€1.4m | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,033,659 | €15,545,780 | -€5.5m | -26.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€901,317 | -€506,063 | +€395,255 | +43.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€721,278 | €10,104 | +€731,382 | |
| Other operating charges | 640/8 | €34,348,366 | €27,416,569 | -€6.9m | -20.2% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Non-recurring operating charges | 66A | €1,826,562 | €1,546,847 | -€279,715 | -15.3% |
| Operating profit (loss) | 9901 | -€32,669,905 | -€51,310,460 | -€18.6m | -57.1% |
| Financial income | 75/76B | €823,590 | €752,869 | -€70,721 | -8.6% |
| Recurring financial income | 75 | €823,590 | €752,869 | -€70,721 | -8.6% |
| Income from financial fixed assets | 750 | - | €0 | = | |
| Income from current assets | 751 | €555,051 | €494,792 | -€60,259 | -10.9% |
| Other financial income | 752/9 | €268,539 | €258,077 | -€10,462 | -3.9% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €8,286,421 | €8,054,464 | -€231,956 | -2.8% |
| Recurring financial charges | 65 | €8,286,421 | €8,054,464 | -€231,956 | -2.8% |
| Debt charges | 650 | €5,251,369 | €6,046,449 | +€795,080 | +15.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €0 | = | |
| Other financial charges | 652/9 | €3,035,052 | €2,008,016 | -€1.0m | -33.8% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | -€40,132,737 | -€58,612,055 | -€18.5m | -46.0% |
| Transfer from deferred taxes | 780 | €0 | €0 | = | |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | €391,206 | €325,875 | -€65,332 | -16.7% |
| Taxes | 670/3 | €391,206 | €394,086 | +€2,880 | +0.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €68,211 | +€68,211 | |
| Profit (loss) for the period | 9904 | -€40,523,943 | -€58,937,930 | -€18.4m | -45.4% |
| Transfer from tax-exempt reserves | 789 | €585,120 | - | -€585,120 | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,938,823 | -€58,937,930 | -€19.0m | -47.6% |
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 5 October 2026 via checked.be.