LINEAS GROUP: 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.
What changed
LINEAS GROUP
NACE 49.200, Land transport and transport via pipelines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3.4m
2024 · €427,855-€3.8m
Equity
€177.2m
2024 · €180.6m-€3.4m
Cash
€10.8m
2024 · €5.6m+€5.2m
Balance sheet total
€263.0m
2024 · €203.4m+€59.6m
Largest movements
Assets
- Financial fixed assets +€55.7m
up €55.7m (+31.0%), from €179.7m to €235.4m
of which Affiliated companies: +€59.8m
- Cash +€5.2m
up €5.2m (+92.9%), from €5.6m to €10.8m
mainly Debts after one year (+€58.0m) and Accrued charges and deferred income (+€3.5m)
Equity and liabilities
- Debts after one year +€58.0m
up €58.0m (+288%), from €20.1m to €78.1m
of which Financial debts: +€61.0m
- Accrued charges and deferred income +€3.5m
up €3.5m (+286%), from €1.2m to €4.7m
- Profit (loss) carried forward -€3.4m
down €3.4m, from €427,855 to -€2.9m
Income statement
- Financial charges +€2.9m
up €2.9m (+254%), from €1.1m to €4.0m
- Financial income -€790,312
down €790,312 (-46.4%), from €1.7m to €913,187
- Other operating income +€660,980
up €660,980 (+8.0%), from €8.3m to €8.9m
- Services and other goods +€286,832
up €286,832 (+4.2%), from €6.8m to €7.1m
- Depreciation -€58,846
down €58,846 (-11.9%), from €494,958 to €436,112
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
€427,855
Turnover
-€6,034
Other operating income
+€660,980
Services and other goods
-€286,832
Depreciation
+€58,846
Other operating charges
+€25,784
Other operating items
-€630,589
Financial income
-€790,312
Financial charges
-€2.9m
Taxes
+€36,573
Result 2025
-€3.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.8m
Investment
-€55.6m
Financing
+€58.0m
Cash 2024
€5.6m
From operations (derived)
+€2.8m
Net result for the year
-€3.4m
Depreciation
+€436,112
Receivables after one year
+€1.2m
Receivables within one year
-€755,182
Deferred charges and accrued income
+€310,285
Trade debts
+€1.6m
Tax, wage and social debts
-€52,406
Accrued charges and deferred income
+€3.5m
Investment (derived)
-€55.6m
Investment in fixed assets (net)
-€55.6m
Financing
+€58.0m
Debts after one year
+€58.0m
Cash 2025
€10.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,411,972 | €263,011,451 | +€59.6m | +29.3% |
| Fixed assets | 21/28 | €182,890,317 | €238,046,510 | +€55.2m | +30.2% |
| Tangible fixed assets | 22/27 | €3,204,513 | €2,614,165 | -€590,348 | -18.4% |
| Land and buildings | 22 | €2,406,899 | €2,024,230 | -€382,669 | -15.9% |
| Plant, machinery and equipment | 23 | €701,577 | €543,509 | -€158,068 | -22.5% |
| Furniture and vehicles | 24 | €6,409 | €29,138 | +€22,730 | +355% |
| Other tangible fixed assets | 26 | €89,628 | €17,287 | -€72,341 | -80.7% |
| Financial fixed assets | 28 | €179,685,804 | €235,432,345 | +€55.7m | +31.0% |
| Affiliated companies | 280/1 | €172,099,517 | €231,906,114 | +€59.8m | +34.8% |
| Participating interests | 280 | €172,099,517 | €231,906,114 | +€59.8m | +34.8% |
| Companies linked by participating interests | 282/3 | €318,500 | €318,500 | = | 0.0% |
| Participating interests | 282 | €318,500 | €318,500 | = | 0.0% |
| Other financial fixed assets | 284/8 | €7,267,786 | €3,207,732 | -€4.1m | -55.9% |
| Amounts receivable and cash guarantees | 285/8 | €7,267,786 | €3,207,732 | -€4.1m | -55.9% |
| Current assets | 29/58 | €20,521,655 | €24,964,941 | +€4.4m | +21.7% |
| Amounts receivable after more than one year | 29 | €10,885,536 | €9,697,999 | -€1.2m | -10.9% |
| Other amounts receivable | 291 | €10,885,536 | €9,697,999 | -€1.2m | -10.9% |
| Amounts receivable within one year | 40/41 | €3,341,020 | €4,096,202 | +€755,182 | +22.6% |
| Trade receivables | 40 | €3,300,401 | €4,042,135 | +€741,734 | +22.5% |
| Other amounts receivable | 41 | €40,619 | €54,067 | +€13,448 | +33.1% |
| Cash at bank and in hand | 54/58 | €5,584,926 | €10,770,852 | +€5.2m | +92.9% |
| Deferred charges and accrued income | 490/1 | €710,173 | €399,888 | -€310,285 | -43.7% |
| Total equity and liabilities | 10/49 | €203,411,972 | €263,011,451 | +€59.6m | +29.3% |
| Equity | 10/15 | €180,555,203 | €177,185,574 | -€3.4m | -1.9% |
| Contributions | 10/11 | €169,422,903 | €169,422,903 | = | 0.0% |
| Capital | 10 | €169,422,664 | €169,422,664 | = | 0.0% |
| Issued capital | 100 | €169,422,664 | €169,422,664 | = | 0.0% |
| Contributions outside capital | 11 | €239 | €239 | = | 0.0% |
| Share premium | 1100/10 | €239 | €239 | = | 0.0% |
| Reserves | 13 | €10,704,445 | €10,704,445 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,704,445 | €10,704,445 | = | 0.0% |
| Legal reserve | 130 | €10,704,445 | €10,704,445 | = | 0.0% |
| Profit (loss) carried forward | 14 | €427,855 | -€2,941,774 | -€3.4m | |
| Amounts payable | 17/49 | €22,856,769 | €85,825,877 | +€63.0m | +275% |
| Amounts payable after more than one year | 17 | €20,123,408 | €78,082,340 | +€58.0m | +288% |
| Financial debts | 170/4 | €0 | €61,000,000 | +€61.0m | |
| Subordinated loans | 170 | €0 | €61,000,000 | +€61.0m | |
| Other amounts payable | 178/9 | €20,123,408 | €17,082,340 | -€3.0m | -15.1% |
| Amounts payable within one year | 42/48 | €1,517,545 | €3,046,366 | +€1.5m | +101% |
| Trade debts | 44 | €1,465,139 | €3,046,366 | +€1.6m | +108% |
| Suppliers | 440/4 | €1,465,139 | €3,046,366 | +€1.6m | +108% |
| Taxes, remuneration and social security | 45 | €52,406 | - | -€52,406 | |
| Taxes | 450/3 | €52,406 | - | -€52,406 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,215,815 | €4,697,171 | +€3.5m | +286% |
| Operating income | 70/76A | €8,395,953 | €9,354,624 | +€958,671 | +11.4% |
| Turnover | 70 | €20,524 | €14,491 | -€6,034 | -29.4% |
| Other operating income | 74 | €8,287,609 | €8,948,589 | +€660,980 | +8.0% |
| Non-recurring operating income | 76A | €87,820 | €391,545 | +€303,725 | +346% |
| Operating charges | 60/66A | €8,526,265 | €9,662,780 | +€1.1m | +13.3% |
| Services and other goods | 61 | €6,828,541 | €7,115,373 | +€286,832 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €494,958 | €436,112 | -€58,846 | -11.9% |
| Other operating charges | 640/8 | €390,273 | €364,489 | -€25,784 | -6.6% |
| Non-recurring operating charges | 66A | €812,492 | €1,746,805 | +€934,313 | +115% |
| Operating profit (loss) | 9901 | -€130,312 | -€308,157 | -€177,844 | -136% |
| Financial income | 75/76B | €1,703,499 | €913,187 | -€790,312 | -46.4% |
| Recurring financial income | 75 | €1,703,499 | €913,187 | -€790,312 | -46.4% |
| Income from current assets | 751 | €1,703,498 | €913,187 | -€790,311 | -46.4% |
| Other financial income | 752/9 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,129,428 | €3,995,330 | +€2.9m | +254% |
| Recurring financial charges | 65 | €1,129,428 | €3,995,330 | +€2.9m | +254% |
| Debt charges | 650 | €1,075,187 | €3,947,881 | +€2.9m | +267% |
| Other financial charges | 652/9 | €54,241 | €47,449 | -€6,793 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €443,758 | -€3,390,299 | -€3.8m | |
| Income taxes | 67/77 | €15,903 | -€20,670 | -€36,573 | |
| Taxes | 670/3 | €59,444 | €31,736 | -€27,708 | -46.6% |
| Tax adjustments and reversals of tax provisions | 77 | €43,541 | €52,406 | +€8,865 | +20.4% |
| Profit (loss) for the period | 9904 | €427,855 | -€3,369,629 | -€3.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €427,855 | -€3,369,629 | -€3.8m |
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 17 October 2026 via checked.be.