Linias: what changed
What changed
Linias
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€37,786
2024 · €17,390-€55,176
Equity
€2.0m
2024 · €2.3m-€235,192
Cash
€186,150
2024 · €1.1m-€929,601
Balance sheet total
€2.7m
2024 · €2.5m+€209,510
Largest movements
Assets
- Cash -€929,601
down €929,601 (-83.3%), from €1.1m to €186,150
mainly Investment in fixed assets (net) (-€638,414) and Current investments (-€599,008)
- Current investments +€599,008
up €599,008 (+2,305%), from €25,992 to €625,000
- Tangible fixed assets +€439,124
up €439,124 (+39.3%), from €1.1m to €1.6m
of which Land and buildings: +€439,422
- Receivables within one year +€154,089
up €154,089 (+74.9%), from €205,615 to €359,704
of which Trade receivables: +€225,000
- Receivables after one year -€71,238
no longer reported in 2025 (was €71,238)
Equity and liabilities
- Debts after one year +€288,611
up €288,611 (+231%), from €125,000 to €413,611
- Reserves -€235,192
down €235,192 (-10.3%), from €2.3m to €2.0m
of which Distributable reserves: -€266,767
- Other debts +€155,000
new in 2025: €155,000
Income statement
- Depreciation +€118,109
up €118,109 (+166%), from €71,180 to €189,289
- Gross operating margin +€53,408
up €53,408 (+51.5%), from €103,746 to €157,154
- Taxes -€24,770
down €24,770 (-86.6%), from €28,597 to €3,827
- Financial charges +€9,999
up €9,999 (+87.2%), from €11,469 to €21,467
- Financial income -€5,025
down €5,025 (-14.3%), from €35,211 to €30,185
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€17,390
Gross operating margin
+€53,408
Depreciation
-€118,109
Other operating charges
-€221
Financial income
-€5,025
Financial charges
-€9,999
Taxes
+€24,770
Result 2025
-€37,786
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€204,949
Investment
-€1.2m
Financing
+€102,871
Cash 2024
€1.1m
From operations (derived)
+€204,949
Net result for the year
-€37,786
Depreciation
+€189,289
Receivables after one year
+€71,238
Receivables within one year
-€154,089
Deferred charges and accrued income
-€8,127
Trade debts
-€6,784
Tax, wage and social debts
-€3,792
Other debts
+€155,000
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€638,414
Current investments
-€599,008
Financing
+€102,871
Debts after one year
+€288,611
Current portion of long-term debt
+€11,666
Contributions, distributions and other
-€197,406
Cash 2025
€186,150
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,534,861 | €2,744,370 | +€209,510 | +8.3% |
| Fixed assets | 21/28 | €1,116,264 | €1,565,388 | +€449,124 | +40.2% |
| Tangible fixed assets | 22/27 | €1,115,986 | €1,555,110 | +€439,124 | +39.3% |
| Land and buildings | 22 | €1,067,348 | €1,506,770 | +€439,422 | +41.2% |
| Plant, machinery and equipment | 23 | €24,901 | €26,301 | +€1,400 | +5.6% |
| Furniture and vehicles | 24 | €23,737 | €18,373 | -€5,365 | -22.6% |
| Other tangible fixed assets | 26 | - | €3,667 | +€3,667 | |
| Financial fixed assets | 28 | €278 | €10,278 | +€10,000 | +3,598% |
| Current assets | 29/58 | €1,418,597 | €1,178,982 | -€239,615 | -16.9% |
| Amounts receivable after more than one year | 29 | €71,238 | - | -€71,238 | |
| Other amounts receivable | 291 | €71,238 | - | -€71,238 | |
| Amounts receivable within one year | 40/41 | €205,615 | €359,704 | +€154,089 | +74.9% |
| Trade receivables | 40 | €8,000 | €233,000 | +€225,000 | +2,813% |
| Other amounts receivable | 41 | €197,615 | €126,704 | -€70,911 | -35.9% |
| Current investments | 50/53 | €25,992 | €625,000 | +€599,008 | +2,305% |
| Cash at bank and in hand | 54/58 | €1,115,751 | €186,150 | -€929,601 | -83.3% |
| Deferred charges and accrued income | 490/1 | - | €8,127 | +€8,127 | |
| Total equity and liabilities | 10/49 | €2,534,861 | €2,744,370 | +€209,510 | +8.3% |
| Equity | 10/15 | €2,284,996 | €2,049,804 | -€235,192 | -10.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,272,596 | €2,037,404 | -€235,192 | -10.3% |
| Non-distributable reserves | 130/1 | €24,360 | €24,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,360 | €24,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €102,950 | €134,525 | +€31,575 | +30.7% |
| Distributable reserves | 133 | €2,145,286 | €1,878,519 | -€266,767 | -12.4% |
| Provisions and deferred taxes | 16 | €65,648 | €65,648 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €65,648 | €65,648 | = | 0.0% |
| Pensions and similar obligations | 160 | €65,648 | €65,648 | = | 0.0% |
| Amounts payable | 17/49 | €184,217 | €628,919 | +€444,701 | +241% |
| Amounts payable after more than one year | 17 | €125,000 | €413,611 | +€288,611 | +231% |
| Financial debts | 170/4 | €125,000 | €413,611 | +€288,611 | +231% |
| Amounts payable within one year | 42/48 | €59,217 | €215,308 | +€156,090 | +264% |
| Current portion of amounts payable after more than one year | 42 | €28,334 | €40,000 | +€11,666 | +41.2% |
| Trade debts | 44 | €12,703 | €5,919 | -€6,784 | -53.4% |
| Suppliers | 440/4 | €12,703 | €5,919 | -€6,784 | -53.4% |
| Taxes, remuneration and social security | 45 | €18,180 | €14,388 | -€3,792 | -20.9% |
| Taxes | 450/3 | €18,180 | €14,388 | -€3,792 | -20.9% |
| Other amounts payable | 47/48 | - | €155,000 | +€155,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,180 | €189,289 | +€118,109 | +166% |
| Other operating charges | 640/8 | €10,320 | €10,541 | +€221 | +2.1% |
| Gross operating margin | 9900 | €103,746 | €157,154 | +€53,408 | +51.5% |
| Operating profit (loss) | 9901 | €22,246 | -€42,677 | -€64,923 | |
| Financial income | 75/76B | €35,211 | €30,185 | -€5,025 | -14.3% |
| Recurring financial income | 75 | €35,211 | €30,185 | -€5,025 | -14.3% |
| Financial charges | 65/66B | €11,469 | €21,467 | +€9,999 | +87.2% |
| Recurring financial charges | 65 | €11,469 | €21,467 | +€9,999 | +87.2% |
| Profit (loss) for the period before taxes | 9903 | €45,988 | -€33,959 | -€79,947 | |
| Income taxes | 67/77 | €28,597 | €3,827 | -€24,770 | -86.6% |
| Profit (loss) for the period | 9904 | €17,390 | -€37,786 | -€55,176 | |
| Transfer from tax-exempt reserves | 789 | €68,708 | - | -€68,708 | |
| Transfer to tax-exempt reserves | 689 | - | €31,575 | +€31,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,098 | -€69,361 | -€155,459 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.