Linicor: 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.
Linicor
Largest movements
- Receivables within one year +€65,974
up €65,974 (+454%), from €14,539 to €80,513
of which Trade receivables: +€67,306
- Cash -€26,604
down €26,604 (-27.3%), from €97,304 to €70,700
mainly Receivables within one year (-€65,974) and Other debts (-€45,309)
- Reserves +€119,400
up €119,400 (+56.3%), from €212,250 to €331,650
of which Distributable reserves: +€119,400
- Other debts -€45,309
down €45,309 (-67.0%), from €67,580 to €22,271
- Debts after one year -€21,384
down €21,384 (-4.2%), from €504,721 to €483,338
of which Financial debts: -€87,969
- Advances received -€15,972
down €15,972 (-100%), from €15,972 to €0
- Tax, wage and social debts +€15,423
up €15,423 (+411%), from €3,752 to €19,174
- Gross operating margin +€62,354
up €62,354 (+41.4%), from €150,700 to €213,053
- Taxes +€20,627
up €20,627 (+71.6%), from €28,817 to €49,443
- Financial charges -€2,805
down €2,805 (-5.9%), from €47,733 to €44,928
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 | €1,485,548 | €1,525,318 | +€39,769 | +2.7% |
| Fixed assets | 21/28 | €1,359,106 | €1,360,455 | +€1,349 | +0.1% |
| Tangible fixed assets | 22/27 | - | €1,399 | +€1,399 | |
| Furniture and vehicles | 24 | - | €1,399 | +€1,399 | |
| Financial fixed assets | 28 | €1,359,106 | €1,359,056 | -€50 | 0.0% |
| Current assets | 29/58 | €126,442 | €164,863 | +€38,421 | +30.4% |
| Amounts receivable within one year | 40/41 | €14,539 | €80,513 | +€65,974 | +454% |
| Trade receivables | 40 | €13,200 | €80,506 | +€67,306 | +510% |
| Other amounts receivable | 41 | €1,339 | €8 | -€1,332 | -99.4% |
| Current investments | 50/53 | €13,650 | €13,650 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €97,304 | €70,700 | -€26,604 | -27.3% |
| Deferred charges and accrued income | 490/1 | €950 | €0 | -€950 | -100% |
| Total equity and liabilities | 10/49 | €1,485,548 | €1,525,318 | +€39,769 | +2.7% |
| Equity | 10/15 | €287,677 | €407,113 | +€119,436 | +41.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €212,250 | €331,650 | +€119,400 | +56.3% |
| Non-distributable reserves | 130/1 | €19,850 | €19,850 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Own shares acquired | 1312 | €13,650 | €13,650 | = | 0.0% |
| Distributable reserves | 133 | €192,400 | €311,800 | +€119,400 | +62.1% |
| Profit (loss) carried forward | 14 | €13,427 | €13,463 | +€36 | +0.3% |
| Provisions and deferred taxes | 16 | €495,758 | €493,664 | -€2,094 | -0.4% |
| Provisions for liabilities and charges | 160/5 | €495,758 | €493,664 | -€2,094 | -0.4% |
| Pensions and similar obligations | 160 | €495,758 | €493,664 | -€2,094 | -0.4% |
| Amounts payable | 17/49 | €702,113 | €624,540 | -€77,573 | -11.0% |
| Amounts payable after more than one year | 17 | €504,721 | €483,338 | -€21,384 | -4.2% |
| Financial debts | 170/4 | €410,789 | €322,821 | -€87,969 | -21.4% |
| Other amounts payable | 178/9 | €93,932 | €160,517 | +€66,585 | +70.9% |
| Amounts payable within one year | 42/48 | €189,809 | €136,978 | -€52,831 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €101,173 | €93,880 | -€7,293 | -7.2% |
| Trade debts | 44 | €1,333 | €1,653 | +€321 | +24.1% |
| Suppliers | 440/4 | €1,333 | €1,653 | +€321 | +24.1% |
| Advances received on contracts in progress | 46 | €15,972 | €0 | -€15,972 | -100% |
| Taxes, remuneration and social security | 45 | €3,752 | €19,174 | +€15,423 | +411% |
| Taxes | 450/3 | €3,752 | €19,174 | +€15,423 | +411% |
| Other amounts payable | 47/48 | €67,580 | €22,271 | -€45,309 | -67.0% |
| Accrued charges and deferred income | 492/3 | €7,583 | €4,224 | -€3,358 | -44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €247 | +€247 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,112 | -€2,094 | +€18 | +0.8% |
| Other operating charges | 640/8 | €1,404 | €1,443 | +€39 | +2.8% |
| Gross operating margin | 9900 | €150,700 | €213,053 | +€62,354 | +41.4% |
| Operating profit (loss) | 9901 | €151,408 | €213,458 | +€62,050 | +41.0% |
| Financial income | 75/76B | €344 | €349 | +€5 | +1.6% |
| Recurring financial income | 75 | €344 | €349 | +€5 | +1.6% |
| Financial charges | 65/66B | €47,733 | €44,928 | -€2,805 | -5.9% |
| Recurring financial charges | 65 | €47,733 | €44,928 | -€2,805 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €104,018 | €168,879 | +€64,861 | +62.4% |
| Income taxes | 67/77 | €28,817 | €49,443 | +€20,627 | +71.6% |
| Profit (loss) for the period | 9904 | €75,202 | €119,436 | +€44,234 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,202 | €119,436 | +€44,234 | +58.8% |
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 24 October 2026 via checked.be.