LINK'D UP: 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.
LINK'D UP
Largest movements
- Cash -€23,128
down €23,128 (-22.9%), from €100,868 to €77,740
mainly Contributions, distributions and other (-€17,431) and Stocks and contracts (-€13,040)
- Stocks and contracts +€13,040
up €13,040 (+11.8%), from €110,110 to €123,150
- Receivables within one year -€3,358
down €3,358 (-11.7%), from €28,808 to €25,451
of which Trade receivables: -€2,646
- Reserves -€8,279
down €8,279 (-4.6%), from €181,884 to €173,606
- Trade debts -€4,381
down €4,381 (-24.6%), from €17,788 to €13,407
- Gross operating margin +€26,076
up €26,076 (+25.5%), from €102,253 to €128,329
- Write-downs +€20,282
up €20,282, from -€10,480 to €9,802
- Taxes +€1,743
up €1,743 (+46.0%), from €3,787 to €5,530
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €252,641 | €238,640 | -€14,001 | -5.5% |
| Fixed assets | 21/28 | €10,364 | €9,133 | -€1,231 | -11.9% |
| Tangible fixed assets | 22/27 | €10,114 | €8,883 | -€1,231 | -12.2% |
| Land and buildings | 22 | €2,556 | €4,189 | +€1,633 | +63.9% |
| Plant, machinery and equipment | 23 | €5,540 | €3,317 | -€2,222 | -40.1% |
| Furniture and vehicles | 24 | €2,019 | €1,377 | -€642 | -31.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €242,277 | €229,506 | -€12,771 | -5.3% |
| Stocks and contracts in progress | 3 | €110,110 | €123,150 | +€13,040 | +11.8% |
| Stocks | 30/36 | €110,110 | €123,150 | +€13,040 | +11.8% |
| Amounts receivable within one year | 40/41 | €28,808 | €25,451 | -€3,358 | -11.7% |
| Trade receivables | 40 | €19,906 | €17,260 | -€2,646 | -13.3% |
| Other amounts receivable | 41 | €8,902 | €8,191 | -€711 | -8.0% |
| Cash at bank and in hand | 54/58 | €100,868 | €77,740 | -€23,128 | -22.9% |
| Deferred charges and accrued income | 490/1 | €2,491 | €3,166 | +€675 | +27.1% |
| Total equity and liabilities | 10/49 | €252,641 | €238,640 | -€14,001 | -5.5% |
| Equity | 10/15 | €198,209 | €189,931 | -€8,279 | -4.2% |
| Contributions | 10/11 | €16,325 | €16,325 | = | 0.0% |
| Reserves | 13 | €181,884 | €173,606 | -€8,279 | -4.6% |
| Distributable reserves | 133 | €181,884 | €173,606 | -€8,279 | -4.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,432 | €48,709 | -€5,723 | -10.5% |
| Amounts payable within one year | 42/48 | €54,432 | €48,709 | -€5,723 | -10.5% |
| Financial debts | 43 | €224 | €291 | +€67 | +29.9% |
| Credit institutions | 430/8 | €224 | €291 | +€67 | +29.9% |
| Trade debts | 44 | €17,788 | €13,407 | -€4,381 | -24.6% |
| Suppliers | 440/4 | €17,788 | €13,407 | -€4,381 | -24.6% |
| Taxes, remuneration and social security | 45 | €36,420 | €35,011 | -€1,409 | -3.9% |
| Taxes | 450/3 | €26,353 | €24,741 | -€1,612 | -6.1% |
| Remuneration and social security | 454/9 | €10,067 | €10,270 | +€203 | +2.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €106,433 | €106,367 | -€65 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,622 | €3,231 | -€392 | -10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,480 | €9,802 | +€20,282 | |
| Other operating charges | 640/8 | €1,628 | €1,874 | +€246 | +15.1% |
| Gross operating margin | 9900 | €102,253 | €128,329 | +€26,076 | +25.5% |
| Operating profit (loss) | 9901 | €1,050 | €7,054 | +€6,005 | +572.1% |
| Financial income | 75/76B | €8,881 | €9,201 | +€320 | +3.6% |
| Recurring financial income | 75 | €8,881 | €9,201 | +€320 | +3.6% |
| Financial charges | 65/66B | €1,321 | €1,574 | +€253 | +19.1% |
| Recurring financial charges | 65 | €1,321 | €1,574 | +€253 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €8,610 | €14,682 | +€6,072 | +70.5% |
| Income taxes | 67/77 | €3,787 | €5,530 | +€1,743 | +46.0% |
| Profit (loss) for the period | 9904 | €4,823 | €9,152 | +€4,329 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,823 | €9,152 | +€4,329 | +89.8% |
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 8 October 2026 via checked.be.