LINK-UP: 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.
LINK-UP
Largest movements
- Tangible fixed assets +€93,617
up €93,617 (+28.9%), from €323,644 to €417,262
of which Furniture and vehicles: +€104,039
- Receivables within one year -€33,255
down €33,255 (-6.8%), from €489,029 to €455,774
of which Trade receivables: -€19,323
- Deferred charges and accrued income +€17,414
up €17,414 (+132%), from €13,186 to €30,600
- Cash -€12,282
down €12,282 (-53.3%), from €23,043 to €10,761
mainly Investment in fixed assets (net) (-€212,450) and Trade debts (-€61,051)
- Short-term financial debts +€74,803
up €74,803, from €0 to €74,803
- Trade debts -€61,051
down €61,051 (-28.8%), from €211,899 to €150,848
- Current portion of long-term debt +€54,514
up €54,514 (+49.0%), from €111,249 to €165,762
- Debts after one year +€21,355
up €21,355 (+10.5%), from €203,310 to €224,665
of which Financial debts: +€23,355
- Reserves -€13,939
down €13,939 (-7.2%), from €193,132 to €179,193
of which Distributable reserves: -€13,939
- Depreciation +€52,743
up €52,743 (+79.8%), from €66,090 to €118,832
- Gross operating margin +€39,347
up €39,347 (+4.9%), from €807,720 to €847,067
- Staff costs +€15,662
up €15,662 (+2.3%), from €676,754 to €692,416
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 | €850,122 | €915,616 | +€65,494 | +7.7% |
| Fixed assets | 21/28 | €324,864 | €418,482 | +€93,617 | +28.8% |
| Tangible fixed assets | 22/27 | €323,644 | €417,262 | +€93,617 | +28.9% |
| Land and buildings | 22 | €12,076 | €9,069 | -€3,007 | -24.9% |
| Plant, machinery and equipment | 23 | €570 | €1,135 | +€564 | +99.0% |
| Furniture and vehicles | 24 | €17,706 | €121,745 | +€104,039 | +588% |
| Leasing and similar rights | 25 | €293,292 | €285,313 | -€7,979 | -2.7% |
| Financial fixed assets | 28 | €1,220 | €1,220 | = | 0.0% |
| Current assets | 29/58 | €525,258 | €497,135 | -€28,123 | -5.4% |
| Amounts receivable within one year | 40/41 | €489,029 | €455,774 | -€33,255 | -6.8% |
| Trade receivables | 40 | €455,471 | €436,148 | -€19,323 | -4.2% |
| Other amounts receivable | 41 | €33,558 | €19,625 | -€13,933 | -41.5% |
| Cash at bank and in hand | 54/58 | €23,043 | €10,761 | -€12,282 | -53.3% |
| Deferred charges and accrued income | 490/1 | €13,186 | €30,600 | +€17,414 | +132% |
| Total equity and liabilities | 10/49 | €850,122 | €915,616 | +€65,494 | +7.7% |
| Equity | 10/15 | €248,132 | €234,193 | -€13,939 | -5.6% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €193,132 | €179,193 | -€13,939 | -7.2% |
| Tax-exempt reserves | 132 | €39,908 | €39,908 | = | 0.0% |
| Distributable reserves | 133 | €153,225 | €139,285 | -€13,939 | -9.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €601,990 | €681,424 | +€79,434 | +13.2% |
| Amounts payable after more than one year | 17 | €203,310 | €224,665 | +€21,355 | +10.5% |
| Financial debts | 170/4 | €201,310 | €224,665 | +€23,355 | +11.6% |
| Other amounts payable | 178/9 | €2,000 | €0 | -€2,000 | -100% |
| Amounts payable within one year | 42/48 | €397,680 | €456,759 | +€59,079 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €111,249 | €165,762 | +€54,514 | +49.0% |
| Financial debts | 43 | €0 | €74,803 | +€74,803 | |
| Credit institutions | 430/8 | €0 | €74,803 | +€74,803 | |
| Trade debts | 44 | €211,899 | €150,848 | -€61,051 | -28.8% |
| Suppliers | 440/4 | €211,899 | €150,848 | -€61,051 | -28.8% |
| Taxes, remuneration and social security | 45 | €67,369 | €57,325 | -€10,044 | -14.9% |
| Taxes | 450/3 | €16,014 | €7,178 | -€8,837 | -55.2% |
| Remuneration and social security | 454/9 | €51,354 | €50,148 | -€1,207 | -2.4% |
| Other amounts payable | 47/48 | €7,164 | €8,020 | +€856 | +12.0% |
| Accrued charges and deferred income | 492/3 | €1,000 | €0 | -€1,000 | -100% |
| Non-recurring operating income | 76A | €11,453 | €3,161 | -€8,292 | -72.4% |
| Remuneration, social security and pensions | 62 | €676,754 | €692,416 | +€15,662 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,090 | €118,832 | +€52,743 | +79.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,103 | €3,157 | +€2,054 | +186% |
| Other operating charges | 640/8 | €24,734 | €23,452 | -€1,282 | -5.2% |
| Non-recurring operating charges | 66A | €739 | €0 | -€739 | -100% |
| Gross operating margin | 9900 | €807,720 | €847,067 | +€39,347 | +4.9% |
| Operating profit (loss) | 9901 | €38,301 | €9,211 | -€29,090 | -76.0% |
| Financial income | 75/76B | €3,793 | €490 | -€3,304 | -87.1% |
| Recurring financial income | 75 | €3,793 | €490 | -€3,304 | -87.1% |
| Financial charges | 65/66B | €19,698 | €23,640 | +€3,942 | +20.0% |
| Recurring financial charges | 65 | €19,698 | €23,640 | +€3,942 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €22,396 | -€13,939 | -€36,335 | |
| Income taxes | 67/77 | €5,338 | €0 | -€5,338 | -100% |
| Profit (loss) for the period | 9904 | €17,058 | -€13,939 | -€30,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,058 | -€13,939 | -€30,997 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.