LINK2LINK: 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.
LINK2LINK
Largest movements
- Receivables within one year -€197,432
down €197,432 (-51.8%), from €381,435 to €184,003
of which Trade receivables: -€187,555
- Intangible fixed assets -€48,018
down €48,018 (-22.5%), from €213,724 to €165,706
- Cash +€17,916
up €17,916 (+15.1%), from €118,831 to €136,746
mainly Receivables within one year (+€197,432) and Depreciation (+€59,017)
- Trade debts -€255,274
down €255,274 (-47.6%), from €536,820 to €281,546
- Profit (loss) carried forward +€23,442
up €23,442 (+92.0%), from -€25,481 to -€2,039
- Gross operating margin -€116,095
down €116,095 (-27.2%), from €426,933 to €310,838
- Write-downs +€100,371
up €100,371 (+381%), from €26,333 to €126,704
- Staff costs -€26,343
down €26,343 (-28.1%), from €93,875 to €67,532
- Other operating charges +€15,709
new in 2025: €15,709
- Depreciation +€14,323
up €14,323 (+32.0%), from €44,694 to €59,017
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 | €759,229 | €524,956 | -€234,272 | -30.9% |
| Fixed assets | 21/28 | €258,039 | €198,231 | -€59,808 | -23.2% |
| Intangible fixed assets | 21 | €213,724 | €165,706 | -€48,018 | -22.5% |
| Tangible fixed assets | 22/27 | €20,147 | €12,635 | -€7,512 | -37.3% |
| Plant, machinery and equipment | 23 | €18,296 | €12,331 | -€5,966 | -32.6% |
| Furniture and vehicles | 24 | €357 | €112 | -€244 | -68.5% |
| Other tangible fixed assets | 26 | €1,494 | €192 | -€1,302 | -87.2% |
| Financial fixed assets | 28 | €24,168 | €19,890 | -€4,278 | -17.7% |
| Current assets | 29/58 | €501,189 | €326,725 | -€174,464 | -34.8% |
| Amounts receivable within one year | 40/41 | €381,435 | €184,003 | -€197,432 | -51.8% |
| Trade receivables | 40 | €369,003 | €181,448 | -€187,555 | -50.8% |
| Other amounts receivable | 41 | €12,432 | €2,556 | -€9,876 | -79.4% |
| Cash at bank and in hand | 54/58 | €118,831 | €136,746 | +€17,916 | +15.1% |
| Deferred charges and accrued income | 490/1 | €924 | €5,976 | +€5,052 | +547% |
| Total equity and liabilities | 10/49 | €759,229 | €524,956 | -€234,272 | -30.9% |
| Equity | 10/15 | €42,169 | €65,611 | +€23,442 | +55.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,481 | -€2,039 | +€23,442 | +92.0% |
| Amounts payable | 17/49 | €717,060 | €459,346 | -€257,714 | -35.9% |
| Amounts payable within one year | 42/48 | €717,060 | €459,346 | -€257,714 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €536,820 | €281,546 | -€255,274 | -47.6% |
| Suppliers | 440/4 | €536,820 | €281,546 | -€255,274 | -47.6% |
| Taxes, remuneration and social security | 45 | €17,611 | €14,746 | -€2,865 | -16.3% |
| Taxes | 450/3 | €9,632 | €3,560 | -€6,071 | -63.0% |
| Remuneration and social security | 454/9 | €7,979 | €11,185 | +€3,206 | +40.2% |
| Other amounts payable | 47/48 | €162,629 | €163,054 | +€425 | +0.3% |
| Non-recurring operating income | 76A | €1,928 | €19,123 | +€17,195 | +892% |
| Remuneration, social security and pensions | 62 | €93,875 | €67,532 | -€26,343 | -28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,694 | €59,017 | +€14,323 | +32.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,333 | €126,704 | +€100,371 | +381% |
| Other operating charges | 640/8 | - | €15,709 | +€15,709 | |
| Non-recurring operating charges | 66A | €0 | €18,225 | +€18,225 | |
| Gross operating margin | 9900 | €426,933 | €310,838 | -€116,095 | -27.2% |
| Operating profit (loss) | 9901 | €262,031 | €23,651 | -€238,380 | -91.0% |
| Financial income | 75/76B | €21 | €645 | +€624 | +2,927% |
| Recurring financial income | 75 | €21 | €645 | +€624 | +2,927% |
| Financial charges | 65/66B | €800 | €691 | -€108 | -13.5% |
| Recurring financial charges | 65 | €800 | €691 | -€108 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €261,252 | €23,604 | -€237,648 | -91.0% |
| Income taxes | 67/77 | €0 | €163 | +€163 | |
| Profit (loss) for the period | 9904 | €261,252 | €23,442 | -€237,811 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €261,252 | €23,442 | -€237,811 | -91.0% |
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 25 October 2026 via checked.be.