Link44: 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.
Link44
Largest movements
- Tangible fixed assets -€29,914
down €29,914 (-26.6%), from €112,363 to €82,448
of which Land and buildings: -€20,700
- Cash +€22,511
up €22,511 (+64.0%), from €35,165 to €57,676
mainly Depreciation (+€36,825) and Net result for the year (+€23,039)
- Receivables within one year -€13,493
down €13,493 (-50.1%), from €26,938 to €13,445
of which Trade receivables: -€13,493
- Reserves +€18,956
up €18,956 (+24.6%), from €77,183 to €96,139
- Current portion of long-term debt -€15,105
down €15,105 (-58.5%), from €25,835 to €10,731
- Debts after one year -€10,731
down €10,731 (-35.8%), from €29,954 to €19,223
- Tax, wage and social debts -€10,014
down €10,014 (-85.8%), from €11,669 to €1,655
- Other debts -€4,376
down €4,376 (-42.6%), from €10,261 to €5,885
- Gross operating margin -€12,344
down €12,344 (-14.1%), from €87,285 to €74,941
- Depreciation -€3,981
down €3,981 (-9.8%), from €40,806 to €36,825
- Taxes -€2,119
down €2,119 (-17.4%), from €12,199 to €10,080
- Financial charges -€1,118
down €1,118 (-35.2%), from €3,179 to €2,061
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 | €175,550 | €154,678 | -€20,872 | -11.9% |
| Fixed assets | 21/28 | €112,443 | €82,528 | -€29,914 | -26.6% |
| Tangible fixed assets | 22/27 | €112,363 | €82,448 | -€29,914 | -26.6% |
| Land and buildings | 22 | €52,231 | €31,531 | -€20,700 | -39.6% |
| Plant, machinery and equipment | 23 | €4,990 | €5,116 | +€127 | +2.5% |
| Furniture and vehicles | 24 | €55,142 | €45,801 | -€9,341 | -16.9% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €63,107 | €72,149 | +€9,042 | +14.3% |
| Amounts receivable within one year | 40/41 | €26,938 | €13,445 | -€13,493 | -50.1% |
| Trade receivables | 40 | €26,929 | €13,436 | -€13,493 | -50.1% |
| Other amounts receivable | 41 | €9 | €9 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,165 | €57,676 | +€22,511 | +64.0% |
| Deferred charges and accrued income | 490/1 | €1,004 | €1,028 | +€24 | +2.4% |
| Total equity and liabilities | 10/49 | €175,550 | €154,678 | -€20,872 | -11.9% |
| Equity | 10/15 | €96,183 | €115,139 | +€18,956 | +19.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €77,183 | €96,139 | +€18,956 | +24.6% |
| Distributable reserves | 133 | €77,183 | €96,139 | +€18,956 | +24.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €79,367 | €39,539 | -€39,828 | -50.2% |
| Amounts payable after more than one year | 17 | €29,954 | €19,223 | -€10,731 | -35.8% |
| Financial debts | 170/4 | €29,954 | €19,223 | -€10,731 | -35.8% |
| Amounts payable within one year | 42/48 | €49,413 | €20,315 | -€29,098 | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €25,835 | €10,731 | -€15,105 | -58.5% |
| Trade debts | 44 | €1,648 | €2,045 | +€397 | +24.1% |
| Suppliers | 440/4 | €1,648 | €2,045 | +€397 | +24.1% |
| Taxes, remuneration and social security | 45 | €11,669 | €1,655 | -€10,014 | -85.8% |
| Taxes | 450/3 | €11,669 | €1,655 | -€10,014 | -85.8% |
| Other amounts payable | 47/48 | €10,261 | €5,885 | -€4,376 | -42.6% |
| Non-recurring operating income | 76A | €9,449 | - | -€9,449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,806 | €36,825 | -€3,981 | -9.8% |
| Other operating charges | 640/8 | €3,060 | €3,158 | +€97 | +3.2% |
| Gross operating margin | 9900 | €87,285 | €74,941 | -€12,344 | -14.1% |
| Operating profit (loss) | 9901 | €43,419 | €34,959 | -€8,460 | -19.5% |
| Financial income | 75/76B | €100 | €221 | +€121 | +122% |
| Recurring financial income | 75 | €100 | €221 | +€121 | +122% |
| Financial charges | 65/66B | €3,179 | €2,061 | -€1,118 | -35.2% |
| Recurring financial charges | 65 | €3,179 | €2,061 | -€1,118 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €40,339 | €33,119 | -€7,220 | -17.9% |
| Income taxes | 67/77 | €12,199 | €10,080 | -€2,119 | -17.4% |
| Profit (loss) for the period | 9904 | €28,140 | €23,039 | -€5,101 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,140 | €23,039 | -€5,101 | -18.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.