LINKING STONES: 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.
LINKING STONES
Largest movements
- Financial fixed assets -€68,250
down €68,250 (-14.6%), from €468,550 to €400,300
- Receivables within one year -€5,501
down €5,501 (-40.5%), from €13,569 to €8,068
of which Trade receivables: -€4,925
- Debts after one year -€62,236
down €62,236 (-17.1%), from €364,289 to €302,053
- Reserves -€20,155
down €20,155 (-26.4%), from €76,384 to €56,229
- Short-term financial debts +€10,787
new in 2025: €10,787
- Accrued charges and deferred income -€7,694
down €7,694 (-100%), from €7,694 to €0
- Tax, wage and social debts +€5,156
up €5,156 (+52.5%), from €9,821 to €14,977
- Write-downs +€69,000
new in 2025: €69,000
- Gross operating margin +€9,439
up €9,439 (+22.1%), from €42,711 to €52,149
- Financial charges -€9,021
down €9,021 (-78.5%), from €11,492 to €2,471
- Taxes -€8,709
down €8,709, from €8,341 to -€368
- Other operating charges -€3,033
down €3,033 (-71.6%), from €4,238 to €1,205
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 | €482,555 | €408,368 | -€74,187 | -15.4% |
| Fixed assets | 21/28 | €468,550 | €400,300 | -€68,250 | -14.6% |
| Financial fixed assets | 28 | €468,550 | €400,300 | -€68,250 | -14.6% |
| Current assets | 29/58 | €14,005 | €8,068 | -€5,937 | -42.4% |
| Amounts receivable within one year | 40/41 | €13,569 | €8,068 | -€5,501 | -40.5% |
| Trade receivables | 40 | €12,960 | €8,034 | -€4,925 | -38.0% |
| Other amounts receivable | 41 | €609 | €34 | -€576 | -94.5% |
| Cash at bank and in hand | 54/58 | €436 | €0 | -€436 | -100% |
| Total equity and liabilities | 10/49 | €482,555 | €408,368 | -€74,187 | -15.4% |
| Equity | 10/15 | €94,984 | €74,829 | -€20,155 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,384 | €56,229 | -€20,155 | -26.4% |
| Distributable reserves | 133 | €76,384 | €56,229 | -€20,155 | -26.4% |
| Amounts payable | 17/49 | €387,571 | €333,539 | -€54,032 | -13.9% |
| Amounts payable after more than one year | 17 | €364,289 | €302,053 | -€62,236 | -17.1% |
| Other amounts payable | 178/9 | €364,289 | €302,053 | -€62,236 | -17.1% |
| Amounts payable within one year | 42/48 | €15,588 | €31,486 | +€15,898 | +102% |
| Financial debts | 43 | - | €10,787 | +€10,787 | |
| Credit institutions | 430/8 | - | €10,787 | +€10,787 | |
| Trade debts | 44 | €5,766 | €5,722 | -€44 | -0.8% |
| Suppliers | 440/4 | €5,766 | €5,722 | -€44 | -0.8% |
| Taxes, remuneration and social security | 45 | €9,821 | €14,977 | +€5,156 | +52.5% |
| Taxes | 450/3 | €9,821 | €14,977 | +€5,156 | +52.5% |
| Accrued charges and deferred income | 492/3 | €7,694 | €0 | -€7,694 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €69,000 | +€69,000 | |
| Other operating charges | 640/8 | €4,238 | €1,205 | -€3,033 | -71.6% |
| Gross operating margin | 9900 | €42,711 | €52,149 | +€9,439 | +22.1% |
| Operating profit (loss) | 9901 | €38,472 | -€18,056 | -€56,528 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €11,492 | €2,471 | -€9,021 | -78.5% |
| Recurring financial charges | 65 | €11,492 | €2,471 | -€9,021 | -78.5% |
| Profit (loss) for the period before taxes | 9903 | €26,980 | -€20,523 | -€47,503 | |
| Income taxes | 67/77 | €8,341 | -€368 | -€8,709 | |
| Profit (loss) for the period | 9904 | €18,640 | -€20,155 | -€38,795 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,640 | -€20,155 | -€38,795 |
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 27 October 2026 via checked.be.