LINQ: 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.
LINQ
Largest movements
- Receivables within one year +€173,794
up €173,794 (+129%), from €134,466 to €308,259
of which Trade receivables: +€152,162
- Current investments -€95,000
down €95,000 (-95.0%), from €100,000 to €5,000
- Cash -€21,968
down €21,968 (-10.3%), from €212,506 to €190,538
mainly Receivables within one year (-€173,794) and Trade debts (-€15,106)
- Deferred charges and accrued income +€13,694
up €13,694 (+204%), from €6,723 to €20,417
- Tangible fixed assets -€8,320
down €8,320 (-37.5%), from €22,179 to €13,859
of which Furniture and vehicles: -€7,520
- Reserves +€57,896
up €57,896 (+25.5%), from €227,371 to €285,268
- Accrued charges and deferred income +€32,311
up €32,311 (+7,779%), from €415 to €32,726
- Trade debts -€15,106
down €15,106 (-28.3%), from €53,312 to €38,206
- Gross operating margin -€72,621
down €72,621 (-36.4%), from €199,501 to €126,880
- Taxes -€18,415
down €18,415 (-42.3%), from €43,545 to €25,130
- Depreciation -€12,804
down €12,804 (-58.0%), from €22,074 to €9,270
- Staff costs -€9,023
down €9,023 (-24.2%), from €37,221 to €28,198
- Financial charges -€3,739
down €3,739 (-32.3%), from €11,562 to €7,823
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 | €702,300 | €762,989 | +€60,688 | +8.6% |
| Fixed assets | 21/28 | €26,198 | €16,366 | -€9,831 | -37.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €22,179 | €13,859 | -€8,320 | -37.5% |
| Furniture and vehicles | 24 | €18,979 | €11,459 | -€7,520 | -39.6% |
| Other tangible fixed assets | 26 | €3,200 | €2,400 | -€800 | -25.0% |
| Financial fixed assets | 28 | €4,018 | €2,507 | -€1,511 | -37.6% |
| Current assets | 29/58 | €676,103 | €746,622 | +€70,520 | +10.4% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €22,408 | €22,408 | = | 0.0% |
| Stocks | 30/36 | €22,408 | €22,408 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €134,466 | €308,259 | +€173,794 | +129% |
| Trade receivables | 40 | €58,150 | €210,311 | +€152,162 | +262% |
| Other amounts receivable | 41 | €76,316 | €97,948 | +€21,632 | +28.3% |
| Current investments | 50/53 | €100,000 | €5,000 | -€95,000 | -95.0% |
| Cash at bank and in hand | 54/58 | €212,506 | €190,538 | -€21,968 | -10.3% |
| Deferred charges and accrued income | 490/1 | €6,723 | €20,417 | +€13,694 | +204% |
| Total equity and liabilities | 10/49 | €702,300 | €762,989 | +€60,688 | +8.6% |
| Equity | 10/15 | €247,371 | €305,268 | +€57,896 | +23.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €227,371 | €285,268 | +€57,896 | +25.5% |
| Distributable reserves | 133 | €227,371 | €285,268 | +€57,896 | +25.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €185,707 | €185,707 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €185,707 | €185,707 | = | 0.0% |
| Pensions and similar obligations | 160 | €173,207 | €173,207 | = | 0.0% |
| Major repairs and maintenance | 162 | €12,500 | €12,500 | = | 0.0% |
| Amounts payable | 17/49 | €269,222 | €272,014 | +€2,792 | +1.0% |
| Amounts payable after more than one year | 17 | €5,064 | €1,022 | -€4,042 | -79.8% |
| Financial debts | 170/4 | €5,064 | €1,022 | -€4,042 | -79.8% |
| Amounts payable within one year | 42/48 | €263,742 | €238,266 | -€25,476 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €10,636 | €4,042 | -€6,594 | -62.0% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €53,312 | €38,206 | -€15,106 | -28.3% |
| Suppliers | 440/4 | €53,312 | €38,206 | -€15,106 | -28.3% |
| Advances received on contracts in progress | 46 | €70,507 | €70,507 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,287 | €511 | -€3,777 | -88.1% |
| Taxes | 450/3 | €2,445 | €511 | -€1,934 | -79.1% |
| Remuneration and social security | 454/9 | €1,842 | €0 | -€1,842 | -100% |
| Accrued charges and deferred income | 492/3 | €415 | €32,726 | +€32,311 | +7,779% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €37,221 | €28,198 | -€9,023 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,074 | €9,270 | -€12,804 | -58.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €775 | €0 | -€775 | -100% |
| Other operating charges | 640/8 | €5,984 | €5,373 | -€610 | -10.2% |
| Gross operating margin | 9900 | €199,501 | €126,880 | -€72,621 | -36.4% |
| Operating profit (loss) | 9901 | €133,447 | €84,039 | -€49,409 | -37.0% |
| Financial income | 75/76B | €9,258 | €6,810 | -€2,448 | -26.4% |
| Recurring financial income | 75 | €9,258 | €6,810 | -€2,448 | -26.4% |
| Financial charges | 65/66B | €11,562 | €7,823 | -€3,739 | -32.3% |
| Recurring financial charges | 65 | €11,562 | €7,823 | -€3,739 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €131,143 | €83,026 | -€48,118 | -36.7% |
| Income taxes | 67/77 | €43,545 | €25,130 | -€18,415 | -42.3% |
| Profit (loss) for the period | 9904 | €87,598 | €57,896 | -€29,702 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,598 | €57,896 | -€29,702 | -33.9% |
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 13 October 2026 via checked.be.