LinqUp: 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.
What changed
LinqUp
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€20,405
2024 · €87,337-€66,932
Equity
€29.4m
2024 · €460,242+€29.0m
Cash
€328,668
2024 · €34,084+€294,584
Balance sheet total
€29.6m
2024 · €10.3m+€19.3m
Largest movements
Assets
- Receivables within one year +€19.0m
up €19.0m (+224.2%), from €8.5m to €27.4m
of which Other amounts receivable: +€19.0m
Equity and liabilities
- Contributions +€28.9m
up €28.9m (+46300.0%), from €62,500 to €29.0m
- Short-term financial debts -€9.7m
no longer reported in 2025 (was €9.7m)
Income statement
- Financial income +€210,368
up €210,368 (+110.1%), from €191,090 to €401,458
- Gross operating margin -€154,216
down €154,216 (-50.0%), from €308,479 to €154,263
- Financial charges +€93,965
up €93,965 (+252.5%), from €37,211 to €131,176
- Staff costs +€19,649
up €19,649 (+8.0%), from €244,874 to €264,523
- Depreciation +€9,437
up €9,437 (+7.4%), from €127,204 to €136,641
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.
Result 2024
€87,337
Gross operating margin
-€154,216
Staff costs
-€19,649
Depreciation
-€9,437
Other operating charges
-€55
Financial income
+€210,368
Financial charges
-€93,965
Taxes
+€23
Result 2025
€20,405
Cash bridge derived
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.
From operations
-€18.8m
Investment
-€89,769
Financing
+€19.2m
Cash 2024
€34,084
From operations (derived)
-€18.8m
Net result for the year
+€20,405
Depreciation
+€136,641
Receivables within one year
-€19.0m
Deferred charges and accrued income
-€95,091
Smaller working-capital items
-€20,770
Accrued charges and deferred income
+€105,168
Investment (derived)
-€89,769
Investment in fixed assets (net)
-€89,769
Financing
+€19.2m
Short-term financial debts
-€9.7m
Contributions, distributions and other
+€28.9m
Cash 2025
€328,668
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,298,000 | €29,620,100 | +€19.3m | +187.6% |
| Fixed assets | 21/28 | €1,468,953 | €1,422,081 | -€46,872 | -3.2% |
| Intangible fixed assets | 21 | €62,176 | €43,655 | -€18,521 | -29.8% |
| Tangible fixed assets | 22/27 | €480,979 | €391,128 | -€89,851 | -18.7% |
| Land and buildings | 22 | €3,393 | €2,322 | -€1,071 | -31.6% |
| Plant, machinery and equipment | 23 | €3,307 | €4,013 | +€707 | +21.4% |
| Furniture and vehicles | 24 | €12,096 | €15,637 | +€3,541 | +29.3% |
| Other tangible fixed assets | 26 | €462,184 | €369,156 | -€93,028 | -20.1% |
| Financial fixed assets | 28 | €925,798 | €987,298 | +€61,500 | +6.6% |
| Current assets | 29/58 | €8,829,047 | €28,198,019 | +€19.4m | +219.4% |
| Amounts receivable within one year | 40/41 | €8,465,729 | €27,445,026 | +€19.0m | +224.2% |
| Trade receivables | 40 | €364,988 | €339,402 | -€25,586 | -7.0% |
| Other amounts receivable | 41 | €8,100,740 | €27,105,624 | +€19.0m | +234.6% |
| Cash at bank and in hand | 54/58 | €34,084 | €328,668 | +€294,584 | +864.3% |
| Deferred charges and accrued income | 490/1 | €329,234 | €424,325 | +€95,091 | +28.9% |
| Total equity and liabilities | 10/49 | €10,298,000 | €29,620,100 | +€19.3m | +187.6% |
| Equity | 10/15 | €460,242 | €29,418,147 | +€29.0m | +6291.9% |
| Contributions | 10/11 | €62,500 | €29,000,000 | +€28.9m | +46300.0% |
| Capital | 10 | €62,500 | €29,000,000 | +€28.9m | +46300.0% |
| Issued capital | 100 | €250,000 | €29,250,000 | +€29.0m | +11600.0% |
| Uncalled capital | 101 | €187,500 | €250,000 | +€62,500 | +33.3% |
| Reserves | 13 | €22,906 | €23,926 | +€1,020 | +4.5% |
| Non-distributable reserves | 130/1 | €22,906 | €23,926 | +€1,020 | +4.5% |
| Legal reserve | 130 | €22,906 | €23,926 | +€1,020 | +4.5% |
| Profit (loss) carried forward | 14 | €374,836 | €394,221 | +€19,385 | +5.2% |
| Amounts payable | 17/49 | €9,837,759 | €201,953 | -€9.6m | -97.9% |
| Amounts payable within one year | 42/48 | €9,819,597 | €78,624 | -€9.7m | -99.2% |
| Financial debts | 43 | €9,720,204 | - | -€9.7m | |
| Other loans | 439 | €9,720,204 | - | -€9.7m | |
| Trade debts | 44 | €61,612 | €16,564 | -€45,048 | -73.1% |
| Suppliers | 440/4 | €61,612 | €16,564 | -€45,048 | -73.1% |
| Taxes, remuneration and social security | 45 | €37,781 | €62,060 | +€24,279 | +64.3% |
| Taxes | 450/3 | €8,529 | €30,644 | +€22,115 | +259.3% |
| Remuneration and social security | 454/9 | €29,252 | €31,416 | +€2,164 | +7.4% |
| Accrued charges and deferred income | 492/3 | €18,161 | €123,329 | +€105,168 | +579.1% |
| Non-recurring operating income | 76A | €196,099 | - | -€196,099 | |
| Remuneration, social security and pensions | 62 | €244,874 | €264,523 | +€19,649 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,204 | €136,641 | +€9,437 | +7.4% |
| Other operating charges | 640/8 | €2,185 | €2,240 | +€55 | +2.5% |
| Gross operating margin | 9900 | €308,479 | €154,263 | -€154,216 | -50.0% |
| Operating profit (loss) | 9901 | -€65,784 | -€249,141 | -€183,357 | -278.7% |
| Financial income | 75/76B | €191,090 | €401,458 | +€210,368 | +110.1% |
| Recurring financial income | 75 | €191,090 | €401,458 | +€210,368 | +110.1% |
| Financial charges | 65/66B | €37,211 | €131,176 | +€93,965 | +252.5% |
| Recurring financial charges | 65 | €37,211 | €131,176 | +€93,965 | +252.5% |
| Profit (loss) for the period before taxes | 9903 | €88,095 | €21,141 | -€66,954 | -76.0% |
| Income taxes | 67/77 | €759 | €736 | -€23 | -3.0% |
| Profit (loss) for the period | 9904 | €87,337 | €20,405 | -€66,932 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €87,337 | €20,405 | -€66,932 | -76.6% |
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 11 October 2026 via checked.be.