LINACO: 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
LINACO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €935,743+€384,896
Equity
€14.0m
2024 · €12.8m+€1.2m
Cash
€1.1m
2024 · €81,218+€987,822
Balance sheet total
€15.8m
2024 · €15.6m+€225,992
Largest movements
Assets
- Cash +€987,822
up €987,822 (+1,216%), from €81,218 to €1.1m
mainly Net result for the year (+€1.3m) and Current investments (+€604,488)
- Current investments -€604,488
down €604,488 (-20.2%), from €3.0m to €2.4m
- Receivables within one year -€186,968
down €186,968 (-38.9%), from €480,886 to €293,919
of which Other amounts receivable: -€420,158
Equity and liabilities
- Reserves +€1.2m
up €1.2m (+68.1%), from €1.8m to €3.0m
of which Distributable reserves: +€1.2m
- Debts after one year -€1.0m
down €1.0m (-40.8%), from €2.5m to €1.5m
of which Financial debts: -€1.1m
Income statement
- Goods and materials -€1.1m
down €1.1m (-100%), from €1.1m to €0
of which Purchases: -€1.1m
- Turnover -€911,752
down €911,752 (-64.7%), from €1.4m to €497,190
- Financial income +€149,093
up €149,093 (+13.2%), from €1.1m to €1.3m
- Financial charges -€35,201
down €35,201 (-22.2%), from €158,491 to €123,290
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
€935,743
Turnover
-€911,752
Other operating income
+€7,372
Goods and materials
+€1.1m
Services and other goods
-€14,069
Staff costs
-€4,535
Other operating charges
-€8,106
Financial income
+€149,093
Financial charges
+€35,201
Taxes
+€2,772
Result 2025
€1.3m
raises the resultlowers the result
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.
From operations
+€1.7m
Investment
+€524,155
Financing
-€1.2m
Cash 2024
€81,218
From operations (derived)
+€1.7m
Net result for the year
+€1.3m
Depreciation
+€35,073
Stocks and contracts
-€10,317
Receivables within one year
+€186,968
Deferred charges and accrued income
+€25,951
Trade debts
-€268
Tax, wage and social debts
+€29,271
Advances received
+€17,000
Other debts
+€73,404
Accrued charges and deferred income
+€21,986
Investment (derived)
+€524,155
Investment in fixed assets (net)
-€80,332
Current investments
+€604,488
Financing
-€1.2m
Debts after one year
-€1.0m
Current portion of long-term debt
-€108,022
Short-term financial debts
-€352
Contributions, distributions and other
-€100,000
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,566,235 | €15,792,227 | +€225,992 | +1.5% |
| Fixed assets | 21/28 | €11,701,202 | €11,746,462 | +€45,260 | +0.4% |
| Tangible fixed assets | 22/27 | €432,226 | €397,153 | -€35,073 | -8.1% |
| Furniture and vehicles | 24 | €97,226 | €62,153 | -€35,073 | -36.1% |
| Other tangible fixed assets | 26 | €335,000 | €335,000 | = | 0.0% |
| Financial fixed assets | 28 | €11,268,976 | €11,349,308 | +€80,332 | +0.7% |
| Affiliated companies | 280/1 | €11,029,883 | €11,029,522 | -€362 | 0.0% |
| Participating interests | 280 | €11,029,522 | €11,029,522 | = | 0.0% |
| Amounts receivable | 281 | €362 | €0 | -€362 | -100% |
| Companies linked by participating interests | 282/3 | €239,093 | €319,787 | +€80,694 | +33.8% |
| Participating interests | 282 | €239,093 | €239,093 | = | 0.0% |
| Amounts receivable | 283 | - | €80,694 | +€80,694 | |
| Other financial fixed assets | 284/8 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €3,865,033 | €4,045,765 | +€180,733 | +4.7% |
| Amounts receivable after more than one year | 29 | €237,941 | €237,941 | = | 0.0% |
| Other amounts receivable | 291 | €237,941 | €237,941 | = | 0.0% |
| Stocks and contracts in progress | 3 | €28,613 | €38,930 | +€10,317 | +36.1% |
| Stocks | 30/36 | €28,613 | €38,930 | +€10,317 | +36.1% |
| Raw materials and consumables | 30/31 | €28,613 | €38,930 | +€10,317 | +36.1% |
| Property held for sale | 35 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €480,886 | €293,919 | -€186,968 | -38.9% |
| Trade receivables | 40 | €19,000 | €252,190 | +€233,190 | +1,227% |
| Other amounts receivable | 41 | €461,886 | €41,729 | -€420,158 | -91.0% |
| Current investments | 50/53 | €2,996,346 | €2,391,858 | -€604,488 | -20.2% |
| Other investments | 51/53 | €2,996,346 | €2,391,858 | -€604,488 | -20.2% |
| Cash at bank and in hand | 54/58 | €81,218 | €1,069,040 | +€987,822 | +1,216% |
| Deferred charges and accrued income | 490/1 | €40,028 | €14,078 | -€25,951 | -64.8% |
| Total equity and liabilities | 10/49 | €15,566,235 | €15,792,227 | +€225,992 | +1.5% |
| Equity | 10/15 | €12,791,352 | €14,011,992 | +€1.2m | +9.5% |
| Contributions | 10/11 | €11,000,000 | €11,000,000 | = | 0.0% |
| Reserves | 13 | €1,791,352 | €3,011,992 | +€1.2m | +68.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,791,352 | €3,011,992 | +€1.2m | +68.1% |
| Amounts payable | 17/49 | €2,774,882 | €1,780,235 | -€994,647 | -35.8% |
| Amounts payable after more than one year | 17 | €2,518,077 | €1,490,409 | -€1.0m | -40.8% |
| Financial debts | 170/4 | €2,156,020 | €1,084,593 | -€1.1m | -49.7% |
| Credit institutions | 173 | €856,020 | €34,593 | -€821,427 | -96.0% |
| Other loans | 174 | €1,300,000 | €1,050,000 | -€250,000 | -19.2% |
| Other amounts payable | 178/9 | €362,057 | €405,816 | +€43,760 | +12.1% |
| Amounts payable within one year | 42/48 | €215,561 | €226,595 | +€11,034 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €130,837 | €22,816 | -€108,022 | -82.6% |
| Financial debts | 43 | €352 | €0 | -€352 | -100% |
| Credit institutions | 430/8 | €352 | €0 | -€352 | -100% |
| Trade debts | 44 | €12,304 | €12,036 | -€268 | -2.2% |
| Suppliers | 440/4 | €12,304 | €12,036 | -€268 | -2.2% |
| Advances received on contracts in progress | 46 | - | €17,000 | +€17,000 | |
| Taxes, remuneration and social security | 45 | €60,282 | €89,553 | +€29,271 | +48.6% |
| Taxes | 450/3 | €44,753 | €74,189 | +€29,436 | +65.8% |
| Remuneration and social security | 454/9 | €15,529 | €15,364 | -€165 | -1.1% |
| Other amounts payable | 47/48 | €11,786 | €85,191 | +€73,404 | +623% |
| Accrued charges and deferred income | 492/3 | €41,245 | €63,230 | +€21,986 | +53.3% |
| Operating income | 70/76A | €1,409,771 | €505,391 | -€904,380 | -64.2% |
| Turnover | 70 | €1,408,942 | €497,190 | -€911,752 | -64.7% |
| Other operating income | 74 | €829 | €8,201 | +€7,372 | +889% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €1,398,638 | €296,428 | -€1.1m | -78.8% |
| Goods for resale, raw materials and consumables | 60 | €1,128,919 | €0 | -€1.1m | -100% |
| Purchases | 600/8 | €1,087,341 | €10,317 | -€1.1m | -99.1% |
| Change in stocks: decrease (increase) | 609 | €41,578 | -€10,317 | -€51,895 | |
| Services and other goods | 61 | €126,276 | €140,345 | +€14,069 | +11.1% |
| Remuneration, social security and pensions | 62 | €101,965 | €106,500 | +€4,535 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,073 | €35,073 | = | 0.0% |
| Other operating charges | 640/8 | €6,405 | €14,511 | +€8,106 | +127% |
| Operating profit (loss) | 9901 | €11,133 | €208,963 | +€197,829 | +1,777% |
| Financial income | 75/76B | €1,126,807 | €1,275,900 | +€149,093 | +13.2% |
| Recurring financial income | 75 | €1,126,807 | €1,275,900 | +€149,093 | +13.2% |
| Income from financial fixed assets | 750 | €805,332 | €1,000,041 | +€194,709 | +24.2% |
| Income from current assets | 751 | €90,803 | €132,871 | +€42,068 | +46.3% |
| Other financial income | 752/9 | €230,672 | €142,989 | -€87,684 | -38.0% |
| Financial charges | 65/66B | €158,491 | €123,290 | -€35,201 | -22.2% |
| Recurring financial charges | 65 | €158,491 | €123,290 | -€35,201 | -22.2% |
| Debt charges | 650 | €143,840 | €90,738 | -€53,102 | -36.9% |
| Other financial charges | 652/9 | €14,651 | €32,552 | +€17,901 | +122% |
| Profit (loss) for the period before taxes | 9903 | €979,450 | €1,361,574 | +€382,124 | +39.0% |
| Income taxes | 67/77 | €43,706 | €40,934 | -€2,772 | -6.3% |
| Taxes | 670/3 | €43,706 | €40,934 | -€2,772 | -6.3% |
| Profit (loss) for the period | 9904 | €935,743 | €1,320,639 | +€384,896 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €935,743 | €1,320,639 | +€384,896 | +41.1% |
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 24 October 2026 via checked.be.