The characterisation of the space to ground communications links and associated margins is deemed fundamental for the dimensioning of the TT&C system and the definition of the operational concept of any space mission. The ESA Link Budget Tool is the central application used at the European Space Operations Centre of ESA (ESOC) for the assessment of the radiofrequency space links between a given spacecraft and the supporting ground stations. The application is currently implemented in MS Excel, using Visual Basic macros for certain computations. The growing complexity of user requirements and a continuous increase of missions data have triggered the need of a software evolution. The aim of the new application is to replace the existing Link Budget Tool, keeping the validated algorithms and reference data, enhancing the existing capabilities and providing new improved functionalities to satisfy the user needs. The development detailed throughout this paper encompasses new features and operating modes, together with improved general capabilities and additional interfaces with other operational systems. The ultimate goal of this new application is to serve as reference tool for all ESOC link budget calculations during the different projects phases, including preliminary studies and feasibility analysis, system design and, ultimately, operations.