Angelo Leon: 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
Angelo Leon
NACE 23.430, Manufacture of other non-metallic mineral products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€329,547
2024 · €391,573-€62,026
Equity
€1.7m
2024 · €1.5m+€141,229
Cash
€315,905
2024 · €346,153-€30,248
Balance sheet total
€2.3m
2024 · €2.3m+€57,059
Largest movements
Assets
- Current investments +€121,573
up €121,573 (+69.3%), from €175,387 to €296,960
- Cash -€30,248
down €30,248 (-8.7%), from €346,153 to €315,905
mainly Contributions, distributions and other (-€188,318) and Current investments (-€121,573)
- Stocks and contracts -€26,200
down €26,200 (-31.7%), from €82,700 to €56,500
Equity and liabilities
- Reserves +€141,229
up €141,229 (+9.4%), from €1.5m to €1.6m
- Other debts -€59,790
down €59,790 (-97.3%), from €61,456 to €1,666
- Debts after one year -€51,962
down €51,962 (-12.0%), from €432,766 to €380,804
- Trade debts +€47,765
up €47,765 (+39.3%), from €121,463 to €169,229
Income statement
- Gross operating margin -€135,082
down €135,082 (-8.9%), from €1.5m to €1.4m
- Write-downs -€40,415
no longer reported in 2025 (was €40,415)
- Staff costs -€33,141
down €33,141 (-4.2%), from €792,404 to €759,263
- Taxes -€31,207
down €31,207 (-17.0%), from €183,875 to €152,668
- Depreciation +€15,839
up €15,839 (+16.9%), from €93,578 to €109,417
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
€391,573
Gross operating margin
-€135,082
Staff costs
+€33,141
Depreciation
-€15,839
Write-downs
+€40,415
Other operating charges
+€5,239
Other operating items
+€704
Financial income
-€15,826
Financial charges
-€5,986
Taxes
+€31,207
Result 2025
€329,547
raises the resultlowers the resultnot broken down further in the accounts
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
+€421,682
Investment
-€209,378
Financing
-€242,552
Cash 2024
€346,153
From operations (derived)
+€421,682
Net result for the year
+€329,547
Depreciation
+€109,417
Stocks and contracts
+€26,200
Receivables within one year
-€21,860
Deferred charges and accrued income
+€8,314
Trade debts
+€47,765
Tax, wage and social debts
-€22,715
Other debts
-€59,790
Accrued charges and deferred income
+€4,804
Investment (derived)
-€209,378
Investment in fixed assets (net)
-€87,805
Current investments
-€121,573
Financing
-€242,552
Debts after one year
-€51,962
Current portion of long-term debt
-€1,576
Short-term financial debts
-€697
Contributions, distributions and other
-€188,318
Cash 2025
€315,905
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,259,862 | €2,316,920 | +€57,059 | +2.5% |
| Fixed assets | 21/28 | €1,272,205 | €1,250,593 | -€21,612 | -1.7% |
| Tangible fixed assets | 22/27 | €1,271,125 | €1,249,513 | -€21,612 | -1.7% |
| Land and buildings | 22 | €472,745 | €499,362 | +€26,616 | +5.6% |
| Plant, machinery and equipment | 23 | €51,570 | €40,640 | -€10,930 | -21.2% |
| Furniture and vehicles | 24 | €239,799 | €185,709 | -€54,090 | -22.6% |
| Other tangible fixed assets | 26 | €507,010 | €523,802 | +€16,792 | +3.3% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €987,657 | €1,066,327 | +€78,670 | +8.0% |
| Stocks and contracts in progress | 3 | €82,700 | €56,500 | -€26,200 | -31.7% |
| Stocks | 30/36 | €82,700 | €56,500 | -€26,200 | -31.7% |
| Amounts receivable within one year | 40/41 | €374,486 | €396,345 | +€21,860 | +5.8% |
| Trade receivables | 40 | €342,792 | €334,311 | -€8,481 | -2.5% |
| Other amounts receivable | 41 | €31,694 | €62,035 | +€30,341 | +95.7% |
| Current investments | 50/53 | €175,387 | €296,960 | +€121,573 | +69.3% |
| Cash at bank and in hand | 54/58 | €346,153 | €315,905 | -€30,248 | -8.7% |
| Deferred charges and accrued income | 490/1 | €8,931 | €618 | -€8,314 | -93.1% |
| Total equity and liabilities | 10/49 | €2,259,862 | €2,316,920 | +€57,059 | +2.5% |
| Equity | 10/15 | €1,513,969 | €1,655,198 | +€141,229 | +9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,495,369 | €1,636,598 | +€141,229 | +9.4% |
| Distributable reserves | 133 | €1,495,369 | €1,636,598 | +€141,229 | +9.4% |
| Amounts payable | 17/49 | €745,893 | €661,722 | -€84,171 | -11.3% |
| Amounts payable after more than one year | 17 | €432,766 | €380,804 | -€51,962 | -12.0% |
| Financial debts | 170/4 | €432,766 | €380,804 | -€51,962 | -12.0% |
| Amounts payable within one year | 42/48 | €310,373 | €273,360 | -€37,013 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €53,538 | €51,962 | -€1,576 | -2.9% |
| Financial debts | 43 | €2,945 | €2,248 | -€697 | -23.7% |
| Credit institutions | 430/8 | €2,945 | €2,248 | -€697 | -23.7% |
| Trade debts | 44 | €121,463 | €169,229 | +€47,765 | +39.3% |
| Suppliers | 440/4 | €121,463 | €169,229 | +€47,765 | +39.3% |
| Taxes, remuneration and social security | 45 | €70,971 | €48,255 | -€22,715 | -32.0% |
| Taxes | 450/3 | €13,480 | €4,074 | -€9,406 | -69.8% |
| Remuneration and social security | 454/9 | €57,490 | €44,181 | -€13,309 | -23.2% |
| Other amounts payable | 47/48 | €61,456 | €1,666 | -€59,790 | -97.3% |
| Accrued charges and deferred income | 492/3 | €2,754 | €7,558 | +€4,804 | +174% |
| Non-recurring operating income | 76A | €5,000 | €1,500 | -€3,500 | -70.0% |
| Remuneration, social security and pensions | 62 | €792,404 | €759,263 | -€33,141 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,578 | €109,417 | +€15,839 | +16.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €40,415 | - | -€40,415 | |
| Other operating charges | 640/8 | €23,945 | €18,706 | -€5,239 | -21.9% |
| Non-recurring operating charges | 66A | €2,453 | €1,749 | -€704 | -28.7% |
| Gross operating margin | 9900 | €1,518,172 | €1,383,090 | -€135,082 | -8.9% |
| Operating profit (loss) | 9901 | €565,376 | €493,955 | -€71,421 | -12.6% |
| Financial income | 75/76B | €23,516 | €7,690 | -€15,826 | -67.3% |
| Recurring financial income | 75 | €23,516 | €7,690 | -€15,826 | -67.3% |
| Financial charges | 65/66B | €13,444 | €19,430 | +€5,986 | +44.5% |
| Recurring financial charges | 65 | €13,444 | €19,430 | +€5,986 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €575,448 | €482,215 | -€93,233 | -16.2% |
| Income taxes | 67/77 | €183,875 | €152,668 | -€31,207 | -17.0% |
| Profit (loss) for the period | 9904 | €391,573 | €329,547 | -€62,026 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €391,573 | €329,547 | -€62,026 | -15.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.