B-Leaf: 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.
B-Leaf
Largest movements
- Receivables within one year -€18,292
down €18,292 (-27.4%), from €66,857 to €48,565
of which Other amounts receivable: -€43,919
- Debts after one year -€89,370
down €89,370 (-10.1%), from €888,055 to €798,686
of which Financial debts: -€82,403
- Reserves +€63,351
up €63,351 (+22.0%), from €288,454 to €351,805
- Depreciation +€13,511
up €13,511 (+30.6%), from €44,170 to €57,681
- Write-downs +€1,710
no longer reported in 2025 (was -€1,710)
- Gross operating margin +€1,690
up €1,690 (+1.1%), from €157,630 to €159,320
- Other operating charges +€1,596
up €1,596 (+61.7%), from €2,588 to €4,183
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,303,300 | €1,292,711 | -€10,589 | -0.8% |
| Fixed assets | 21/28 | €1,174,844 | €1,172,189 | -€2,655 | -0.2% |
| Tangible fixed assets | 22/27 | €1,174,844 | €1,172,189 | -€2,655 | -0.2% |
| Land and buildings | 22 | €1,172,752 | €1,135,080 | -€37,673 | -3.2% |
| Furniture and vehicles | 24 | €2,091 | €37,109 | +€35,018 | +1674.4% |
| Current assets | 29/58 | €128,456 | €120,521 | -€7,935 | -6.2% |
| Amounts receivable within one year | 40/41 | €66,857 | €48,565 | -€18,292 | -27.4% |
| Trade receivables | 40 | €19,787 | €45,414 | +€25,627 | +129.5% |
| Other amounts receivable | 41 | €47,070 | €3,151 | -€43,919 | -93.3% |
| Cash at bank and in hand | 54/58 | €56,776 | €68,660 | +€11,883 | +20.9% |
| Deferred charges and accrued income | 490/1 | €4,823 | €3,297 | -€1,526 | -31.6% |
| Total equity and liabilities | 10/49 | €1,303,300 | €1,292,711 | -€10,589 | -0.8% |
| Equity | 10/15 | €307,054 | €370,405 | +€63,351 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €288,454 | €351,805 | +€63,351 | +22.0% |
| Distributable reserves | 133 | €288,454 | €351,805 | +€63,351 | +22.0% |
| Amounts payable | 17/49 | €996,246 | €922,305 | -€73,941 | -7.4% |
| Amounts payable after more than one year | 17 | €888,055 | €798,686 | -€89,370 | -10.1% |
| Financial debts | 170/4 | €782,451 | €700,048 | -€82,403 | -10.5% |
| Other amounts payable | 178/9 | €105,604 | €98,638 | -€6,967 | -6.6% |
| Amounts payable within one year | 42/48 | €108,190 | €123,619 | +€15,429 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €80,428 | €82,403 | +€1,975 | +2.5% |
| Trade debts | 44 | €3,135 | €5,507 | +€2,371 | +75.6% |
| Suppliers | 440/4 | €3,135 | €5,507 | +€2,371 | +75.6% |
| Taxes, remuneration and social security | 45 | €22,358 | €32,739 | +€10,382 | +46.4% |
| Taxes | 450/3 | €20,108 | €30,489 | +€10,382 | +51.6% |
| Remuneration and social security | 454/9 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €2,269 | €2,970 | +€702 | +30.9% |
| Non-recurring operating income | 76A | - | €9,397 | +€9,397 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,170 | €57,681 | +€13,511 | +30.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,710 | - | +€1,710 | |
| Other operating charges | 640/8 | €2,588 | €4,183 | +€1,596 | +61.7% |
| Gross operating margin | 9900 | €157,630 | €159,320 | +€1,690 | +1.1% |
| Operating profit (loss) | 9901 | €112,583 | €97,455 | -€15,127 | -13.4% |
| Financial income | 75/76B | €9 | €34 | +€25 | +296.3% |
| Recurring financial income | 75 | €9 | €34 | +€25 | +296.3% |
| Financial charges | 65/66B | €17,346 | €17,630 | +€285 | +1.6% |
| Recurring financial charges | 65 | €17,346 | €17,630 | +€285 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €95,246 | €79,859 | -€15,387 | -16.2% |
| Income taxes | 67/77 | €17,237 | €16,508 | -€729 | -4.2% |
| Profit (loss) for the period | 9904 | €78,009 | €63,351 | -€14,658 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €78,009 | €63,351 | -€14,658 | -18.8% |
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 12 October 2026 via checked.be.