De Leeuw: 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
De Leeuw
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€34,072
2024 · €715,718-€681,646
Equity
€3.3m
2024 · €2.0m+€1.3m
Cash
€42,457
2024 · €80,726-€38,269
Balance sheet total
€4.3m
2024 · €3.1m+€1.2m
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+76.0%), from €1.6m to €2.7m
of which Land and buildings: +€1.2m
Equity and liabilities
- Revaluation surpluses +€1.3m
new in 2025: €1.3m
- Tax, wage and social debts -€82,934
down €82,934 (-88.8%), from €93,414 to €10,480
Income statement
- Financial income -€749,235
down €749,235 (-99.9%), from €750,058 to €824
- Taxes -€63,902
down €63,902 (-78.1%), from €81,837 to €17,935
- Financial charges -€36,282
down €36,282 (-98.2%), from €36,953 to €671
- Gross operating margin -€15,904
down €15,904 (-7.3%), from €217,330 to €201,426
- Staff costs +€11,383
new in 2025: €11,383
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
€715,718
Gross operating margin
-€15,904
Staff costs
-€11,383
Depreciation
-€5,834
Other operating charges
+€526
Financial income
-€749,235
Financial charges
+€36,282
Taxes
+€63,902
Result 2025
€34,072
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
+€19,980
Investment
-€1.3m
Financing
+€1.3m
Cash 2024
€80,726
From operations (derived)
+€19,980
Net result for the year
+€34,072
Depreciation
+€129,711
Receivables within one year
-€27,461
Smaller working-capital items
+€403
Trade debts
-€11,646
Tax, wage and social debts
-€82,934
Advances received
-€22,164
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€1.3m
Contributions, distributions and other
+€1.3m
Cash 2025
€42,457
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,116,170 | €4,284,806 | +€1.2m | +37.5% |
| Fixed assets | 21/28 | €2,737,567 | €3,916,658 | +€1.2m | +43.1% |
| Tangible fixed assets | 22/27 | €1,550,767 | €2,729,858 | +€1.2m | +76.0% |
| Land and buildings | 22 | €1,477,476 | €2,680,000 | +€1.2m | +81.4% |
| Plant, machinery and equipment | 23 | €40,032 | €23,124 | -€16,907 | -42.2% |
| Furniture and vehicles | 24 | €33,259 | €26,734 | -€6,525 | -19.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,186,800 | €1,186,800 | = | 0.0% |
| Current assets | 29/58 | €378,604 | €368,147 | -€10,456 | -2.8% |
| Amounts receivable within one year | 40/41 | €291,961 | €319,421 | +€27,461 | +9.4% |
| Trade receivables | 40 | €130,787 | €133,107 | +€2,320 | +1.8% |
| Other amounts receivable | 41 | €161,173 | €186,314 | +€25,141 | +15.6% |
| Cash at bank and in hand | 54/58 | €80,726 | €42,457 | -€38,269 | -47.4% |
| Deferred charges and accrued income | 490/1 | €5,917 | €6,269 | +€352 | +6.0% |
| Total equity and liabilities | 10/49 | €3,116,170 | €4,284,806 | +€1.2m | +37.5% |
| Equity | 10/15 | €1,977,729 | €3,262,354 | +€1.3m | +65.0% |
| Contributions | 10/11 | €1,205,332 | €1,205,332 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,250,553 | +€1.3m | |
| Reserves | 13 | €772,397 | €806,469 | +€34,072 | +4.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €772,397 | €806,469 | +€34,072 | +4.4% |
| Amounts payable | 17/49 | €1,138,441 | €1,022,452 | -€115,989 | -10.2% |
| Amounts payable within one year | 42/48 | €1,138,441 | €1,021,697 | -€116,744 | -10.3% |
| Trade debts | 44 | €22,863 | €11,217 | -€11,646 | -50.9% |
| Suppliers | 440/4 | €22,863 | €11,217 | -€11,646 | -50.9% |
| Advances received on contracts in progress | 46 | €22,164 | €0 | -€22,164 | -100% |
| Taxes, remuneration and social security | 45 | €93,414 | €10,480 | -€82,934 | -88.8% |
| Taxes | 450/3 | €93,414 | €10,480 | -€82,934 | -88.8% |
| Other amounts payable | 47/48 | €1,000,000 | €1,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €755 | +€755 | |
| Non-recurring operating income | 76A | €13,000 | €0 | -€13,000 | -100% |
| Remuneration, social security and pensions | 62 | - | €11,383 | +€11,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,876 | €129,711 | +€5,834 | +4.7% |
| Other operating charges | 640/8 | €9,004 | €8,478 | -€526 | -5.8% |
| Gross operating margin | 9900 | €217,330 | €201,426 | -€15,904 | -7.3% |
| Operating profit (loss) | 9901 | €84,449 | €51,854 | -€32,595 | -38.6% |
| Financial income | 75/76B | €750,058 | €824 | -€749,235 | -99.9% |
| Recurring financial income | 75 | €750,058 | €824 | -€749,235 | -99.9% |
| Financial charges | 65/66B | €36,953 | €671 | -€36,282 | -98.2% |
| Recurring financial charges | 65 | €36,953 | €671 | -€36,282 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | €797,555 | €52,006 | -€745,548 | -93.5% |
| Income taxes | 67/77 | €81,837 | €17,935 | -€63,902 | -78.1% |
| Profit (loss) for the period | 9904 | €715,718 | €34,072 | -€681,646 | -95.2% |
| Profit (loss) for the period to be appropriated | 9905 | €715,718 | €34,072 | -€681,646 | -95.2% |
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 19 October 2026 via checked.be.