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.
De Leeuw
Largest movements
- Tangible fixed assets +€551,893
up €551,893 (+157%), from €351,448 to €903,342
of which Land and buildings: +€551,614
- Receivables within one year +€26,008
up €26,008 (+39.4%), from €65,943 to €91,951
of which Trade receivables: +€29,642
- Cash -€18,490
down €18,490 (-5.3%), from €345,998 to €327,509
mainly Investment in fixed assets (net) (-€650,772) and Receivables within one year (-€26,008)
- Debts after one year +€459,479
up €459,479 (+277%), from €165,730 to €625,209
- Reserves +€84,126
up €84,126 (+24.6%), from €341,909 to €426,035
of which Distributable reserves: +€84,126
- Gross operating margin +€52,700
up €52,700 (+15.6%), from €338,507 to €391,207
- Staff costs +€35,282
up €35,282 (+29.2%), from €120,945 to €156,226
- Depreciation +€6,762
up €6,762 (+7.3%), from €92,116 to €98,878
- Financial charges +€5,713
up €5,713 (+47.4%), from €12,056 to €17,769
- Taxes +€5,572
up €5,572 (+20.4%), from €27,289 to €32,861
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €764,214 | €1,325,475 | +€561,261 | +73.4% |
| Fixed assets | 21/28 | €351,448 | €903,342 | +€551,893 | +157% |
| Tangible fixed assets | 22/27 | €351,448 | €903,342 | +€551,893 | +157% |
| Land and buildings | 22 | €119,465 | €671,079 | +€551,614 | +462% |
| Plant, machinery and equipment | 23 | €8,544 | €16,035 | +€7,491 | +87.7% |
| Furniture and vehicles | 24 | €223,440 | €216,228 | -€7,212 | -3.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €412,766 | €422,133 | +€9,367 | +2.3% |
| Amounts receivable within one year | 40/41 | €65,943 | €91,951 | +€26,008 | +39.4% |
| Trade receivables | 40 | €52,019 | €81,660 | +€29,642 | +57.0% |
| Other amounts receivable | 41 | €13,924 | €10,291 | -€3,634 | -26.1% |
| Cash at bank and in hand | 54/58 | €345,998 | €327,509 | -€18,490 | -5.3% |
| Deferred charges and accrued income | 490/1 | €825 | €2,674 | +€1,849 | +224% |
| Total equity and liabilities | 10/49 | €764,214 | €1,325,475 | +€561,261 | +73.4% |
| Equity | 10/15 | €373,118 | €456,164 | +€83,046 | +22.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €341,909 | €426,035 | +€84,126 | +24.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €340,049 | €424,175 | +€84,126 | +24.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €12,609 | €11,529 | -€1,080 | -8.6% |
| Amounts payable | 17/49 | €391,096 | €869,311 | +€478,215 | +122% |
| Amounts payable after more than one year | 17 | €165,730 | €625,209 | +€459,479 | +277% |
| Financial debts | 170/4 | €165,730 | €625,209 | +€459,479 | +277% |
| Amounts payable within one year | 42/48 | €216,455 | €227,783 | +€11,329 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €72,938 | €78,367 | +€5,429 | +7.4% |
| Trade debts | 44 | €13,885 | €25,565 | +€11,680 | +84.1% |
| Suppliers | 440/4 | €13,885 | €25,565 | +€11,680 | +84.1% |
| Advances received on contracts in progress | 46 | €3,000 | €0 | -€3,000 | -100% |
| Taxes, remuneration and social security | 45 | €27,088 | €26,544 | -€544 | -2.0% |
| Taxes | 450/3 | €8,325 | €9,701 | +€1,376 | +16.5% |
| Remuneration and social security | 454/9 | €18,763 | €16,843 | -€1,920 | -10.2% |
| Other amounts payable | 47/48 | €99,544 | €97,307 | -€2,237 | -2.2% |
| Accrued charges and deferred income | 492/3 | €8,911 | €16,318 | +€7,407 | +83.1% |
| Remuneration, social security and pensions | 62 | €120,945 | €156,226 | +€35,282 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,116 | €98,878 | +€6,762 | +7.3% |
| Other operating charges | 640/8 | €7,019 | €4,214 | -€2,806 | -40.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €338,507 | €391,207 | +€52,700 | +15.6% |
| Operating profit (loss) | 9901 | €118,427 | €131,888 | +€13,462 | +11.4% |
| Financial income | 75/76B | €2,773 | €2,868 | +€96 | +3.5% |
| Recurring financial income | 75 | €2,773 | €2,868 | +€96 | +3.5% |
| Financial charges | 65/66B | €12,056 | €17,769 | +€5,713 | +47.4% |
| Recurring financial charges | 65 | €12,056 | €17,769 | +€5,713 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €109,143 | €116,987 | +€7,844 | +7.2% |
| Income taxes | 67/77 | €27,289 | €32,861 | +€5,572 | +20.4% |
| Profit (loss) for the period | 9904 | €81,853 | €84,126 | +€2,273 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €81,853 | €84,126 | +€2,273 | +2.8% |
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 26 October 2026 via checked.be.