DR. J. LEEMAN: 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.
DR. J. LEEMAN
Largest movements
- Deferred charges and accrued income -€52,376
down €52,376 (-31.8%), from €164,809 to €112,433
- Cash -€26,284
down €26,284 (-39.4%), from €66,709 to €40,425
mainly Contributions, distributions and other (-€221,090) and Receivables within one year (-€12,607)
- Receivables within one year +€12,607
up €12,607 (+14.9%), from €84,666 to €97,274
- Current investments +€6,571
up €6,571 (+2.2%), from €294,173 to €300,744
- Reserves -€65,293
down €65,293 (-11.1%), from €588,340 to €523,047
- Financial income +€13,186
up €13,186 (+118%), from €11,214 to €24,400
- Financial charges -€4,563
down €4,563 (-34.6%), from €13,169 to €8,606
- Taxes +€4,560
up €4,560 (+6.6%), from €69,031 to €73,591
- Staff costs +€4,521
up €4,521 (+14.6%), from €30,905 to €35,426
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 | €650,797 | €591,555 | -€59,242 | -9.1% |
| Fixed assets | 21/28 | €40,439 | €40,678 | +€239 | +0.6% |
| Tangible fixed assets | 22/27 | €37,779 | €38,018 | +€239 | +0.6% |
| Plant, machinery and equipment | 23 | €3,239 | €10,012 | +€6,772 | +209% |
| Furniture and vehicles | 24 | €8,070 | €6,514 | -€1,556 | -19.3% |
| Other tangible fixed assets | 26 | €26,470 | €21,493 | -€4,977 | -18.8% |
| Financial fixed assets | 28 | €2,660 | €2,660 | = | 0.0% |
| Current assets | 29/58 | €610,358 | €550,877 | -€59,482 | -9.7% |
| Amounts receivable within one year | 40/41 | €84,666 | €97,274 | +€12,607 | +14.9% |
| Other amounts receivable | 41 | €84,666 | €97,274 | +€12,607 | +14.9% |
| Current investments | 50/53 | €294,173 | €300,744 | +€6,571 | +2.2% |
| Cash at bank and in hand | 54/58 | €66,709 | €40,425 | -€26,284 | -39.4% |
| Deferred charges and accrued income | 490/1 | €164,809 | €112,433 | -€52,376 | -31.8% |
| Total equity and liabilities | 10/49 | €650,797 | €591,555 | -€59,242 | -9.1% |
| Equity | 10/15 | €608,185 | €542,893 | -€65,292 | -10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €588,340 | €523,047 | -€65,293 | -11.1% |
| Distributable reserves | 133 | €588,340 | €523,047 | -€65,293 | -11.1% |
| Profit (loss) carried forward | 14 | €1,245 | €1,245 | +€1 | 0.0% |
| Amounts payable | 17/49 | €42,612 | €48,662 | +€6,050 | +14.2% |
| Amounts payable within one year | 42/48 | €42,612 | €48,662 | +€6,050 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €11,667 | €12,641 | +€975 | +8.4% |
| Trade debts | 44 | €12,012 | €13,769 | +€1,757 | +14.6% |
| Suppliers | 440/4 | €12,012 | €13,769 | +€1,757 | +14.6% |
| Taxes, remuneration and social security | 45 | €18,933 | €22,252 | +€3,319 | +17.5% |
| Taxes | 450/3 | €14,879 | €17,630 | +€2,751 | +18.5% |
| Remuneration and social security | 454/9 | €4,054 | €4,622 | +€568 | +14.0% |
| Non-recurring operating income | 76A | - | €28,506 | +€28,506 | |
| Remuneration, social security and pensions | 62 | €30,905 | €35,426 | +€4,521 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,589 | €9,334 | -€1,255 | -11.8% |
| Other operating charges | 640/8 | €1,410 | €2,937 | +€1,527 | +108% |
| Gross operating margin | 9900 | €262,681 | €261,293 | -€1,388 | -0.5% |
| Operating profit (loss) | 9901 | €219,778 | €213,596 | -€6,182 | -2.8% |
| Financial income | 75/76B | €11,214 | €24,400 | +€13,186 | +118% |
| Recurring financial income | 75 | €11,214 | €24,400 | +€13,186 | +118% |
| Financial charges | 65/66B | €13,169 | €8,606 | -€4,563 | -34.6% |
| Recurring financial charges | 65 | €13,169 | €8,606 | -€4,563 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €217,823 | €229,389 | +€11,566 | +5.3% |
| Income taxes | 67/77 | €69,031 | €73,591 | +€4,560 | +6.6% |
| Profit (loss) for the period | 9904 | €148,792 | €155,798 | +€7,006 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €148,792 | €155,798 | +€7,006 | +4.7% |
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 20 October 2026 via checked.be.