DR M LEONARD: 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 M LEONARD
Largest movements
- Cash +€12,702
up €12,702 (+82.9%), from €15,314 to €28,016
mainly Net result for the year (+€28,742) and Other debts (+€1,938)
- Deferred charges and accrued income +€3,284
up €3,284 (+8.7%), from €37,615 to €40,898
- Receivables within one year +€3,247
new in 2025: €3,247
- Profit (loss) carried forward +€28,742
up €28,742 (+91.7%), from €31,330 to €60,072
- Tax, wage and social debts -€10,926
down €10,926 (-56.7%), from €19,254 to €8,328
of which Remuneration and social security: -€5,500
- Other debts +€1,938
up €1,938 (+180%), from €1,077 to €3,014
- Gross operating margin +€9,747
up €9,747 (+35.2%), from €27,698 to €37,445
- Taxes +€1,868
up €1,868 (+28.9%), from €6,461 to €8,328
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 | €54,883 | €73,915 | +€19,032 | +34.7% |
| Fixed assets | 21/28 | €1,954 | €1,753 | -€201 | -10.3% |
| Tangible fixed assets | 22/27 | €1,954 | €1,753 | -€201 | -10.3% |
| Plant, machinery and equipment | 23 | €1,954 | €1,753 | -€201 | -10.3% |
| Current assets | 29/58 | €52,929 | €72,161 | +€19,233 | +36.3% |
| Amounts receivable within one year | 40/41 | - | €3,247 | +€3,247 | |
| Trade receivables | 40 | - | €3,247 | +€3,247 | |
| Cash at bank and in hand | 54/58 | €15,314 | €28,016 | +€12,702 | +82.9% |
| Deferred charges and accrued income | 490/1 | €37,615 | €40,898 | +€3,284 | +8.7% |
| Total equity and liabilities | 10/49 | €54,883 | €73,915 | +€19,032 | +34.7% |
| Equity | 10/15 | €33,830 | €62,572 | +€28,742 | +85.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,330 | €60,072 | +€28,742 | +91.7% |
| Amounts payable | 17/49 | €21,053 | €11,343 | -€9,710 | -46.1% |
| Amounts payable within one year | 42/48 | €21,053 | €11,343 | -€9,710 | -46.1% |
| Trade debts | 44 | €722 | - | -€722 | |
| Suppliers | 440/4 | €722 | - | -€722 | |
| Taxes, remuneration and social security | 45 | €19,254 | €8,328 | -€10,926 | -56.7% |
| Taxes | 450/3 | €13,754 | €8,328 | -€5,426 | -39.4% |
| Remuneration and social security | 454/9 | €5,500 | - | -€5,500 | |
| Other amounts payable | 47/48 | €1,077 | €3,014 | +€1,938 | +180% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55 | €201 | +€146 | +266% |
| Other operating charges | 640/8 | €95 | €102 | +€7 | +7.2% |
| Gross operating margin | 9900 | €27,698 | €37,445 | +€9,747 | +35.2% |
| Operating profit (loss) | 9901 | €27,548 | €37,143 | +€9,595 | +34.8% |
| Financial charges | 65/66B | €285 | €72 | -€213 | -74.6% |
| Recurring financial charges | 65 | €285 | €72 | -€213 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | €27,263 | €37,071 | +€9,807 | +36.0% |
| Income taxes | 67/77 | €6,461 | €8,328 | +€1,868 | +28.9% |
| Profit (loss) for the period | 9904 | €20,802 | €28,742 | +€7,940 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,802 | €28,742 | +€7,940 | +38.2% |
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 16 October 2026 via checked.be.