FIEU LEANDER: what changed
Two fiscal 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.
FIEU LEANDER
Largest movements
- Tangible fixed assets +€442,480
up €442,480 (+107.8%), from €410,307 to €852,786
of which Leasing and similar rights: +€427,597
- Stocks and contracts -€152,332
down €152,332 (-44.6%), from €341,619 to €189,288
of which Contracts in progress: -€142,332
- Receivables within one year -€34,057
down €34,057 (-22.1%), from €154,147 to €120,090
of which Trade receivables: -€34,271
- Cash +€19,551
up €19,551 (+13.4%), from €146,085 to €165,636
mainly Other debts (+€595,319) and Debts after one year (+€397,729)
- Reserves -€797,500
no longer reported in 2025 (was €797,500)
- Other debts +€595,319
up €595,319 (+2665.7%), from €22,332 to €617,652
- Debts after one year +€397,729
up €397,729 (+233.1%), from €170,601 to €568,330
- Tax, wage and social debts +€109,189
up €109,189 (+7948.5%), from €1,374 to €110,563
of which Taxes: +€108,980
- Current portion of long-term debt -€34,978
no longer reported in 2025 (was €34,978)
- Gross operating margin +€84,340
up €84,340 (+13.0%), from €647,016 to €731,355
- Staff costs -€75,506
down €75,506 (-43.5%), from €173,413 to €97,906
- Depreciation +€50,340
up €50,340 (+79.8%), from €63,075 to €113,415
- Financial charges +€14,830
up €14,830 (+292.3%), from €5,073 to €19,903
- Taxes +€13,984
up €13,984 (+15.3%), from €91,402 to €105,386
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 | €1,078,034 | €1,352,053 | +€274,018 | +25.4% |
| Fixed assets | 21/28 | €410,307 | €852,786 | +€442,480 | +107.8% |
| Tangible fixed assets | 22/27 | €410,307 | €852,786 | +€442,480 | +107.8% |
| Land and buildings | 22 | €254,518 | €248,045 | -€6,473 | -2.5% |
| Plant, machinery and equipment | 23 | €64,180 | €21,038 | -€43,142 | -67.2% |
| Furniture and vehicles | 24 | €59,469 | €123,967 | +€64,498 | +108.5% |
| Leasing and similar rights | 25 | €32,140 | €459,736 | +€427,597 | +1330.4% |
| Current assets | 29/58 | €667,728 | €499,266 | -€168,461 | -25.2% |
| Stocks and contracts in progress | 3 | €341,619 | €189,288 | -€152,332 | -44.6% |
| Stocks | 30/36 | €129,288 | €119,288 | -€10,000 | -7.7% |
| Contracts in progress | 37 | €212,332 | €70,000 | -€142,332 | -67.0% |
| Amounts receivable within one year | 40/41 | €154,147 | €120,090 | -€34,057 | -22.1% |
| Trade receivables | 40 | €139,131 | €104,859 | -€34,271 | -24.6% |
| Other amounts receivable | 41 | €15,016 | €15,231 | +€215 | +1.4% |
| Cash at bank and in hand | 54/58 | €146,085 | €165,636 | +€19,551 | +13.4% |
| Deferred charges and accrued income | 490/1 | €25,876 | €24,252 | -€1,624 | -6.3% |
| Total equity and liabilities | 10/49 | €1,078,034 | €1,352,053 | +€274,018 | +25.4% |
| Equity | 10/15 | €816,300 | €18,550 | -€797,750 | -97.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €797,500 | - | -€797,500 | |
| Distributable reserves | 133 | €797,500 | - | -€797,500 | |
| Profit (loss) carried forward | 14 | €250 | - | -€250 | |
| Amounts payable | 17/49 | €261,734 | €1,333,503 | +€1.1m | +409.5% |
| Amounts payable after more than one year | 17 | €170,601 | €568,330 | +€397,729 | +233.1% |
| Financial debts | 170/4 | €170,601 | €568,330 | +€397,729 | +233.1% |
| Amounts payable within one year | 42/48 | €91,133 | €765,173 | +€674,039 | +739.6% |
| Current portion of amounts payable after more than one year | 42 | €34,978 | - | -€34,978 | |
| Trade debts | 44 | €32,449 | €36,958 | +€4,509 | +13.9% |
| Suppliers | 440/4 | €32,449 | €36,958 | +€4,509 | +13.9% |
| Taxes, remuneration and social security | 45 | €1,374 | €110,563 | +€109,189 | +7948.5% |
| Taxes | 450/3 | €1,374 | €110,353 | +€108,980 | +7933.3% |
| Remuneration and social security | 454/9 | - | €209 | +€209 | |
| Other amounts payable | 47/48 | €22,332 | €617,652 | +€595,319 | +2665.7% |
| Non-recurring operating income | 76A | €4,600 | €26,273 | +€21,673 | +471.2% |
| Remuneration, social security and pensions | 62 | €173,413 | €97,906 | -€75,506 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,075 | €113,415 | +€50,340 | +79.8% |
| Other operating charges | 640/8 | €24,108 | €10,459 | -€13,649 | -56.6% |
| Non-recurring operating charges | 66A | - | €5,255 | +€5,255 | |
| Gross operating margin | 9900 | €647,016 | €731,355 | +€84,340 | +13.0% |
| Operating profit (loss) | 9901 | €386,420 | €504,320 | +€117,900 | +30.5% |
| Financial income | 75/76B | €2,589 | €4,752 | +€2,163 | +83.6% |
| Recurring financial income | 75 | €2,589 | €4,752 | +€2,163 | +83.6% |
| Financial charges | 65/66B | €5,073 | €19,903 | +€14,830 | +292.3% |
| Recurring financial charges | 65 | €5,073 | €19,903 | +€14,830 | +292.3% |
| Profit (loss) for the period before taxes | 9903 | €383,936 | €489,168 | +€105,233 | +27.4% |
| Income taxes | 67/77 | €91,402 | €105,386 | +€13,984 | +15.3% |
| Profit (loss) for the period | 9904 | €292,534 | €383,783 | +€91,249 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €292,534 | €383,783 | +€91,249 | +31.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.