FONDATION LEONARDO: 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.
FONDATION LEONARDO
Largest movements
- Financial fixed assets -€10.0m
down €10.0m (-15.3%), from €65.3m to €55.3m
- Cash +€7.0m
up €7.0m (+6,451%), from €108,847 to €7.1m
mainly Investment in fixed assets (net) (+€10.0m) and Debts after one year (+€250,000)
- Current investments +€2.0m
new in 2025: €2.0m
- Profit (loss) carried forward -€1.2m
down €1.2m (-3.4%), from €36.7m to €35.5m
- Gross operating margin -€37.5m
down €37.5m, from €36.5m to -€1.0m
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 | €65,466,899 | €64,439,659 | -€1.0m | -1.6% |
| Fixed assets | 21/28 | €65,260,000 | €55,260,000 | -€10.0m | -15.3% |
| Financial fixed assets | 28 | €65,260,000 | €55,260,000 | -€10.0m | -15.3% |
| Current assets | 29/58 | €206,899 | €9,179,659 | +€9.0m | +4,337% |
| Amounts receivable within one year | 40/41 | €98,052 | €98,946 | +€894 | +0.9% |
| Other amounts receivable | 41 | €98,052 | €98,946 | +€894 | +0.9% |
| Current investments | 50/53 | - | €1,950,000 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €108,847 | €7,130,713 | +€7.0m | +6,451% |
| Total equity and liabilities | 10/49 | €65,466,899 | €64,439,659 | -€1.0m | -1.6% |
| Equity | 10/15 | €64,278,362 | €63,039,659 | -€1.2m | -1.9% |
| Contributions | 10/11 | €27,575,480 | €27,575,480 | = | 0.0% |
| Capital | 10 | €27,575,480 | €27,575,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,702,882 | €35,464,179 | -€1.2m | -3.4% |
| Amounts payable | 17/49 | €1,188,537 | €1,400,000 | +€211,463 | +17.8% |
| Amounts payable after more than one year | 17 | €1,150,000 | €1,400,000 | +€250,000 | +21.7% |
| Financial debts | 170/4 | €1,150,000 | €1,400,000 | +€250,000 | +21.7% |
| Amounts payable within one year | 42/48 | €38,537 | - | -€38,537 | |
| Taxes, remuneration and social security | 45 | €38,537 | - | -€38,537 | |
| Taxes | 450/3 | €38,537 | - | -€38,537 | |
| Non-recurring operating income | 76A | €36,529,542 | - | -€36.5m | |
| Other operating charges | 640/8 | €124,177 | €295,715 | +€171,538 | +138% |
| Gross operating margin | 9900 | €36,452,638 | -€1,044,533 | -€37.5m | |
| Operating profit (loss) | 9901 | €36,328,460 | -€1,340,248 | -€37.7m | |
| Financial income | 75/76B | €126,000 | €145,548 | +€19,548 | +15.5% |
| Recurring financial income | 75 | €126,000 | €145,548 | +€19,548 | +15.5% |
| Financial charges | 65/66B | €300 | €338 | +€39 | +12.9% |
| Recurring financial charges | 65 | €300 | €338 | +€39 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €36,454,161 | -€1,195,038 | -€37.6m | |
| Income taxes | 67/77 | - | €43,664 | +€43,664 | |
| Profit (loss) for the period | 9904 | €36,454,161 | -€1,238,702 | -€37.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €36,454,161 | -€1,238,702 | -€37.7m |
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.