G. 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.
G. LEONARD
Largest movements
- Cash +€25,838
up €25,838 (+59.9%), from €43,157 to €68,995
mainly Net result for the year (+€39,763) and Other debts (+€21,438)
- Current investments +€20,000
new in 2025: €20,000
- Receivables within one year -€3,436
down €3,436 (-7.8%), from €43,825 to €40,389
of which Trade receivables: -€7,875
- Deferred charges and accrued income -€1,495
no longer reported in 2025 (was €1,495)
- Other debts +€21,438
up €21,438 (+34,842%), from €62 to €21,500
- Profit (loss) carried forward +€11,763
up €11,763, from -€11,550 to €214
- Reserves +€6,500
up €6,500 (+17.0%), from €38,201 to €44,701
- Trade debts +€1,939
up €1,939 (+24.4%), from €7,940 to €9,878
- Gross operating margin +€35,961
up €35,961 (+83.2%), from €43,199 to €79,161
- Taxes +€14,087
up €14,087 (+4,810%), from €293 to €14,380
- Staff costs +€5,655
up €5,655 (+32.4%), from €17,457 to €23,112
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 | €90,027 | €130,934 | +€40,907 | +45.4% |
| Fixed assets | 21/28 | €1,550 | €1,550 | = | 0.0% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €88,477 | €129,384 | +€40,907 | +46.2% |
| Amounts receivable within one year | 40/41 | €43,825 | €40,389 | -€3,436 | -7.8% |
| Trade receivables | 40 | €43,825 | €35,950 | -€7,875 | -18.0% |
| Other amounts receivable | 41 | - | €4,439 | +€4,439 | |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €43,157 | €68,995 | +€25,838 | +59.9% |
| Deferred charges and accrued income | 490/1 | €1,495 | - | -€1,495 | |
| Total equity and liabilities | 10/49 | €90,027 | €130,934 | +€40,907 | +45.4% |
| Equity | 10/15 | €29,244 | €47,507 | +€18,263 | +62.5% |
| Contributions | 10/11 | €2,592 | €2,592 | = | 0.0% |
| Reserves | 13 | €38,201 | €44,701 | +€6,500 | +17.0% |
| Distributable reserves | 133 | €38,201 | €44,701 | +€6,500 | +17.0% |
| Profit (loss) carried forward | 14 | -€11,550 | €214 | +€11,763 | |
| Amounts payable | 17/49 | €60,784 | €83,428 | +€22,644 | +37.3% |
| Amounts payable within one year | 42/48 | €13,794 | €37,488 | +€23,694 | +172% |
| Trade debts | 44 | €7,940 | €9,878 | +€1,939 | +24.4% |
| Suppliers | 440/4 | €7,940 | €9,878 | +€1,939 | +24.4% |
| Taxes, remuneration and social security | 45 | €5,792 | €6,109 | +€317 | +5.5% |
| Taxes | 450/3 | €1,925 | €1,228 | -€697 | -36.2% |
| Remuneration and social security | 454/9 | €3,867 | €4,881 | +€1,014 | +26.2% |
| Other amounts payable | 47/48 | €62 | €21,500 | +€21,438 | +34,842% |
| Accrued charges and deferred income | 492/3 | €46,990 | €45,940 | -€1,050 | -2.2% |
| Remuneration, social security and pensions | 62 | €17,457 | €23,112 | +€5,655 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €723 | - | -€723 | |
| Other operating charges | 640/8 | €1,524 | €1,702 | +€178 | +11.7% |
| Gross operating margin | 9900 | €43,199 | €79,161 | +€35,961 | +83.2% |
| Operating profit (loss) | 9901 | €23,495 | €54,346 | +€30,851 | +131% |
| Financial income | 75/76B | €238 | €116 | -€122 | -51.3% |
| Recurring financial income | 75 | €238 | €116 | -€122 | -51.3% |
| Financial charges | 65/66B | €764 | €319 | -€445 | -58.3% |
| Recurring financial charges | 65 | €764 | €319 | -€445 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | €22,969 | €54,143 | +€31,174 | +136% |
| Income taxes | 67/77 | €293 | €14,380 | +€14,087 | +4,810% |
| Profit (loss) for the period | 9904 | €22,676 | €39,763 | +€17,087 | +75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,676 | €39,763 | +€17,087 | +75.4% |
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 19 October 2026 via checked.be.