JAMES LEADER: 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.
JAMES LEADER
Largest movements
- Receivables within one year -€72,522
down €72,522 (-93.1%), from €77,891 to €5,369
of which Other amounts receivable: -€73,278
- Tangible fixed assets -€33,270
down €33,270 (-28.6%), from €116,513 to €83,243
of which Other tangible fixed assets: -€22,155
- Cash +€19,762
up €19,762 (+76.7%), from €25,772 to €45,533
mainly Receivables within one year (+€72,522) and Depreciation (+€53,524)
- Intangible fixed assets -€19,351
down €19,351 (-20.3%), from €95,449 to €76,098
- Stocks and contracts +€8,927
up €8,927 (+32.5%), from €27,499 to €36,426
- Profit (loss) carried forward -€41,489
down €41,489 (-36.8%), from €112,686 to €71,197
- Debts after one year -€25,785
down €25,785 (-76.5%), from €33,717 to €7,932
- Current portion of long-term debt -€22,828
down €22,828 (-45.5%), from €50,161 to €27,333
- Tax, wage and social debts -€8,513
down €8,513 (-19.7%), from €43,175 to €34,662
of which Remuneration and social security: -€6,969
- Trade debts +€5,944
up €5,944 (+6.0%), from €99,747 to €105,692
- Financial charges +€65,050
up €65,050 (+614%), from €10,602 to €75,651
of which Non-recurring financial charges: +€54,341
- Staff costs -€39,081
down €39,081 (-8.9%), from €437,889 to €398,807
- Gross operating margin -€36,005
down €36,005 (-6.9%), from €525,357 to €489,352
- Depreciation -€5,984
down €5,984 (-10.1%), from €59,508 to €53,524
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 | €356,752 | €261,735 | -€95,017 | -26.6% |
| Fixed assets | 21/28 | €223,961 | €171,341 | -€52,620 | -23.5% |
| Intangible fixed assets | 21 | €95,449 | €76,098 | -€19,351 | -20.3% |
| Tangible fixed assets | 22/27 | €116,513 | €83,243 | -€33,270 | -28.6% |
| Plant, machinery and equipment | 23 | €10,131 | €5,278 | -€4,852 | -47.9% |
| Furniture and vehicles | 24 | €12,238 | €5,976 | -€6,262 | -51.2% |
| Other tangible fixed assets | 26 | €94,144 | €71,989 | -€22,155 | -23.5% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €132,790 | €90,393 | -€42,397 | -31.9% |
| Stocks and contracts in progress | 3 | €27,499 | €36,426 | +€8,927 | +32.5% |
| Stocks | 30/36 | €27,499 | €36,426 | +€8,927 | +32.5% |
| Amounts receivable within one year | 40/41 | €77,891 | €5,369 | -€72,522 | -93.1% |
| Trade receivables | 40 | €2,324 | €3,079 | +€755 | +32.5% |
| Other amounts receivable | 41 | €75,568 | €2,290 | -€73,278 | -97.0% |
| Cash at bank and in hand | 54/58 | €25,772 | €45,533 | +€19,762 | +76.7% |
| Deferred charges and accrued income | 490/1 | €1,628 | €3,065 | +€1,437 | +88.3% |
| Total equity and liabilities | 10/49 | €356,752 | €261,735 | -€95,017 | -26.6% |
| Equity | 10/15 | €115,686 | €74,197 | -€41,489 | -35.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,686 | €71,197 | -€41,489 | -36.8% |
| Amounts payable | 17/49 | €241,066 | €187,538 | -€53,528 | -22.2% |
| Amounts payable after more than one year | 17 | €33,717 | €7,932 | -€25,785 | -76.5% |
| Financial debts | 170/4 | €33,717 | €7,932 | -€25,785 | -76.5% |
| Amounts payable within one year | 42/48 | €207,273 | €179,560 | -€27,713 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €50,161 | €27,333 | -€22,828 | -45.5% |
| Financial debts | 43 | €3,112 | €4,416 | +€1,303 | +41.9% |
| Credit institutions | 430/8 | €3,112 | €4,272 | +€1,160 | +37.3% |
| Other loans | 439 | - | €144 | +€144 | |
| Trade debts | 44 | €99,747 | €105,692 | +€5,944 | +6.0% |
| Suppliers | 440/4 | €99,747 | €105,692 | +€5,944 | +6.0% |
| Advances received on contracts in progress | 46 | €6,960 | €2,332 | -€4,628 | -66.5% |
| Taxes, remuneration and social security | 45 | €43,175 | €34,662 | -€8,513 | -19.7% |
| Taxes | 450/3 | €16,708 | €15,165 | -€1,544 | -9.2% |
| Remuneration and social security | 454/9 | €26,467 | €19,498 | -€6,969 | -26.3% |
| Other amounts payable | 47/48 | €4,117 | €5,125 | +€1,008 | +24.5% |
| Accrued charges and deferred income | 492/3 | €77 | €46 | -€30 | -39.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €437,889 | €398,807 | -€39,081 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,508 | €53,524 | -€5,984 | -10.1% |
| Other operating charges | 640/8 | €2,094 | €2,597 | +€503 | +24.0% |
| Non-recurring operating charges | 66A | - | €290 | +€290 | |
| Gross operating margin | 9900 | €525,357 | €489,352 | -€36,005 | -6.9% |
| Operating profit (loss) | 9901 | €25,865 | €34,133 | +€8,267 | +32.0% |
| Financial income | 75/76B | €0 | €218 | +€218 | |
| Recurring financial income | 75 | €0 | €218 | +€218 | |
| Financial charges | 65/66B | €10,602 | €75,651 | +€65,050 | +614% |
| Recurring financial charges | 65 | €10,602 | €21,310 | +€10,709 | +101% |
| Non-recurring financial charges | 66B | - | €54,341 | +€54,341 | |
| Profit (loss) for the period before taxes | 9903 | €15,264 | -€41,301 | -€56,564 | |
| Income taxes | 67/77 | €14 | €188 | +€174 | +1,241% |
| Profit (loss) for the period | 9904 | €15,250 | -€41,489 | -€56,739 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,250 | -€41,489 | -€56,739 |
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 17 October 2026 via checked.be.