JOAQUIM LEONEL: 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.
JOAQUIM LEONEL
Largest movements
- Cash +€24,319
up €24,319 (+39.0%), from €62,373 to €86,692
mainly Net result for the year (+€20,039) and Trade debts (+€7,127)
- Receivables within one year +€4,207
up €4,207 (+22.6%), from €18,620 to €22,827
of which Other amounts receivable: +€2,845
- Stocks and contracts -€1,550
down €1,550 (-35.9%), from €4,319 to €2,769
- Profit (loss) carried forward +€20,039
up €20,039 (+43.4%), from €46,217 to €66,256
- Trade debts +€7,127
up €7,127 (+69.2%), from €10,299 to €17,426
- Taxes +€2,880
up €2,880 (+49.2%), from €5,852 to €8,732
- Gross operating margin +€1,819
up €1,819 (+5.2%), from €34,700 to €36,519
- Other operating charges -€861
down €861 (-13.6%), from €6,310 to €5,449
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 | €92,956 | €119,445 | +€26,489 | +28.5% |
| Fixed assets | 21/28 | €7,644 | €7,157 | -€487 | -6.4% |
| Tangible fixed assets | 22/27 | €2,634 | €2,147 | -€487 | -18.5% |
| Land and buildings | 22 | €1,475 | €1,278 | -€197 | -13.4% |
| Plant, machinery and equipment | 23 | €1,159 | €869 | -€290 | -25.0% |
| Financial fixed assets | 28 | €5,010 | €5,010 | = | 0.0% |
| Current assets | 29/58 | €85,312 | €112,288 | +€26,976 | +31.6% |
| Stocks and contracts in progress | 3 | €4,319 | €2,769 | -€1,550 | -35.9% |
| Stocks | 30/36 | €4,319 | €2,769 | -€1,550 | -35.9% |
| Amounts receivable within one year | 40/41 | €18,620 | €22,827 | +€4,207 | +22.6% |
| Trade receivables | 40 | €17,336 | €18,698 | +€1,362 | +7.9% |
| Other amounts receivable | 41 | €1,284 | €4,129 | +€2,845 | +222% |
| Cash at bank and in hand | 54/58 | €62,373 | €86,692 | +€24,319 | +39.0% |
| Total equity and liabilities | 10/49 | €92,956 | €119,445 | +€26,489 | +28.5% |
| Equity | 10/15 | €69,081 | €89,120 | +€20,039 | +29.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,664 | €16,664 | = | 0.0% |
| Distributable reserves | 133 | €16,664 | €16,664 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,217 | €66,256 | +€20,039 | +43.4% |
| Amounts payable | 17/49 | €23,875 | €30,325 | +€6,450 | +27.0% |
| Amounts payable after more than one year | 17 | €5,010 | €5,010 | = | 0.0% |
| Financial debts | 170/4 | €5,010 | €5,010 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,865 | €25,315 | +€6,450 | +34.2% |
| Trade debts | 44 | €10,299 | €17,426 | +€7,127 | +69.2% |
| Suppliers | 440/4 | €10,299 | €17,426 | +€7,127 | +69.2% |
| Taxes, remuneration and social security | 45 | €8,566 | €7,889 | -€677 | -7.9% |
| Taxes | 450/3 | €8,566 | €7,889 | -€677 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €488 | €487 | -€1 | -0.2% |
| Other operating charges | 640/8 | €6,310 | €5,449 | -€861 | -13.6% |
| Gross operating margin | 9900 | €34,700 | €36,519 | +€1,819 | +5.2% |
| Operating profit (loss) | 9901 | €27,902 | €30,583 | +€2,681 | +9.6% |
| Financial income | 75/76B | €3 | €10 | +€7 | +233% |
| Recurring financial income | 75 | €3 | €10 | +€7 | +233% |
| Financial charges | 65/66B | €1,572 | €1,822 | +€250 | +15.9% |
| Recurring financial charges | 65 | €1,572 | €1,822 | +€250 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €26,333 | €28,771 | +€2,438 | +9.3% |
| Income taxes | 67/77 | €5,852 | €8,732 | +€2,880 | +49.2% |
| Profit (loss) for the period | 9904 | €20,481 | €20,039 | -€442 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,481 | €20,039 | -€442 | -2.2% |
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 30 October 2026 via checked.be.