JOEL LEBERSORG: 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.
JOEL LEBERSORG
Largest movements
- Receivables within one year +€136,591
up €136,591 (+17.2%), from €794,347 to €930,938
of which Other amounts receivable: +€137,041
- Cash +€82,653
up €82,653 (+14.0%), from €589,949 to €672,603
mainly Net result for the year (+€603,011) and Other debts (+€29,827)
- Reserves +€152,408
up €152,408 (+5.6%), from €2.7m to €2.9m
of which Distributable reserves: +€152,408
- Financial income +€143,999
up €143,999 (+191%), from €75,420 to €219,420
- Financial charges +€26,594
up €26,594 (+243%), from €10,922 to €37,516
- Gross operating margin -€16,812
down €16,812 (-2.5%), from €685,584 to €668,772
- Taxes +€12,743
up €12,743 (+5.6%), from €228,882 to €241,625
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 | €4,430,968 | €4,625,939 | +€194,971 | +4.4% |
| Fixed assets | 21/28 | €5,051 | €3,812 | -€1,239 | -24.5% |
| Tangible fixed assets | 22/27 | €5,051 | €3,812 | -€1,239 | -24.5% |
| Furniture and vehicles | 24 | €5,051 | €3,812 | -€1,239 | -24.5% |
| Current assets | 29/58 | €4,425,917 | €4,622,126 | +€196,209 | +4.4% |
| Amounts receivable within one year | 40/41 | €794,347 | €930,938 | +€136,591 | +17.2% |
| Trade receivables | 40 | €450 | - | -€450 | |
| Other amounts receivable | 41 | €793,896 | €930,938 | +€137,041 | +17.3% |
| Current investments | 50/53 | €3,023,832 | €2,999,971 | -€23,861 | -0.8% |
| Cash at bank and in hand | 54/58 | €589,949 | €672,603 | +€82,653 | +14.0% |
| Deferred charges and accrued income | 490/1 | €17,789 | €18,615 | +€826 | +4.6% |
| Total equity and liabilities | 10/49 | €4,430,968 | €4,625,939 | +€194,971 | +4.4% |
| Equity | 10/15 | €3,422,166 | €3,574,574 | +€152,408 | +4.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,716,797 | €2,869,205 | +€152,408 | +5.6% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €2,713,797 | €2,866,205 | +€152,408 | +5.6% |
| Profit (loss) carried forward | 14 | €675,369 | €675,369 | = | 0.0% |
| Amounts payable | 17/49 | €1,008,802 | €1,051,364 | +€42,563 | +4.2% |
| Amounts payable within one year | 42/48 | €978,746 | €1,024,535 | +€45,789 | +4.7% |
| Trade debts | 44 | €2,229 | €3,119 | +€891 | +40.0% |
| Suppliers | 440/4 | €2,229 | €3,119 | +€891 | +40.0% |
| Taxes, remuneration and social security | 45 | €53,867 | €68,938 | +€15,071 | +28.0% |
| Taxes | 450/3 | €53,867 | €68,938 | +€15,071 | +28.0% |
| Other amounts payable | 47/48 | €922,651 | €952,478 | +€29,827 | +3.2% |
| Accrued charges and deferred income | 492/3 | €30,056 | €26,829 | -€3,227 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €541 | €1,239 | +€698 | +129% |
| Other operating charges | 640/8 | €3,758 | €4,801 | +€1,043 | +27.8% |
| Gross operating margin | 9900 | €685,584 | €668,772 | -€16,812 | -2.5% |
| Operating profit (loss) | 9901 | €681,285 | €662,732 | -€18,553 | -2.7% |
| Financial income | 75/76B | €75,420 | €219,420 | +€143,999 | +191% |
| Recurring financial income | 75 | €75,420 | €219,420 | +€143,999 | +191% |
| Financial charges | 65/66B | €10,922 | €37,516 | +€26,594 | +243% |
| Recurring financial charges | 65 | €10,922 | €37,516 | +€26,594 | +243% |
| Profit (loss) for the period before taxes | 9903 | €745,783 | €844,636 | +€98,853 | +13.3% |
| Income taxes | 67/77 | €228,882 | €241,625 | +€12,743 | +5.6% |
| Profit (loss) for the period | 9904 | €516,901 | €603,011 | +€86,109 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €516,901 | €603,011 | +€86,109 | +16.7% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.