LEADERZ: 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.
LEADERZ
Largest movements
- Deferred charges and accrued income -€70,121
down €70,121 (-89.4%), from €78,442 to €8,321
- Receivables within one year +€28,746
up €28,746 (+32.3%), from €89,101 to €117,847
of which Trade receivables: +€22,250
- Intangible fixed assets -€13,860
down €13,860 (-13.1%), from €106,020 to €92,160
- Cash -€8,696
down €8,696 (-19.2%), from €45,346 to €36,650
mainly Other debts (-€45,432) and Receivables within one year (-€28,746)
- Formation expenses -€4,524
down €4,524 (-81.8%), from €5,532 to €1,008
- Other debts -€45,432
down €45,432 (-24.7%), from €184,015 to €138,583
- Trade debts -€24,248
down €24,248 (-32.5%), from €74,690 to €50,441
- Short-term financial debts -€15,000
no longer reported in 2025 (was €15,000)
- Advances received +€9,620
new in 2025: €9,620
- Current portion of long-term debt +€4,545
up €4,545 (+58.6%), from €7,753 to €12,298
- Gross operating margin -€80,860
down €80,860 (-27.4%), from €294,943 to €214,083
- Staff costs -€48,753
down €48,753 (-23.8%), from €204,701 to €155,948
- Depreciation -€28,061
down €28,061 (-55.3%), from €50,755 to €22,694
- Financial charges +€21,928
up €21,928 (+564%), from €3,885 to €25,813
- Taxes -€3,589
down €3,589 (-32.8%), from €10,957 to €7,368
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 | €328,847 | €262,269 | -€66,577 | -20.2% |
| Formation expenses | 20 | €5,532 | €1,008 | -€4,524 | -81.8% |
| Fixed assets | 21/28 | €110,425 | €98,443 | -€11,982 | -10.9% |
| Intangible fixed assets | 21 | €106,020 | €92,160 | -€13,860 | -13.1% |
| Tangible fixed assets | 22/27 | €4,405 | €6,283 | +€1,878 | +42.6% |
| Furniture and vehicles | 24 | €4,405 | €6,283 | +€1,878 | +42.6% |
| Current assets | 29/58 | €212,889 | €162,819 | -€50,071 | -23.5% |
| Amounts receivable within one year | 40/41 | €89,101 | €117,847 | +€28,746 | +32.3% |
| Trade receivables | 40 | €89,101 | €111,351 | +€22,250 | +25.0% |
| Other amounts receivable | 41 | - | €6,496 | +€6,496 | |
| Cash at bank and in hand | 54/58 | €45,346 | €36,650 | -€8,696 | -19.2% |
| Deferred charges and accrued income | 490/1 | €78,442 | €8,321 | -€70,121 | -89.4% |
| Total equity and liabilities | 10/49 | €328,847 | €262,269 | -€66,577 | -20.2% |
| Equity | 10/15 | €35,772 | €37,382 | +€1,610 | +4.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,772 | €27,382 | +€1,610 | +6.2% |
| Amounts payable | 17/49 | €293,075 | €224,888 | -€68,187 | -23.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €293,075 | €224,888 | -€68,187 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €7,753 | €12,298 | +€4,545 | +58.6% |
| Financial debts | 43 | €15,000 | - | -€15,000 | |
| Credit institutions | 430/8 | €15,000 | - | -€15,000 | |
| Trade debts | 44 | €74,690 | €50,441 | -€24,248 | -32.5% |
| Suppliers | 440/4 | €74,690 | €50,441 | -€24,248 | -32.5% |
| Advances received on contracts in progress | 46 | - | €9,620 | +€9,620 | |
| Taxes, remuneration and social security | 45 | €11,618 | €13,946 | +€2,329 | +20.0% |
| Taxes | 450/3 | €11,618 | €13,946 | +€2,329 | +20.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €184,015 | €138,583 | -€45,432 | -24.7% |
| Non-recurring operating income | 76A | €16,411 | - | -€16,411 | |
| Remuneration, social security and pensions | 62 | €204,701 | €155,948 | -€48,753 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,755 | €22,694 | -€28,061 | -55.3% |
| Other operating charges | 640/8 | €950 | €668 | -€281 | -29.6% |
| Non-recurring operating charges | 66A | €723 | - | -€723 | |
| Gross operating margin | 9900 | €294,943 | €214,083 | -€80,860 | -27.4% |
| Operating profit (loss) | 9901 | €37,815 | €34,774 | -€3,041 | -8.0% |
| Financial income | 75/76B | €507 | €18 | -€489 | -96.5% |
| Recurring financial income | 75 | €507 | €18 | -€489 | -96.5% |
| Financial charges | 65/66B | €3,885 | €25,813 | +€21,928 | +564% |
| Recurring financial charges | 65 | €3,885 | €25,813 | +€21,928 | +564% |
| Profit (loss) for the period before taxes | 9903 | €34,436 | €8,978 | -€25,458 | -73.9% |
| Income taxes | 67/77 | €10,957 | €7,368 | -€3,589 | -32.8% |
| Profit (loss) for the period | 9904 | €23,479 | €1,610 | -€21,869 | -93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,479 | €1,610 | -€21,869 | -93.1% |
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 24 October 2026 via checked.be.