LEADING: what changed
Two fiscal 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.
LEADING
Largest movements
- Receivables within one year -€505,253
down €505,253 (-99.8%), from €506,038 to €785
of which Trade receivables: -€505,253
- Cash -€201,678
down €201,678 (-55.1%), from €366,043 to €164,365
mainly Advances received (-€358,373) and Trade debts (-€197,968)
- Advances received -€358,373
no longer reported in 2025 (was €358,373)
- Trade debts -€197,968
down €197,968 (-73.6%), from €269,035 to €71,067
- Debts after one year -€83,519
down €83,519 (-69.5%), from €120,197 to €36,678
- Tax, wage and social debts -€52,758
down €52,758 (-77.0%), from €68,499 to €15,741
- Accrued charges and deferred income -€37,642
down €37,642 (-38.8%), from €96,970 to €59,328
- Turnover -€287,681
down €287,681 (-10.1%), from €2.8m to €2.6m
- Gross operating margin -€154,922
down €154,922 (-69.9%), from €221,524 to €66,602
- Purchases and services -€132,759
down €132,759 (-5.1%), from €2.6m to €2.5m
- Taxes -€48,993
down €48,993 (-81.0%), from €60,485 to €11,492
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.
Cash bridge derived
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 | €1,074,290 | €357,960 | -€716,330 | -66.7% |
| Fixed assets | 21/28 | €201,816 | €192,462 | -€9,354 | -4.6% |
| Tangible fixed assets | 22/27 | €201,816 | €192,462 | -€9,354 | -4.6% |
| Land and buildings | 22 | €197,656 | €190,054 | -€7,602 | -3.8% |
| Furniture and vehicles | 24 | €4,160 | €2,408 | -€1,752 | -42.1% |
| Current assets | 29/58 | €872,474 | €165,498 | -€706,976 | -81.0% |
| Amounts receivable within one year | 40/41 | €506,038 | €785 | -€505,253 | -99.8% |
| Trade receivables | 40 | €505,253 | - | -€505,253 | |
| Other amounts receivable | 41 | €785 | €785 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €366,043 | €164,365 | -€201,678 | -55.1% |
| Deferred charges and accrued income | 490/1 | €393 | €348 | -€45 | -11.5% |
| Total equity and liabilities | 10/49 | €1,074,290 | €357,960 | -€716,330 | -66.7% |
| Equity | 10/15 | €155,847 | €175,146 | +€19,299 | +12.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €149,647 | €168,946 | +€19,299 | +12.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €147,787 | €167,086 | +€19,299 | +13.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €918,443 | €182,814 | -€735,629 | -80.1% |
| Amounts payable after more than one year | 17 | €120,197 | €36,678 | -€83,519 | -69.5% |
| Financial debts | 170/4 | €120,197 | €36,678 | -€83,519 | -69.5% |
| Amounts payable within one year | 42/48 | €701,276 | €86,808 | -€614,468 | -87.6% |
| Current portion of amounts payable after more than one year | 42 | €5,369 | - | -€5,369 | |
| Trade debts | 44 | €269,035 | €71,067 | -€197,968 | -73.6% |
| Suppliers | 440/4 | €269,035 | €71,067 | -€197,968 | -73.6% |
| Advances received on contracts in progress | 46 | €358,373 | - | -€358,373 | |
| Taxes, remuneration and social security | 45 | €68,499 | €15,741 | -€52,758 | -77.0% |
| Taxes | 450/3 | €68,499 | €15,741 | -€52,758 | -77.0% |
| Accrued charges and deferred income | 492/3 | €96,970 | €59,328 | -€37,642 | -38.8% |
| Turnover | 70 | €2,847,964 | €2,560,283 | -€287,681 | -10.1% |
| Non-recurring operating income | 76A | - | €24,890 | +€24,890 | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,626,440 | €2,493,681 | -€132,759 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,449 | €9,354 | +€905 | +10.7% |
| Other operating charges | 640/8 | €2,961 | €18,743 | +€15,782 | +533.0% |
| Gross operating margin | 9900 | €221,524 | €66,602 | -€154,922 | -69.9% |
| Operating profit (loss) | 9901 | €210,114 | €38,505 | -€171,609 | -81.7% |
| Financial income | 75/76B | €81 | €3 | -€78 | -96.3% |
| Recurring financial income | 75 | €81 | €3 | -€78 | -96.3% |
| Financial charges | 65/66B | €3,528 | €7,717 | +€4,189 | +118.7% |
| Recurring financial charges | 65 | €3,528 | €7,717 | +€4,189 | +118.7% |
| Profit (loss) for the period before taxes | 9903 | €206,667 | €30,791 | -€175,876 | -85.1% |
| Income taxes | 67/77 | €60,485 | €11,492 | -€48,993 | -81.0% |
| Profit (loss) for the period | 9904 | €146,182 | €19,299 | -€126,883 | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €146,182 | €19,299 | -€126,883 | -86.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.