LEBLANC: 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.
LEBLANC
Largest movements
- Receivables within one year -€78,512
down €78,512 (-27.8%), from €282,316 to €203,804
of which Trade receivables: -€81,530
- Financial fixed assets +€58,932
up €58,932 (+111.8%), from €52,698 to €111,630
- Cash +€45,774
up €45,774 (+16.6%), from €276,444 to €322,218
mainly Net result for the year (+€140,170) and Receivables within one year (+€78,512)
- Stocks and contracts +€17,735
up €17,735 (+5.4%), from €325,474 to €343,209
- Profit (loss) carried forward +€140,170
up €140,170 (+45.6%), from €307,641 to €447,811
- Reserves -€65,000
down €65,000 (-7.3%), from €894,563 to €829,563
of which Distributable reserves: -€65,000
- Trade debts -€47,933
down €47,933 (-59.6%), from €80,440 to €32,507
of which Suppliers: -€48,484
- Gross operating margin +€28,170
up €28,170 (+9.4%), from €299,305 to €327,475
- Staff costs +€8,673
up €8,673 (+6.8%), from €127,894 to €136,567
- Taxes +€8,649
up €8,649 (+22.8%), from €37,904 to €46,553
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 | €1,354,800 | €1,392,297 | +€37,497 | +2.8% |
| Fixed assets | 21/28 | €74,566 | €127,066 | +€52,500 | +70.4% |
| Intangible fixed assets | 21 | €4,235 | €3,892 | -€343 | -8.1% |
| Tangible fixed assets | 22/27 | €17,633 | €11,544 | -€6,089 | -34.5% |
| Plant, machinery and equipment | 23 | - | €206 | +€206 | |
| Furniture and vehicles | 24 | €17,633 | €11,338 | -€6,295 | -35.7% |
| Financial fixed assets | 28 | €52,698 | €111,630 | +€58,932 | +111.8% |
| Current assets | 29/58 | €1,280,234 | €1,265,231 | -€15,003 | -1.2% |
| Stocks and contracts in progress | 3 | €325,474 | €343,209 | +€17,735 | +5.4% |
| Stocks | 30/36 | €325,474 | €343,209 | +€17,735 | +5.4% |
| Amounts receivable within one year | 40/41 | €282,316 | €203,804 | -€78,512 | -27.8% |
| Trade receivables | 40 | €233,930 | €152,400 | -€81,530 | -34.9% |
| Other amounts receivable | 41 | €48,386 | €51,404 | +€3,018 | +6.2% |
| Current investments | 50/53 | €396,000 | €396,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €276,444 | €322,218 | +€45,774 | +16.6% |
| Total equity and liabilities | 10/49 | €1,354,800 | €1,392,297 | +€37,497 | +2.8% |
| Equity | 10/15 | €1,222,704 | €1,301,601 | +€78,897 | +6.5% |
| Contributions | 10/11 | €20,500 | €20,500 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,727 | +€3,727 | |
| Reserves | 13 | €894,563 | €829,563 | -€65,000 | -7.3% |
| Non-distributable reserves | 130/1 | €420,621 | €420,621 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,680 | €17,680 | = | 0.0% |
| Own shares acquired | 1312 | €402,941 | €402,941 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,847 | €46,847 | = | 0.0% |
| Distributable reserves | 133 | €427,095 | €362,095 | -€65,000 | -15.2% |
| Profit (loss) carried forward | 14 | €307,641 | €447,811 | +€140,170 | +45.6% |
| Amounts payable | 17/49 | €132,096 | €90,696 | -€41,400 | -31.3% |
| Amounts payable within one year | 42/48 | €132,096 | €90,696 | -€41,400 | -31.3% |
| Trade debts | 44 | €80,440 | €32,507 | -€47,933 | -59.6% |
| Suppliers | 440/4 | €77,953 | €29,469 | -€48,484 | -62.2% |
| Bills of exchange payable | 441 | €2,487 | €3,038 | +€551 | +22.2% |
| Advances received on contracts in progress | 46 | - | €1,272 | +€1,272 | |
| Taxes, remuneration and social security | 45 | €51,656 | €56,917 | +€5,261 | +10.2% |
| Taxes | 450/3 | €38,736 | €36,266 | -€2,470 | -6.4% |
| Remuneration and social security | 454/9 | €12,920 | €20,651 | +€7,731 | +59.8% |
| Non-recurring operating income | 76A | - | €60 | +€60 | |
| Remuneration, social security and pensions | 62 | €127,894 | €136,567 | +€8,673 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,635 | €6,432 | -€3,203 | -33.2% |
| Other operating charges | 640/8 | €5,879 | €7,750 | +€1,871 | +31.8% |
| Non-recurring operating charges | 66A | - | €5,599 | +€5,599 | |
| Gross operating margin | 9900 | €299,305 | €327,475 | +€28,170 | +9.4% |
| Operating profit (loss) | 9901 | €155,897 | €171,127 | +€15,230 | +9.8% |
| Financial income | 75/76B | €23,753 | €22,098 | -€1,655 | -7.0% |
| Recurring financial income | 75 | €23,690 | €22,098 | -€1,592 | -6.7% |
| Non-recurring financial income | 76B | €63 | - | -€63 | |
| Financial charges | 65/66B | €7,167 | €6,502 | -€665 | -9.3% |
| Recurring financial charges | 65 | €7,167 | €6,502 | -€665 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €172,483 | €186,723 | +€14,240 | +8.3% |
| Income taxes | 67/77 | €37,904 | €46,553 | +€8,649 | +22.8% |
| Profit (loss) for the period | 9904 | €134,579 | €140,170 | +€5,591 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €134,579 | €140,170 | +€5,591 | +4.2% |
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 2 October 2026 via checked.be.