LEDA: 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.
LEDA
Largest movements
- Stocks and contracts -€69,607
down €69,607 (-94.7%), from €73,534 to €3,927
- Receivables within one year +€21,473
up €21,473 (+54.2%), from €39,609 to €61,082
of which Trade receivables: +€21,300
- Cash +€20,105
up €20,105 (+2707.4%), from €743 to €20,848
mainly Stocks and contracts (+€69,607) and Trade debts (+€45,229)
- Tangible fixed assets -€10,841
down €10,841 (-9.1%), from €119,260 to €108,419
of which Furniture and vehicles: -€7,644
- Deferred charges and accrued income -€6,251
down €6,251 (-74.1%), from €8,438 to €2,187
- Short-term financial debts -€71,959
down €71,959 (-100.0%), from €71,959 to €0
- Trade debts +€45,229
up €45,229 (+97.8%), from €46,230 to €91,459
- Debts after one year -€20,786
down €20,786 (-37.9%), from €54,798 to €34,011
- Current portion of long-term debt -€7,058
down €7,058 (-24.7%), from €28,525 to €21,467
- Tax, wage and social debts +€6,520
up €6,520 (+35.8%), from €18,190 to €24,710
of which Taxes: +€12,234
- Gross operating margin +€51,038
up €51,038 (+42.4%), from €120,319 to €171,357
- Staff costs +€40,637
up €40,637 (+48.1%), from €84,527 to €125,165
- Depreciation +€7,187
up €7,187 (+29.6%), from €24,246 to €31,433
- Financial charges +€5,282
up €5,282 (+90.9%), from €5,808 to €11,090
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 | €244,242 | €198,503 | -€45,738 | -18.7% |
| Fixed assets | 21/28 | €121,918 | €110,460 | -€11,458 | -9.4% |
| Intangible fixed assets | 21 | €2,658 | €2,041 | -€617 | -23.2% |
| Tangible fixed assets | 22/27 | €119,260 | €108,419 | -€10,841 | -9.1% |
| Plant, machinery and equipment | 23 | €88,099 | €85,363 | -€2,737 | -3.1% |
| Furniture and vehicles | 24 | €28,137 | €20,493 | -€7,644 | -27.2% |
| Other tangible fixed assets | 26 | €3,023 | €2,563 | -€461 | -15.2% |
| Current assets | 29/58 | €122,324 | €88,044 | -€34,280 | -28.0% |
| Stocks and contracts in progress | 3 | €73,534 | €3,927 | -€69,607 | -94.7% |
| Stocks | 30/36 | €73,534 | €3,927 | -€69,607 | -94.7% |
| Amounts receivable within one year | 40/41 | €39,609 | €61,082 | +€21,473 | +54.2% |
| Trade receivables | 40 | €33,452 | €54,751 | +€21,300 | +63.7% |
| Other amounts receivable | 41 | €6,158 | €6,331 | +€173 | +2.8% |
| Cash at bank and in hand | 54/58 | €743 | €20,848 | +€20,105 | +2707.4% |
| Deferred charges and accrued income | 490/1 | €8,438 | €2,187 | -€6,251 | -74.1% |
| Total equity and liabilities | 10/49 | €244,242 | €198,503 | -€45,738 | -18.7% |
| Equity | 10/15 | €24,323 | €26,639 | +€2,316 | +9.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €27,542 | €27,542 | = | 0.0% |
| Distributable reserves | 133 | €27,542 | €27,542 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,219 | -€10,903 | +€2,316 | +17.5% |
| Amounts payable | 17/49 | €219,918 | €171,864 | -€48,054 | -21.9% |
| Amounts payable after more than one year | 17 | €54,798 | €34,011 | -€20,786 | -37.9% |
| Financial debts | 170/4 | €54,798 | €34,011 | -€20,786 | -37.9% |
| Amounts payable within one year | 42/48 | €165,121 | €137,853 | -€27,268 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €28,525 | €21,467 | -€7,058 | -24.7% |
| Financial debts | 43 | €71,959 | €0 | -€71,959 | -100.0% |
| Credit institutions | 430/8 | €71,959 | €0 | -€71,959 | -100.0% |
| Trade debts | 44 | €46,230 | €91,459 | +€45,229 | +97.8% |
| Suppliers | 440/4 | €46,230 | €91,459 | +€45,229 | +97.8% |
| Taxes, remuneration and social security | 45 | €18,190 | €24,710 | +€6,520 | +35.8% |
| Taxes | 450/3 | €6,275 | €18,509 | +€12,234 | +195.0% |
| Remuneration and social security | 454/9 | €11,915 | €6,202 | -€5,713 | -48.0% |
| Other amounts payable | 47/48 | €217 | €217 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €84,527 | €125,165 | +€40,637 | +48.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,246 | €31,433 | +€7,187 | +29.6% |
| Other operating charges | 640/8 | €2,988 | €1,353 | -€1,635 | -54.7% |
| Gross operating margin | 9900 | €120,319 | €171,357 | +€51,038 | +42.4% |
| Operating profit (loss) | 9901 | €8,558 | €13,406 | +€4,848 | +56.7% |
| Financial income | 75/76B | €16 | €0 | -€16 | -99.8% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -99.8% |
| Financial charges | 65/66B | €5,808 | €11,090 | +€5,282 | +90.9% |
| Recurring financial charges | 65 | €5,808 | €11,090 | +€5,282 | +90.9% |
| Profit (loss) for the period before taxes | 9903 | €2,765 | €2,316 | -€449 | -16.2% |
| Profit (loss) for the period | 9904 | €2,765 | €2,316 | -€449 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,765 | €2,316 | -€449 | -16.2% |
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 10 October 2026 via checked.be.