LEEMAN: 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.
LEEMAN
Largest movements
- Tangible fixed assets -€311,612
down €311,612 (-99.6%), from €312,731 to €1,120
of which Leasing and similar rights: -€303,420
- Cash +€63,298
up €63,298 (+1,781%), from €3,554 to €66,851
mainly Investment in fixed assets (net) (+€311,192) and Receivables within one year (+€59,136)
- Receivables within one year -€59,136
down €59,136 (-100%), from €59,136 to €0
- Debts after one year -€109,976
down €109,976 (-85.7%), from €128,295 to €18,320
- Current portion of long-term debt -€75,686
down €75,686 (-88.7%), from €85,369 to €9,682
- Profit (loss) carried forward -€74,864
down €74,864 (-76.9%), from -€97,304 to -€172,167
- Short-term financial debts -€50,234
down €50,234 (-66.8%), from €75,234 to €25,000
- Trade debts +€35,118
up €35,118 (+132%), from €26,690 to €61,808
- Gross operating margin -€98,499
down €98,499 (-91.3%), from €107,901 to €9,402
- Depreciation -€59,438
down €59,438 (-99.3%), from €59,857 to €419
- Financial charges -€10,139
down €10,139 (-40.5%), from €25,013 to €14,874
- Other operating charges -€6,632
down €6,632 (-78.6%), from €8,442 to €1,810
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 | €379,596 | €69,444 | -€310,152 | -81.7% |
| Fixed assets | 21/28 | €313,256 | €1,645 | -€311,612 | -99.5% |
| Tangible fixed assets | 22/27 | €312,731 | €1,120 | -€311,612 | -99.6% |
| Plant, machinery and equipment | 23 | €1,539 | €1,120 | -€419 | -27.2% |
| Furniture and vehicles | 24 | €7,773 | €0 | -€7,773 | -100% |
| Leasing and similar rights | 25 | €303,420 | €0 | -€303,420 | -100% |
| Financial fixed assets | 28 | €525 | €525 | = | 0.0% |
| Current assets | 29/58 | €66,340 | €67,799 | +€1,460 | +2.2% |
| Amounts receivable within one year | 40/41 | €59,136 | €0 | -€59,136 | -100% |
| Trade receivables | 40 | €59,136 | €0 | -€59,136 | -100% |
| Cash at bank and in hand | 54/58 | €3,554 | €66,851 | +€63,298 | +1,781% |
| Deferred charges and accrued income | 490/1 | €3,650 | €948 | -€2,702 | -74.0% |
| Total equity and liabilities | 10/49 | €379,596 | €69,444 | -€310,152 | -81.7% |
| Equity | 10/15 | -€74,381 | -€149,244 | -€74,864 | -101% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,323 | €4,323 | = | 0.0% |
| Distributable reserves | 133 | €4,323 | €4,323 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,304 | -€172,167 | -€74,864 | -76.9% |
| Amounts payable | 17/49 | €453,977 | €218,688 | -€235,289 | -51.8% |
| Amounts payable after more than one year | 17 | €128,295 | €18,320 | -€109,976 | -85.7% |
| Financial debts | 170/4 | €128,295 | €18,320 | -€109,976 | -85.7% |
| Amounts payable within one year | 42/48 | €325,682 | €200,369 | -€125,313 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €85,369 | €9,682 | -€75,686 | -88.7% |
| Financial debts | 43 | €75,234 | €25,000 | -€50,234 | -66.8% |
| Credit institutions | 430/8 | €75,234 | €25,000 | -€50,234 | -66.8% |
| Trade debts | 44 | €26,690 | €61,808 | +€35,118 | +132% |
| Suppliers | 440/4 | €26,690 | €61,808 | +€35,118 | +132% |
| Taxes, remuneration and social security | 45 | €11,345 | €454 | -€10,891 | -96.0% |
| Taxes | 450/3 | €7,470 | €454 | -€7,016 | -93.9% |
| Remuneration and social security | 454/9 | €3,875 | €0 | -€3,875 | -100% |
| Other amounts payable | 47/48 | €127,044 | €103,425 | -€23,619 | -18.6% |
| Non-recurring operating income | 76A | €0 | €22,382 | +€22,382 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,857 | €419 | -€59,438 | -99.3% |
| Other operating charges | 640/8 | €8,442 | €1,810 | -€6,632 | -78.6% |
| Non-recurring operating charges | 66A | €0 | €67,162 | +€67,162 | |
| Gross operating margin | 9900 | €107,901 | €9,402 | -€98,499 | -91.3% |
| Operating profit (loss) | 9901 | €39,601 | -€59,989 | -€99,591 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €25,013 | €14,874 | -€10,139 | -40.5% |
| Recurring financial charges | 65 | €25,013 | €14,874 | -€10,139 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €14,589 | -€74,864 | -€89,452 | |
| Profit (loss) for the period | 9904 | €14,589 | -€74,864 | -€89,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,589 | -€74,864 | -€89,452 |
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 14 October 2026 via checked.be.