Leeman Frederik: 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 Frederik
Largest movements
- Cash +€18,145
up €18,145 (+167%), from €10,862 to €29,007
mainly Net result for the year (+€15,423) and Advances received (+€14,582)
- Receivables within one year +€5,411
up €5,411 (+116%), from €4,676 to €10,087
of which Trade receivables: +€5,987
- Profit (loss) carried forward +€19,495
no longer reported in 2025 (was -€19,495)
- Advances received +€14,582
new in 2025: €14,582
- Tax, wage and social debts -€9,996
down €9,996 (-66.5%), from €15,028 to €5,032
of which Remuneration and social security: -€8,673
- Reserves -€4,073
down €4,073 (-53.7%), from €7,590 to €3,517
- Trade debts +€2,688
up €2,688 (+49.7%), from €5,411 to €8,099
- Gross operating margin +€24,304
up €24,304, from -€5,249 to €19,055
- Depreciation -€11,598
down €11,598 (-94.7%), from €12,250 to €652
- Taxes +€1,405
up €1,405 (+940%), from €150 to €1,555
- Other operating charges -€379
down €379 (-22.3%), from €1,704 to €1,324
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 | €16,109 | €40,074 | +€23,965 | +149% |
| Fixed assets | 21/28 | €571 | €925 | +€355 | +62.2% |
| Tangible fixed assets | 22/27 | €571 | €925 | +€355 | +62.2% |
| Plant, machinery and equipment | 23 | - | €628 | +€628 | |
| Furniture and vehicles | 24 | €571 | €297 | -€273 | -47.9% |
| Current assets | 29/58 | €15,538 | €39,148 | +€23,610 | +152% |
| Amounts receivable within one year | 40/41 | €4,676 | €10,087 | +€5,411 | +116% |
| Trade receivables | 40 | €4,100 | €10,087 | +€5,987 | +146% |
| Other amounts receivable | 41 | €576 | - | -€576 | |
| Cash at bank and in hand | 54/58 | €10,862 | €29,007 | +€18,145 | +167% |
| Deferred charges and accrued income | 490/1 | - | €55 | +€55 | |
| Total equity and liabilities | 10/49 | €16,109 | €40,074 | +€23,965 | +149% |
| Equity | 10/15 | -€6,905 | €8,517 | +€15,423 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €7,590 | €3,517 | -€4,073 | -53.7% |
| Distributable reserves | 133 | €7,590 | €3,517 | -€4,073 | -53.7% |
| Profit (loss) carried forward | 14 | -€19,495 | - | +€19,495 | |
| Amounts payable | 17/49 | €23,014 | €31,556 | +€8,542 | +37.1% |
| Amounts payable within one year | 42/48 | €23,014 | €31,556 | +€8,542 | +37.1% |
| Trade debts | 44 | €5,411 | €8,099 | +€2,688 | +49.7% |
| Suppliers | 440/4 | €5,411 | €8,099 | +€2,688 | +49.7% |
| Advances received on contracts in progress | 46 | - | €14,582 | +€14,582 | |
| Taxes, remuneration and social security | 45 | €15,028 | €5,032 | -€9,996 | -66.5% |
| Taxes | 450/3 | €3,447 | €2,123 | -€1,324 | -38.4% |
| Remuneration and social security | 454/9 | €11,581 | €2,908 | -€8,673 | -74.9% |
| Other amounts payable | 47/48 | €2,575 | €3,844 | +€1,269 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,250 | €652 | -€11,598 | -94.7% |
| Other operating charges | 640/8 | €1,704 | €1,324 | -€379 | -22.3% |
| Gross operating margin | 9900 | -€5,249 | €19,055 | +€24,304 | |
| Operating profit (loss) | 9901 | -€19,202 | €17,078 | +€36,281 | |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €143 | €109 | -€35 | -24.2% |
| Recurring financial charges | 65 | €143 | €109 | -€35 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,346 | €16,977 | +€36,323 | |
| Income taxes | 67/77 | €150 | €1,555 | +€1,405 | +940% |
| Profit (loss) for the period | 9904 | -€19,495 | €15,423 | +€34,918 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,495 | €15,423 | +€34,918 |
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 18 October 2026 via checked.be.