LEENDERS: 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.
LEENDERS
Largest movements
- Receivables after one year +€200,000
new in 2025: €200,000
- Receivables within one year -€148,253
down €148,253 (-53.6%), from €276,575 to €128,322
of which Other amounts receivable: -€142,389
- Deferred charges and accrued income +€68,543
up €68,543 (+217%), from €31,550 to €100,093
- Advances received +€76,630
new in 2025: €76,630
- Reserves +€24,825
up €24,825 (+6.4%), from €385,955 to €410,780
of which Distributable reserves: +€24,825
- Tax, wage and social debts +€15,273
up €15,273 (+78.4%), from €19,472 to €34,745
- Trade debts +€11,592
up €11,592 (+235%), from €4,934 to €16,526
- Current portion of long-term debt -€9,769
no longer reported in 2025 (was €9,769)
- Financial income -€8,050
no longer reported in 2025 (was €8,050)
- Taxes +€7,509
up €7,509 (+43.8%), from €17,146 to €24,654
- Gross operating margin +€4,917
up €4,917 (+9.0%), from €54,929 to €59,845
- Financial charges -€1,059
down €1,059 (-17.1%), from €6,189 to €5,131
- Staff costs +€1,002
up €1,002 (+52.6%), from €1,904 to €2,906
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 | €568,511 | €687,398 | +€118,888 | +20.9% |
| Fixed assets | 21/28 | €251,124 | €250,021 | -€1,103 | -0.4% |
| Tangible fixed assets | 22/27 | €3,194 | €2,090 | -€1,103 | -34.6% |
| Plant, machinery and equipment | 23 | €2,678 | €2,008 | -€670 | -25.0% |
| Furniture and vehicles | 24 | €516 | €82 | -€433 | -84.1% |
| Financial fixed assets | 28 | €247,931 | €247,931 | = | 0.0% |
| Current assets | 29/58 | €317,387 | €437,378 | +€119,991 | +37.8% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Amounts receivable within one year | 40/41 | €276,575 | €128,322 | -€148,253 | -53.6% |
| Trade receivables | 40 | €15,006 | €9,142 | -€5,864 | -39.1% |
| Other amounts receivable | 41 | €261,569 | €119,180 | -€142,389 | -54.4% |
| Cash at bank and in hand | 54/58 | €9,262 | €8,963 | -€299 | -3.2% |
| Deferred charges and accrued income | 490/1 | €31,550 | €100,093 | +€68,543 | +217% |
| Total equity and liabilities | 10/49 | €568,511 | €687,398 | +€118,888 | +20.9% |
| Equity | 10/15 | €449,171 | €473,996 | +€24,825 | +5.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €385,955 | €410,780 | +€24,825 | +6.4% |
| 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 | €384,095 | €408,920 | +€24,825 | +6.5% |
| Profit (loss) carried forward | 14 | €57,017 | €57,017 | = | 0.0% |
| Provisions and deferred taxes | 16 | €20,249 | €20,249 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,249 | €20,249 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,249 | €20,249 | = | 0.0% |
| Amounts payable | 17/49 | €99,091 | €193,154 | +€94,063 | +94.9% |
| Amounts payable after more than one year | 17 | €9,944 | €9,944 | = | 0.0% |
| Financial debts | 170/4 | €9,944 | €9,944 | = | 0.0% |
| Amounts payable within one year | 42/48 | €89,147 | €183,210 | +€94,063 | +106% |
| Current portion of amounts payable after more than one year | 42 | €9,769 | - | -€9,769 | |
| Financial debts | 43 | €29,972 | €30,239 | +€266 | +0.9% |
| Credit institutions | 430/8 | €29,972 | €30,239 | +€266 | +0.9% |
| Trade debts | 44 | €4,934 | €16,526 | +€11,592 | +235% |
| Suppliers | 440/4 | €4,934 | €16,526 | +€11,592 | +235% |
| Advances received on contracts in progress | 46 | - | €76,630 | +€76,630 | |
| Taxes, remuneration and social security | 45 | €19,472 | €34,745 | +€15,273 | +78.4% |
| Taxes | 450/3 | €19,472 | €34,745 | +€15,273 | +78.4% |
| Other amounts payable | 47/48 | €25,000 | €25,070 | +€70 | +0.3% |
| Non-recurring operating income | 76A | - | €10,954 | +€10,954 | |
| Remuneration, social security and pensions | 62 | €1,904 | €2,906 | +€1,002 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,103 | €1,103 | = | 0.0% |
| Other operating charges | 640/8 | €263 | €1,226 | +€963 | +366% |
| Gross operating margin | 9900 | €54,929 | €59,845 | +€4,917 | +9.0% |
| Operating profit (loss) | 9901 | €51,658 | €54,610 | +€2,952 | +5.7% |
| Financial income | 75/76B | €8,050 | - | -€8,050 | |
| Recurring financial income | 75 | €8,050 | - | -€8,050 | |
| Financial charges | 65/66B | €6,189 | €5,131 | -€1,059 | -17.1% |
| Recurring financial charges | 65 | €6,189 | €5,131 | -€1,059 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €53,518 | €49,479 | -€4,039 | -7.5% |
| Income taxes | 67/77 | €17,146 | €24,654 | +€7,509 | +43.8% |
| Profit (loss) for the period | 9904 | €36,373 | €24,825 | -€11,548 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,373 | €24,825 | -€11,548 | -31.7% |
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.