LEO: 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.
LEO
Largest movements
- Current investments +€177,570
up €177,570 (+22.1%), from €804,494 to €982,063
- Cash -€71,203
down €71,203 (-61.8%), from €115,229 to €44,026
mainly Current investments (-€177,570) and Contributions, distributions and other (-€105,985)
- Reserves +€103,049
up €103,049 (+11.1%), from €926,774 to €1.0m
- Staff costs -€11,899
down €11,899 (-58.7%), from €20,279 to €8,380
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 | €1,012,322 | €1,108,890 | +€96,568 | +9.5% |
| Fixed assets | 21/28 | €54,340 | €55,995 | +€1,655 | +3.0% |
| Tangible fixed assets | 22/27 | €54,090 | €55,745 | +€1,655 | +3.1% |
| Furniture and vehicles | 24 | €21,750 | €12,693 | -€9,057 | -41.6% |
| Other tangible fixed assets | 26 | €32,340 | €43,053 | +€10,713 | +33.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €957,983 | €1,052,895 | +€94,912 | +9.9% |
| Amounts receivable within one year | 40/41 | €32,280 | €23,908 | -€8,372 | -25.9% |
| Trade receivables | 40 | €16,000 | - | -€16,000 | |
| Other amounts receivable | 41 | €16,280 | €23,908 | +€7,628 | +46.9% |
| Current investments | 50/53 | €804,494 | €982,063 | +€177,570 | +22.1% |
| Cash at bank and in hand | 54/58 | €115,229 | €44,026 | -€71,203 | -61.8% |
| Deferred charges and accrued income | 490/1 | €5,979 | €2,897 | -€3,083 | -51.6% |
| Total equity and liabilities | 10/49 | €1,012,322 | €1,108,890 | +€96,568 | +9.5% |
| Equity | 10/15 | €939,174 | €1,042,224 | +€103,049 | +11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €926,774 | €1,029,824 | +€103,049 | +11.1% |
| Distributable reserves | 133 | €926,774 | €1,029,824 | +€103,049 | +11.1% |
| Amounts payable | 17/49 | €73,148 | €66,666 | -€6,482 | -8.9% |
| Amounts payable within one year | 42/48 | €73,148 | €66,666 | -€6,482 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €60,329 | €60,395 | +€65 | +0.1% |
| Trade debts | 44 | €2,805 | €972 | -€1,832 | -65.3% |
| Suppliers | 440/4 | €2,805 | €972 | -€1,832 | -65.3% |
| Taxes, remuneration and social security | 45 | €10,014 | €5,299 | -€4,715 | -47.1% |
| Taxes | 450/3 | €10,014 | €5,299 | -€4,715 | -47.1% |
| Remuneration, social security and pensions | 62 | €20,279 | €8,380 | -€11,899 | -58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,896 | €16,580 | +€1,685 | +11.3% |
| Other operating charges | 640/8 | €2,216 | €2,290 | +€75 | +3.4% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €320,524 | €322,179 | +€1,655 | +0.5% |
| Operating profit (loss) | 9901 | €283,133 | €294,928 | +€11,795 | +4.2% |
| Financial income | 75/76B | €12,835 | €11,549 | -€1,286 | -10.0% |
| Recurring financial income | 75 | €12,835 | €11,549 | -€1,286 | -10.0% |
| Financial charges | 65/66B | €2,455 | €2,451 | -€4 | -0.2% |
| Recurring financial charges | 65 | €2,169 | €2,451 | +€283 | +13.0% |
| Non-recurring financial charges | 66B | €286 | - | -€286 | |
| Profit (loss) for the period before taxes | 9903 | €293,513 | €304,026 | +€10,513 | +3.6% |
| Income taxes | 67/77 | €91,918 | €94,991 | +€3,074 | +3.3% |
| Profit (loss) for the period | 9904 | €201,595 | €209,034 | +€7,439 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €201,595 | €209,034 | +€7,439 | +3.7% |
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 4 October 2026 via checked.be.