LEO: 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.
LEO
Largest movements
- Cash +€100,169
up €100,169 (+65.7%), from €152,354 to €252,523
mainly Net result for the year (+€90,745) and Depreciation (+€81,191)
- Reserves +€148,258
up €148,258 (+6.5%), from €2.3m to €2.4m
of which Distributable reserves: +€148,258
- Revaluation surpluses -€57,513
down €57,513 (-9.2%), from €622,013 to €564,500
- Depreciation -€78,681
down €78,681 (-49.2%), from €159,872 to €81,191
- Financial income -€36,229
down €36,229 (-48.4%), from €74,919 to €38,690
- Gross operating margin +€31,099
up €31,099 (+16.9%), from €183,861 to €214,960
- Taxes +€5,633
up €5,633 (+12.5%), from €45,109 to €50,742
- Other operating charges -€2,670
down €2,670 (-8.1%), from €33,107 to €30,437
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 | €3,016,196 | €3,099,914 | +€83,718 | +2.8% |
| Fixed assets | 21/28 | €861,237 | €844,443 | -€16,794 | -1.9% |
| Tangible fixed assets | 22/27 | €861,237 | €844,443 | -€16,794 | -1.9% |
| Land and buildings | 22 | €861,237 | €844,443 | -€16,794 | -1.9% |
| Current assets | 29/58 | €2,154,959 | €2,255,471 | +€100,512 | +4.7% |
| Amounts receivable within one year | 40/41 | €2,605 | €2,948 | +€343 | +13.2% |
| Other amounts receivable | 41 | €2,605 | €2,948 | +€343 | +13.2% |
| Current investments | 50/53 | €2,000,000 | €2,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €152,354 | €252,523 | +€100,169 | +65.7% |
| Total equity and liabilities | 10/49 | €3,016,196 | €3,099,914 | +€83,718 | +2.8% |
| Equity | 10/15 | €2,991,824 | €3,082,569 | +€90,745 | +3.0% |
| Contributions | 10/11 | €95,921 | €95,921 | = | 0.0% |
| Contributions outside capital | 11 | €95,921 | €95,921 | = | 0.0% |
| Other | 1109/19 | €95,921 | €95,921 | = | 0.0% |
| Revaluation surpluses | 12 | €622,013 | €564,500 | -€57,513 | -9.2% |
| Reserves | 13 | €2,273,890 | €2,422,148 | +€148,258 | +6.5% |
| Non-distributable reserves | 130/1 | €71,352 | €71,352 | = | 0.0% |
| Reserves not available under the articles | 1311 | €71,352 | €71,352 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,222 | €12,222 | = | 0.0% |
| Distributable reserves | 133 | €2,190,316 | €2,338,574 | +€148,258 | +6.8% |
| Amounts payable | 17/49 | €24,372 | €17,345 | -€7,027 | -28.8% |
| Amounts payable within one year | 42/48 | €24,372 | €17,345 | -€7,027 | -28.8% |
| Trade debts | 44 | €6,241 | €6,295 | +€54 | +0.9% |
| Suppliers | 440/4 | €6,241 | €6,295 | +€54 | +0.9% |
| Taxes, remuneration and social security | 45 | - | €11,050 | +€11,050 | |
| Taxes | 450/3 | - | €11,050 | +€11,050 | |
| Other amounts payable | 47/48 | €18,131 | - | -€18,131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,872 | €81,191 | -€78,681 | -49.2% |
| Other operating charges | 640/8 | €33,107 | €30,437 | -€2,670 | -8.1% |
| Gross operating margin | 9900 | €183,861 | €214,960 | +€31,099 | +16.9% |
| Operating profit (loss) | 9901 | -€9,118 | €103,332 | +€112,450 | |
| Financial income | 75/76B | €74,919 | €38,690 | -€36,229 | -48.4% |
| Recurring financial income | 75 | €74,919 | €38,690 | -€36,229 | -48.4% |
| Financial charges | 65/66B | €391 | €535 | +€144 | +36.8% |
| Recurring financial charges | 65 | €391 | €535 | +€144 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €65,410 | €141,487 | +€76,077 | +116% |
| Income taxes | 67/77 | €45,109 | €50,742 | +€5,633 | +12.5% |
| Profit (loss) for the period | 9904 | €20,301 | €90,745 | +€70,444 | +347% |
| Profit (loss) for the period to be appropriated | 9905 | €20,301 | €90,745 | +€70,444 | +347% |
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.