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
- Tangible fixed assets +€11,776
up €11,776 (+108%), from €10,861 to €22,637
- Receivables within one year -€5,778
down €5,778 (-29.6%), from €19,537 to €13,760
of which Trade receivables: -€14,457
- Cash -€395
down €395 (-11.4%), from €3,460 to €3,065
mainly Investment in fixed assets (net) (-€19,008) and Other debts (-€12,144)
- Debts after one year +€14,602
new in 2025: €14,602
- Other debts -€12,144
no longer reported in 2025 (was €12,144)
- Tax, wage and social debts -€4,333
down €4,333 (-72.2%), from €5,997 to €1,664
of which Remuneration and social security: -€3,037
- Current portion of long-term debt +€3,543
new in 2025: €3,543
- Profit (loss) carried forward +€2,969
up €2,969 (+30.1%), from €9,879 to €12,849
- Staff costs +€8,441
up €8,441 (+89.8%), from €9,396 to €17,837
- Depreciation +€6,093
up €6,093 (+535%), from €1,139 to €7,232
- Gross operating margin +€4,771
up €4,771 (+19.6%), from €24,338 to €29,108
- Financial income +€2,055
up €2,055 (+79,051%), from €3 to €2,058
- Financial charges +€1,743
up €1,743 (+12,028%), from €14 to €1,757
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 | €33,858 | €39,462 | +€5,603 | +16.5% |
| Fixed assets | 21/28 | €10,861 | €22,637 | +€11,776 | +108% |
| Tangible fixed assets | 22/27 | €10,861 | €22,637 | +€11,776 | +108% |
| Furniture and vehicles | 24 | €10,861 | €22,637 | +€11,776 | +108% |
| Current assets | 29/58 | €22,997 | €16,825 | -€6,173 | -26.8% |
| Amounts receivable within one year | 40/41 | €19,537 | €13,760 | -€5,778 | -29.6% |
| Trade receivables | 40 | €15,200 | €743 | -€14,457 | -95.1% |
| Other amounts receivable | 41 | €4,337 | €13,016 | +€8,679 | +200% |
| Cash at bank and in hand | 54/58 | €3,460 | €3,065 | -€395 | -11.4% |
| Total equity and liabilities | 10/49 | €33,858 | €39,462 | +€5,603 | +16.5% |
| Equity | 10/15 | €13,879 | €16,849 | +€2,969 | +21.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,879 | €12,849 | +€2,969 | +30.1% |
| Amounts payable | 17/49 | €19,979 | €22,613 | +€2,634 | +13.2% |
| Amounts payable after more than one year | 17 | - | €14,602 | +€14,602 | |
| Financial debts | 170/4 | - | €14,602 | +€14,602 | |
| Amounts payable within one year | 42/48 | €19,979 | €8,011 | -€11,968 | -59.9% |
| Current portion of amounts payable after more than one year | 42 | - | €3,543 | +€3,543 | |
| Trade debts | 44 | €1,837 | €2,804 | +€967 | +52.6% |
| Suppliers | 440/4 | €1,837 | €2,804 | +€967 | +52.6% |
| Taxes, remuneration and social security | 45 | €5,997 | €1,664 | -€4,333 | -72.2% |
| Taxes | 450/3 | €2,910 | €1,614 | -€1,296 | -44.5% |
| Remuneration and social security | 454/9 | €3,087 | €50 | -€3,037 | -98.4% |
| Other amounts payable | 47/48 | €12,144 | - | -€12,144 | |
| Remuneration, social security and pensions | 62 | €9,396 | €17,837 | +€8,441 | +89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,139 | €7,232 | +€6,093 | +535% |
| Other operating charges | 640/8 | €1,259 | €77 | -€1,182 | -93.9% |
| Gross operating margin | 9900 | €24,338 | €29,108 | +€4,771 | +19.6% |
| Operating profit (loss) | 9901 | €12,544 | €3,962 | -€8,582 | -68.4% |
| Financial income | 75/76B | €3 | €2,058 | +€2,055 | +79,051% |
| Recurring financial income | 75 | €3 | €2,058 | +€2,055 | +79,051% |
| Financial charges | 65/66B | €14 | €1,757 | +€1,743 | +12,028% |
| Recurring financial charges | 65 | €14 | €1,757 | +€1,743 | +12,028% |
| Profit (loss) for the period before taxes | 9903 | €12,532 | €4,263 | -€8,269 | -66.0% |
| Income taxes | 67/77 | €2,653 | €1,294 | -€1,359 | -51.2% |
| Profit (loss) for the period | 9904 | €9,879 | €2,969 | -€6,910 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,879 | €2,969 | -€6,910 | -69.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.