Leo Donné: 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 Donné
Largest movements
- Current investments -€320,000
down €320,000 (-100%), from €320,000 to €0
- Tangible fixed assets -€246,715
down €246,715 (-5.0%), from €4.9m to €4.6m
of which Land and buildings: -€246,307
- Cash +€93,900
up €93,900 (+231%), from €40,678 to €134,578
mainly Current investments (+€320,000) and Depreciation (+€253,440)
- Deferred charges and accrued income +€57,840
up €57,840 (+65.5%), from €88,299 to €146,139
- Provisions -€103,962
down €103,962 (-25.3%), from €411,119 to €307,157
of which Provisions for liabilities and charges: -€82,548
- Profit (loss) carried forward -€102,489
down €102,489 (-1,193%), from -€8,591 to -€111,080
- Debts after one year -€96,182
down €96,182 (-11.6%), from €832,230 to €736,048
- Reserves -€64,242
down €64,242 (-2.2%), from €2.9m to €2.8m
of which Tax-exempt reserves: -€64,242
- Gross operating margin -€132,578
down €132,578 (-52.6%), from €252,220 to €119,642
- Taxes +€25,229
up €25,229 (+1,775%), from €1,422 to €26,651
- Depreciation -€6,169
down €6,169 (-2.4%), from €259,609 to €253,440
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 | €5,545,555 | €5,180,546 | -€365,009 | -6.6% |
| Fixed assets | 21/28 | €4,888,673 | €4,641,958 | -€246,715 | -5.0% |
| Tangible fixed assets | 22/27 | €4,888,673 | €4,641,958 | -€246,715 | -5.0% |
| Land and buildings | 22 | €4,886,836 | €4,640,529 | -€246,307 | -5.0% |
| Furniture and vehicles | 24 | €1,837 | €1,429 | -€408 | -22.2% |
| Current assets | 29/58 | €656,881 | €538,587 | -€118,294 | -18.0% |
| Amounts receivable within one year | 40/41 | €207,904 | €257,870 | +€49,966 | +24.0% |
| Trade receivables | 40 | €4,356 | €1,800 | -€2,556 | -58.7% |
| Other amounts receivable | 41 | €203,548 | €256,070 | +€52,522 | +25.8% |
| Current investments | 50/53 | €320,000 | €0 | -€320,000 | -100% |
| Cash at bank and in hand | 54/58 | €40,678 | €134,578 | +€93,900 | +231% |
| Deferred charges and accrued income | 490/1 | €88,299 | €146,139 | +€57,840 | +65.5% |
| Total equity and liabilities | 10/49 | €5,545,555 | €5,180,546 | -€365,009 | -6.6% |
| Equity | 10/15 | €3,286,434 | €3,119,703 | -€166,731 | -5.1% |
| Contributions | 10/11 | €418,600 | €418,600 | = | 0.0% |
| Reserves | 13 | €2,876,425 | €2,812,183 | -€64,242 | -2.2% |
| Tax-exempt reserves | 132 | €985,712 | €921,470 | -€64,242 | -6.5% |
| Distributable reserves | 133 | €1,890,713 | €1,890,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,591 | -€111,080 | -€102,489 | -1,193% |
| Provisions and deferred taxes | 16 | €411,119 | €307,157 | -€103,962 | -25.3% |
| Provisions for liabilities and charges | 160/5 | €82,548 | €0 | -€82,548 | -100% |
| Other liabilities and charges | 164/5 | €82,548 | €0 | -€82,548 | -100% |
| Deferred taxes | 168 | €328,571 | €307,157 | -€21,414 | -6.5% |
| Amounts payable | 17/49 | €1,848,002 | €1,753,686 | -€94,316 | -5.1% |
| Amounts payable after more than one year | 17 | €832,230 | €736,048 | -€96,182 | -11.6% |
| Financial debts | 170/4 | €832,230 | €736,048 | -€96,182 | -11.6% |
| Amounts payable within one year | 42/48 | €1,015,647 | €1,017,638 | +€1,991 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €94,661 | €96,182 | +€1,521 | +1.6% |
| Trade debts | 44 | €2,392 | €10,697 | +€8,305 | +347% |
| Suppliers | 440/4 | €2,392 | €10,697 | +€8,305 | +347% |
| Taxes, remuneration and social security | 45 | €8,593 | €759 | -€7,834 | -91.2% |
| Taxes | 450/3 | €8,593 | €759 | -€7,834 | -91.2% |
| Other amounts payable | 47/48 | €910,000 | €910,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €125 | €0 | -€125 | -100% |
| Non-recurring operating income | 76A | €119,559 | €74,750 | -€44,809 | -37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259,609 | €253,440 | -€6,169 | -2.4% |
| Other operating charges | 640/8 | €20,165 | €21,074 | +€909 | +4.5% |
| Gross operating margin | 9900 | €252,220 | €119,642 | -€132,578 | -52.6% |
| Operating profit (loss) | 9901 | -€27,554 | -€154,872 | -€127,318 | -462% |
| Financial income | 75/76B | €8,861 | €7,654 | -€1,207 | -13.6% |
| Recurring financial income | 75 | €8,861 | €7,654 | -€1,207 | -13.6% |
| Financial charges | 65/66B | €16,653 | €14,276 | -€2,377 | -14.3% |
| Recurring financial charges | 65 | €16,653 | €14,276 | -€2,377 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | -€35,346 | -€161,494 | -€126,148 | -357% |
| Transfer from deferred taxes | 780 | €22,610 | €21,414 | -€1,196 | -5.3% |
| Income taxes | 67/77 | €1,422 | €26,651 | +€25,229 | +1,775% |
| Profit (loss) for the period | 9904 | -€14,158 | -€166,731 | -€152,573 | -1,078% |
| Transfer from tax-exempt reserves | 789 | €67,829 | €64,242 | -€3,587 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,671 | -€102,489 | -€156,160 |
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 28 October 2026 via checked.be.