LEO MARTENS: 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 MARTENS
Largest movements
- Current investments -€20,000
down €20,000 (-20.0%), from €99,930 to €79,930
- Receivables within one year -€19,114
down €19,114 (-24.7%), from €77,284 to €58,170
of which Trade receivables: -€30,113
- Cash +€17,272
up €17,272 (+37.0%), from €46,635 to €63,907
mainly Current investments (+€20,000) and Receivables within one year (+€19,114)
- Tangible fixed assets -€4,338
down €4,338 (-39.3%), from €11,048 to €6,710
of which Land and buildings: -€2,824
- Trade debts -€25,500
down €25,500 (-95.4%), from €26,740 to €1,240
- Financial income +€2,053
up €2,053 (+149%), from €1,378 to €3,431
- Depreciation -€1,596
down €1,596 (-25.4%), from €6,283 to €4,687
- Taxes +€831
up €831 (+52.7%), from €1,576 to €2,407
- Gross operating margin -€633
down €633 (-13.7%), from €4,635 to €4,002
- Financial charges +€591
up €591 (+92.2%), from €641 to €1,232
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 | €238,297 | €211,408 | -€26,889 | -11.3% |
| Fixed assets | 21/28 | €11,048 | €6,710 | -€4,338 | -39.3% |
| Tangible fixed assets | 22/27 | €11,048 | €6,710 | -€4,338 | -39.3% |
| Land and buildings | 22 | €7,990 | €5,166 | -€2,824 | -35.3% |
| Plant, machinery and equipment | 23 | €428 | €444 | +€16 | +3.7% |
| Furniture and vehicles | 24 | €2,630 | €1,100 | -€1,530 | -58.2% |
| Current assets | 29/58 | €227,249 | €204,698 | -€22,551 | -9.9% |
| Amounts receivable within one year | 40/41 | €77,284 | €58,170 | -€19,114 | -24.7% |
| Trade receivables | 40 | €30,113 | - | -€30,113 | |
| Other amounts receivable | 41 | €47,171 | €58,170 | +€10,999 | +23.3% |
| Current investments | 50/53 | €99,930 | €79,930 | -€20,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €46,635 | €63,907 | +€17,272 | +37.0% |
| Deferred charges and accrued income | 490/1 | €3,400 | €2,691 | -€709 | -20.9% |
| Total equity and liabilities | 10/49 | €238,297 | €211,408 | -€26,889 | -11.3% |
| Equity | 10/15 | €211,557 | €210,168 | -€1,389 | -0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €208,293 | €208,293 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,880 | €1,880 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,880 | €1,880 | = | 0.0% |
| Distributable reserves | 133 | €206,413 | €206,413 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,936 | -€4,325 | -€1,389 | -47.3% |
| Amounts payable | 17/49 | €26,740 | €1,240 | -€25,500 | -95.4% |
| Amounts payable within one year | 42/48 | €26,740 | €1,240 | -€25,500 | -95.4% |
| Trade debts | 44 | €26,740 | €1,240 | -€25,500 | -95.4% |
| Suppliers | 440/4 | €26,740 | €1,240 | -€25,500 | -95.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,283 | €4,687 | -€1,596 | -25.4% |
| Other operating charges | 640/8 | €449 | €497 | +€48 | +10.7% |
| Gross operating margin | 9900 | €4,635 | €4,002 | -€633 | -13.7% |
| Operating profit (loss) | 9901 | -€2,097 | -€1,182 | +€915 | +43.6% |
| Financial income | 75/76B | €1,378 | €3,431 | +€2,053 | +149% |
| Recurring financial income | 75 | €1,378 | €3,431 | +€2,053 | +149% |
| Financial charges | 65/66B | €641 | €1,232 | +€591 | +92.2% |
| Recurring financial charges | 65 | €641 | €1,232 | +€591 | +92.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,360 | €1,017 | +€2,377 | |
| Income taxes | 67/77 | €1,576 | €2,407 | +€831 | +52.7% |
| Profit (loss) for the period | 9904 | -€2,936 | -€1,390 | +€1,546 | +52.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,936 | -€1,390 | +€1,546 | +52.7% |
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 20 October 2026 via checked.be.