LEO RAES: 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 RAES
Largest movements
- Receivables after one year -€87,673
down €87,673 (-18.5%), from €474,205 to €386,532
- Current investments +€34,497
up €34,497 (+59.0%), from €58,487 to €92,984
- Tangible fixed assets -€9,102
down €9,102 (-70.1%), from €12,976 to €3,874
- Other debts -€70,511
down €70,511 (-100%), from €70,511 to €0
- Gross operating margin +€11,921
up €11,921, from -€6,461 to €5,460
- Taxes +€4,434
up €4,434 (+405%), from €1,095 to €5,529
- Financial income -€2,786
down €2,786 (-18.5%), from €15,043 to €12,257
of which Non-recurring financial income: -€3,385
- Other operating charges +€825
up €825 (+93.8%), from €880 to €1,705
- Financial charges -€552
down €552 (-61.4%), from €899 to €347
of which Non-recurring financial charges: -€827
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 | €746,445 | €671,949 | -€74,497 | -10.0% |
| Fixed assets | 21/28 | €71,393 | €62,291 | -€9,102 | -12.7% |
| Tangible fixed assets | 22/27 | €12,976 | €3,874 | -€9,102 | -70.1% |
| Furniture and vehicles | 24 | €12,976 | €3,874 | -€9,102 | -70.1% |
| Financial fixed assets | 28 | €58,417 | €58,417 | = | 0.0% |
| Current assets | 29/58 | €675,053 | €609,658 | -€65,395 | -9.7% |
| Amounts receivable after more than one year | 29 | €474,205 | €386,532 | -€87,673 | -18.5% |
| Other amounts receivable | 291 | €474,205 | €386,532 | -€87,673 | -18.5% |
| Amounts receivable within one year | 40/41 | €121,724 | €116,372 | -€5,352 | -4.4% |
| Trade receivables | 40 | €1,988 | €0 | -€1,988 | -100% |
| Other amounts receivable | 41 | €119,736 | €116,372 | -€3,364 | -2.8% |
| Current investments | 50/53 | €58,487 | €92,984 | +€34,497 | +59.0% |
| Cash at bank and in hand | 54/58 | €20,637 | €13,770 | -€6,867 | -33.3% |
| Total equity and liabilities | 10/49 | €746,445 | €671,949 | -€74,497 | -10.0% |
| Equity | 10/15 | €669,935 | €670,969 | +€1,034 | +0.2% |
| Contributions | 10/11 | €229,000 | €229,000 | = | 0.0% |
| Reserves | 13 | €440,935 | €441,969 | +€1,034 | +0.2% |
| Distributable reserves | 133 | €440,935 | €441,969 | +€1,034 | +0.2% |
| Amounts payable | 17/49 | €76,510 | €979 | -€75,531 | -98.7% |
| Amounts payable within one year | 42/48 | €76,510 | €979 | -€75,531 | -98.7% |
| Trade debts | 44 | €5,999 | €876 | -€5,123 | -85.4% |
| Suppliers | 440/4 | €5,999 | €876 | -€5,123 | -85.4% |
| Taxes, remuneration and social security | 45 | - | €103 | +€103 | |
| Taxes | 450/3 | - | €103 | +€103 | |
| Other amounts payable | 47/48 | €70,511 | €0 | -€70,511 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,196 | €9,102 | -€94 | -1.0% |
| Other operating charges | 640/8 | €880 | €1,705 | +€825 | +93.8% |
| Gross operating margin | 9900 | -€6,461 | €5,460 | +€11,921 | |
| Operating profit (loss) | 9901 | -€16,536 | -€5,346 | +€11,190 | +67.7% |
| Financial income | 75/76B | €15,043 | €12,257 | -€2,786 | -18.5% |
| Recurring financial income | 75 | €513 | €1,112 | +€598 | +117% |
| Non-recurring financial income | 76B | €14,530 | €11,145 | -€3,385 | -23.3% |
| Financial charges | 65/66B | €899 | €347 | -€552 | -61.4% |
| Recurring financial charges | 65 | €72 | €347 | +€275 | +382% |
| Non-recurring financial charges | 66B | €827 | €0 | -€827 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€2,392 | €6,563 | +€8,955 | |
| Income taxes | 67/77 | €1,095 | €5,529 | +€4,434 | +405% |
| Profit (loss) for the period | 9904 | -€3,487 | €1,034 | +€4,522 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,487 | €1,034 | +€4,522 |
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 25 October 2026 via checked.be.