Leogard: what changed
Two fiscal 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.
Leogard
Largest movements
- Receivables within one year +€24,708
up €24,708 (+144.7%), from €17,078 to €41,786
of which Other amounts receivable: +€24,521
- Tangible fixed assets -€13,135
down €13,135 (-16.4%), from €80,266 to €67,132
of which Other tangible fixed assets: -€12,044
- Cash +€7,161
up €7,161 (+65.5%), from €10,930 to €18,091
mainly Net result for the year (+€27,303) and Depreciation (+€13,135)
- Deferred charges and accrued income +€1,639
up €1,639 (+157.4%), from €1,041 to €2,679
- Reserves +€27,303
up €27,303 (+89.6%), from €30,459 to €57,762
- Current portion of long-term debt -€12,601
down €12,601 (-65.1%), from €19,342 to €6,741
- Debts after one year -€6,741
down €6,741 (-60.8%), from €11,083 to €4,342
- Short-term financial debts +€5,000
up €5,000 (+50.0%), from €10,000 to €15,000
- Advances received +€4,500
new in 2025: €4,500
- Gross operating margin +€10,115
up €10,115 (+18.3%), from €55,128 to €65,244
- Taxes +€4,345
up €4,345 (+28.8%), from €15,099 to €19,444
- Other operating charges +€2,072
up €2,072 (+111.9%), from €1,851 to €3,923
- Financial charges -€916
down €916 (-24.2%), from €3,793 to €2,877
- Financial income +€751
up €751 (+109.5%), from €686 to €1,437
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.
Cash bridge derived
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 | €109,315 | €129,688 | +€20,373 | +18.6% |
| Fixed assets | 21/28 | €80,266 | €67,132 | -€13,135 | -16.4% |
| Tangible fixed assets | 22/27 | €80,266 | €67,132 | -€13,135 | -16.4% |
| Land and buildings | 22 | €2,092 | €1,636 | -€457 | -21.8% |
| Plant, machinery and equipment | 23 | €873 | €557 | -€315 | -36.1% |
| Furniture and vehicles | 24 | €1,103 | €785 | -€319 | -28.9% |
| Other tangible fixed assets | 26 | €76,198 | €64,154 | -€12,044 | -15.8% |
| Current assets | 29/58 | €29,049 | €62,556 | +€33,508 | +115.3% |
| Amounts receivable within one year | 40/41 | €17,078 | €41,786 | +€24,708 | +144.7% |
| Trade receivables | 40 | €2,813 | €3,000 | +€187 | +6.7% |
| Other amounts receivable | 41 | €14,265 | €38,786 | +€24,521 | +171.9% |
| Cash at bank and in hand | 54/58 | €10,930 | €18,091 | +€7,161 | +65.5% |
| Deferred charges and accrued income | 490/1 | €1,041 | €2,679 | +€1,639 | +157.4% |
| Total equity and liabilities | 10/49 | €109,315 | €129,688 | +€20,373 | +18.6% |
| Equity | 10/15 | €40,459 | €67,762 | +€27,303 | +67.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €30,459 | €57,762 | +€27,303 | +89.6% |
| Distributable reserves | 133 | €30,459 | €57,762 | +€27,303 | +89.6% |
| Amounts payable | 17/49 | €68,856 | €61,926 | -€6,930 | -10.1% |
| Amounts payable after more than one year | 17 | €11,083 | €4,342 | -€6,741 | -60.8% |
| Financial debts | 170/4 | €11,083 | €4,342 | -€6,741 | -60.8% |
| Amounts payable within one year | 42/48 | €57,774 | €57,584 | -€189 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €19,342 | €6,741 | -€12,601 | -65.1% |
| Financial debts | 43 | €10,000 | €15,000 | +€5,000 | +50.0% |
| Credit institutions | 430/8 | €10,000 | €15,000 | +€5,000 | +50.0% |
| Trade debts | 44 | €10,863 | €14,576 | +€3,714 | +34.2% |
| Suppliers | 440/4 | €10,863 | €14,576 | +€3,714 | +34.2% |
| Advances received on contracts in progress | 46 | - | €4,500 | +€4,500 | |
| Taxes, remuneration and social security | 45 | €17,569 | €16,767 | -€802 | -4.6% |
| Taxes | 450/3 | €17,569 | €16,767 | -€802 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,252 | €13,135 | -€117 | -0.9% |
| Other operating charges | 640/8 | €1,851 | €3,923 | +€2,072 | +111.9% |
| Gross operating margin | 9900 | €55,128 | €65,244 | +€10,115 | +18.3% |
| Operating profit (loss) | 9901 | €40,026 | €48,186 | +€8,161 | +20.4% |
| Financial income | 75/76B | €686 | €1,437 | +€751 | +109.5% |
| Recurring financial income | 75 | €686 | €1,437 | +€751 | +109.5% |
| Financial charges | 65/66B | €3,793 | €2,877 | -€916 | -24.2% |
| Recurring financial charges | 65 | €3,793 | €2,877 | -€916 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €36,918 | €46,747 | +€9,828 | +26.6% |
| Income taxes | 67/77 | €15,099 | €19,444 | +€4,345 | +28.8% |
| Profit (loss) for the period | 9904 | €21,820 | €27,303 | +€5,483 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,820 | €27,303 | +€5,483 | +25.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.