Leon Furrow: 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.
Leon Furrow
Largest movements
- Intangible fixed assets -€72,595
down €72,595 (-37.5%), from €193,676 to €121,081
- Receivables within one year +€47,694
up €47,694 (+32.7%), from €146,044 to €193,737
of which Trade receivables: +€44,555
- Deferred charges and accrued income -€44,484
down €44,484 (-96.0%), from €46,327 to €1,843
- Debts after one year -€63,729
down €63,729 (-34.0%), from €187,651 to €123,923
- Tax, wage and social debts -€13,373
down €13,373 (-20.5%), from €65,119 to €51,746
of which Remuneration and social security: -€8,748
- Current portion of long-term debt +€10,930
up €10,930 (+21.1%), from €51,901 to €62,831
- Staff costs -€52,592
down €52,592 (-36.3%), from €145,009 to €92,417
- Gross operating margin +€24,368
up €24,368 (+13.6%), from €179,668 to €204,036
- Taxes +€3,297
up €3,297 (+21,001%), from €16 to €3,313
- Financial charges +€2,535
up €2,535 (+19.6%), from €12,963 to €15,499
- Depreciation +€2,444
up €2,444 (+3.0%), from €80,921 to €83,365
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 | €528,297 | €459,550 | -€68,747 | -13.0% |
| Fixed assets | 21/28 | €292,837 | €222,080 | -€70,757 | -24.2% |
| Intangible fixed assets | 21 | €193,676 | €121,081 | -€72,595 | -37.5% |
| Tangible fixed assets | 22/27 | €68,280 | €70,118 | +€1,837 | +2.7% |
| Land and buildings | 22 | €47,011 | €45,130 | -€1,881 | -4.0% |
| Plant, machinery and equipment | 23 | €17,431 | €23,679 | +€6,248 | +35.8% |
| Furniture and vehicles | 24 | €3,838 | €1,309 | -€2,529 | -65.9% |
| Financial fixed assets | 28 | €30,880 | €30,880 | = | 0.0% |
| Current assets | 29/58 | €235,460 | €237,471 | +€2,011 | +0.9% |
| Amounts receivable after more than one year | 29 | €8,602 | €8,602 | = | 0.0% |
| Trade receivables | 290 | €8,602 | €8,602 | = | 0.0% |
| Stocks and contracts in progress | 3 | €30,272 | €30,272 | = | 0.0% |
| Stocks | 30/36 | €30,272 | €30,272 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €146,044 | €193,737 | +€47,694 | +32.7% |
| Trade receivables | 40 | €145,607 | €190,162 | +€44,555 | +30.6% |
| Other amounts receivable | 41 | €437 | €3,576 | +€3,139 | +719% |
| Cash at bank and in hand | 54/58 | €4,216 | €3,016 | -€1,199 | -28.4% |
| Deferred charges and accrued income | 490/1 | €46,327 | €1,843 | -€44,484 | -96.0% |
| Total equity and liabilities | 10/49 | €528,297 | €459,550 | -€68,747 | -13.0% |
| Equity | 10/15 | €37,707 | €42,616 | +€4,909 | +13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €19,107 | €24,016 | +€4,909 | +25.7% |
| Amounts payable | 17/49 | €490,590 | €416,935 | -€73,655 | -15.0% |
| Amounts payable after more than one year | 17 | €187,651 | €123,923 | -€63,729 | -34.0% |
| Financial debts | 170/4 | €187,651 | €123,923 | -€63,729 | -34.0% |
| Amounts payable within one year | 42/48 | €302,938 | €293,012 | -€9,926 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €51,901 | €62,831 | +€10,930 | +21.1% |
| Financial debts | 43 | €19,577 | €16,149 | -€3,428 | -17.5% |
| Credit institutions | 430/8 | €19,577 | €16,149 | -€3,428 | -17.5% |
| Trade debts | 44 | €67,833 | €66,837 | -€996 | -1.5% |
| Suppliers | 440/4 | €67,833 | €66,837 | -€996 | -1.5% |
| Taxes, remuneration and social security | 45 | €65,119 | €51,746 | -€13,373 | -20.5% |
| Taxes | 450/3 | €4,653 | €28 | -€4,625 | -99.4% |
| Remuneration and social security | 454/9 | €60,466 | €51,718 | -€8,748 | -14.5% |
| Other amounts payable | 47/48 | €98,509 | €95,449 | -€3,060 | -3.1% |
| Non-recurring operating income | 76A | €935 | €250 | -€685 | -73.3% |
| Remuneration, social security and pensions | 62 | €145,009 | €92,417 | -€52,592 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,921 | €83,365 | +€2,444 | +3.0% |
| Other operating charges | 640/8 | €3,820 | €5,226 | +€1,405 | +36.8% |
| Gross operating margin | 9900 | €179,668 | €204,036 | +€24,368 | +13.6% |
| Operating profit (loss) | 9901 | -€50,083 | €23,028 | +€73,111 | |
| Financial income | 75/76B | €71 | €692 | +€621 | +878% |
| Recurring financial income | 75 | €71 | €692 | +€621 | +878% |
| Financial charges | 65/66B | €12,963 | €15,499 | +€2,535 | +19.6% |
| Recurring financial charges | 65 | €12,963 | €15,499 | +€2,535 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | -€62,975 | €8,221 | +€71,197 | |
| Income taxes | 67/77 | €16 | €3,313 | +€3,297 | +21,001% |
| Profit (loss) for the period | 9904 | -€62,991 | €4,909 | +€67,900 | |
| Profit (loss) for the period to be appropriated | 9905 | -€62,991 | €4,909 | +€67,900 |
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 19 October 2026 via checked.be.