LEONARD: 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.
LEONARD
Largest movements
- Cash +€154,594
up €154,594 (+127.3%), from €121,484 to €276,077
mainly Net result for the year (+€90,766) and Depreciation (+€84,123)
- Tangible fixed assets -€76,846
down €76,846 (-3.9%), from €2.0m to €1.9m
of which Land and buildings: -€66,914
- Profit (loss) carried forward +€90,766
up €90,766 (+14.9%), from €608,796 to €699,562
- Other debts -€33,993
down €33,993 (-2.4%), from €1.4m to €1.4m
- Gross operating margin +€60,283
up €60,283 (+41.2%), from €146,449 to €206,732
- Taxes +€16,532
up €16,532 (+122.4%), from €13,501 to €30,033
- Depreciation -€16,406
down €16,406 (-16.3%), from €100,529 to €84,123
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 | €2,101,411 | €2,179,158 | +€77,747 | +3.7% |
| Fixed assets | 21/28 | €1,979,927 | €1,903,081 | -€76,846 | -3.9% |
| Tangible fixed assets | 22/27 | €1,979,927 | €1,903,081 | -€76,846 | -3.9% |
| Land and buildings | 22 | €1,968,006 | €1,901,092 | -€66,914 | -3.4% |
| Furniture and vehicles | 24 | €11,922 | €1,989 | -€9,933 | -83.3% |
| Current assets | 29/58 | €121,484 | €276,077 | +€154,594 | +127.3% |
| Cash at bank and in hand | 54/58 | €121,484 | €276,077 | +€154,594 | +127.3% |
| Total equity and liabilities | 10/49 | €2,101,411 | €2,179,158 | +€77,747 | +3.7% |
| Equity | 10/15 | €674,747 | €765,513 | +€90,766 | +13.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €47,359 | €47,359 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,500 | €45,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €608,796 | €699,562 | +€90,766 | +14.9% |
| Amounts payable | 17/49 | €1,426,664 | €1,413,645 | -€13,018 | -0.9% |
| Amounts payable within one year | 42/48 | €1,426,664 | €1,408,980 | -€17,683 | -1.2% |
| Trade debts | 44 | €1,708 | €8,087 | +€6,379 | +373.4% |
| Suppliers | 440/4 | €1,708 | €8,087 | +€6,379 | +373.4% |
| Taxes, remuneration and social security | 45 | €3,000 | €12,931 | +€9,931 | +331.0% |
| Taxes | 450/3 | €3,000 | €12,931 | +€9,931 | +331.0% |
| Other amounts payable | 47/48 | €1,421,956 | €1,387,962 | -€33,993 | -2.4% |
| Accrued charges and deferred income | 492/3 | - | €4,665 | +€4,665 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,529 | €84,123 | -€16,406 | -16.3% |
| Other operating charges | 640/8 | €429 | - | -€429 | |
| Gross operating margin | 9900 | €146,449 | €206,732 | +€60,283 | +41.2% |
| Operating profit (loss) | 9901 | €45,491 | €122,609 | +€77,118 | +169.5% |
| Financial income | 75/76B | - | €340 | +€340 | |
| Recurring financial income | 75 | - | €340 | +€340 | |
| Financial charges | 65/66B | €1,349 | €2,150 | +€801 | +59.4% |
| Recurring financial charges | 65 | €1,349 | €111 | -€1,238 | -91.8% |
| Non-recurring financial charges | 66B | - | €2,039 | +€2,039 | |
| Profit (loss) for the period before taxes | 9903 | €44,142 | €120,799 | +€76,657 | +173.7% |
| Income taxes | 67/77 | €13,501 | €30,033 | +€16,532 | +122.4% |
| Profit (loss) for the period | 9904 | €30,641 | €90,766 | +€60,125 | +196.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,641 | €90,766 | +€60,125 | +196.2% |
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 2 October 2026 via checked.be.