LEONARD DOYEN: 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.
LEONARD DOYEN
Largest movements
- Cash -€185,081
down €185,081 (-47.8%), from €387,543 to €202,462
mainly Other debts (-€138,462) and Debts after one year (-€45,000)
- Tangible fixed assets -€33,635
down €33,635 (-7.7%), from €437,149 to €403,514
of which Land and buildings: -€31,161
- Other debts -€138,462
down €138,462 (-70.6%), from €196,054 to €57,592
- Debts after one year -€45,000
down €45,000 (-17.3%), from €260,000 to €215,000
- Tax, wage and social debts -€14,249
down €14,249 (-62.5%), from €22,784 to €8,534
- Gross operating margin +€26,334
up €26,334 (+51.8%), from €50,881 to €77,215
- Other operating charges +€2,299
up €2,299 (+57.3%), from €4,013 to €6,311
- Depreciation -€1,726
down €1,726 (-2.9%), from €60,149 to €58,423
- Financial charges -€1,242
down €1,242 (-7.6%), from €16,334 to €15,092
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 | €979,987 | €776,283 | -€203,704 | -20.8% |
| Fixed assets | 21/28 | €437,149 | €404,864 | -€32,285 | -7.4% |
| Intangible fixed assets | 21 | €0 | €1,350 | +€1,350 | |
| Tangible fixed assets | 22/27 | €437,149 | €403,514 | -€33,635 | -7.7% |
| Land and buildings | 22 | €356,587 | €325,426 | -€31,161 | -8.7% |
| Plant, machinery and equipment | 23 | €79,001 | €55,343 | -€23,658 | -29.9% |
| Furniture and vehicles | 24 | €1,562 | €22,745 | +€21,184 | +1,356% |
| Current assets | 29/58 | €542,837 | €371,419 | -€171,419 | -31.6% |
| Stocks and contracts in progress | 3 | €70,699 | €75,223 | +€4,525 | +6.4% |
| Stocks | 30/36 | €70,699 | €75,223 | +€4,525 | +6.4% |
| Amounts receivable within one year | 40/41 | €55,760 | €64,385 | +€8,625 | +15.5% |
| Trade receivables | 40 | €40,693 | €62,140 | +€21,448 | +52.7% |
| Other amounts receivable | 41 | €15,067 | €2,245 | -€12,822 | -85.1% |
| Current investments | 50/53 | €26,495 | €26,495 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €387,543 | €202,462 | -€185,081 | -47.8% |
| Deferred charges and accrued income | 490/1 | €2,340 | €2,852 | +€512 | +21.9% |
| Total equity and liabilities | 10/49 | €979,987 | €776,283 | -€203,704 | -20.8% |
| Equity | 10/15 | €441,875 | €440,843 | -€1,032 | -0.2% |
| Contributions | 10/11 | €227,159 | €227,159 | = | 0.0% |
| Reserves | 13 | €243,508 | €243,508 | = | 0.0% |
| Distributable reserves | 133 | €243,508 | €243,508 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,792 | -€29,823 | -€1,032 | -3.6% |
| Amounts payable | 17/49 | €538,112 | €335,440 | -€202,672 | -37.7% |
| Amounts payable after more than one year | 17 | €260,000 | €215,000 | -€45,000 | -17.3% |
| Financial debts | 170/4 | €260,000 | €215,000 | -€45,000 | -17.3% |
| Amounts payable within one year | 42/48 | €278,112 | €120,440 | -€157,672 | -56.7% |
| Current portion of amounts payable after more than one year | 42 | €45,000 | €45,000 | = | 0.0% |
| Trade debts | 44 | €14,275 | €9,314 | -€4,961 | -34.8% |
| Suppliers | 440/4 | €14,275 | €9,314 | -€4,961 | -34.8% |
| Taxes, remuneration and social security | 45 | €22,784 | €8,534 | -€14,249 | -62.5% |
| Taxes | 450/3 | €22,784 | €8,534 | -€14,249 | -62.5% |
| Other amounts payable | 47/48 | €196,054 | €57,592 | -€138,462 | -70.6% |
| Remuneration, social security and pensions | 62 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,149 | €58,423 | -€1,726 | -2.9% |
| Other operating charges | 640/8 | €4,013 | €6,311 | +€2,299 | +57.3% |
| Gross operating margin | 9900 | €50,881 | €77,215 | +€26,334 | +51.8% |
| Operating profit (loss) | 9901 | -€13,281 | €12,480 | +€25,761 | |
| Financial income | 75/76B | €1,106 | €1,866 | +€760 | +68.7% |
| Recurring financial income | 75 | €1,106 | €1,866 | +€760 | +68.7% |
| Financial charges | 65/66B | €16,334 | €15,092 | -€1,242 | -7.6% |
| Recurring financial charges | 65 | €16,334 | €15,092 | -€1,242 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,509 | -€746 | +€27,763 | +97.4% |
| Income taxes | 67/77 | €283 | €286 | +€3 | +1.2% |
| Profit (loss) for the period | 9904 | -€28,792 | -€1,032 | +€27,760 | +96.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,792 | -€1,032 | +€27,760 | +96.4% |
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 27 October 2026 via checked.be.