LEONARD - LOVATO: 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 - LOVATO
Largest movements
- Receivables after one year +€41,800
up €41,800 (+45.4%), from €92,000 to €133,800
- Receivables within one year +€38,874
up €38,874 (+321%), from €12,093 to €50,967
of which Trade receivables: +€29,450
- Cash -€22,744
down €22,744 (-16.9%), from €134,962 to €112,217
mainly Receivables after one year (-€41,800) and Receivables within one year (-€38,874)
- Reserves +€77,124
up €77,124 (+38.3%), from €201,387 to €278,511
of which Distributable reserves: +€77,124
- Provisions -€14,503
down €14,503 (-100%), from €14,503 to €0
- Tax, wage and social debts -€7,605
down €7,605 (-75.8%), from €10,030 to €2,426
of which Taxes: -€6,555
- Gross operating margin +€28,059
up €28,059 (+38.9%), from €72,038 to €100,097
- Taxes +€16,957
up €16,957 (+87.3%), from €19,426 to €36,383
- Staff costs -€9,581
down €9,581 (-91.3%), from €10,491 to €910
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 | €240,723 | €296,984 | +€56,261 | +23.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €240,723 | €296,984 | +€56,261 | +23.4% |
| Amounts receivable after more than one year | 29 | €92,000 | €133,800 | +€41,800 | +45.4% |
| Other amounts receivable | 291 | €92,000 | €133,800 | +€41,800 | +45.4% |
| Stocks and contracts in progress | 3 | €1,668 | €0 | -€1,668 | -100% |
| Stocks | 30/36 | €1,668 | €0 | -€1,668 | -100% |
| Amounts receivable within one year | 40/41 | €12,093 | €50,967 | +€38,874 | +321% |
| Trade receivables | 40 | €11,809 | €41,259 | +€29,450 | +249% |
| Other amounts receivable | 41 | €284 | €9,708 | +€9,424 | +3,320% |
| Cash at bank and in hand | 54/58 | €134,962 | €112,217 | -€22,744 | -16.9% |
| Total equity and liabilities | 10/49 | €240,723 | €296,984 | +€56,261 | +23.4% |
| Equity | 10/15 | €213,480 | €290,605 | +€77,124 | +36.1% |
| Contributions | 10/11 | €12,094 | €12,094 | = | 0.0% |
| Reserves | 13 | €201,387 | €278,511 | +€77,124 | +38.3% |
| Tax-exempt reserves | 132 | €13,200 | €13,200 | = | 0.0% |
| Distributable reserves | 133 | €188,187 | €265,311 | +€77,124 | +41.0% |
| Provisions and deferred taxes | 16 | €14,503 | €0 | -€14,503 | -100% |
| Provisions for liabilities and charges | 160/5 | €14,503 | €0 | -€14,503 | -100% |
| Other liabilities and charges | 164/5 | €14,503 | €0 | -€14,503 | -100% |
| Amounts payable | 17/49 | €12,739 | €6,379 | -€6,360 | -49.9% |
| Amounts payable within one year | 42/48 | €12,739 | €6,379 | -€6,360 | -49.9% |
| Trade debts | 44 | €1,865 | €3,921 | +€2,055 | +110% |
| Suppliers | 440/4 | €1,865 | €3,921 | +€2,055 | +110% |
| Taxes, remuneration and social security | 45 | €10,030 | €2,426 | -€7,605 | -75.8% |
| Taxes | 450/3 | €8,981 | €2,426 | -€6,555 | -73.0% |
| Remuneration and social security | 454/9 | €1,049 | €0 | -€1,049 | -100% |
| Other amounts payable | 47/48 | €844 | €33 | -€811 | -96.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €10,491 | €910 | -€9,581 | -91.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€746 | -€746 | |
| Other operating charges | 640/8 | €1,443 | €2,293 | +€849 | +58.8% |
| Non-recurring operating charges | 66A | - | -€14,503 | -€14,503 | |
| Gross operating margin | 9900 | €72,038 | €100,097 | +€28,059 | +38.9% |
| Operating profit (loss) | 9901 | €60,104 | €112,144 | +€52,040 | +86.6% |
| Financial income | 75/76B | €1,423 | €2,285 | +€861 | +60.5% |
| Recurring financial income | 75 | €1,423 | €2,285 | +€861 | +60.5% |
| Financial charges | 65/66B | €1,451 | €921 | -€529 | -36.5% |
| Recurring financial charges | 65 | €1,451 | €921 | -€529 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €60,077 | €113,507 | +€53,431 | +88.9% |
| Income taxes | 67/77 | €19,426 | €36,383 | +€16,957 | +87.3% |
| Profit (loss) for the period | 9904 | €40,651 | €77,124 | +€36,474 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,651 | €77,124 | +€36,474 | +89.7% |
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 13 October 2026 via checked.be.