LEONARD - SEUTIN: 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 - SEUTIN
Largest movements
- Cash +€110,883
up €110,883 (+46.5%), from €238,551 to €349,435
mainly Depreciation (+€98,776) and Net result for the year (+€89,028)
- Tangible fixed assets -€46,081
down €46,081 (-6.0%), from €769,286 to €723,205
of which Furniture and vehicles: -€35,634
- Stocks and contracts +€27,397
up €27,397 (+50.6%), from €54,133 to €81,530
- Receivables within one year -€20,314
down €20,314 (-6.4%), from €317,569 to €297,255
of which Trade receivables: -€29,781
- Intangible fixed assets -€19,362
down €19,362 (-9.5%), from €202,972 to €183,610
- Debts after one year -€57,969
down €57,969 (-34.5%), from €167,868 to €109,899
- Other debts +€56,150
up €56,150 (+17.4%), from €323,125 to €379,274
- Reserves +€51,606
up €51,606 (+6.0%), from €859,304 to €910,910
of which Distributable reserves: +€65,000
- Gross operating margin +€19,230
up €19,230 (+7.8%), from €247,977 to €267,206
- Write-downs +€13,479
new in 2025: €13,479
- Taxes -€4,951
down €4,951 (-10.9%), from €45,483 to €40,533
- Depreciation +€4,467
up €4,467 (+4.7%), from €94,308 to €98,776
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 | €1,625,232 | €1,680,494 | +€55,262 | +3.4% |
| Fixed assets | 21/28 | €1,007,651 | €942,208 | -€65,443 | -6.5% |
| Intangible fixed assets | 21 | €202,972 | €183,610 | -€19,362 | -9.5% |
| Tangible fixed assets | 22/27 | €769,286 | €723,205 | -€46,081 | -6.0% |
| Land and buildings | 22 | €426,877 | €435,642 | +€8,765 | +2.1% |
| Plant, machinery and equipment | 23 | €203,578 | €184,365 | -€19,213 | -9.4% |
| Furniture and vehicles | 24 | €138,831 | €103,198 | -€35,634 | -25.7% |
| Financial fixed assets | 28 | €35,393 | €35,393 | = | 0.0% |
| Current assets | 29/58 | €617,581 | €738,285 | +€120,705 | +19.5% |
| Stocks and contracts in progress | 3 | €54,133 | €81,530 | +€27,397 | +50.6% |
| Stocks | 30/36 | €54,133 | €81,530 | +€27,397 | +50.6% |
| Amounts receivable within one year | 40/41 | €317,569 | €297,255 | -€20,314 | -6.4% |
| Trade receivables | 40 | €317,569 | €287,788 | -€29,781 | -9.4% |
| Other amounts receivable | 41 | - | €9,468 | +€9,468 | |
| Cash at bank and in hand | 54/58 | €238,551 | €349,435 | +€110,883 | +46.5% |
| Deferred charges and accrued income | 490/1 | €7,327 | €10,065 | +€2,738 | +37.4% |
| Total equity and liabilities | 10/49 | €1,625,232 | €1,680,494 | +€55,262 | +3.4% |
| Equity | 10/15 | €934,770 | €984,229 | +€49,458 | +5.3% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €859,304 | €910,910 | +€51,606 | +6.0% |
| Tax-exempt reserves | 132 | €143,204 | €129,810 | -€13,394 | -9.4% |
| Distributable reserves | 133 | €716,100 | €781,100 | +€65,000 | +9.1% |
| Profit (loss) carried forward | 14 | €14,609 | €17,031 | +€2,422 | +16.6% |
| Investment grants | 15 | €29,857 | €25,287 | -€4,570 | -15.3% |
| Provisions and deferred taxes | 16 | €22,739 | €18,275 | -€4,465 | -19.6% |
| Deferred taxes | 168 | €22,739 | €18,275 | -€4,465 | -19.6% |
| Amounts payable | 17/49 | €667,722 | €677,991 | +€10,268 | +1.5% |
| Amounts payable after more than one year | 17 | €167,868 | €109,899 | -€57,969 | -34.5% |
| Financial debts | 170/4 | €167,868 | €109,899 | -€57,969 | -34.5% |
| Amounts payable within one year | 42/48 | €466,962 | €534,093 | +€67,131 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €57,965 | €57,969 | +€4 | 0.0% |
| Trade debts | 44 | €35,452 | €39,054 | +€3,602 | +10.2% |
| Suppliers | 440/4 | €35,452 | €39,054 | +€3,602 | +10.2% |
| Taxes, remuneration and social security | 45 | €50,420 | €57,795 | +€7,375 | +14.6% |
| Taxes | 450/3 | €46,778 | €57,695 | +€10,917 | +23.3% |
| Remuneration and social security | 454/9 | €3,642 | €100 | -€3,542 | -97.3% |
| Other amounts payable | 47/48 | €323,125 | €379,274 | +€56,150 | +17.4% |
| Accrued charges and deferred income | 492/3 | €32,892 | €33,998 | +€1,107 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,308 | €98,776 | +€4,467 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,479 | +€13,479 | |
| Other operating charges | 640/8 | €9,859 | €7,940 | -€1,919 | -19.5% |
| Gross operating margin | 9900 | €247,977 | €267,206 | +€19,230 | +7.8% |
| Operating profit (loss) | 9901 | €143,810 | €147,012 | +€3,203 | +2.2% |
| Financial income | 75/76B | €5,184 | €4,847 | -€337 | -6.5% |
| Recurring financial income | 75 | €5,184 | €4,847 | -€337 | -6.5% |
| Financial charges | 65/66B | €27,656 | €26,764 | -€893 | -3.2% |
| Recurring financial charges | 65 | €27,656 | €26,764 | -€893 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €121,337 | €125,096 | +€3,759 | +3.1% |
| Transfer from deferred taxes | 780 | €4,465 | €4,465 | = | 0.0% |
| Income taxes | 67/77 | €45,483 | €40,533 | -€4,951 | -10.9% |
| Profit (loss) for the period | 9904 | €80,319 | €89,028 | +€8,710 | +10.8% |
| Transfer from tax-exempt reserves | 789 | €13,394 | €13,394 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,713 | €102,422 | +€8,710 | +9.3% |
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 18 October 2026 via checked.be.