LEONARD TAM: 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 TAM
Largest movements
- Current investments -€32,675
down €32,675 (-99.6%), from €32,797 to €122
- Cash +€24,868
up €24,868 (+130%), from €19,160 to €44,028
mainly Current investments (+€32,675) and Depreciation (+€9,416)
- Receivables within one year +€13,198
up €13,198 (+14.5%), from €91,198 to €104,396
of which Other amounts receivable: +€9,223
- Tangible fixed assets -€7,443
down €7,443 (-46.8%), from €15,909 to €8,465
of which Furniture and vehicles: -€9,084
- Financial fixed assets +€4,707
up €4,707 (+13.4%), from €35,000 to €39,707
- Reserves +€3,862
up €3,862 (+2.1%), from €186,674 to €190,536
- Gross operating margin -€46,918
down €46,918 (-68.6%), from €68,346 to €21,427
- Taxes -€14,149
down €14,149 (-79.4%), from €17,809 to €3,660
- Financial charges +€4,482
up €4,482 (+1,202%), from €373 to €4,855
of which Non-recurring financial charges: +€3,675
- Financial income -€2,223
down €2,223 (-59.6%), from €3,733 to €1,510
- Other operating charges -€1,568
down €1,568 (-57.8%), from €2,713 to €1,144
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 | €210,092 | €215,809 | +€5,717 | +2.7% |
| Fixed assets | 21/28 | €50,909 | €48,173 | -€2,736 | -5.4% |
| Tangible fixed assets | 22/27 | €15,909 | €8,465 | -€7,443 | -46.8% |
| Plant, machinery and equipment | 23 | - | €1,641 | +€1,641 | |
| Furniture and vehicles | 24 | €15,909 | €6,825 | -€9,084 | -57.1% |
| Financial fixed assets | 28 | €35,000 | €39,707 | +€4,707 | +13.4% |
| Current assets | 29/58 | €159,183 | €167,636 | +€8,453 | +5.3% |
| Stocks and contracts in progress | 3 | €12,191 | €14,248 | +€2,058 | +16.9% |
| Stocks | 30/36 | €12,191 | €14,248 | +€2,058 | +16.9% |
| Amounts receivable within one year | 40/41 | €91,198 | €104,396 | +€13,198 | +14.5% |
| Trade receivables | 40 | €18,595 | €22,571 | +€3,976 | +21.4% |
| Other amounts receivable | 41 | €72,602 | €81,825 | +€9,223 | +12.7% |
| Current investments | 50/53 | €32,797 | €122 | -€32,675 | -99.6% |
| Cash at bank and in hand | 54/58 | €19,160 | €44,028 | +€24,868 | +130% |
| Deferred charges and accrued income | 490/1 | €3,838 | €4,842 | +€1,004 | +26.2% |
| Total equity and liabilities | 10/49 | €210,092 | €215,809 | +€5,717 | +2.7% |
| Equity | 10/15 | €189,174 | €193,036 | +€3,862 | +2.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €186,674 | €190,536 | +€3,862 | +2.1% |
| Distributable reserves | 133 | €186,674 | €190,536 | +€3,862 | +2.1% |
| Amounts payable | 17/49 | €20,918 | €22,773 | +€1,855 | +8.9% |
| Amounts payable within one year | 42/48 | €20,918 | €22,773 | +€1,855 | +8.9% |
| Trade debts | 44 | €0 | €509 | +€509 | |
| Suppliers | 440/4 | €0 | €509 | +€509 | |
| Taxes, remuneration and social security | 45 | €20,918 | €21,400 | +€482 | +2.3% |
| Taxes | 450/3 | €20,918 | €21,400 | +€482 | +2.3% |
| Other amounts payable | 47/48 | €0 | €863 | +€863 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,084 | €9,416 | +€332 | +3.7% |
| Other operating charges | 640/8 | €2,713 | €1,144 | -€1,568 | -57.8% |
| Gross operating margin | 9900 | €68,346 | €21,427 | -€46,918 | -68.6% |
| Operating profit (loss) | 9901 | €56,549 | €10,867 | -€45,682 | -80.8% |
| Financial income | 75/76B | €3,733 | €1,510 | -€2,223 | -59.6% |
| Recurring financial income | 75 | €3,733 | €1,510 | -€2,223 | -59.6% |
| Financial charges | 65/66B | €373 | €4,855 | +€4,482 | +1,202% |
| Recurring financial charges | 65 | €373 | €1,180 | +€807 | +216% |
| Non-recurring financial charges | 66B | - | €3,675 | +€3,675 | |
| Profit (loss) for the period before taxes | 9903 | €59,909 | €7,522 | -€52,387 | -87.4% |
| Income taxes | 67/77 | €17,809 | €3,660 | -€14,149 | -79.4% |
| Profit (loss) for the period | 9904 | €42,100 | €3,862 | -€38,238 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,100 | €3,862 | -€38,238 | -90.8% |
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.