LEONARDI ROSARIO: 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.
LEONARDI ROSARIO
Largest movements
- Cash -€12,278
down €12,278 (-24.7%), from €49,767 to €37,489
mainly Investment in fixed assets (net) (-€20,636) and Debts after one year (-€13,816)
- Receivables within one year +€6,132
up €6,132 (+18.7%), from €32,826 to €38,958
of which Other amounts receivable: +€10,713
- Tangible fixed assets -€5,895
down €5,895 (-1.3%), from €439,860 to €433,966
of which Land and buildings: -€17,327
- Debts after one year -€13,816
down €13,816 (-3.7%), from €373,957 to €360,141
of which Financial debts: -€12,866
- Other debts -€11,771
no longer reported in 2025 (was €11,771)
- Trade debts +€11,494
up €11,494 (+258%), from €4,463 to €15,956
- Profit (loss) carried forward +€5,601
up €5,601 (+13.3%), from €42,219 to €47,820
- Gross operating margin -€34,639
down €34,639 (-13.7%), from €252,950 to €218,312
- Depreciation +€17,301
up €17,301 (+171%), from €10,117 to €27,418
- Staff costs +€13,385
up €13,385 (+9.3%), from €143,970 to €157,355
- Taxes -€11,970
down €11,970 (-55.8%), from €21,441 to €9,470
- Financial charges +€11,580
up €11,580 (+142%), from €8,177 to €19,756
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 | €527,006 | €515,361 | -€11,645 | -2.2% |
| Fixed assets | 21/28 | €440,890 | €434,109 | -€6,782 | -1.5% |
| Tangible fixed assets | 22/27 | €439,860 | €433,966 | -€5,895 | -1.3% |
| Land and buildings | 22 | €427,961 | €410,635 | -€17,327 | -4.0% |
| Plant, machinery and equipment | 23 | €3,028 | €6,114 | +€3,086 | +102% |
| Furniture and vehicles | 24 | €8,871 | €17,217 | +€8,346 | +94.1% |
| Financial fixed assets | 28 | €1,030 | €143 | -€887 | -86.1% |
| Current assets | 29/58 | €86,116 | €81,252 | -€4,863 | -5.6% |
| Amounts receivable within one year | 40/41 | €32,826 | €38,958 | +€6,132 | +18.7% |
| Trade receivables | 40 | €20,902 | €16,322 | -€4,581 | -21.9% |
| Other amounts receivable | 41 | €11,924 | €22,636 | +€10,713 | +89.8% |
| Cash at bank and in hand | 54/58 | €49,767 | €37,489 | -€12,278 | -24.7% |
| Deferred charges and accrued income | 490/1 | €3,523 | €4,805 | +€1,282 | +36.4% |
| Total equity and liabilities | 10/49 | €527,006 | €515,361 | -€11,645 | -2.2% |
| Equity | 10/15 | €114,979 | €120,580 | +€5,601 | +4.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €60,360 | €60,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,500 | €58,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,219 | €47,820 | +€5,601 | +13.3% |
| Amounts payable | 17/49 | €412,027 | €394,781 | -€17,246 | -4.2% |
| Amounts payable after more than one year | 17 | €373,957 | €360,141 | -€13,816 | -3.7% |
| Financial debts | 170/4 | €369,707 | €356,841 | -€12,866 | -3.5% |
| Other amounts payable | 178/9 | €4,250 | €3,300 | -€950 | -22.4% |
| Amounts payable within one year | 42/48 | €36,637 | €34,640 | -€1,997 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €13,209 | €12,866 | -€343 | -2.6% |
| Trade debts | 44 | €4,463 | €15,956 | +€11,494 | +258% |
| Suppliers | 440/4 | €4,463 | €15,956 | +€11,494 | +258% |
| Taxes, remuneration and social security | 45 | €7,194 | €5,817 | -€1,377 | -19.1% |
| Remuneration and social security | 454/9 | €7,194 | €5,817 | -€1,377 | -19.1% |
| Other amounts payable | 47/48 | €11,771 | - | -€11,771 | |
| Accrued charges and deferred income | 492/3 | €1,433 | - | -€1,433 | |
| Remuneration, social security and pensions | 62 | €143,970 | €157,355 | +€13,385 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,117 | €27,418 | +€17,301 | +171% |
| Other operating charges | 640/8 | €3,500 | €1,599 | -€1,901 | -54.3% |
| Gross operating margin | 9900 | €252,950 | €218,312 | -€34,639 | -13.7% |
| Operating profit (loss) | 9901 | €95,364 | €31,940 | -€63,424 | -66.5% |
| Financial income | 75/76B | €7,054 | €2,887 | -€4,167 | -59.1% |
| Recurring financial income | 75 | €7,054 | €2,887 | -€4,167 | -59.1% |
| Financial charges | 65/66B | €8,177 | €19,756 | +€11,580 | +142% |
| Recurring financial charges | 65 | €8,177 | €19,756 | +€11,580 | +142% |
| Profit (loss) for the period before taxes | 9903 | €94,242 | €15,071 | -€79,171 | -84.0% |
| Income taxes | 67/77 | €21,441 | €9,470 | -€11,970 | -55.8% |
| Profit (loss) for the period | 9904 | €72,801 | €5,601 | -€67,200 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,801 | €5,601 | -€67,200 | -92.3% |
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 28 October 2026 via checked.be.