LEONARDO: what changed
Two fiscal 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.
LEONARDO
Largest movements
- Receivables within one year -€495,361
down €495,361 (-57.9%), from €856,027 to €360,665
of which Other amounts receivable: -€467,725
- Tangible fixed assets +€429,299
up €429,299 (+11.2%), from €3.8m to €4.3m
of which Land and buildings: +€256,853
- Tax, wage and social debts +€220,884
up €220,884 (+299.0%), from €73,873 to €294,757
of which Taxes: +€214,613
- Current portion of long-term debt -€131,327
down €131,327 (-37.1%), from €354,263 to €222,936
- Reserves -€119,863
down €119,863 (-3.0%), from €4.0m to €3.9m
of which Distributable reserves: -€119,863
- Taxes +€37,456
up €37,456 (+10.6%), from €353,619 to €391,075
- Gross operating margin +€37,064
up €37,064 (+2.6%), from €1.4m to €1.4m
- Depreciation -€18,153
down €18,153 (-8.1%), from €222,789 to €204,637
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.
Cash bridge derived
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 | €4,925,974 | €4,854,519 | -€71,455 | -1.5% |
| Fixed assets | 21/28 | €4,058,831 | €4,488,130 | +€429,299 | +10.6% |
| Tangible fixed assets | 22/27 | €3,830,968 | €4,260,266 | +€429,299 | +11.2% |
| Land and buildings | 22 | €1,634,662 | €1,891,515 | +€256,853 | +15.7% |
| Plant, machinery and equipment | 23 | €228,356 | €223,162 | -€5,194 | -2.3% |
| Furniture and vehicles | 24 | €39,599 | €36,574 | -€3,025 | -7.6% |
| Other tangible fixed assets | 26 | €1,928,350 | €2,109,015 | +€180,665 | +9.4% |
| Financial fixed assets | 28 | €227,863 | €227,863 | = | 0.0% |
| Current assets | 29/58 | €867,143 | €366,389 | -€500,754 | -57.7% |
| Amounts receivable within one year | 40/41 | €856,027 | €360,665 | -€495,361 | -57.9% |
| Trade receivables | 40 | €27,647 | €10 | -€27,637 | -100.0% |
| Other amounts receivable | 41 | €828,380 | €360,656 | -€467,725 | -56.5% |
| Cash at bank and in hand | 54/58 | €11,116 | €5,723 | -€5,393 | -48.5% |
| Total equity and liabilities | 10/49 | €4,925,974 | €4,854,519 | -€71,455 | -1.5% |
| Equity | 10/15 | €4,147,452 | €4,027,589 | -€119,863 | -2.9% |
| Contributions | 10/11 | €155,492 | €155,492 | = | 0.0% |
| Outside capital | 11 | €155,492 | €155,492 | = | 0.0% |
| Other | 1109/19 | €155,492 | €155,492 | = | 0.0% |
| Reserves | 13 | €3,991,961 | €3,872,097 | -€119,863 | -3.0% |
| Non-distributable reserves | 130/1 | €16,789 | €16,789 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,789 | €16,789 | = | 0.0% |
| Distributable reserves | 133 | €3,975,172 | €3,855,309 | -€119,863 | -3.0% |
| Amounts payable | 17/49 | €778,522 | €826,930 | +€48,408 | +6.2% |
| Amounts payable after more than one year | 17 | €189,395 | €186,084 | -€3,311 | -1.7% |
| Financial debts | 170/4 | €189,395 | €186,084 | -€3,311 | -1.7% |
| Amounts payable within one year | 42/48 | €589,127 | €637,346 | +€48,219 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €354,263 | €222,936 | -€131,327 | -37.1% |
| Trade debts | 44 | €41,338 | - | -€41,338 | |
| Suppliers | 440/4 | €41,338 | - | -€41,338 | |
| Taxes, remuneration and social security | 45 | €73,873 | €294,757 | +€220,884 | +299.0% |
| Taxes | 450/3 | €73,873 | €288,487 | +€214,613 | +290.5% |
| Remuneration and social security | 454/9 | - | €6,271 | +€6,271 | |
| Other amounts payable | 47/48 | €119,653 | €119,653 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €3,500 | +€3,500 | |
| Remuneration, social security and pensions | 62 | €4,354 | €4,889 | +€535 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,789 | €204,637 | -€18,153 | -8.1% |
| Other operating charges | 640/8 | €6,162 | €7,587 | +€1,424 | +23.1% |
| Gross operating margin | 9900 | €1,406,886 | €1,443,950 | +€37,064 | +2.6% |
| Operating profit (loss) | 9901 | €1,173,581 | €1,226,838 | +€53,257 | +4.5% |
| Financial income | 75/76B | €2,091 | €7,365 | +€5,274 | +252.2% |
| Recurring financial income | 75 | €2,091 | €7,365 | +€5,274 | +252.2% |
| Financial charges | 65/66B | €12,141 | €12,084 | -€56 | -0.5% |
| Recurring financial charges | 65 | €12,141 | €12,084 | -€56 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €1,163,532 | €1,222,119 | +€58,588 | +5.0% |
| Income taxes | 67/77 | €353,619 | €391,075 | +€37,456 | +10.6% |
| Profit (loss) for the period | 9904 | €809,913 | €831,044 | +€21,131 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €809,913 | €831,044 | +€21,131 | +2.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.