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
- Cash -€73,208
down €73,208 (-52.0%), from €140,764 to €67,556
mainly Other debts (-€39,828) and Tax, wage and social debts (-€27,417)
- Receivables within one year -€17,068
down €17,068 (-92.5%), from €18,444 to €1,376
- Other debts -€39,828
down €39,828 (-54.6%), from €73,000 to €33,172
- Tax, wage and social debts -€27,417
down €27,417 (-49.7%), from €55,214 to €27,797
- Trade debts -€27,181
down €27,181 (-99.8%), from €27,238 to €57
- Reserves +€3,535
up €3,535 (+188.9%), from €1,872 to €5,406
- Gross operating margin -€93,121
down €93,121 (-94.0%), from €99,012 to €5,891
- Taxes -€25,283
down €25,283 (-95.0%), from €26,623 to €1,340
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 | €159,824 | €68,932 | -€90,892 | -56.9% |
| Current assets | 29/58 | €159,824 | €68,932 | -€90,892 | -56.9% |
| Amounts receivable within one year | 40/41 | €18,444 | €1,376 | -€17,068 | -92.5% |
| Trade receivables | 40 | €18,444 | €1,376 | -€17,068 | -92.5% |
| Cash at bank and in hand | 54/58 | €140,764 | €67,556 | -€73,208 | -52.0% |
| Deferred charges and accrued income | 490/1 | €615 | €0 | -€615 | -100.0% |
| Total equity and liabilities | 10/49 | €159,824 | €68,932 | -€90,892 | -56.9% |
| Equity | 10/15 | €4,372 | €7,906 | +€3,535 | +80.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €1,872 | €5,406 | +€3,535 | +188.9% |
| Distributable reserves | 133 | €1,872 | €5,406 | +€3,535 | +188.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €155,452 | €61,026 | -€94,427 | -60.7% |
| Amounts payable within one year | 42/48 | €155,452 | €61,026 | -€94,427 | -60.7% |
| Trade debts | 44 | €27,238 | €57 | -€27,181 | -99.8% |
| Suppliers | 440/4 | €27,238 | €57 | -€27,181 | -99.8% |
| Taxes, remuneration and social security | 45 | €55,214 | €27,797 | -€27,417 | -49.7% |
| Taxes | 450/3 | €55,214 | €27,797 | -€27,417 | -49.7% |
| Other amounts payable | 47/48 | €73,000 | €33,172 | -€39,828 | -54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €99,012 | €5,891 | -€93,121 | -94.0% |
| Operating profit (loss) | 9901 | €98,625 | €5,492 | -€93,133 | -94.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €130 | €617 | +€487 | +374.7% |
| Recurring financial charges | 65 | €130 | €617 | +€487 | +374.7% |
| Profit (loss) for the period before taxes | 9903 | €98,495 | €4,875 | -€93,620 | -95.1% |
| Income taxes | 67/77 | €26,623 | €1,340 | -€25,283 | -95.0% |
| Profit (loss) for the period | 9904 | €71,872 | €3,535 | -€68,337 | -95.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,872 | €3,535 | -€68,337 | -95.1% |
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 8 October 2026 via checked.be.