LEONARDO BELGIUM: 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.
What changed
LEONARDO BELGIUM
NACE 30.310, Manufacture of other transport equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.7m
2024 · €3.5m+€1.2m
Equity
€30.8m
2024 · €26.5m+€4.4m
Cash
€3.9m
2024 · €2.5m+€1.5m
Balance sheet total
€88.1m
2024 · €73.5m+€14.6m
Largest movements
Assets
- Receivables within one year +€13.0m
up €13.0m (+37.7%), from €34.5m to €47.6m
of which Trade receivables: +€8.7m
- Cash +€1.5m
up €1.5m (+60.3%), from €2.5m to €3.9m
mainly Trade debts (+€12.4m) and Net result for the year (+€4.7m)
Equity and liabilities
- Trade debts +€12.4m
up €12.4m (+32.8%), from €37.8m to €50.2m
- Profit (loss) carried forward +€4.4m
up €4.4m (+17.3%), from €25.1m to €29.5m
- Advances received -€1.9m
no longer reported in 2025 (was €1.9m)
Income statement
- Turnover +€8.1m
up €8.1m (+12.3%), from €65.7m to €73.8m
- Services and other goods +€2.2m
up €2.2m (+15.7%), from €13.9m to €16.1m
- Staff costs +€1.3m
up €1.3m (+22.1%), from €5.8m to €7.1m
- Goods and materials -€1.1m
down €1.1m (-2.4%), from €44.1m to €43.0m
of which Purchases: -€4.8m
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.
Result 2024
€3.5m
Turnover
+€8.1m
Other operating income
+€33,580
Goods and materials
+€1.1m
Services and other goods
-€2.2m
Staff costs
-€1.3m
Depreciation
-€105,571
Write-downs
-€15,415
Provisions
+€23,000
Other operating charges
-€236,195
Other operating items
-€3.8m
Financial income
+€11,757
Financial charges
-€24,935
Taxes
-€417,534
Result 2025
€4.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.9m
Investment
-€1.2m
Financing
-€278,490
Cash 2024
€2.5m
From operations (derived)
+€2.9m
Net result for the year
+€4.7m
Depreciation
+€441,489
Stocks and contracts
+€631,783
Receivables within one year
-€13.0m
Smaller working-capital items
-€5,860
Trade debts
+€12.4m
Tax, wage and social debts
-€33,796
Advances received
-€1.9m
Other debts
+€100,000
Accrued charges and deferred income
-€308,893
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€881,161
Current investments
-€300,477
Financing
-€278,490
Contributions, distributions and other
-€278,490
Cash 2025
€3.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,482,831 | €88,064,209 | +€14.6m | +19.8% |
| Fixed assets | 21/28 | €2,511,430 | €2,951,102 | +€439,672 | +17.5% |
| Intangible fixed assets | 21 | €67,709 | €380,882 | +€313,173 | +463% |
| Tangible fixed assets | 22/27 | €2,299,296 | €2,396,379 | +€97,083 | +4.2% |
| Plant, machinery and equipment | 23 | €2,036,283 | €2,172,220 | +€135,937 | +6.7% |
| Furniture and vehicles | 24 | €33,622 | €85,795 | +€52,173 | +155% |
| Assets under construction and advance payments | 27 | €229,391 | €138,365 | -€91,026 | -39.7% |
| Financial fixed assets | 28 | €144,425 | €173,841 | +€29,416 | +20.4% |
| Other financial fixed assets | 284/8 | €144,425 | €173,841 | +€29,416 | +20.4% |
| Amounts receivable and cash guarantees | 285/8 | €144,425 | €173,841 | +€29,416 | +20.4% |
| Current assets | 29/58 | €70,971,401 | €85,113,107 | +€14.1m | +19.9% |
| Stocks and contracts in progress | 3 | €33,353,795 | €32,722,011 | -€631,783 | -1.9% |
| Stocks | 30/36 | €20,406,953 | €20,295,561 | -€111,391 | -0.5% |
| Raw materials and consumables | 30/31 | €3,770,018 | €3,988,703 | +€218,684 | +5.8% |
| Goods purchased for resale | 34 | €16,636,934 | €16,306,859 | -€330,075 | -2.0% |
| Contracts in progress | 37 | €12,946,842 | €12,426,450 | -€520,392 | -4.0% |
| Amounts receivable within one year | 40/41 | €34,546,018 | €47,559,271 | +€13.0m | +37.7% |
| Trade receivables | 40 | €27,150,668 | €35,851,790 | +€8.7m | +32.0% |
| Other amounts receivable | 41 | €7,395,350 | €11,707,482 | +€4.3m | +58.3% |
| Current investments | 50/53 | €559,238 | €859,716 | +€300,477 | +53.7% |
| Other investments | 51/53 | €559,238 | €859,716 | +€300,477 | +53.7% |
| Cash at bank and in hand | 54/58 | €2,451,198 | €3,928,097 | +€1.5m | +60.3% |
| Deferred charges and accrued income | 490/1 | €61,152 | €44,012 | -€17,140 | -28.0% |
| Total equity and liabilities | 10/49 | €73,482,831 | €88,064,209 | +€14.6m | +19.8% |
| Equity | 10/15 | €26,458,956 | €30,834,687 | +€4.4m | +16.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €821,483 | €821,483 | = | 0.0% |
| Non-distributable reserves | 130/1 | €77,802 | €77,802 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Other | 1319 | €27,802 | €27,802 | = | 0.0% |
| Distributable reserves | 133 | €743,681 | €743,681 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,137,473 | €29,491,694 | +€4.4m | +17.3% |
| Investment grants | 15 | - | €21,510 | +€21,510 | |
| Provisions and deferred taxes | 16 | €23,000 | - | -€23,000 | |
| Provisions for liabilities and charges | 160/5 | €23,000 | - | -€23,000 | |
| Other liabilities and charges | 164/5 | €23,000 | - | -€23,000 | |
| Amounts payable | 17/49 | €47,000,875 | €57,229,522 | +€10.2m | +21.8% |
| Amounts payable within one year | 42/48 | €41,304,274 | €51,841,814 | +€10.5m | +25.5% |
| Trade debts | 44 | €37,802,359 | €50,214,010 | +€12.4m | +32.8% |
| Suppliers | 440/4 | €37,802,359 | €50,214,010 | +€12.4m | +32.8% |
| Advances received on contracts in progress | 46 | €1,940,315 | - | -€1.9m | |
| Taxes, remuneration and social security | 45 | €1,359,120 | €1,325,324 | -€33,796 | -2.5% |
| Taxes | 450/3 | €526,158 | €611,613 | +€85,455 | +16.2% |
| Remuneration and social security | 454/9 | €832,962 | €713,711 | -€119,251 | -14.3% |
| Other amounts payable | 47/48 | €202,479 | €302,479 | +€100,000 | +49.4% |
| Accrued charges and deferred income | 492/3 | €5,696,602 | €5,387,708 | -€308,893 | -5.4% |
| Operating income | 70/76A | €69,316,286 | €73,641,715 | +€4.3m | +6.2% |
| Turnover | 70 | €65,710,087 | €73,772,042 | +€8.1m | +12.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €3,166,863 | -€520,392 | -€3.7m | |
| Own construction capitalised | 72 | €345,357 | €262,506 | -€82,852 | -24.0% |
| Other operating income | 74 | €93,979 | €127,559 | +€33,580 | +35.7% |
| Operating charges | 60/66A | €64,531,434 | €67,272,315 | +€2.7m | +4.2% |
| Goods for resale, raw materials and consumables | 60 | €44,065,060 | €43,001,635 | -€1.1m | -2.4% |
| Purchases | 600/8 | €47,779,672 | €43,018,223 | -€4.8m | -10.0% |
| Change in stocks: decrease (increase) | 609 | -€3,714,611 | -€16,588 | +€3.7m | +99.6% |
| Services and other goods | 61 | €13,933,493 | €16,117,320 | +€2.2m | +15.7% |
| Remuneration, social security and pensions | 62 | €5,824,881 | €7,111,179 | +€1.3m | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,918 | €441,489 | +€105,571 | +31.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €112,565 | €127,979 | +€15,415 | +13.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€23,000 | -€23,000 | |
| Other operating charges | 640/8 | €259,517 | €495,713 | +€236,195 | +91.0% |
| Operating profit (loss) | 9901 | €4,784,852 | €6,369,400 | +€1.6m | +33.1% |
| Financial income | 75/76B | €313,519 | €325,276 | +€11,757 | +3.7% |
| Recurring financial income | 75 | €313,519 | €325,276 | +€11,757 | +3.7% |
| Income from current assets | 751 | €27,460 | €17,788 | -€9,672 | -35.2% |
| Other financial income | 752/9 | €286,059 | €307,488 | +€21,429 | +7.5% |
| Financial charges | 65/66B | €306,446 | €331,381 | +€24,935 | +8.1% |
| Recurring financial charges | 65 | €306,446 | €331,381 | +€24,935 | +8.1% |
| Debt charges | 650 | €16,985 | €24,413 | +€7,427 | +43.7% |
| Other financial charges | 652/9 | €289,460 | €306,968 | +€17,508 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €4,791,925 | €6,363,295 | +€1.6m | +32.8% |
| Income taxes | 67/77 | €1,291,540 | €1,709,074 | +€417,534 | +32.3% |
| Taxes | 670/3 | €1,293,567 | €1,709,074 | +€415,507 | +32.1% |
| Tax adjustments and reversals of tax provisions | 77 | €2,027 | - | -€2,027 | |
| Profit (loss) for the period | 9904 | €3,500,385 | €4,654,221 | +€1.2m | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,500,385 | €4,654,221 | +€1.2m | +33.0% |
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 30 October 2026 via checked.be.