Leonardo Fix: 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 Fix
NACE 46.841, Wholesale trade
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€13,865
2025 · €81,943-€68,077
Equity
€1.4m
2025 · €1.3m+€13,865
Cash
€275,705
2025 · €314,249-€38,544
Balance sheet total
€1.9m
2025 · €1.9m-€39,075
Largest movements
Assets
- Stocks and contracts +€158,968
up €158,968 (+30.1%), from €527,369 to €686,337
- Tangible fixed assets -€81,170
down €81,170 (-21.0%), from €386,880 to €305,710
of which Other tangible fixed assets: -€42,365
- Current investments -€65,369
down €65,369 (-65.4%), from €100,000 to €34,631
- Cash -€38,544
down €38,544 (-12.3%), from €314,249 to €275,705
mainly Stocks and contracts (-€158,968) and Debts after one year (-€58,172)
Equity and liabilities
- Debts after one year -€58,172
down €58,172 (-28.5%), from €204,281 to €146,109
Income statement
- Gross operating margin -€222,267
down €222,267 (-24.6%), from €904,593 to €682,326
- Staff costs -€96,047
down €96,047 (-15.0%), from €638,542 to €542,495
- Taxes -€26,254
down €26,254 (-61.6%), from €42,620 to €16,366
- Write-downs -€16,048
down €16,048, from €11,726 to -€4,322
- Financial charges -€13,172
down €13,172 (-27.3%), from €48,246 to €35,074
From the 2025 result to the 2026 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 2025
€81,943
Gross operating margin
-€222,267
Staff costs
+€96,047
Depreciation
-€1,384
Write-downs
+€16,048
Other operating charges
-€440
Financial income
+€4,493
Financial charges
+€13,172
Taxes
+€26,254
Result 2026
€13,865
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€42,844
Investment
+€61,122
Financing
-€56,822
Cash 2025
€314,249
From operations (derived)
-€42,844
Net result for the year
+€13,865
Depreciation
+€102,314
Stocks and contracts
-€158,968
Receivables within one year
-€3,370
Deferred charges and accrued income
-€566
Provisions
-€281
Trade debts
+€947
Tax, wage and social debts
+€1,085
Other debts
+€2,130
Investment (derived)
+€61,122
Investment in fixed assets (net)
-€4,248
Current investments
+€65,369
Financing
-€56,822
Debts after one year
-€58,172
Current portion of long-term debt
+€1,350
Cash 2026
€275,705
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,930,835 | €1,891,759 | -€39,075 | -2.0% |
| Fixed assets | 21/28 | €436,075 | €338,009 | -€98,066 | -22.5% |
| Intangible fixed assets | 21 | €43,894 | €26,998 | -€16,896 | -38.5% |
| Tangible fixed assets | 22/27 | €386,880 | €305,710 | -€81,170 | -21.0% |
| Plant, machinery and equipment | 23 | €32,212 | €27,700 | -€4,512 | -14.0% |
| Furniture and vehicles | 24 | €111,156 | €76,863 | -€34,293 | -30.9% |
| Other tangible fixed assets | 26 | €243,512 | €201,147 | -€42,365 | -17.4% |
| Financial fixed assets | 28 | €5,300 | €5,300 | = | 0.0% |
| Current assets | 29/58 | €1,494,760 | €1,553,750 | +€58,990 | +3.9% |
| Stocks and contracts in progress | 3 | €527,369 | €686,337 | +€158,968 | +30.1% |
| Stocks | 30/36 | €527,369 | €686,337 | +€158,968 | +30.1% |
| Amounts receivable within one year | 40/41 | €527,292 | €530,662 | +€3,370 | +0.6% |
| Trade receivables | 40 | €494,912 | €519,873 | +€24,961 | +5.0% |
| Other amounts receivable | 41 | €32,380 | €10,789 | -€21,591 | -66.7% |
| Current investments | 50/53 | €100,000 | €34,631 | -€65,369 | -65.4% |
| Cash at bank and in hand | 54/58 | €314,249 | €275,705 | -€38,544 | -12.3% |
| Deferred charges and accrued income | 490/1 | €25,850 | €26,416 | +€566 | +2.2% |
| Total equity and liabilities | 10/49 | €1,930,835 | €1,891,759 | -€39,075 | -2.0% |
| Equity | 10/15 | €1,342,753 | €1,356,619 | +€13,865 | +1.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,280,753 | €1,294,619 | +€13,865 | +1.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,497 | €19,653 | -€843 | -4.1% |
| Distributable reserves | 133 | €1,254,057 | €1,268,765 | +€14,709 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €582 | €301 | -€281 | -48.3% |
| Deferred taxes | 168 | €582 | €301 | -€281 | -48.3% |
| Amounts payable | 17/49 | €587,499 | €534,840 | -€52,660 | -9.0% |
| Amounts payable after more than one year | 17 | €204,281 | €146,109 | -€58,172 | -28.5% |
| Financial debts | 170/4 | €204,281 | €146,109 | -€58,172 | -28.5% |
| Amounts payable within one year | 42/48 | €383,219 | €388,731 | +€5,512 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €56,822 | €58,172 | +€1,350 | +2.4% |
| Trade debts | 44 | €148,049 | €148,996 | +€947 | +0.6% |
| Suppliers | 440/4 | €148,049 | €148,996 | +€947 | +0.6% |
| Taxes, remuneration and social security | 45 | €139,848 | €140,933 | +€1,085 | +0.8% |
| Taxes | 450/3 | €47,941 | €56,503 | +€8,562 | +17.9% |
| Remuneration and social security | 454/9 | €91,907 | €84,430 | -€7,478 | -8.1% |
| Other amounts payable | 47/48 | €38,499 | €40,630 | +€2,130 | +5.5% |
| Remuneration, social security and pensions | 62 | €638,542 | €542,495 | -€96,047 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,930 | €102,314 | +€1,384 | +1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,726 | -€4,322 | -€16,048 | |
| Other operating charges | 640/8 | €13,275 | €13,715 | +€440 | +3.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €904,593 | €682,326 | -€222,267 | -24.6% |
| Operating profit (loss) | 9901 | €140,121 | €28,124 | -€111,996 | -79.9% |
| Financial income | 75/76B | €32,407 | €36,900 | +€4,493 | +13.9% |
| Recurring financial income | 75 | €32,407 | €36,900 | +€4,493 | +13.9% |
| Financial charges | 65/66B | €48,246 | €35,074 | -€13,172 | -27.3% |
| Recurring financial charges | 65 | €48,246 | €35,074 | -€13,172 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €124,282 | €29,950 | -€94,331 | -75.9% |
| Transfer from deferred taxes | 780 | €281 | €281 | = | 0.0% |
| Income taxes | 67/77 | €42,620 | €16,366 | -€26,254 | -61.6% |
| Profit (loss) for the period | 9904 | €81,943 | €13,865 | -€68,077 | -83.1% |
| Transfer from tax-exempt reserves | 789 | €843 | €843 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,786 | €14,709 | -€68,077 | -82.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.