LEONARDO S: 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.
LEONARDO S
Largest movements
- Stocks and contracts -€12,466
down €12,466 (-16.4%), from €75,839 to €63,373
- Profit (loss) carried forward -€13,117
down €13,117 (-55.6%), from €23,608 to €10,491
- Trade debts -€2,519
down €2,519 (-94.0%), from €2,680 to €160
- Gross operating margin -€5,147
down €5,147 (-525%), from -€981 to -€6,127
- Other operating charges +€4,761
up €4,761 (+310%), from €1,537 to €6,298
- Depreciation -€98
down €98 (-11.3%), from €866 to €768
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 | €202,713 | €187,076 | -€15,636 | -7.7% |
| Fixed assets | 21/28 | €1,392 | €623 | -€768 | -55.2% |
| Tangible fixed assets | 22/27 | €1,392 | €623 | -€768 | -55.2% |
| Plant, machinery and equipment | 23 | €1,362 | €623 | -€738 | -54.2% |
| Furniture and vehicles | 24 | €30 | - | -€30 | |
| Current assets | 29/58 | €201,321 | €186,453 | -€14,868 | -7.4% |
| Stocks and contracts in progress | 3 | €75,839 | €63,373 | -€12,466 | -16.4% |
| Stocks | 30/36 | €75,839 | €63,373 | -€12,466 | -16.4% |
| Amounts receivable within one year | 40/41 | €8,071 | €6,916 | -€1,156 | -14.3% |
| Trade receivables | 40 | €4,095 | €3,093 | -€1,002 | -24.5% |
| Other amounts receivable | 41 | €3,976 | €3,823 | -€153 | -3.9% |
| Cash at bank and in hand | 54/58 | €117,411 | €116,165 | -€1,247 | -1.1% |
| Total equity and liabilities | 10/49 | €202,713 | €187,076 | -€15,636 | -7.7% |
| Equity | 10/15 | €200,033 | €186,916 | -€13,117 | -6.6% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €66,425 | €66,425 | = | 0.0% |
| Distributable reserves | 133 | €66,425 | €66,425 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,608 | €10,491 | -€13,117 | -55.6% |
| Amounts payable | 17/49 | €2,680 | €160 | -€2,519 | -94.0% |
| Amounts payable within one year | 42/48 | €2,680 | €160 | -€2,519 | -94.0% |
| Trade debts | 44 | €2,680 | €160 | -€2,519 | -94.0% |
| Suppliers | 440/4 | €2,680 | €160 | -€2,519 | -94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €866 | €768 | -€98 | -11.3% |
| Other operating charges | 640/8 | €1,537 | €6,298 | +€4,761 | +310% |
| Gross operating margin | 9900 | -€981 | -€6,127 | -€5,147 | -525% |
| Operating profit (loss) | 9901 | -€3,384 | -€13,194 | -€9,810 | -290% |
| Financial income | 75/76B | €150 | €121 | -€29 | -19.6% |
| Recurring financial income | 75 | €150 | €121 | -€29 | -19.6% |
| Financial charges | 65/66B | €45 | €44 | -€1 | -1.6% |
| Recurring financial charges | 65 | €45 | €44 | -€1 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,278 | -€13,117 | -€9,839 | -300% |
| Profit (loss) for the period | 9904 | -€3,278 | -€13,117 | -€9,839 | -300% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,278 | -€13,117 | -€9,839 | -300% |
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 21 October 2026 via checked.be.