LEONARDS: 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.
LEONARDS
Largest movements
- Cash +€405,579
up €405,579 (+264.7%), from €153,211 to €558,791
mainly Advances received (+€480,415) and Net result for the year (+€274,043)
- Receivables within one year +€359,516
up €359,516 (+470.9%), from €76,339 to €435,855
of which Trade receivables: +€359,188
- Tangible fixed assets +€208,344
up €208,344 (+1302.9%), from €15,991 to €224,335
of which Land and buildings: +€199,342
- Advances received +€480,415
up €480,415, from €0 to €480,415
- Reserves +€274,043
up €274,043 (+1299.3%), from €21,091 to €295,135
- Debts after one year +€164,987
new in 2025: €164,987
- Tax, wage and social debts +€121,980
up €121,980 (+170.3%), from €71,620 to €193,600
of which Taxes: +€102,744
- Other debts -€62,809
no longer reported in 2025 (was €62,809)
- Gross operating margin +€416,390
up €416,390 (+635.1%), from €65,568 to €481,957
- Taxes +€81,546
up €81,546 (+908.8%), from €8,973 to €90,519
- Staff costs +€38,808
up €38,808 (+132.1%), from €29,378 to €68,186
- Depreciation +€23,935
up €23,935 (+771.9%), from €3,101 to €27,036
- Financial charges +€7,398
up €7,398 (+264.6%), from €2,796 to €10,194
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 | €250,559 | €1,224,022 | +€973,463 | +388.5% |
| Fixed assets | 21/28 | €20,760 | €228,904 | +€208,144 | +1002.6% |
| Intangible fixed assets | 21 | €769 | €569 | -€200 | -26.0% |
| Tangible fixed assets | 22/27 | €15,991 | €224,335 | +€208,344 | +1302.9% |
| Land and buildings | 22 | - | €199,342 | +€199,342 | |
| Furniture and vehicles | 24 | €5,832 | €18,854 | +€13,022 | +223.3% |
| Other tangible fixed assets | 26 | €10,159 | €6,138 | -€4,021 | -39.6% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €229,799 | €995,118 | +€765,319 | +333.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €76,339 | €435,855 | +€359,516 | +470.9% |
| Trade receivables | 40 | €69,832 | €429,020 | +€359,188 | +514.4% |
| Other amounts receivable | 41 | €6,507 | €6,835 | +€328 | +5.0% |
| Cash at bank and in hand | 54/58 | €153,211 | €558,791 | +€405,579 | +264.7% |
| Deferred charges and accrued income | 490/1 | €249 | €472 | +€223 | +89.7% |
| Total equity and liabilities | 10/49 | €250,559 | €1,224,022 | +€973,463 | +388.5% |
| Equity | 10/15 | €26,091 | €300,135 | +€274,043 | +1050.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,091 | €295,135 | +€274,043 | +1299.3% |
| Distributable reserves | 133 | €21,091 | €295,135 | +€274,043 | +1299.3% |
| Amounts payable | 17/49 | €224,468 | €923,887 | +€699,419 | +311.6% |
| Amounts payable after more than one year | 17 | - | €164,987 | +€164,987 | |
| Financial debts | 170/4 | - | €164,987 | +€164,987 | |
| Amounts payable within one year | 42/48 | €222,839 | €736,540 | +€513,701 | +230.5% |
| Current portion of amounts payable after more than one year | 42 | - | €4,105 | +€4,105 | |
| Trade debts | 44 | €88,410 | €58,421 | -€29,989 | -33.9% |
| Suppliers | 440/4 | €88,410 | €58,421 | -€29,989 | -33.9% |
| Advances received on contracts in progress | 46 | €0 | €480,415 | +€480,415 | |
| Taxes, remuneration and social security | 45 | €71,620 | €193,600 | +€121,980 | +170.3% |
| Taxes | 450/3 | €66,268 | €169,012 | +€102,744 | +155.0% |
| Remuneration and social security | 454/9 | €5,352 | €24,588 | +€19,236 | +359.4% |
| Other amounts payable | 47/48 | €62,809 | - | -€62,809 | |
| Accrued charges and deferred income | 492/3 | €1,629 | €22,360 | +€20,731 | +1272.5% |
| Non-recurring operating income | 76A | - | €661 | +€661 | |
| Remuneration, social security and pensions | 62 | €29,378 | €68,186 | +€38,808 | +132.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,101 | €27,036 | +€23,935 | +771.9% |
| Other operating charges | 640/8 | €8,037 | €7,538 | -€498 | -6.2% |
| Non-recurring operating charges | 66A | - | €5,123 | +€5,123 | |
| Gross operating margin | 9900 | €65,568 | €481,957 | +€416,390 | +635.1% |
| Operating profit (loss) | 9901 | €25,053 | €374,075 | +€349,022 | +1393.1% |
| Financial income | 75/76B | €232 | €681 | +€449 | +193.7% |
| Recurring financial income | 75 | €232 | €681 | +€449 | +193.7% |
| Financial charges | 65/66B | €2,796 | €10,194 | +€7,398 | +264.6% |
| Recurring financial charges | 65 | €2,796 | €10,194 | +€7,398 | +264.6% |
| Profit (loss) for the period before taxes | 9903 | €22,489 | €364,563 | +€342,074 | +1521.1% |
| Income taxes | 67/77 | €8,973 | €90,519 | +€81,546 | +908.8% |
| Profit (loss) for the period | 9904 | €13,516 | €274,043 | +€260,528 | +1927.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,516 | €274,043 | +€260,528 | +1927.6% |
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 9 October 2026 via checked.be.