LEONARTH: 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
LEONARTH
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€40,716
2024 · €22,747+€17,969
Equity
€220,699
2024 · €179,983+€40,716
Cash
€17,224
2024 · €18,831-€1,608
Balance sheet total
€1.2m
2024 · €979,525+€213,836
Largest movements
Assets
- Stocks and contracts +€214,000
up €214,000 (+29.5%), from €726,500 to €940,500
Equity and liabilities
- Other debts +€187,405
up €187,405 (+28.1%), from €666,892 to €854,297
- Reserves +€40,716
up €40,716 (+24.3%), from €167,583 to €208,299
- Debts after one year -€16,217
down €16,217 (-40.5%), from €40,040 to €23,823
- Trade debts +€12,917
up €12,917 (+20.6%), from €62,591 to €75,507
Income statement
- Gross operating margin +€38,101
up €38,101 (+45.9%), from €83,015 to €121,116
- Depreciation +€17,293
up €17,293 (+73.9%), from €23,412 to €40,705
- Taxes +€6,796
up €6,796 (+86.9%), from €7,818 to €14,614
- Financial charges +€5,971
up €5,971 (+32.2%), from €18,527 to €24,499
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
€22,747
Gross operating margin
+€38,101
Depreciation
-€17,293
Other operating charges
-€321
Other operating items
+€10,526
Financial income
-€278
Financial charges
-€5,971
Taxes
-€6,796
Result 2025
€40,716
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
+€69,727
Investment
-€48,961
Financing
-€22,374
Cash 2024
€18,831
From operations (derived)
+€69,727
Net result for the year
+€40,716
Depreciation
+€40,705
Stocks and contracts
-€214,000
Receivables within one year
+€10,237
Deferred charges and accrued income
-€3,425
Trade debts
+€12,917
Tax, wage and social debts
-€4,828
Other debts
+€187,405
Investment (derived)
-€48,961
Investment in fixed assets (net)
-€48,961
Financing
-€22,374
Debts after one year
-€16,217
Current portion of long-term debt
+€595
Short-term financial debts
-€6,752
Cash 2025
€17,224
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €979,525 | €1,193,361 | +€213,836 | +21.8% |
| Fixed assets | 21/28 | €180,020 | €188,276 | +€8,256 | +4.6% |
| Tangible fixed assets | 22/27 | €180,020 | €188,276 | +€8,256 | +4.6% |
| Land and buildings | 22 | €34,551 | €29,717 | -€4,834 | -14.0% |
| Plant, machinery and equipment | 23 | €18,095 | €46,713 | +€28,618 | +158% |
| Leasing and similar rights | 25 | €55,841 | €39,761 | -€16,080 | -28.8% |
| Other tangible fixed assets | 26 | €71,534 | €72,086 | +€552 | +0.8% |
| Current assets | 29/58 | €799,505 | €1,005,085 | +€205,580 | +25.7% |
| Stocks and contracts in progress | 3 | €726,500 | €940,500 | +€214,000 | +29.5% |
| Stocks | 30/36 | €726,500 | €940,500 | +€214,000 | +29.5% |
| Amounts receivable within one year | 40/41 | €53,112 | €42,874 | -€10,237 | -19.3% |
| Trade receivables | 40 | €38,112 | €33,922 | -€4,190 | -11.0% |
| Other amounts receivable | 41 | €15,000 | €8,953 | -€6,047 | -40.3% |
| Cash at bank and in hand | 54/58 | €18,831 | €17,224 | -€1,608 | -8.5% |
| Deferred charges and accrued income | 490/1 | €1,062 | €4,487 | +€3,425 | +323% |
| Total equity and liabilities | 10/49 | €979,525 | €1,193,361 | +€213,836 | +21.8% |
| Equity | 10/15 | €179,983 | €220,699 | +€40,716 | +22.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €167,583 | €208,299 | +€40,716 | +24.3% |
| Distributable reserves | 133 | €167,583 | €208,299 | +€40,716 | +24.3% |
| Amounts payable | 17/49 | €799,542 | €972,662 | +€173,120 | +21.7% |
| Amounts payable after more than one year | 17 | €40,040 | €23,823 | -€16,217 | -40.5% |
| Financial debts | 170/4 | €40,040 | €23,823 | -€16,217 | -40.5% |
| Amounts payable within one year | 42/48 | €759,502 | €948,839 | +€189,337 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €15,621 | €16,217 | +€595 | +3.8% |
| Financial debts | 43 | €6,752 | - | -€6,752 | |
| Credit institutions | 430/8 | €6,752 | - | -€6,752 | |
| Trade debts | 44 | €62,591 | €75,507 | +€12,917 | +20.6% |
| Suppliers | 440/4 | €62,591 | €75,507 | +€12,917 | +20.6% |
| Taxes, remuneration and social security | 45 | €7,646 | €2,818 | -€4,828 | -63.1% |
| Taxes | 450/3 | €6,269 | €2,818 | -€3,451 | -55.1% |
| Remuneration and social security | 454/9 | €1,377 | - | -€1,377 | |
| Other amounts payable | 47/48 | €666,892 | €854,297 | +€187,405 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,412 | €40,705 | +€17,293 | +73.9% |
| Other operating charges | 640/8 | €262 | €582 | +€321 | +122% |
| Non-recurring operating charges | 66A | €10,526 | - | -€10,526 | |
| Gross operating margin | 9900 | €83,015 | €121,116 | +€38,101 | +45.9% |
| Operating profit (loss) | 9901 | €48,815 | €79,829 | +€31,014 | +63.5% |
| Financial income | 75/76B | €278 | - | -€278 | |
| Recurring financial income | 75 | €278 | - | -€278 | |
| Financial charges | 65/66B | €18,527 | €24,499 | +€5,971 | +32.2% |
| Recurring financial charges | 65 | €18,527 | €24,499 | +€5,971 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €30,565 | €55,330 | +€24,765 | +81.0% |
| Income taxes | 67/77 | €7,818 | €14,614 | +€6,796 | +86.9% |
| Profit (loss) for the period | 9904 | €22,747 | €40,716 | +€17,969 | +79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,747 | €40,716 | +€17,969 | +79.0% |
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 20 October 2026 via checked.be.