Leonhard: 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.
Leonhard
Largest movements
- Financial fixed assets +€6.9m
up €6.9m (+55.1%), from €12.5m to €19.3m
- Cash -€264,432
down €264,432 (-86.8%), from €304,494 to €40,062
mainly Investment in fixed assets (net) (-€6.9m) and Receivables after one year (-€25,720)
- Debts after one year +€6.4m
up €6.4m (+80.6%), from €7.9m to €14.3m
- Profit (loss) carried forward +€266,063
up €266,063 (+7.6%), from €3.5m to €3.8m
- Financial income +€327,840
up €327,840 (+68.7%), from €477,025 to €804,866
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 | €13,354,561 | €19,987,599 | +€6.6m | +49.7% |
| Fixed assets | 21/28 | €12,471,473 | €19,343,224 | +€6.9m | +55.1% |
| Financial fixed assets | 28 | €12,471,473 | €19,343,224 | +€6.9m | +55.1% |
| Current assets | 29/58 | €883,088 | €644,375 | -€238,712 | -27.0% |
| Amounts receivable after more than one year | 29 | €578,573 | €604,293 | +€25,720 | +4.4% |
| Other amounts receivable | 291 | €578,573 | €604,293 | +€25,720 | +4.4% |
| Amounts receivable within one year | 40/41 | €21 | €21 | = | 0.0% |
| Other amounts receivable | 41 | €21 | €21 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €304,494 | €40,062 | -€264,432 | -86.8% |
| Total equity and liabilities | 10/49 | €13,354,561 | €19,987,599 | +€6.6m | +49.7% |
| Equity | 10/15 | €5,452,656 | €5,718,719 | +€266,063 | +4.9% |
| Contributions | 10/11 | €1,724,139 | €1,724,139 | = | 0.0% |
| Reserves | 13 | €224,926 | €224,926 | = | 0.0% |
| Non-distributable reserves | 130/1 | €224,926 | €224,926 | = | 0.0% |
| Reserves not available under the articles | 1311 | €224,926 | €224,926 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,503,591 | €3,769,654 | +€266,063 | +7.6% |
| Amounts payable | 17/49 | €7,901,905 | €14,268,880 | +€6.4m | +80.6% |
| Amounts payable after more than one year | 17 | €7,901,851 | €14,268,880 | +€6.4m | +80.6% |
| Other amounts payable | 178/9 | €7,901,851 | €14,268,880 | +€6.4m | +80.6% |
| Amounts payable within one year | 42/48 | €54 | - | -€54 | |
| Trade debts | 44 | €54 | - | -€54 | |
| Suppliers | 440/4 | €54 | - | -€54 | |
| Other operating charges | 640/8 | €559 | €1,227 | +€668 | +119.4% |
| Gross operating margin | 9900 | €0 | €0 | = | |
| Operating profit (loss) | 9901 | -€559 | -€1,227 | -€668 | -119.4% |
| Financial income | 75/76B | €477,025 | €804,866 | +€327,840 | +68.7% |
| Recurring financial income | 75 | €477,025 | €804,866 | +€327,840 | +68.7% |
| Financial charges | 65/66B | €394,407 | €537,575 | +€143,168 | +36.3% |
| Recurring financial charges | 65 | €394,407 | €537,575 | +€143,168 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €82,058 | €266,063 | +€184,005 | +224.2% |
| Profit (loss) for the period | 9904 | €82,058 | €266,063 | +€184,005 | +224.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,058 | €266,063 | +€184,005 | +224.2% |
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.