LEOPARD: 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.
LEOPARD
Largest movements
- Stocks and contracts +€164,180
up €164,180 (+487.2%), from €33,701 to €197,880
- Receivables within one year +€110,022
up €110,022 (+64.1%), from €171,555 to €281,576
of which Trade receivables: +€76,004
- Receivables after one year -€65,000
no longer reported in 2025 (was €65,000)
- Cash -€9,793
down €9,793 (-7.2%), from €135,938 to €126,146
mainly Stocks and contracts (-€164,180) and Contributions, distributions and other (-€129,218)
- Other debts +€129,218
new in 2025: €129,218
- Tax, wage and social debts +€97,353
up €97,353 (+224.4%), from €43,376 to €140,729
- Advances received -€29,982
down €29,982 (-99.2%), from €30,222 to €240
- Debts after one year -€11,632
down €11,632 (-33.9%), from €34,315 to €22,683
- Reserves +€8,420
up €8,420 (+3.4%), from €247,367 to €255,788
- Gross operating margin +€129,569
up €129,569 (+128.8%), from €100,624 to €230,193
- Taxes +€41,934
up €41,934 (+186.4%), from €22,492 to €64,426
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 | €522,123 | €714,790 | +€192,667 | +36.9% |
| Fixed assets | 21/28 | €103,915 | €103,893 | -€22 | 0.0% |
| Tangible fixed assets | 22/27 | €103,915 | €103,893 | -€22 | 0.0% |
| Land and buildings | 22 | €34,719 | €30,356 | -€4,364 | -12.6% |
| Plant, machinery and equipment | 23 | €18,593 | €25,104 | +€6,511 | +35.0% |
| Furniture and vehicles | 24 | €49,438 | €47,657 | -€1,781 | -3.6% |
| Other tangible fixed assets | 26 | €1,165 | €776 | -€389 | -33.4% |
| Current assets | 29/58 | €418,208 | €610,896 | +€192,689 | +46.1% |
| Amounts receivable after more than one year | 29 | €65,000 | - | -€65,000 | |
| Other amounts receivable | 291 | €65,000 | - | -€65,000 | |
| Stocks and contracts in progress | 3 | €33,701 | €197,880 | +€164,180 | +487.2% |
| Stocks | 30/36 | €33,701 | €197,880 | +€164,180 | +487.2% |
| Amounts receivable within one year | 40/41 | €171,555 | €281,576 | +€110,022 | +64.1% |
| Trade receivables | 40 | €147,385 | €223,389 | +€76,004 | +51.6% |
| Other amounts receivable | 41 | €24,169 | €58,187 | +€34,018 | +140.7% |
| Cash at bank and in hand | 54/58 | €135,938 | €126,146 | -€9,793 | -7.2% |
| Deferred charges and accrued income | 490/1 | €12,014 | €5,294 | -€6,720 | -55.9% |
| Total equity and liabilities | 10/49 | €522,123 | €714,790 | +€192,667 | +36.9% |
| Equity | 10/15 | €265,959 | €274,380 | +€8,420 | +3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €247,367 | €255,788 | +€8,420 | +3.4% |
| Distributable reserves | 133 | €247,367 | €255,788 | +€8,420 | +3.4% |
| Amounts payable | 17/49 | €256,163 | €440,410 | +€184,247 | +71.9% |
| Amounts payable after more than one year | 17 | €34,315 | €22,683 | -€11,632 | -33.9% |
| Financial debts | 170/4 | €34,315 | €22,683 | -€11,632 | -33.9% |
| Amounts payable within one year | 42/48 | €221,848 | €417,727 | +€195,879 | +88.3% |
| Current portion of amounts payable after more than one year | 42 | €11,138 | €11,632 | +€494 | +4.4% |
| Trade debts | 44 | €137,112 | €135,908 | -€1,204 | -0.9% |
| Suppliers | 440/4 | €137,112 | €135,908 | -€1,204 | -0.9% |
| Advances received on contracts in progress | 46 | €30,222 | €240 | -€29,982 | -99.2% |
| Taxes, remuneration and social security | 45 | €43,376 | €140,729 | +€97,353 | +224.4% |
| Taxes | 450/3 | €43,376 | €140,729 | +€97,353 | +224.4% |
| Other amounts payable | 47/48 | - | €129,218 | +€129,218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,273 | €25,613 | -€660 | -2.5% |
| Other operating charges | 640/8 | €3,260 | €3,557 | +€297 | +9.1% |
| Gross operating margin | 9900 | €100,624 | €230,193 | +€129,569 | +128.8% |
| Operating profit (loss) | 9901 | €71,091 | €201,023 | +€129,931 | +182.8% |
| Financial income | 75/76B | €4,790 | €3,935 | -€855 | -17.9% |
| Recurring financial income | 75 | €4,790 | €3,935 | -€855 | -17.9% |
| Financial charges | 65/66B | €3,626 | €2,894 | -€733 | -20.2% |
| Recurring financial charges | 65 | €3,626 | €2,894 | -€733 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €72,255 | €202,064 | +€129,808 | +179.7% |
| Income taxes | 67/77 | €22,492 | €64,426 | +€41,934 | +186.4% |
| Profit (loss) for the period | 9904 | €49,764 | €137,638 | +€87,874 | +176.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,764 | €137,638 | +€87,874 | +176.6% |
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 11 October 2026 via checked.be.