LEOPOLD 13: 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.
LEOPOLD 13
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€50,487
down €50,487 (-4.7%), from €1.1m to €1.0m
- Reserves +€21,000
up €21,000 (+65.9%), from €31,860 to €52,860
- Short-term financial debts +€15,383
up €15,383 (+35,651%), from €43 to €15,426
- Tax, wage and social debts +€13,126
up €13,126 (+113%), from €11,613 to €24,739
of which Taxes: +€9,126
- Gross operating margin -€8,367
down €8,367 (-17.1%), from €48,988 to €40,621
- Financial charges +€1,945
up €1,945 (+9.6%), from €20,170 to €22,115
- Taxes -€900
down €900 (-30.0%), from €3,000 to €2,100
- Write-downs +€726
new in 2025: €726
- Depreciation -€660
down €660 (-23.8%), from €2,765 to €2,106
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,009,369 | €1,016,613 | +€7,245 | +0.7% |
| Fixed assets | 21/28 | €820,583 | €820,317 | -€266 | 0.0% |
| Tangible fixed assets | 22/27 | €3,267 | €3,001 | -€266 | -8.1% |
| Furniture and vehicles | 24 | €3,267 | €3,001 | -€266 | -8.1% |
| Financial fixed assets | 28 | €817,316 | €817,316 | = | 0.0% |
| Current assets | 29/58 | €188,785 | €196,296 | +€7,511 | +4.0% |
| Amounts receivable within one year | 40/41 | €183,121 | €186,497 | +€3,376 | +1.8% |
| Trade receivables | 40 | €49,558 | €29,706 | -€19,852 | -40.1% |
| Other amounts receivable | 41 | €133,563 | €156,791 | +€23,228 | +17.4% |
| Deferred charges and accrued income | 490/1 | €5,664 | €9,799 | +€4,135 | +73.0% |
| Total equity and liabilities | 10/49 | €1,009,369 | €1,016,613 | +€7,245 | +0.7% |
| Equity | 10/15 | -€100,709 | -€79,136 | +€21,574 | +21.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €31,860 | €52,860 | +€21,000 | +65.9% |
| Distributable reserves | 133 | €31,860 | €52,860 | +€21,000 | +65.9% |
| Profit (loss) carried forward | 14 | -€138,769 | -€138,196 | +€574 | +0.4% |
| Amounts payable | 17/49 | €1,110,078 | €1,095,749 | -€14,329 | -1.3% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Financial debts | 170/4 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,100,078 | €1,085,749 | -€14,329 | -1.3% |
| Financial debts | 43 | €43 | €15,426 | +€15,383 | +35,651% |
| Credit institutions | 430/8 | €43 | €15,426 | +€15,383 | +35,651% |
| Trade debts | 44 | €14,563 | €22,211 | +€7,648 | +52.5% |
| Suppliers | 440/4 | €14,563 | €22,211 | +€7,648 | +52.5% |
| Taxes, remuneration and social security | 45 | €11,613 | €24,739 | +€13,126 | +113% |
| Taxes | 450/3 | €11,613 | €20,739 | +€9,126 | +78.6% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €1,073,859 | €1,023,372 | -€50,487 | -4.7% |
| Non-recurring operating income | 76A | - | €1,363 | +€1,363 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,765 | €2,106 | -€660 | -23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €726 | +€726 | |
| Other operating charges | 640/8 | - | €184 | +€184 | |
| Non-recurring operating charges | 66A | €55 | - | -€55 | |
| Gross operating margin | 9900 | €48,988 | €40,621 | -€8,367 | -17.1% |
| Operating profit (loss) | 9901 | €46,168 | €37,605 | -€8,563 | -18.5% |
| Financial income | 75/76B | €7,743 | €8,184 | +€441 | +5.7% |
| Recurring financial income | 75 | €7,743 | €8,184 | +€441 | +5.7% |
| Financial charges | 65/66B | €20,170 | €22,115 | +€1,945 | +9.6% |
| Recurring financial charges | 65 | €20,170 | €22,115 | +€1,945 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €33,740 | €23,674 | -€10,067 | -29.8% |
| Income taxes | 67/77 | €3,000 | €2,100 | -€900 | -30.0% |
| Profit (loss) for the period | 9904 | €30,740 | €21,574 | -€9,167 | -29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,740 | €21,574 | -€9,167 | -29.8% |
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 13 October 2026 via checked.be.