LEPPAK: 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.
LEPPAK
Largest movements
- Tangible fixed assets +€97,279
up €97,279 (+9.9%), from €983,790 to €1.1m
of which Leasing and similar rights: +€84,956
- Receivables within one year +€37,058
up €37,058 (+15.6%), from €237,954 to €275,012
of which Other amounts receivable: +€19,135
- Cash -€18,877
down €18,877 (-44.8%), from €42,110 to €23,233
mainly Investment in fixed assets (net) (-€199,722) and Receivables within one year (-€37,058)
- Reserves +€67,000
up €67,000 (+31.0%), from €216,305 to €283,305
- Trade debts +€24,504
up €24,504 (+31.9%), from €76,894 to €101,398
- Current portion of long-term debt +€19,677
up €19,677 (+22.6%), from €86,881 to €106,558
- Tax, wage and social debts +€15,222
up €15,222 (+27.1%), from €56,096 to €71,318
of which Remuneration and social security: +€8,399
- Gross operating margin -€36,621
down €36,621 (-5.4%), from €679,882 to €643,261
- Depreciation -€16,641
down €16,641 (-14.0%), from €119,084 to €102,443
- Staff costs +€15,860
up €15,860 (+4.1%), from €385,540 to €401,400
- Write-downs -€9,474
down €9,474, from €7,404 to -€2,070
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 | €1,301,716 | €1,407,177 | +€105,461 | +8.1% |
| Fixed assets | 21/28 | €983,790 | €1,081,069 | +€97,279 | +9.9% |
| Tangible fixed assets | 22/27 | €983,790 | €1,081,069 | +€97,279 | +9.9% |
| Land and buildings | 22 | €855,573 | €857,584 | +€2,012 | +0.2% |
| Plant, machinery and equipment | 23 | €4,477 | €3,436 | -€1,041 | -23.3% |
| Furniture and vehicles | 24 | €72,047 | €83,400 | +€11,353 | +15.8% |
| Leasing and similar rights | 25 | €51,693 | €136,650 | +€84,956 | +164.3% |
| Current assets | 29/58 | €317,926 | €326,107 | +€8,181 | +2.6% |
| Stocks and contracts in progress | 3 | €29,618 | €21,339 | -€8,279 | -28.0% |
| Stocks | 30/36 | €29,618 | €21,339 | -€8,279 | -28.0% |
| Amounts receivable within one year | 40/41 | €237,954 | €275,012 | +€37,058 | +15.6% |
| Trade receivables | 40 | €75,280 | €93,203 | +€17,923 | +23.8% |
| Other amounts receivable | 41 | €162,674 | €181,809 | +€19,135 | +11.8% |
| Cash at bank and in hand | 54/58 | €42,110 | €23,233 | -€18,877 | -44.8% |
| Deferred charges and accrued income | 490/1 | €8,245 | €6,524 | -€1,721 | -20.9% |
| Total equity and liabilities | 10/49 | €1,301,716 | €1,407,177 | +€105,461 | +8.1% |
| Equity | 10/15 | €228,907 | €296,134 | +€67,227 | +29.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €216,305 | €283,305 | +€67,000 | +31.0% |
| Distributable reserves | 133 | €216,305 | €283,305 | +€67,000 | +31.0% |
| Profit (loss) carried forward | 14 | €202 | €429 | +€227 | +112.5% |
| Amounts payable | 17/49 | €1,072,809 | €1,111,043 | +€38,234 | +3.6% |
| Amounts payable after more than one year | 17 | €747,798 | €740,937 | -€6,861 | -0.9% |
| Financial debts | 170/4 | €745,898 | €739,037 | -€6,861 | -0.9% |
| Other amounts payable | 178/9 | €1,900 | €1,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €319,512 | €364,643 | +€45,132 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €86,881 | €106,558 | +€19,677 | +22.6% |
| Financial debts | 43 | €81,490 | €76,487 | -€5,002 | -6.1% |
| Credit institutions | 430/8 | €81,490 | €76,487 | -€5,002 | -6.1% |
| Trade debts | 44 | €76,894 | €101,398 | +€24,504 | +31.9% |
| Suppliers | 440/4 | €76,894 | €101,398 | +€24,504 | +31.9% |
| Advances received on contracts in progress | 46 | €5,630 | - | -€5,630 | |
| Taxes, remuneration and social security | 45 | €56,096 | €71,318 | +€15,222 | +27.1% |
| Taxes | 450/3 | €17,698 | €24,521 | +€6,823 | +38.6% |
| Remuneration and social security | 454/9 | €38,398 | €46,797 | +€8,399 | +21.9% |
| Other amounts payable | 47/48 | €12,520 | €8,881 | -€3,639 | -29.1% |
| Accrued charges and deferred income | 492/3 | €5,500 | €5,463 | -€38 | -0.7% |
| Remuneration, social security and pensions | 62 | €385,540 | €401,400 | +€15,860 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,084 | €102,443 | -€16,641 | -14.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,404 | -€2,070 | -€9,474 | |
| Other operating charges | 640/8 | €14,733 | €10,103 | -€4,630 | -31.4% |
| Non-recurring operating charges | 66A | - | €2,077 | +€2,077 | |
| Gross operating margin | 9900 | €679,882 | €643,261 | -€36,621 | -5.4% |
| Operating profit (loss) | 9901 | €153,121 | €129,308 | -€23,812 | -15.6% |
| Financial income | 75/76B | €2,982 | €2,968 | -€13 | -0.5% |
| Recurring financial income | 75 | €2,982 | €2,968 | -€13 | -0.5% |
| Financial charges | 65/66B | €34,297 | €38,152 | +€3,855 | +11.2% |
| Recurring financial charges | 65 | €34,297 | €38,152 | +€3,855 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €121,806 | €94,125 | -€27,681 | -22.7% |
| Income taxes | 67/77 | €31,816 | €26,898 | -€4,918 | -15.5% |
| Profit (loss) for the period | 9904 | €89,990 | €67,227 | -€22,763 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,990 | €67,227 | -€22,763 | -25.3% |
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 10 October 2026 via checked.be.