Leso: 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.
Leso
Largest movements
- Receivables within one year +€143,532
up €143,532 (+347%), from €41,310 to €184,842
of which Other amounts receivable: +€100,000
- Cash -€50,250
down €50,250 (-56.1%), from €89,534 to €39,284
mainly Receivables within one year (-€143,532) and Contributions, distributions and other (-€30,834)
- Tangible fixed assets -€30,202
down €30,202 (-46.5%), from €64,900 to €34,698
- Reserves +€57,443
up €57,443 (+48.5%), from €118,533 to €175,976
- Other debts +€30,701
up €30,701 (+1,919%), from €1,600 to €32,301
- Debts after one year -€13,119
down €13,119 (-32.2%), from €40,710 to €27,591
- Tax, wage and social debts -€10,243
down €10,243 (-70.7%), from €14,487 to €4,244
- Current portion of long-term debt -€2,860
down €2,860 (-17.9%), from €15,978 to €13,119
- Gross operating margin +€57,776
up €57,776 (+57.2%), from €100,928 to €158,704
- Taxes +€14,729
up €14,729 (+61.6%), from €23,925 to €38,654
- Depreciation +€11,610
up €11,610 (+62.5%), from €18,591 to €30,202
From the 2025 result to the 2026 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
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €197,964 | €259,430 | +€61,466 | +31.0% |
| Fixed assets | 21/28 | €64,900 | €34,698 | -€30,202 | -46.5% |
| Tangible fixed assets | 22/27 | €64,900 | €34,698 | -€30,202 | -46.5% |
| Furniture and vehicles | 24 | €64,900 | €34,698 | -€30,202 | -46.5% |
| Current assets | 29/58 | €133,064 | €224,732 | +€91,668 | +68.9% |
| Amounts receivable within one year | 40/41 | €41,310 | €184,842 | +€143,532 | +347% |
| Trade receivables | 40 | €17,310 | €60,842 | +€43,532 | +251% |
| Other amounts receivable | 41 | €24,000 | €124,000 | +€100,000 | +417% |
| Cash at bank and in hand | 54/58 | €89,534 | €39,284 | -€50,250 | -56.1% |
| Deferred charges and accrued income | 490/1 | €2,220 | €606 | -€1,614 | -72.7% |
| Total equity and liabilities | 10/49 | €197,964 | €259,430 | +€61,466 | +31.0% |
| Equity | 10/15 | €124,733 | €182,176 | +€57,443 | +46.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €118,533 | €175,976 | +€57,443 | +48.5% |
| Distributable reserves | 133 | €118,533 | €175,976 | +€57,443 | +48.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,231 | €77,254 | +€4,023 | +5.5% |
| Amounts payable after more than one year | 17 | €40,710 | €27,591 | -€13,119 | -32.2% |
| Financial debts | 170/4 | €40,710 | €27,591 | -€13,119 | -32.2% |
| Amounts payable within one year | 42/48 | €32,521 | €49,663 | +€17,142 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €15,978 | €13,119 | -€2,860 | -17.9% |
| Trade debts | 44 | €456 | €0 | -€456 | -100% |
| Suppliers | 440/4 | €456 | €0 | -€456 | -100% |
| Taxes, remuneration and social security | 45 | €14,487 | €4,244 | -€10,243 | -70.7% |
| Taxes | 450/3 | €14,487 | €4,244 | -€10,243 | -70.7% |
| Other amounts payable | 47/48 | €1,600 | €32,301 | +€30,701 | +1,919% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,591 | €30,202 | +€11,610 | +62.5% |
| Other operating charges | 640/8 | €195 | €173 | -€22 | -11.1% |
| Gross operating margin | 9900 | €100,928 | €158,704 | +€57,776 | +57.2% |
| Operating profit (loss) | 9901 | €82,142 | €128,330 | +€46,187 | +56.2% |
| Financial income | 75/76B | €198 | €323 | +€126 | +63.5% |
| Recurring financial income | 75 | €198 | €323 | +€126 | +63.5% |
| Financial charges | 65/66B | €1,413 | €1,722 | +€309 | +21.9% |
| Recurring financial charges | 65 | €1,413 | €1,722 | +€309 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €80,927 | €126,931 | +€46,004 | +56.8% |
| Income taxes | 67/77 | €23,925 | €38,654 | +€14,729 | +61.6% |
| Profit (loss) for the period | 9904 | €57,002 | €88,277 | +€31,275 | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,002 | €88,277 | +€31,275 | +54.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.