LEUCO: what changed
Two fiscal 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.
LEUCO
Largest movements
- Current investments +€131,471
up €131,471 (+26.3%), from €499,309 to €630,781
- Financial fixed assets -€100,209
down €100,209 (-100.0%), from €100,209 to €0
- Cash +€59,471
up €59,471 (+23.3%), from €255,720 to €315,191
mainly Net result for the year (+€133,399) and Investment in fixed assets (net) (+€107,056)
- Receivables within one year +€33,000
new in 2025: €33,000
- Reserves +€133,399
up €133,399 (+16.3%), from €817,109 to €950,507
of which Distributable reserves: +€133,399
- Other debts -€19,793
down €19,793 (-99.9%), from €19,803 to €10
- Gross operating margin -€32,728
down €32,728 (-15.8%), from €206,616 to €173,888
- Financial income +€13,694
up €13,694 (+108.1%), from €12,663 to €26,357
- Other operating charges -€12,508
down €12,508 (-95.6%), from €13,082 to €574
- Financial charges +€4,798
up €4,798, from -€3,042 to €1,756
- Depreciation -€3,170
down €3,170 (-79.4%), from €3,994 to €824
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 | €867,485 | €980,168 | +€112,684 | +13.0% |
| Fixed assets | 21/28 | €109,077 | €1,197 | -€107,880 | -98.9% |
| Tangible fixed assets | 22/27 | €8,868 | €1,197 | -€7,671 | -86.5% |
| Plant, machinery and equipment | 23 | €5,378 | €1,197 | -€4,181 | -77.7% |
| Furniture and vehicles | 24 | €3,491 | €0 | -€3,491 | -100.0% |
| Financial fixed assets | 28 | €100,209 | €0 | -€100,209 | -100.0% |
| Current assets | 29/58 | €758,407 | €978,971 | +€220,564 | +29.1% |
| Amounts receivable within one year | 40/41 | - | €33,000 | +€33,000 | |
| Trade receivables | 40 | - | €33,000 | +€33,000 | |
| Current investments | 50/53 | €499,309 | €630,781 | +€131,471 | +26.3% |
| Cash at bank and in hand | 54/58 | €255,720 | €315,191 | +€59,471 | +23.3% |
| Deferred charges and accrued income | 490/1 | €3,378 | €0 | -€3,378 | -100.0% |
| Total equity and liabilities | 10/49 | €867,485 | €980,168 | +€112,684 | +13.0% |
| Equity | 10/15 | €835,701 | €969,099 | +€133,399 | +16.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €817,109 | €950,507 | +€133,399 | +16.3% |
| Tax-exempt reserves | 132 | €1,051 | €1,051 | = | 0.0% |
| Distributable reserves | 133 | €816,058 | €949,457 | +€133,399 | +16.3% |
| Amounts payable | 17/49 | €31,784 | €11,069 | -€20,715 | -65.2% |
| Amounts payable within one year | 42/48 | €31,784 | €11,069 | -€20,715 | -65.2% |
| Trade debts | 44 | €234 | €0 | -€234 | -100.0% |
| Suppliers | 440/4 | €234 | €0 | -€234 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,747 | €11,059 | -€689 | -5.9% |
| Taxes | 450/3 | €11,747 | €11,059 | -€689 | -5.9% |
| Other amounts payable | 47/48 | €19,803 | €10 | -€19,793 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,994 | €824 | -€3,170 | -79.4% |
| Other operating charges | 640/8 | €13,082 | €574 | -€12,508 | -95.6% |
| Non-recurring operating charges | 66A | €45 | €356 | +€311 | +691.7% |
| Gross operating margin | 9900 | €206,616 | €173,888 | -€32,728 | -15.8% |
| Operating profit (loss) | 9901 | €189,494 | €172,133 | -€17,361 | -9.2% |
| Financial income | 75/76B | €12,663 | €26,357 | +€13,694 | +108.1% |
| Recurring financial income | 75 | €12,663 | €26,357 | +€13,694 | +108.1% |
| Financial charges | 65/66B | -€3,042 | €1,756 | +€4,798 | |
| Recurring financial charges | 65 | -€3,042 | €1,756 | +€4,798 | |
| Profit (loss) for the period before taxes | 9903 | €205,198 | €196,734 | -€8,465 | -4.1% |
| Income taxes | 67/77 | €64,906 | €63,335 | -€1,571 | -2.4% |
| Profit (loss) for the period | 9904 | €140,293 | €133,399 | -€6,894 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €140,293 | €133,399 | -€6,894 | -4.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.