LEVIATHAN: 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.
LEVIATHAN
Largest movements
- Receivables within one year +€50,265
up €50,265 (+39.0%), from €129,015 to €179,280
of which Other amounts receivable: +€50,265
- Current investments -€15,583
down €15,583 (-1.6%), from €1.0m to €984,822
- Profit (loss) carried forward -€152,214
down €152,214, from €0 to -€152,214
- Other debts +€140,452
up €140,452 (+679.4%), from €20,672 to €161,124
- Trade debts +€63,524
up €63,524 (+4465.6%), from €1,423 to €64,946
- Tax, wage and social debts -€27,975
down €27,975 (-99.1%), from €28,235 to €260
- Taxes +€135,494
up €135,494 (+465.3%), from €29,121 to €164,614
- Gross operating margin -€70,414
down €70,414, from €67,072 to -€3,342
- Financial charges +€30,284
up €30,284 (+104.0%), from €29,130 to €59,414
- Financial income -€9,468
down €9,468 (-9.5%), from €99,857 to €90,389
- Depreciation +€7,174
up €7,174 (+103.6%), from €6,926 to €14,101
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 | €1,313,547 | €1,337,455 | +€23,908 | +1.8% |
| Fixed assets | 21/28 | €169,599 | €160,882 | -€8,717 | -5.1% |
| Tangible fixed assets | 22/27 | €74,082 | €67,687 | -€6,396 | -8.6% |
| Land and buildings | 22 | €19,669 | €21,401 | +€1,732 | +8.8% |
| Plant, machinery and equipment | 23 | €1,412 | €591 | -€822 | -58.2% |
| Furniture and vehicles | 24 | €53,000 | €45,695 | -€7,305 | -13.8% |
| Financial fixed assets | 28 | €95,517 | €93,196 | -€2,321 | -2.4% |
| Current assets | 29/58 | €1,143,948 | €1,176,573 | +€32,624 | +2.9% |
| Amounts receivable within one year | 40/41 | €129,015 | €179,280 | +€50,265 | +39.0% |
| Trade receivables | 40 | €12,100 | €12,100 | = | 0.0% |
| Other amounts receivable | 41 | €116,915 | €167,180 | +€50,265 | +43.0% |
| Current investments | 50/53 | €1,000,405 | €984,822 | -€15,583 | -1.6% |
| Cash at bank and in hand | 54/58 | €14,528 | €12,471 | -€2,057 | -14.2% |
| Total equity and liabilities | 10/49 | €1,313,547 | €1,337,455 | +€23,908 | +1.8% |
| Equity | 10/15 | €1,263,218 | €1,111,005 | -€152,214 | -12.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,250,818 | €1,250,818 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €0 | -€1,859 | -100.0% |
| Reserves not available under the articles | 1311 | €1,859 | €0 | -€1,859 | -100.0% |
| Distributable reserves | 133 | €1,248,959 | €1,250,818 | +€1,859 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | -€152,214 | -€152,214 | |
| Amounts payable | 17/49 | €50,329 | €226,451 | +€176,122 | +349.9% |
| Amounts payable within one year | 42/48 | €50,329 | €226,331 | +€176,002 | +349.7% |
| Trade debts | 44 | €1,423 | €64,946 | +€63,524 | +4465.6% |
| Suppliers | 440/4 | €1,423 | €64,946 | +€63,524 | +4465.6% |
| Taxes, remuneration and social security | 45 | €28,235 | €260 | -€27,975 | -99.1% |
| Taxes | 450/3 | €28,235 | €260 | -€27,975 | -99.1% |
| Other amounts payable | 47/48 | €20,672 | €161,124 | +€140,452 | +679.4% |
| Accrued charges and deferred income | 492/3 | - | €120 | +€120 | |
| Non-recurring operating income | 76A | €8,840 | €25,199 | +€16,360 | +185.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,926 | €14,101 | +€7,174 | +103.6% |
| Other operating charges | 640/8 | €109 | €1,132 | +€1,023 | +938.1% |
| Gross operating margin | 9900 | €67,072 | -€3,342 | -€70,414 | |
| Operating profit (loss) | 9901 | €60,037 | -€18,574 | -€78,611 | |
| Financial income | 75/76B | €99,857 | €90,389 | -€9,468 | -9.5% |
| Recurring financial income | 75 | €99,857 | €90,389 | -€9,468 | -9.5% |
| Financial charges | 65/66B | €29,130 | €59,414 | +€30,284 | +104.0% |
| Recurring financial charges | 65 | €29,130 | €59,414 | +€30,284 | +104.0% |
| Profit (loss) for the period before taxes | 9903 | €130,764 | €12,401 | -€118,363 | -90.5% |
| Income taxes | 67/77 | €29,121 | €164,614 | +€135,494 | +465.3% |
| Profit (loss) for the period | 9904 | €101,644 | -€152,214 | -€253,857 | |
| Profit (loss) for the period to be appropriated | 9905 | €101,644 | -€152,214 | -€253,857 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.