LIONARD: 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.
What changed
LIONARD
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€107,219
2024 · €126,343-€19,124
Equity
€560,780
2024 · €453,561+€107,219
Cash
€463,656
2024 · €216,662+€246,995
Balance sheet total
€3.3m
2024 · €3.3m+€79,036
Largest movements
Assets
- Cash +€246,995
up €246,995 (+114%), from €216,662 to €463,656
mainly Depreciation (+€154,067) and Net result for the year (+€107,219)
- Tangible fixed assets -€148,474
down €148,474 (-5.4%), from €2.7m to €2.6m
of which Land and buildings: -€110,249
Equity and liabilities
- Profit (loss) carried forward +€107,219
up €107,219 (+43.8%), from -€244,588 to -€137,369
- Trade debts -€40,428
down €40,428 (-64.1%), from €63,116 to €22,688
Income statement
- Other operating charges +€48,233
up €48,233 (+251%), from €19,184 to €67,417
- Gross operating margin +€25,615
up €25,615 (+6.7%), from €381,980 to €407,595
- Financial charges -€5,035
down €5,035 (-5.8%), from €86,979 to €81,944
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.
Result 2024
€126,343
Gross operating margin
+€25,615
Depreciation
-€4,047
Other operating charges
-€48,233
Financial income
+€2,506
Financial charges
+€5,035
Result 2025
€107,219
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€228,681
Investment
-€5,594
Financing
+€23,907
Cash 2024
€216,662
From operations (derived)
+€228,681
Net result for the year
+€107,219
Depreciation
+€154,067
Receivables within one year
+€9,080
Deferred charges and accrued income
+€10,405
Trade debts
-€40,428
Tax, wage and social debts
-€1,941
Other debts
+€6,296
Accrued charges and deferred income
-€16,017
Investment (derived)
-€5,594
Investment in fixed assets (net)
-€5,594
Financing
+€23,907
Debts after one year
+€21,780
Current portion of long-term debt
+€2,127
Cash 2025
€463,656
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,269,640 | €3,348,676 | +€79,036 | +2.4% |
| Fixed assets | 21/28 | €2,738,901 | €2,590,427 | -€148,474 | -5.4% |
| Tangible fixed assets | 22/27 | €2,738,901 | €2,590,427 | -€148,474 | -5.4% |
| Land and buildings | 22 | €1,939,009 | €1,828,760 | -€110,249 | -5.7% |
| Plant, machinery and equipment | 23 | €791,293 | €757,302 | -€33,991 | -4.3% |
| Furniture and vehicles | 24 | €8,600 | €4,366 | -€4,234 | -49.2% |
| Current assets | 29/58 | €530,739 | €758,248 | +€227,510 | +42.9% |
| Amounts receivable within one year | 40/41 | €250,012 | €240,932 | -€9,080 | -3.6% |
| Trade receivables | 40 | €249,738 | €240,225 | -€9,513 | -3.8% |
| Other amounts receivable | 41 | €274 | €708 | +€433 | +158% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €216,662 | €463,656 | +€246,995 | +114% |
| Deferred charges and accrued income | 490/1 | €14,065 | €3,659 | -€10,405 | -74.0% |
| Total equity and liabilities | 10/49 | €3,269,640 | €3,348,676 | +€79,036 | +2.4% |
| Equity | 10/15 | €453,561 | €560,780 | +€107,219 | +23.6% |
| Contributions | 10/11 | €690,044 | €690,044 | = | 0.0% |
| Contributions outside capital | 11 | €690,044 | €690,044 | = | 0.0% |
| Other | 1109/19 | €690,044 | €690,044 | = | 0.0% |
| Reserves | 13 | €8,105 | €8,105 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,560 | €1,560 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,560 | €1,560 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,718 | €5,718 | = | 0.0% |
| Distributable reserves | 133 | €827 | €827 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€244,588 | -€137,369 | +€107,219 | +43.8% |
| Amounts payable | 17/49 | €2,816,078 | €2,787,895 | -€28,183 | -1.0% |
| Amounts payable after more than one year | 17 | €2,359,519 | €2,381,299 | +€21,780 | +0.9% |
| Financial debts | 170/4 | €1,808,919 | €1,693,399 | -€115,520 | -6.4% |
| Other amounts payable | 178/9 | €550,600 | €687,900 | +€137,300 | +24.9% |
| Amounts payable within one year | 42/48 | €387,840 | €353,893 | -€33,946 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €113,393 | €115,520 | +€2,127 | +1.9% |
| Trade debts | 44 | €63,116 | €22,688 | -€40,428 | -64.1% |
| Suppliers | 440/4 | €63,116 | €22,688 | -€40,428 | -64.1% |
| Taxes, remuneration and social security | 45 | €25,654 | €23,713 | -€1,941 | -7.6% |
| Taxes | 450/3 | €25,654 | €23,713 | -€1,941 | -7.6% |
| Other amounts payable | 47/48 | €185,676 | €191,972 | +€6,296 | +3.4% |
| Accrued charges and deferred income | 492/3 | €68,720 | €52,703 | -€16,017 | -23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,020 | €154,067 | +€4,047 | +2.7% |
| Other operating charges | 640/8 | €19,184 | €67,417 | +€48,233 | +251% |
| Gross operating margin | 9900 | €381,980 | €407,595 | +€25,615 | +6.7% |
| Operating profit (loss) | 9901 | €212,776 | €186,111 | -€26,665 | -12.5% |
| Financial income | 75/76B | €546 | €3,052 | +€2,506 | +459% |
| Recurring financial income | 75 | €546 | €3,052 | +€2,506 | +459% |
| Financial charges | 65/66B | €86,979 | €81,944 | -€5,035 | -5.8% |
| Recurring financial charges | 65 | €86,979 | €81,944 | -€5,035 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €126,343 | €107,219 | -€19,124 | -15.1% |
| Profit (loss) for the period | 9904 | €126,343 | €107,219 | -€19,124 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €126,343 | €107,219 | -€19,124 | -15.1% |
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 17 October 2026 via checked.be.