PROFESSOR LEO: 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.
PROFESSOR LEO
Largest movements
- Tangible fixed assets +€408,458
up €408,458 (+1,267%), from €32,244 to €440,702
of which Land and buildings: +€419,000
- Receivables within one year +€127,577
up €127,577 (+2,391%), from €5,336 to €132,913
of which Trade receivables: +€127,732
- Cash -€60,513
down €60,513 (-28.5%), from €212,116 to €151,603
mainly Investment in fixed assets (net) (-€419,000) and Receivables within one year (-€127,577)
- Debts after one year +€390,746
up €390,746 (+6,283%), from €6,219 to €396,965
- Accrued charges and deferred income +€72,312
up €72,312 (+1,907%), from €3,792 to €76,105
- Reserves +€26,051
up €26,051 (+35.6%), from €73,160 to €99,211
- Other debts -€17,252
down €17,252 (-12.1%), from €142,436 to €125,184
- Current portion of long-term debt +€16,082
up €16,082 (+132%), from €12,172 to €28,254
- Other operating charges +€57,280
up €57,280 (+5,049%), from €1,134 to €58,415
- Gross operating margin +€13,848
up €13,848 (+12.7%), from €108,853 to €122,700
- Taxes -€11,778
down €11,778 (-61.5%), from €19,162 to €7,385
- Staff costs +€10,331
up €10,331 (+216%), from €4,782 to €15,113
- Financial charges +€5,996
up €5,996 (+718%), from €835 to €6,831
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €314,390 | €791,676 | +€477,286 | +152% |
| Fixed assets | 21/28 | €33,688 | €441,940 | +€408,252 | +1,212% |
| Intangible fixed assets | 21 | €1,444 | €1,238 | -€206 | -14.3% |
| Tangible fixed assets | 22/27 | €32,244 | €440,702 | +€408,458 | +1,267% |
| Land and buildings | 22 | - | €419,000 | +€419,000 | |
| Other tangible fixed assets | 26 | €32,244 | €21,702 | -€10,542 | -32.7% |
| Current assets | 29/58 | €280,701 | €349,736 | +€69,034 | +24.6% |
| Stocks and contracts in progress | 3 | €63,250 | €65,148 | +€1,898 | +3.0% |
| Stocks | 30/36 | €63,250 | €65,148 | +€1,898 | +3.0% |
| Amounts receivable within one year | 40/41 | €5,336 | €132,913 | +€127,577 | +2,391% |
| Trade receivables | 40 | €5,181 | €132,913 | +€127,732 | +2,465% |
| Other amounts receivable | 41 | €155 | €0 | -€155 | -100% |
| Cash at bank and in hand | 54/58 | €212,116 | €151,603 | -€60,513 | -28.5% |
| Deferred charges and accrued income | 490/1 | - | €73 | +€73 | |
| Total equity and liabilities | 10/49 | €314,390 | €791,676 | +€477,286 | +152% |
| Equity | 10/15 | €77,410 | €103,461 | +€26,051 | +33.7% |
| Contributions | 10/11 | €4,250 | €4,250 | = | 0.0% |
| Reserves | 13 | €73,160 | €99,211 | +€26,051 | +35.6% |
| Distributable reserves | 133 | €73,160 | €99,211 | +€26,051 | +35.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €236,980 | €688,214 | +€451,235 | +190% |
| Amounts payable after more than one year | 17 | €6,219 | €396,965 | +€390,746 | +6,283% |
| Financial debts | 170/4 | €6,219 | €396,965 | +€390,746 | +6,283% |
| Amounts payable within one year | 42/48 | €226,968 | €215,144 | -€11,824 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €12,172 | €28,254 | +€16,082 | +132% |
| Trade debts | 44 | €18,783 | €6,920 | -€11,863 | -63.2% |
| Suppliers | 440/4 | €18,783 | €6,920 | -€11,863 | -63.2% |
| Taxes, remuneration and social security | 45 | €53,577 | €54,787 | +€1,209 | +2.3% |
| Taxes | 450/3 | €53,577 | €54,787 | +€1,209 | +2.3% |
| Other amounts payable | 47/48 | €142,436 | €125,184 | -€17,252 | -12.1% |
| Accrued charges and deferred income | 492/3 | €3,792 | €76,105 | +€72,312 | +1,907% |
| Remuneration, social security and pensions | 62 | €4,782 | €15,113 | +€10,331 | +216% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,742 | €10,748 | +€6 | +0.1% |
| Other operating charges | 640/8 | €1,134 | €58,415 | +€57,280 | +5,049% |
| Gross operating margin | 9900 | €108,853 | €122,700 | +€13,848 | +12.7% |
| Operating profit (loss) | 9901 | €92,195 | €38,425 | -€53,770 | -58.3% |
| Financial income | 75/76B | €1,822 | €2,822 | +€1,000 | +54.9% |
| Recurring financial income | 75 | €1,822 | €2,822 | +€1,000 | +54.9% |
| Financial charges | 65/66B | €835 | €6,831 | +€5,996 | +718% |
| Recurring financial charges | 65 | €835 | €6,831 | +€5,996 | +718% |
| Profit (loss) for the period before taxes | 9903 | €93,181 | €34,416 | -€58,765 | -63.1% |
| Income taxes | 67/77 | €19,162 | €7,385 | -€11,778 | -61.5% |
| Profit (loss) for the period | 9904 | €74,019 | €27,031 | -€46,988 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,019 | €27,031 | -€46,988 | -63.5% |
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 19 October 2026 via checked.be.