RENE LEONARD: 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.
RENE LEONARD
Largest movements
- Receivables within one year +€141,539
up €141,539 (+43.8%), from €323,292 to €464,831
of which Trade receivables: +€135,656
- Cash +€30,921
up €30,921 (+42.0%), from €73,675 to €104,596
mainly Trade debts (+€78,201) and Net result for the year (+€75,811)
- Stocks and contracts -€30,122
down €30,122 (-12.5%), from €241,245 to €211,122
of which Stocks: -€23,548
- Trade debts +€78,201
up €78,201 (+136%), from €57,664 to €135,865
- Profit (loss) carried forward +€75,811
up €75,811 (+91.8%), from -€82,593 to -€6,782
- Other debts -€15,195
down €15,195 (-18.3%), from €83,196 to €68,001
- Short-term financial debts -€10,000
down €10,000 (-5.6%), from €180,000 to €170,000
- Gross operating margin +€121,310
up €121,310 (+31.5%), from €385,447 to €506,757
- Staff costs +€22,120
up €22,120 (+6.2%), from €358,747 to €380,868
- Taxes +€10,873
up €10,873, from -€217 to €10,656
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 | €789,980 | €922,697 | +€132,716 | +16.8% |
| Fixed assets | 21/28 | €142,692 | €134,701 | -€7,991 | -5.6% |
| Tangible fixed assets | 22/27 | €139,996 | €131,088 | -€8,908 | -6.4% |
| Land and buildings | 22 | €100,000 | €100,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €777 | €2,562 | +€1,785 | +230% |
| Furniture and vehicles | 24 | €39,219 | €28,527 | -€10,693 | -27.3% |
| Financial fixed assets | 28 | €2,696 | €3,613 | +€917 | +34.0% |
| Current assets | 29/58 | €647,288 | €787,996 | +€140,708 | +21.7% |
| Stocks and contracts in progress | 3 | €241,245 | €211,122 | -€30,122 | -12.5% |
| Stocks | 30/36 | €231,270 | €207,721 | -€23,548 | -10.2% |
| Contracts in progress | 37 | €9,975 | €3,401 | -€6,574 | -65.9% |
| Amounts receivable within one year | 40/41 | €323,292 | €464,831 | +€141,539 | +43.8% |
| Trade receivables | 40 | €311,273 | €446,929 | +€135,656 | +43.6% |
| Other amounts receivable | 41 | €12,019 | €17,902 | +€5,883 | +48.9% |
| Cash at bank and in hand | 54/58 | €73,675 | €104,596 | +€30,921 | +42.0% |
| Deferred charges and accrued income | 490/1 | €9,077 | €7,447 | -€1,630 | -18.0% |
| Total equity and liabilities | 10/49 | €789,980 | €922,697 | +€132,716 | +16.8% |
| Equity | 10/15 | €428,834 | €504,645 | +€75,811 | +17.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €434,806 | €434,806 | = | 0.0% |
| Distributable reserves | 133 | €434,806 | €434,806 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,593 | -€6,782 | +€75,811 | +91.8% |
| Investment grants | 15 | €14,648 | €14,648 | = | 0.0% |
| Amounts payable | 17/49 | €361,146 | €418,051 | +€56,906 | +15.8% |
| Amounts payable within one year | 42/48 | €356,927 | €415,267 | +€58,340 | +16.3% |
| Financial debts | 43 | €180,000 | €170,000 | -€10,000 | -5.6% |
| Credit institutions | 430/8 | €180,000 | €170,000 | -€10,000 | -5.6% |
| Trade debts | 44 | €57,664 | €135,865 | +€78,201 | +136% |
| Suppliers | 440/4 | €57,664 | €135,865 | +€78,201 | +136% |
| Taxes, remuneration and social security | 45 | €36,067 | €41,401 | +€5,334 | +14.8% |
| Taxes | 450/3 | €13,083 | €20,087 | +€7,004 | +53.5% |
| Remuneration and social security | 454/9 | €22,984 | €21,314 | -€1,670 | -7.3% |
| Other amounts payable | 47/48 | €83,196 | €68,001 | -€15,195 | -18.3% |
| Accrued charges and deferred income | 492/3 | €4,219 | €2,784 | -€1,435 | -34.0% |
| Non-recurring operating income | 76A | €413 | €121 | -€292 | -70.7% |
| Remuneration, social security and pensions | 62 | €358,747 | €380,868 | +€22,120 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,327 | €13,847 | -€479 | -3.3% |
| Other operating charges | 640/8 | €14,325 | €14,887 | +€562 | +3.9% |
| Non-recurring operating charges | 66A | - | €3,941 | +€3,941 | |
| Gross operating margin | 9900 | €385,447 | €506,757 | +€121,310 | +31.5% |
| Operating profit (loss) | 9901 | -€1,952 | €93,215 | +€95,166 | |
| Financial income | 75/76B | €5,732 | €6,098 | +€366 | +6.4% |
| Recurring financial income | 75 | €5,732 | €6,098 | +€366 | +6.4% |
| Financial charges | 65/66B | €15,811 | €12,846 | -€2,966 | -18.8% |
| Recurring financial charges | 65 | €15,811 | €12,846 | -€2,966 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,031 | €86,467 | +€98,498 | |
| Income taxes | 67/77 | -€217 | €10,656 | +€10,873 | |
| Profit (loss) for the period | 9904 | -€11,814 | €75,811 | +€87,625 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,814 | €75,811 | +€87,625 |
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 26 October 2026 via checked.be.