THE LE.AD.: 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.
THE LE.AD.
Largest movements
- Stocks and contracts +€404,454
new in 2025: €404,454
- Cash +€49,153
up €49,153 (+232%), from €21,232 to €70,384
mainly Short-term financial debts (+€349,351) and Debts after one year (+€50,000)
- Receivables within one year +€25,427
up €25,427 (+71.1%), from €35,754 to €61,180
of which Other amounts receivable: +€13,792
- Receivables after one year +€24,653
up €24,653 (+37.5%), from €65,800 to €90,453
- Short-term financial debts +€349,351
new in 2025: €349,351
- Debts after one year +€50,000
up €50,000 (+66.7%), from €75,000 to €125,000
- Other debts +€49,371
up €49,371 (+2,754%), from €1,792 to €51,163
- Trade debts +€40,863
up €40,863 (+120%), from €34,096 to €74,959
- Reserves +€18,947
up €18,947 (+242%), from €7,830 to €26,778
- Gross operating margin +€23,876
up €23,876 (+625%), from €3,821 to €27,697
- Taxes +€5,154
up €5,154 (+724%), from €712 to €5,866
- Depreciation +€303
up €303 (+114%), from €266 to €569
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 | €124,896 | €630,194 | +€505,298 | +405% |
| Fixed assets | 21/28 | €2,111 | €3,722 | +€1,611 | +76.3% |
| Tangible fixed assets | 22/27 | €861 | €2,472 | +€1,611 | +187% |
| Furniture and vehicles | 24 | €861 | €2,472 | +€1,611 | +187% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €122,785 | €626,472 | +€503,686 | +410% |
| Amounts receivable after more than one year | 29 | €65,800 | €90,453 | +€24,653 | +37.5% |
| Other amounts receivable | 291 | €65,800 | €90,453 | +€24,653 | +37.5% |
| Stocks and contracts in progress | 3 | - | €404,454 | +€404,454 | |
| Stocks | 30/36 | - | €404,454 | +€404,454 | |
| Amounts receivable within one year | 40/41 | €35,754 | €61,180 | +€25,427 | +71.1% |
| Trade receivables | 40 | €33,755 | €45,390 | +€11,635 | +34.5% |
| Other amounts receivable | 41 | €1,999 | €15,790 | +€13,792 | +690% |
| Cash at bank and in hand | 54/58 | €21,232 | €70,384 | +€49,153 | +232% |
| Total equity and liabilities | 10/49 | €124,896 | €630,194 | +€505,298 | +405% |
| Equity | 10/15 | €10,330 | €29,278 | +€18,947 | +183% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €7,830 | €26,778 | +€18,947 | +242% |
| Distributable reserves | 133 | €7,830 | €26,778 | +€18,947 | +242% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €114,566 | €600,916 | +€486,350 | +425% |
| Amounts payable after more than one year | 17 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Financial debts | 170/4 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Amounts payable within one year | 42/48 | €39,566 | €475,916 | +€436,350 | +1,103% |
| Financial debts | 43 | - | €349,351 | +€349,351 | |
| Credit institutions | 430/8 | - | €349,351 | +€349,351 | |
| Trade debts | 44 | €34,096 | €74,959 | +€40,863 | +120% |
| Suppliers | 440/4 | €34,096 | €74,959 | +€40,863 | +120% |
| Taxes, remuneration and social security | 45 | €3,678 | €443 | -€3,235 | -88.0% |
| Taxes | 450/3 | €3,678 | €443 | -€3,235 | -88.0% |
| Other amounts payable | 47/48 | €1,792 | €51,163 | +€49,371 | +2,754% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266 | €569 | +€303 | +114% |
| Other operating charges | 640/8 | €424 | €470 | +€47 | +11.0% |
| Gross operating margin | 9900 | €3,821 | €27,697 | +€23,876 | +625% |
| Operating profit (loss) | 9901 | €3,132 | €26,658 | +€23,526 | +751% |
| Financial income | 75/76B | €0 | €273 | +€273 | |
| Recurring financial income | 75 | €0 | €273 | +€273 | |
| Financial charges | 65/66B | €2,095 | €2,118 | +€23 | +1.1% |
| Recurring financial charges | 65 | €2,095 | €2,118 | +€23 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €1,037 | €24,814 | +€23,776 | +2,292% |
| Income taxes | 67/77 | €712 | €5,866 | +€5,154 | +724% |
| Profit (loss) for the period | 9904 | €326 | €18,947 | +€18,622 | +5,719% |
| Profit (loss) for the period to be appropriated | 9905 | €326 | €18,947 | +€18,622 | +5,719% |
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.