Thibault 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.
Thibault LEONARD
Largest movements
- Receivables within one year +€24,059
up €24,059 (+1,983%), from €1,213 to €25,272
of which Trade receivables: +€24,000
- Tangible fixed assets -€22,346
down €22,346 (-29.2%), from €76,583 to €54,237
of which Furniture and vehicles: -€14,792
- Deferred charges and accrued income -€1,152
no longer reported in 2025 (was €1,152)
- Other debts +€27,163
up €27,163 (+18.7%), from €145,018 to €172,181
- Profit (loss) carried forward -€19,372
down €19,372 (-21.9%), from -€88,561 to -€107,933
- Current portion of long-term debt -€3,801
down €3,801 (-74.9%), from €5,078 to €1,277
- Trade debts -€1,719
down €1,719 (-54.8%), from €3,139 to €1,419
- Debts after one year -€1,277
no longer reported in 2025 (was €1,277)
- Gross operating margin +€19,390
up €19,390, from -€15,044 to €4,345
- Depreciation -€979
down €979 (-4.2%), from €23,325 to €22,346
- Other operating charges -€387
down €387 (-70.6%), from €548 to €161
- Financial income +€202
up €202 (+15,645%), from €1 to €203
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 | €87,950 | €88,944 | +€994 | +1.1% |
| Fixed assets | 21/28 | €76,583 | €54,237 | -€22,346 | -29.2% |
| Tangible fixed assets | 22/27 | €76,583 | €54,237 | -€22,346 | -29.2% |
| Land and buildings | 22 | €16,417 | €9,870 | -€6,547 | -39.9% |
| Plant, machinery and equipment | 23 | €2,420 | €1,413 | -€1,007 | -41.6% |
| Furniture and vehicles | 24 | €57,746 | €42,955 | -€14,792 | -25.6% |
| Current assets | 29/58 | €11,368 | €34,707 | +€23,340 | +205% |
| Amounts receivable within one year | 40/41 | €1,213 | €25,272 | +€24,059 | +1,983% |
| Trade receivables | 40 | - | €24,000 | +€24,000 | |
| Other amounts receivable | 41 | €1,213 | €1,272 | +€59 | +4.9% |
| Cash at bank and in hand | 54/58 | €9,003 | €9,435 | +€432 | +4.8% |
| Deferred charges and accrued income | 490/1 | €1,152 | - | -€1,152 | |
| Total equity and liabilities | 10/49 | €87,950 | €88,944 | +€994 | +1.1% |
| Equity | 10/15 | -€66,561 | -€85,933 | -€19,372 | -29.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,561 | -€107,933 | -€19,372 | -21.9% |
| Amounts payable | 17/49 | €154,511 | €174,877 | +€20,366 | +13.2% |
| Amounts payable after more than one year | 17 | €1,277 | - | -€1,277 | |
| Financial debts | 170/4 | €1,277 | - | -€1,277 | |
| Amounts payable within one year | 42/48 | €153,235 | €174,877 | +€21,642 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €5,078 | €1,277 | -€3,801 | -74.9% |
| Trade debts | 44 | €3,139 | €1,419 | -€1,719 | -54.8% |
| Suppliers | 440/4 | €3,139 | €1,419 | -€1,719 | -54.8% |
| Other amounts payable | 47/48 | €145,018 | €172,181 | +€27,163 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,325 | €22,346 | -€979 | -4.2% |
| Other operating charges | 640/8 | €548 | €161 | -€387 | -70.6% |
| Gross operating margin | 9900 | -€15,044 | €4,345 | +€19,390 | |
| Operating profit (loss) | 9901 | -€38,917 | -€18,162 | +€20,756 | +53.3% |
| Financial income | 75/76B | €1 | €203 | +€202 | +15,645% |
| Recurring financial income | 75 | €1 | €203 | +€202 | +15,645% |
| Financial charges | 65/66B | €1,484 | €1,413 | -€71 | -4.8% |
| Recurring financial charges | 65 | €1,484 | €1,413 | -€71 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€40,400 | -€19,372 | +€21,028 | +52.1% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -20.0% |
| Profit (loss) for the period | 9904 | -€40,400 | -€19,372 | +€21,028 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,400 | -€19,372 | +€21,028 | +52.0% |
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 13 October 2026 via checked.be.