LEONOR: 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.
LEONOR
Largest movements
- Tangible fixed assets +€38,007
up €38,007 (+3.9%), from €983,955 to €1.0m
- Receivables within one year -€23,562
down €23,562 (-28.6%), from €82,321 to €58,758
of which Other amounts receivable: -€51,666
- Trade debts +€71,057
up €71,057 (+1,878%), from €3,784 to €74,841
- Debts after one year -€54,471
down €54,471 (-7.3%), from €742,975 to €688,504
- Other debts +€51,994
up €51,994 (+22.1%), from €235,531 to €287,525
- Profit (loss) carried forward -€40,875
down €40,875 (-1,805%), from -€2,265 to -€43,139
- Current portion of long-term debt -€11,394
down €11,394 (-21.4%), from €53,167 to €41,773
- Gross operating margin -€36,257
down €36,257 (-76.9%), from €47,161 to €10,904
- Financial charges -€5,564
down €5,564 (-26.2%), from €21,197 to €15,633
- Depreciation +€3,070
up €3,070 (+9.4%), from €32,597 to €35,667
- Taxes -€892
down €892 (-100%), from €892 to €0
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 | €1,077,590 | €1,081,852 | +€4,262 | +0.4% |
| Fixed assets | 21/28 | €983,955 | €1,021,961 | +€38,007 | +3.9% |
| Tangible fixed assets | 22/27 | €983,955 | €1,021,961 | +€38,007 | +3.9% |
| Land and buildings | 22 | €983,955 | €1,021,961 | +€38,007 | +3.9% |
| Current assets | 29/58 | €93,635 | €59,891 | -€33,745 | -36.0% |
| Amounts receivable within one year | 40/41 | €82,321 | €58,758 | -€23,562 | -28.6% |
| Trade receivables | 40 | €156 | €28,260 | +€28,104 | +18,005% |
| Other amounts receivable | 41 | €82,165 | €30,498 | -€51,666 | -62.9% |
| Cash at bank and in hand | 54/58 | €9,660 | €1,132 | -€8,528 | -88.3% |
| Deferred charges and accrued income | 490/1 | €1,654 | €0 | -€1,654 | -100% |
| Total equity and liabilities | 10/49 | €1,077,590 | €1,081,852 | +€4,262 | +0.4% |
| Equity | 10/15 | €17,735 | -€23,139 | -€40,875 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€2,265 | -€43,139 | -€40,875 | -1,805% |
| Amounts payable | 17/49 | €1,059,854 | €1,104,991 | +€45,136 | +4.3% |
| Amounts payable after more than one year | 17 | €742,975 | €688,504 | -€54,471 | -7.3% |
| Financial debts | 170/4 | €742,975 | €688,504 | -€54,471 | -7.3% |
| Amounts payable within one year | 42/48 | €316,879 | €416,487 | +€99,607 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €53,167 | €41,773 | -€11,394 | -21.4% |
| Trade debts | 44 | €3,784 | €74,841 | +€71,057 | +1,878% |
| Suppliers | 440/4 | €3,784 | €74,841 | +€71,057 | +1,878% |
| Advances received on contracts in progress | 46 | €9,066 | €0 | -€9,066 | -100% |
| Taxes, remuneration and social security | 45 | €15,331 | €12,348 | -€2,983 | -19.5% |
| Taxes | 450/3 | €7,321 | €12,348 | +€5,027 | +68.7% |
| Remuneration and social security | 454/9 | €8,010 | €0 | -€8,010 | -100% |
| Other amounts payable | 47/48 | €235,531 | €287,525 | +€51,994 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,597 | €35,667 | +€3,070 | +9.4% |
| Other operating charges | 640/8 | €2,013 | €2,077 | +€64 | +3.2% |
| Gross operating margin | 9900 | €47,161 | €10,904 | -€36,257 | -76.9% |
| Operating profit (loss) | 9901 | €12,551 | -€26,840 | -€39,390 | |
| Financial income | 75/76B | €1,225 | €1,598 | +€373 | +30.4% |
| Recurring financial income | 75 | €1,225 | €1,598 | +€373 | +30.4% |
| Financial charges | 65/66B | €21,197 | €15,633 | -€5,564 | -26.2% |
| Recurring financial charges | 65 | €21,197 | €15,633 | -€5,564 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,421 | -€40,875 | -€33,453 | -451% |
| Income taxes | 67/77 | €892 | €0 | -€892 | -100% |
| Profit (loss) for the period | 9904 | -€8,314 | -€40,875 | -€32,561 | -392% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,314 | -€40,875 | -€32,561 | -392% |
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 29 October 2026 via checked.be.