Letswatt
ActiveSummary
Letswatt has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €45,216 and a net result of -€37,880. Equity is shrinking by ~30.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 20% of 184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Overview
What they do
Production of electricity from non-renewable sources
NACE 35110
1 site
How big
€604,347total assets 2025
- Equity
- €45,216
- Loss
- -€37,880
Turnover not published (abridged schema)
Who decides
Accounts filed 25 d late0 of 2 deeds read
Why 40- Limited track record- Annual accounts: weaker financial profile- Persistent losses- Weak solvency vs sector+ Lower-failure-rate sectorFiled after the deadlineShow the evidence
Checked score
Score 2025
Axes · tick = 2024
Profitability11▼-3
Solvency32▼-16
Growth32=
Track record94
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Liquidity ample (current ratio 3.34 against 7.09 in 2024; short-term debt: 29.6% and cash: 1.3% of total assets), but 92.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
7.5%
Return on assets
-6.3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
232425
2023 to 2025 · latest year -€37,880
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 184 sector peers (2025).
NBB · sector comparisonPosition among 184 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
25 d late
2024
7 d late
2023
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 7 August (3 of the last 3 filed years within 34 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
- Annual accounts filedfiscal year 2025 · micro…
- Weakest financial yearnet -€37,880
- Annual accounts filedfiscal year 2024 · micro…
Financials
Fiscal year 2025Total assets €604,347Loss -€37,880Solvency 7.5%Liquidity 3.34
Total assets
€604,347▲ 70.6%
2023 - 2025
Net result
-€37,880▼ 208%
2023 - 2025
Equity
€45,216▼ 45.6%
2023 - 2025
Solvency
7.5%▼ 16.0pp
2023 - 2025
Financials · fiscal year 2025, micro schema
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line202320242025
Operating result-€4,575--€14,884▼ 225%-€37,575▼ 152%
Net result-€4,589below the sector's middle half--€12,315below the sector's middle half▼ 168%-€37,880below the sector's middle half▼ 208%
Equity€95,411within the sector's middle half-€83,096within the sector's middle half▼ 12.9%€45,216within the sector's middle half▼ 45.6%
Total assets€98,056below the sector's middle half-€354,182within the sector's middle half▲ 261%€604,347within the sector's middle half▲ 70.6%
Debt€2,645-€271,086▲ 10,149%€559,131▲ 106%
Working capital€94,203within the sector's middle half-€301,225above the sector's middle half▲ 220%€418,288above the sector's middle half▲ 38.9%
Solvency97.3%above the sector's middle half-23.5%within the sector's middle half▼ 73.8pp7.5%below the sector's middle half▼ 16.0pp
Current ratio36.61above the sector's middle half-7.09above the sector's middle half▼ 29.523.34within the sector's middle half▼ 3.76
Return on assets (ROA)-4.7%below the sector's middle half--3.5%within the sector's middle half▲ 1.2pp-6.3%below the sector's middle half▼ 2.8pp
above
within
below
the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result and balance sheet
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €37,575 in 2025 against €14,884 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €603,734
Fixed assets
€6,315 ▲ 141%
Current assets
€597,419 ▲ 70.4%
Equity and liabilities €604,347
Equity
€45,216 ▼ 45.6%
Debt
€559,131 ▲ 106%
Debt's share of the balance-sheet total rises from 76.5% to 92.5%. Equity is lower and debt is higher.
Key figures and ratios
Key figures and ratios
EBITDA
-€33,848▼
2024 · -€13,534
Cash flow
-€34,153▼
2024 · -€10,965
Quick ratio
0.07▼
2024 · 0.93
Debt to equity
12.37▲
2024 · 3.26
ROE
-83.8%▼
2024 · -14.8%
Interest coverage
-110.29▼
2024 · -104.86
Debt ≤ 1 year
€179,131▲
2024 · €49,429
Debt > 1 year
€380,000▲
2024 · €221,657
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 865 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 97% are still going.
- Small
- 2 to 5 years old
- solvency under 10%
- a small loss
1.5%
went bankrupt
1.7%
stopped otherwise
97%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 865 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Filed annual accounts
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €280 | €1,350 | €3,727 | ▲ 176% |
| Other operating charges640/8 | €291 | €408 | €153 | ▼ 62.5% |
| Gross operating margin9900 | -€4,005 | -€13,125 | -€33,694 | ▼ 157% |
| Operating profit (loss)9901 | -€4,575 | -€14,884 | -€37,575 | ▼ 152% |
| Financial income75/76B | - | €2,698 | €2 | ▼ 99.9% |
| Recurring financial income75 | - | €2,698 | €2 | ▼ 99.9% |
| Financial charges65/66B | €13 | €129 | €307 | ▲ 138% |
| Recurring financial charges65 | €13 | €129 | €307 | ▲ 138% |
| Profit (loss) for the period before taxes9903 | -€4,589 | -€12,315 | -€37,880 | ▼ 208% |
| Profit (loss) for the period9904 | -€4,589 | -€12,315 | -€37,880 | ▼ 208% |
| Profit (loss) for the period to be appropriated9905 | -€4,589 | -€12,315 | -€37,880 | ▼ 208% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €98,056 | €354,182 | €604,347 | ▲ 70.6% |
| Formation expenses20 | €1,208 | €910 | €613 | ▼ 32.7% |
| Fixed assets21/28 | - | €2,618 | €6,315 | ▲ 141% |
| Tangible fixed assets22/27 | - | €2,618 | €6,315 | ▲ 141% |
| Plant, machinery and equipment23 | - | €2,618 | - | - |
| Furniture and vehicles24 | - | - | €6,315 | - |
| Current assets29/58 | €96,848 | €350,654 | €597,419 | ▲ 70.4% |
| Stocks and contracts in progress3 | - | €304,668 | €584,921 | ▲ 92.0% |
| Stocks30/36 | - | €304,668 | €584,921 | ▲ 92.0% |
| Amounts receivable within one year40/41 | €451 | €2,301 | €4,414 | ▲ 91.8% |
| Other amounts receivable41 | €451 | €2,301 | €4,414 | ▲ 91.8% |
| Cash at bank and in hand54/58 | €96,397 | €43,686 | €8,084 | ▼ 81.5% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €98,056 | €354,182 | €604,347 | ▲ 70.6% |
| Equity10/15 | €95,411 | €83,096 | €45,216 | ▼ 45.6% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | -€4,589 | -€16,904 | -€54,784 | ▼ 224% |
| Amounts payable17/49 | €2,645 | €271,086 | €559,131 | ▲ 106% |
| Amounts payable after more than one year17 | - | €221,657 | €380,000 | ▲ 71.4% |
| Financial debts170/4 | - | €220,000 | €380,000 | ▲ 72.7% |
| Other amounts payable178/9 | - | €1,657 | - | - |
| Amounts payable within one year42/48 | €2,645 | €49,429 | €179,131 | ▲ 262% |
| Financial debts43 | - | €37 | €17 | ▼ 52.4% |
| Credit institutions430/8 | - | €37 | €17 | ▼ 52.4% |
| Trade debts44 | - | €44,573 | €158,985 | ▲ 257% |
| Suppliers440/4 | - | €44,573 | €158,985 | ▲ 257% |
| Other amounts payable47/48 | €2,645 | €4,819 | €20,129 | ▲ 318% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,589 | -€12,315 | -€37,880 | ▼ 208% |
| + Depreciation and write-downs630 | €280 | €1,350 | €3,727 | ▲ 176% |
| Operating cash flow (approximation) | -€4,309 | -€10,965 | -€34,153 | ▼ 211% |
| Investment in fixed assets (approximation) | - | - | -€7,425 | - |
| Change in cash | - | -€52,711 | -€35,601 | ▲ 32.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Comparable companies
Similar companies · same sector, comparable size
N&B RENEWABLE ENERGY
BE 0700.802.828
Oudergem · Eq €45,135
Luminus Storage
BE 0799.558.330
Sint-Joost-ten-Node · Eq €45,007
TotalEnergies Integrated Power ESS Belgium
BE 0536.909.351
Liège · Eq €44,946
OP 'T ZAND
BE 0846.801.090
Pelt · Eq €44,376
SÄGEWERK UND HOLZHANDEL GmbH Paul Pankert – Axel Thönnes Nachf.
BE 0421.078.582
Eupen · Eq €46,122
Of 814 companies in this sector we hold annual accounts for 632. 229 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Timeline
4 eventsLatest 25-08-2026Next filing 31-07-2027
History
Acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
31-12
Financial
Weakest financial yearnet -€37,880
Net result drops to -€37,880, the lowest in the series.
07-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 7 days late
2024
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Company details
Private limited company · founded 23-01-2023Year ends 31-12Peppol reachable1 site
Register details
Identification
Legal formPrivate limited company
Founded23-01-2023
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
43211General electrical installation work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0797475404
Also
9925:BE0797475404
Registered
01-05-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Beringen · 1 establishment unit since 2023
Ground area
784 m²
Building footprint
292 m²
Volume, LiDAR
1,332 m³
Parcel 71005C0981/00L004, Flanders · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Letswatt
since 2023unit no. 2.341.372.439
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71005C0981/00L004 | Flanders | 784 m² | 1 · 292 m² | 7.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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