De Letter: what changed
Two fiscal 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.
De Letter
Largest movements
- Tangible fixed assets -€88,358
down €88,358 (-19.4%), from €454,374 to €366,016
of which Land and buildings: -€85,899
- Cash -€35,398
down €35,398 (-69.2%), from €51,169 to €15,771
mainly Net result for the year (-€105,389) and Debts after one year (-€35,028)
- Receivables within one year -€24,100
down €24,100 (-81.2%), from €29,665 to €5,565
- Profit (loss) carried forward -€105,389
down €105,389 (-211.1%), from -€49,912 to -€155,300
- Debts after one year -€35,028
down €35,028 (-28.0%), from €125,149 to €90,121
- Other debts -€11,683
down €11,683 (-6.8%), from €172,423 to €160,740
- Gross operating margin -€21,615
down €21,615, from €9,188 to -€12,427
- Depreciation -€5,285
down €5,285 (-21.7%), from €24,303 to €19,018
- Financial income -€1,786
no longer reported in 2025 (was €1,786)
- Other operating charges -€1,578
down €1,578 (-72.1%), from €2,187 to €610
- Financial charges -€982
down €982 (-19.7%), from €4,976 to €3,994
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.
Cash bridge derived
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 | €538,395 | €387,404 | -€150,991 | -28.0% |
| Fixed assets | 21/28 | €454,374 | €366,016 | -€88,358 | -19.4% |
| Tangible fixed assets | 22/27 | €454,374 | €366,016 | -€88,358 | -19.4% |
| Land and buildings | 22 | €436,290 | €350,392 | -€85,899 | -19.7% |
| Plant, machinery and equipment | 23 | €8,750 | €7,846 | -€903 | -10.3% |
| Furniture and vehicles | 24 | €9,334 | €7,778 | -€1,556 | -16.7% |
| Current assets | 29/58 | €84,021 | €21,388 | -€62,633 | -74.5% |
| Amounts receivable within one year | 40/41 | €29,665 | €5,565 | -€24,100 | -81.2% |
| Other amounts receivable | 41 | €29,665 | €5,565 | -€24,100 | -81.2% |
| Cash at bank and in hand | 54/58 | €51,169 | €15,771 | -€35,398 | -69.2% |
| Deferred charges and accrued income | 490/1 | €3,187 | €52 | -€3,135 | -98.4% |
| Total equity and liabilities | 10/49 | €538,395 | €387,404 | -€150,991 | -28.0% |
| Equity | 10/15 | €200,722 | €95,334 | -€105,389 | -52.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €238,234 | €238,234 | = | 0.0% |
| Tax-exempt reserves | 132 | €68 | €68 | = | 0.0% |
| Distributable reserves | 133 | €238,166 | €238,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,912 | -€155,300 | -€105,389 | -211.1% |
| Provisions and deferred taxes | 16 | €6,000 | €6,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €6,000 | €6,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable | 17/49 | €331,673 | €286,070 | -€45,603 | -13.7% |
| Amounts payable after more than one year | 17 | €125,149 | €90,121 | -€35,028 | -28.0% |
| Financial debts | 170/4 | €125,149 | €90,121 | -€35,028 | -28.0% |
| Amounts payable within one year | 42/48 | €206,524 | €195,950 | -€10,574 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €34,101 | €35,028 | +€927 | +2.7% |
| Trade debts | 44 | - | €182 | +€182 | |
| Suppliers | 440/4 | - | €182 | +€182 | |
| Other amounts payable | 47/48 | €172,423 | €160,740 | -€11,683 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,303 | €19,018 | -€5,285 | -21.7% |
| Other operating charges | 640/8 | €2,187 | €610 | -€1,578 | -72.1% |
| Non-recurring operating charges | 66A | - | €69,340 | +€69,340 | |
| Gross operating margin | 9900 | €9,188 | -€12,427 | -€21,615 | |
| Operating profit (loss) | 9901 | -€17,302 | -€101,395 | -€84,092 | -486.0% |
| Financial income | 75/76B | €1,786 | - | -€1,786 | |
| Recurring financial income | 75 | €1,786 | - | -€1,786 | |
| Financial charges | 65/66B | €4,976 | €3,994 | -€982 | -19.7% |
| Recurring financial charges | 65 | €4,976 | €3,994 | -€982 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,492 | -€105,389 | -€84,896 | -414.3% |
| Profit (loss) for the period | 9904 | -€20,492 | -€105,389 | -€84,896 | -414.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,492 | -€105,389 | -€84,896 | -414.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.