DE LETTER PASCAL: 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.
DE LETTER PASCAL
Largest movements
- Receivables within one year -€5,604
down €5,604 (-91.5%), from €6,122 to €518
of which Trade receivables: -€4,421
- Tangible fixed assets -€5,367
down €5,367 (-17.5%), from €30,614 to €25,247
of which Land and buildings: -€4,519
- Cash -€4,599
down €4,599 (-5.1%), from €89,831 to €85,231
mainly Tax, wage and social debts (-€13,618) and Other debts (-€10,157)
- Reserves +€17,711
up €17,711 (+91.6%), from €19,330 to €37,041
of which Distributable reserves: +€17,711
- Tax, wage and social debts -€13,618
down €13,618 (-95.2%), from €14,302 to €684
- Other debts -€10,157
down €10,157 (-14.1%), from €71,875 to €61,719
- Trade debts -€9,847
down €9,847 (-82.3%), from €11,961 to €2,114
- Gross operating margin +€38,289
up €38,289, from -€3,071 to €35,218
- Taxes +€6,606
up €6,606 (+634.4%), from €1,041 to €7,647
- Financial charges -€506
down €506 (-48.1%), from €1,051 to €546
- Depreciation +€462
up €462 (+7.4%), from €6,229 to €6,691
- Other operating charges -€426
down €426 (-14.0%), from €3,049 to €2,623
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 | €129,868 | €114,340 | -€15,528 | -12.0% |
| Fixed assets | 21/28 | €30,614 | €25,247 | -€5,367 | -17.5% |
| Tangible fixed assets | 22/27 | €30,614 | €25,247 | -€5,367 | -17.5% |
| Land and buildings | 22 | €21,251 | €16,733 | -€4,519 | -21.3% |
| Plant, machinery and equipment | 23 | €184 | €61 | -€123 | -66.7% |
| Furniture and vehicles | 24 | €3,679 | €2,953 | -€726 | -19.7% |
| Other tangible fixed assets | 26 | €5,500 | €5,500 | = | 0.0% |
| Current assets | 29/58 | €99,253 | €89,093 | -€10,160 | -10.2% |
| Stocks and contracts in progress | 3 | €1,736 | €1,736 | = | 0.0% |
| Stocks | 30/36 | €1,736 | €1,736 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,122 | €518 | -€5,604 | -91.5% |
| Trade receivables | 40 | €4,655 | €234 | -€4,421 | -95.0% |
| Other amounts receivable | 41 | €1,467 | €284 | -€1,183 | -80.7% |
| Cash at bank and in hand | 54/58 | €89,831 | €85,231 | -€4,599 | -5.1% |
| Deferred charges and accrued income | 490/1 | €1,566 | €1,609 | +€43 | +2.7% |
| Total equity and liabilities | 10/49 | €129,868 | €114,340 | -€15,528 | -12.0% |
| Equity | 10/15 | €31,730 | €49,441 | +€17,711 | +55.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €19,330 | €37,041 | +€17,711 | +91.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €17,475 | €35,186 | +€17,711 | +101.4% |
| Amounts payable | 17/49 | €98,138 | €64,899 | -€33,239 | -33.9% |
| Amounts payable within one year | 42/48 | €98,138 | €64,516 | -€33,622 | -34.3% |
| Trade debts | 44 | €11,961 | €2,114 | -€9,847 | -82.3% |
| Suppliers | 440/4 | €11,961 | €2,114 | -€9,847 | -82.3% |
| Taxes, remuneration and social security | 45 | €14,302 | €684 | -€13,618 | -95.2% |
| Taxes | 450/3 | €14,302 | €684 | -€13,618 | -95.2% |
| Other amounts payable | 47/48 | €71,875 | €61,719 | -€10,157 | -14.1% |
| Accrued charges and deferred income | 492/3 | - | €383 | +€383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,229 | €6,691 | +€462 | +7.4% |
| Other operating charges | 640/8 | €3,049 | €2,623 | -€426 | -14.0% |
| Gross operating margin | 9900 | -€3,071 | €35,218 | +€38,289 | |
| Operating profit (loss) | 9901 | -€12,349 | €25,904 | +€38,253 | |
| Financial charges | 65/66B | €1,051 | €546 | -€506 | -48.1% |
| Recurring financial charges | 65 | €1,051 | €546 | -€506 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,400 | €25,359 | +€38,759 | |
| Income taxes | 67/77 | €1,041 | €7,647 | +€6,606 | +634.4% |
| Profit (loss) for the period | 9904 | -€14,441 | €17,711 | +€32,152 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,441 | €17,711 | +€32,152 |
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 9 October 2026 via checked.be.