De Letterbek: 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 Letterbek
Largest movements
- Receivables within one year -€30,841
down €30,841 (-67.7%), from €45,544 to €14,703
of which Other amounts receivable: -€32,321
- Tangible fixed assets -€16,913
down €16,913 (-9.0%), from €187,959 to €171,045
of which Land and buildings: -€16,669
- Cash +€9,356
up €9,356 (+54.9%), from €17,054 to €26,410
mainly Receivables within one year (+€30,841) and Net result for the year (+€18,524)
- Debts after one year -€59,632
down €59,632 (-38.4%), from €155,356 to €95,724
- Profit (loss) carried forward +€18,524
up €18,524 (+1,025%), from €1,807 to €20,331
- Trade debts +€2,718
up €2,718 (+93.0%), from €2,923 to €5,641
- Financial charges -€2,507
down €2,507 (-26.9%), from €9,336 to €6,829
- Taxes -€1,461
down €1,461 (-18.6%), from €7,862 to €6,401
- Financial income -€1,213
down €1,213 (-76.3%), from €1,590 to €377
- Gross operating margin -€915
down €915 (-1.8%), from €51,840 to €50,926
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 | €253,028 | €213,365 | -€39,663 | -15.7% |
| Fixed assets | 21/28 | €187,959 | €171,045 | -€16,913 | -9.0% |
| Tangible fixed assets | 22/27 | €187,959 | €171,045 | -€16,913 | -9.0% |
| Land and buildings | 22 | €187,592 | €170,923 | -€16,669 | -8.9% |
| Plant, machinery and equipment | 23 | €367 | €122 | -€245 | -66.7% |
| Current assets | 29/58 | €65,069 | €42,320 | -€22,749 | -35.0% |
| Amounts receivable within one year | 40/41 | €45,544 | €14,703 | -€30,841 | -67.7% |
| Trade receivables | 40 | €13,216 | €14,695 | +€1,479 | +11.2% |
| Other amounts receivable | 41 | €32,328 | €8 | -€32,321 | -100.0% |
| Cash at bank and in hand | 54/58 | €17,054 | €26,410 | +€9,356 | +54.9% |
| Deferred charges and accrued income | 490/1 | €2,471 | €1,208 | -€1,264 | -51.1% |
| Total equity and liabilities | 10/49 | €253,028 | €213,365 | -€39,663 | -15.7% |
| Equity | 10/15 | €66,873 | €85,397 | +€18,524 | +27.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €52,666 | €52,666 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €50,806 | €50,806 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,807 | €20,331 | +€18,524 | +1,025% |
| Amounts payable | 17/49 | €186,155 | €127,969 | -€58,186 | -31.3% |
| Amounts payable after more than one year | 17 | €155,356 | €95,724 | -€59,632 | -38.4% |
| Financial debts | 170/4 | €155,356 | €95,724 | -€59,632 | -38.4% |
| Amounts payable within one year | 42/48 | €28,931 | €32,244 | +€3,314 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €23,010 | €24,132 | +€1,122 | +4.9% |
| Trade debts | 44 | €2,923 | €5,641 | +€2,718 | +93.0% |
| Suppliers | 440/4 | €2,923 | €5,641 | +€2,718 | +93.0% |
| Taxes, remuneration and social security | 45 | €2,863 | €2,399 | -€463 | -16.2% |
| Taxes | 450/3 | €2,863 | €2,399 | -€463 | -16.2% |
| Other amounts payable | 47/48 | €136 | €72 | -€63 | -46.7% |
| Accrued charges and deferred income | 492/3 | €1,868 | €0 | -€1,868 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,913 | €16,913 | = | 0.0% |
| Other operating charges | 640/8 | €2,556 | €2,636 | +€80 | +3.1% |
| Gross operating margin | 9900 | €51,840 | €50,926 | -€915 | -1.8% |
| Operating profit (loss) | 9901 | €32,371 | €31,377 | -€994 | -3.1% |
| Financial income | 75/76B | €1,590 | €377 | -€1,213 | -76.3% |
| Recurring financial income | 75 | €1,590 | €377 | -€1,213 | -76.3% |
| Financial charges | 65/66B | €9,336 | €6,829 | -€2,507 | -26.9% |
| Recurring financial charges | 65 | €9,336 | €6,829 | -€2,507 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €24,626 | €24,925 | +€299 | +1.2% |
| Income taxes | 67/77 | €7,862 | €6,401 | -€1,461 | -18.6% |
| Profit (loss) for the period | 9904 | €16,763 | €18,524 | +€1,760 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,763 | €18,524 | +€1,760 | +10.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.