GROUP LET: 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.
GROUP LET
Largest movements
- Formation expenses -€74,250
no longer reported in 2025 (was €74,250)
- Cash -€73,590
down €73,590 (-98.8%), from €74,505 to €915
mainly Net result for the year (-€84,813) and Other debts (-€42,800)
- Stocks and contracts -€19,047
no longer reported in 2025 (was €19,047)
- Receivables within one year +€14,278
up €14,278 (+39.4%), from €36,246 to €50,524
of which Trade receivables: +€13,278
- Tangible fixed assets -€9,731
no longer reported in 2025 (was €9,731)
- Profit (loss) carried forward -€80,180
down €80,180 (-33.3%), from -€240,679 to -€320,859
- Other debts -€42,800
down €42,800 (-37.1%), from €115,468 to €72,668
- Trade debts -€38,495
down €38,495 (-65.9%), from €58,377 to €19,882
- Tax, wage and social debts -€37,195
down €37,195 (-93.4%), from €39,825 to €2,630
of which Remuneration and social security: -€21,437
- Advances received +€35,014
up €35,014 (+364.5%), from €9,607 to €44,620
- Gross operating margin -€104,914
down €104,914 (-77.4%), from €135,552 to €30,639
- Staff costs -€56,952
down €56,952 (-40.4%), from €140,809 to €83,858
- Depreciation -€23,852
no longer reported in 2025 (was €23,852)
- Financial charges -€4,497
down €4,497 (-60.1%), from €7,480 to €2,983
- Other operating charges -€1,651
down €1,651 (-63.5%), from €2,600 to €949
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 | €218,736 | €51,439 | -€167,296 | -76.5% |
| Formation expenses | 20 | €74,250 | - | -€74,250 | |
| Fixed assets | 21/28 | €9,731 | - | -€9,731 | |
| Tangible fixed assets | 22/27 | €9,731 | - | -€9,731 | |
| Plant, machinery and equipment | 23 | €3,239 | - | -€3,239 | |
| Furniture and vehicles | 24 | €4,375 | - | -€4,375 | |
| Other tangible fixed assets | 26 | €2,118 | - | -€2,118 | |
| Current assets | 29/58 | €134,754 | €51,439 | -€83,315 | -61.8% |
| Stocks and contracts in progress | 3 | €19,047 | - | -€19,047 | |
| Stocks | 30/36 | €19,047 | - | -€19,047 | |
| Amounts receivable within one year | 40/41 | €36,246 | €50,524 | +€14,278 | +39.4% |
| Trade receivables | 40 | €35,019 | €48,296 | +€13,278 | +37.9% |
| Other amounts receivable | 41 | €1,228 | €2,228 | +€1,000 | +81.5% |
| Cash at bank and in hand | 54/58 | €74,505 | €915 | -€73,590 | -98.8% |
| Deferred charges and accrued income | 490/1 | €4,956 | - | -€4,956 | |
| Total equity and liabilities | 10/49 | €218,736 | €51,439 | -€167,296 | -76.5% |
| Equity | 10/15 | -€8,181 | -€88,361 | -€80,180 | -980.1% |
| Contributions | 10/11 | €232,499 | €232,499 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€240,679 | -€320,859 | -€80,180 | -33.3% |
| Amounts payable | 17/49 | €226,916 | €139,800 | -€87,116 | -38.4% |
| Amounts payable after more than one year | 17 | €3,639 | - | -€3,639 | |
| Financial debts | 170/4 | €3,639 | - | -€3,639 | |
| Amounts payable within one year | 42/48 | €223,277 | €139,800 | -€83,477 | -37.4% |
| Trade debts | 44 | €58,377 | €19,882 | -€38,495 | -65.9% |
| Suppliers | 440/4 | €58,377 | €19,882 | -€38,495 | -65.9% |
| Advances received on contracts in progress | 46 | €9,607 | €44,620 | +€35,014 | +364.5% |
| Taxes, remuneration and social security | 45 | €39,825 | €2,630 | -€37,195 | -93.4% |
| Taxes | 450/3 | €16,619 | €861 | -€15,758 | -94.8% |
| Remuneration and social security | 454/9 | €23,207 | €1,769 | -€21,437 | -92.4% |
| Other amounts payable | 47/48 | €115,468 | €72,668 | -€42,800 | -37.1% |
| Remuneration, social security and pensions | 62 | €140,809 | €83,858 | -€56,952 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,852 | - | -€23,852 | |
| Other operating charges | 640/8 | €2,600 | €949 | -€1,651 | -63.5% |
| Non-recurring operating charges | 66A | - | €27,953 | +€27,953 | |
| Gross operating margin | 9900 | €135,552 | €30,639 | -€104,914 | -77.4% |
| Operating profit (loss) | 9901 | -€31,708 | -€82,122 | -€50,413 | -159.0% |
| Financial income | 75/76B | - | €746 | +€746 | |
| Recurring financial income | 75 | - | €746 | +€746 | |
| Financial charges | 65/66B | €7,480 | €2,983 | -€4,497 | -60.1% |
| Recurring financial charges | 65 | €7,480 | €2,983 | -€4,497 | -60.1% |
| Profit (loss) for the period before taxes | 9903 | -€39,189 | -€84,359 | -€45,170 | -115.3% |
| Income taxes | 67/77 | €25 | €455 | +€429 | +1710.9% |
| Profit (loss) for the period | 9904 | -€39,214 | -€84,813 | -€45,599 | -116.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,214 | -€84,813 | -€45,599 | -116.3% |
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 30 September 2026 via checked.be.