Let'SAP: 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.
Let'SAP
Largest movements
- Cash -€110,684
down €110,684 (-28.4%), from €389,148 to €278,464
mainly Contributions, distributions and other (-€224,500) and Investment in fixed assets (net) (-€43,088)
- Receivables within one year +€40,971
up €40,971 (+58.9%), from €69,535 to €110,506
of which Trade receivables: +€40,971
- Tangible fixed assets +€31,541
up €31,541 (+766.4%), from €4,115 to €35,657
- Reserves -€53,500
down €53,500 (-27.7%), from €193,100 to €139,600
- Other debts +€33,079
up €33,079 (+16.8%), from €197,128 to €230,207
- Tax, wage and social debts -€27,042
down €27,042 (-57.9%), from €46,690 to €19,648
of which Taxes: -€25,456
- Trade debts +€8,244
up €8,244 (+478.5%), from €1,723 to €9,967
- Gross operating margin +€17,294
up €17,294 (+7.7%), from €224,232 to €241,526
- Staff costs -€13,878
down €13,878 (-81.9%), from €16,954 to €3,076
- Taxes +€3,487
up €3,487 (+7.1%), from €49,019 to €52,507
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 | €462,991 | €424,627 | -€38,364 | -8.3% |
| Fixed assets | 21/28 | €4,115 | €35,657 | +€31,541 | +766.4% |
| Tangible fixed assets | 22/27 | €4,115 | €35,657 | +€31,541 | +766.4% |
| Furniture and vehicles | 24 | €4,115 | €35,657 | +€31,541 | +766.4% |
| Current assets | 29/58 | €458,875 | €388,970 | -€69,905 | -15.2% |
| Amounts receivable within one year | 40/41 | €69,535 | €110,506 | +€40,971 | +58.9% |
| Trade receivables | 40 | €69,511 | €110,482 | +€40,971 | +58.9% |
| Other amounts receivable | 41 | €23 | €23 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €389,148 | €278,464 | -€110,684 | -28.4% |
| Deferred charges and accrued income | 490/1 | €192 | - | -€192 | |
| Total equity and liabilities | 10/49 | €462,991 | €424,627 | -€38,364 | -8.3% |
| Equity | 10/15 | €217,450 | €164,805 | -€52,645 | -24.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €193,100 | €139,600 | -€53,500 | -27.7% |
| Non-distributable reserves | 130/1 | €193,100 | €139,600 | -€53,500 | -27.7% |
| Reserves not available under the articles | 1311 | €193,100 | €139,600 | -€53,500 | -27.7% |
| Profit (loss) carried forward | 14 | €3,890 | €4,745 | +€855 | +22.0% |
| Amounts payable | 17/49 | €245,541 | €259,822 | +€14,281 | +5.8% |
| Amounts payable within one year | 42/48 | €245,541 | €259,822 | +€14,281 | +5.8% |
| Trade debts | 44 | €1,723 | €9,967 | +€8,244 | +478.5% |
| Suppliers | 440/4 | €1,723 | €9,967 | +€8,244 | +478.5% |
| Taxes, remuneration and social security | 45 | €46,690 | €19,648 | -€27,042 | -57.9% |
| Taxes | 450/3 | €45,104 | €19,648 | -€25,456 | -56.4% |
| Remuneration and social security | 454/9 | €1,586 | - | -€1,586 | |
| Other amounts payable | 47/48 | €197,128 | €230,207 | +€33,079 | +16.8% |
| Remuneration, social security and pensions | 62 | €16,954 | €3,076 | -€13,878 | -81.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,467 | €11,547 | +€1,080 | +10.3% |
| Other operating charges | 640/8 | €1,483 | €2,174 | +€692 | +46.6% |
| Gross operating margin | 9900 | €224,232 | €241,526 | +€17,294 | +7.7% |
| Operating profit (loss) | 9901 | €195,328 | €224,729 | +€29,400 | +15.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €165 | €367 | +€202 | +122.3% |
| Recurring financial charges | 65 | €165 | €367 | +€202 | +122.3% |
| Profit (loss) for the period before taxes | 9903 | €195,163 | €224,362 | +€29,199 | +15.0% |
| Income taxes | 67/77 | €49,019 | €52,507 | +€3,487 | +7.1% |
| Profit (loss) for the period | 9904 | €146,144 | €171,855 | +€25,711 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €146,144 | €171,855 | +€25,711 | +17.6% |
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 10 October 2026 via checked.be.