LETALON: 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.
What changed
LETALON
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€185,851
2024 · €43,032+€142,820
Equity
€1.3m
2024 · €1.2m+€169,465
Cash
€248,451
2024 · €31,637+€216,814
Balance sheet total
€4.4m
2024 · €4.4m+€49,246
Largest movements
Assets
- Tangible fixed assets -€353,482
down €353,482 (-10.3%), from €3.4m to €3.1m
of which Land and buildings: -€352,045
- Cash +€216,814
up €216,814 (+685.3%), from €31,637 to €248,451
mainly Depreciation (+€186,174) and Net result for the year (+€185,851)
- Stocks and contracts +€147,029
up €147,029 (+19.9%), from €737,529 to €884,558
Equity and liabilities
- Reserves +€169,465
up €169,465 (+16.5%), from €1.0m to €1.2m
of which Distributable reserves: +€188,541
- Debts after one year -€98,586
down €98,586 (-4.1%), from €2.4m to €2.3m
of which Financial debts: -€198,786
Income statement
- Gross operating margin +€173,946
up €173,946 (+32.0%), from €543,531 to €717,477
- Taxes +€64,131
up €64,131 (+228.2%), from €28,098 to €92,229
- Staff costs -€32,794
down €32,794 (-22.2%), from €147,959 to €115,165
- Financial charges +€17,333
up €17,333 (+15.4%), from €112,617 to €129,950
- Depreciation -€14,968
down €14,968 (-7.4%), from €201,141 to €186,174
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.
Result 2024
€43,032
Gross operating margin
+€173,946
Staff costs
+€32,794
Depreciation
+€14,968
Other operating charges
-€1,539
Financial income
-€3
Financial charges
-€17,333
Taxes
-€64,131
Deferred taxes and other
+€4,118
Result 2025
€185,851
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.
From operations
+€174,364
Investment
+€164,763
Financing
-€122,313
Cash 2024
€31,637
From operations (derived)
+€174,364
Net result for the year
+€185,851
Depreciation
+€186,174
Stocks and contracts
-€147,029
Receivables within one year
-€33,180
Deferred charges and accrued income
-€3,159
Provisions
-€17,252
Trade debts
-€37,902
Tax, wage and social debts
+€43,414
Advances received
-€35,000
Other debts
-€665
Accrued charges and deferred income
+€33,112
Investment (derived)
+€164,763
Investment in fixed assets (net)
+€164,763
Financing
-€122,313
Debts after one year
-€98,586
Current portion of long-term debt
-€25,804
Short-term financial debts
+€18,464
Contributions, distributions and other
-€16,386
Cash 2025
€248,451
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,390,617 | €4,439,863 | +€49,246 | +1.1% |
| Fixed assets | 21/28 | €3,445,299 | €3,094,363 | -€350,936 | -10.2% |
| Tangible fixed assets | 22/27 | €3,420,191 | €3,066,709 | -€353,482 | -10.3% |
| Land and buildings | 22 | €3,360,943 | €3,008,898 | -€352,045 | -10.5% |
| Plant, machinery and equipment | 23 | €46,039 | €26,882 | -€19,157 | -41.6% |
| Furniture and vehicles | 24 | €13,209 | €9,512 | -€3,698 | -28.0% |
| Leasing and similar rights | 25 | - | €21,418 | +€21,418 | |
| Financial fixed assets | 28 | €25,108 | €27,654 | +€2,546 | +10.1% |
| Current assets | 29/58 | €945,318 | €1,345,500 | +€400,182 | +42.3% |
| Stocks and contracts in progress | 3 | €737,529 | €884,558 | +€147,029 | +19.9% |
| Stocks | 30/36 | €737,529 | €884,558 | +€147,029 | +19.9% |
| Amounts receivable within one year | 40/41 | €167,364 | €200,544 | +€33,180 | +19.8% |
| Trade receivables | 40 | €157,908 | €194,561 | +€36,653 | +23.2% |
| Other amounts receivable | 41 | €9,456 | €5,983 | -€3,473 | -36.7% |
| Cash at bank and in hand | 54/58 | €31,637 | €248,451 | +€216,814 | +685.3% |
| Deferred charges and accrued income | 490/1 | €8,788 | €11,948 | +€3,159 | +35.9% |
| Total equity and liabilities | 10/49 | €4,390,617 | €4,439,863 | +€49,246 | +1.1% |
| Equity | 10/15 | €1,154,747 | €1,324,212 | +€169,465 | +14.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €1,029,747 | €1,199,212 | +€169,465 | +16.5% |
| Non-distributable reserves | 130/1 | €25,691 | €25,691 | = | 0.0% |
| Legal reserve | 130 | €25,691 | €25,691 | = | 0.0% |
| Tax-exempt reserves | 132 | €525,763 | €506,688 | -€19,076 | -3.6% |
| Distributable reserves | 133 | €478,293 | €666,834 | +€188,541 | +39.4% |
| Provisions and deferred taxes | 16 | €291,827 | €274,575 | -€17,252 | -5.9% |
| Provisions for liabilities and charges | 160/5 | €121,931 | €121,931 | = | 0.0% |
| Pensions and similar obligations | 160 | €121,931 | €121,931 | = | 0.0% |
| Deferred taxes | 168 | €169,897 | €152,645 | -€17,252 | -10.2% |
| Amounts payable | 17/49 | €2,944,043 | €2,841,076 | -€102,967 | -3.5% |
| Amounts payable after more than one year | 17 | €2,376,558 | €2,277,971 | -€98,586 | -4.1% |
| Financial debts | 170/4 | €1,526,818 | €1,328,031 | -€198,786 | -13.0% |
| Other amounts payable | 178/9 | €849,740 | €949,940 | +€100,200 | +11.8% |
| Amounts payable within one year | 42/48 | €515,465 | €477,973 | -€37,493 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €241,254 | €215,450 | -€25,804 | -10.7% |
| Financial debts | 43 | €17,461 | €35,926 | +€18,464 | +105.7% |
| Credit institutions | 430/8 | €17,461 | €35,926 | +€18,464 | +105.7% |
| Trade debts | 44 | €124,257 | €86,355 | -€37,902 | -30.5% |
| Suppliers | 440/4 | €124,257 | €86,355 | -€37,902 | -30.5% |
| Advances received on contracts in progress | 46 | €35,000 | - | -€35,000 | |
| Taxes, remuneration and social security | 45 | €12,471 | €55,885 | +€43,414 | +348.1% |
| Taxes | 450/3 | €12,380 | €55,518 | +€43,138 | +348.4% |
| Remuneration and social security | 454/9 | €91 | €367 | +€276 | +303.0% |
| Other amounts payable | 47/48 | €85,021 | €84,356 | -€665 | -0.8% |
| Accrued charges and deferred income | 492/3 | €52,020 | €85,132 | +€33,112 | +63.7% |
| Remuneration, social security and pensions | 62 | €147,959 | €115,165 | -€32,794 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,141 | €186,174 | -€14,968 | -7.4% |
| Other operating charges | 640/8 | €23,860 | €25,399 | +€1,539 | +6.5% |
| Gross operating margin | 9900 | €543,531 | €717,477 | +€173,946 | +32.0% |
| Operating profit (loss) | 9901 | €170,570 | €390,739 | +€220,168 | +129.1% |
| Financial income | 75/76B | €43 | €39 | -€3 | -7.7% |
| Recurring financial income | 75 | €43 | €39 | -€3 | -7.7% |
| Financial charges | 65/66B | €112,617 | €129,950 | +€17,333 | +15.4% |
| Recurring financial charges | 65 | €112,617 | €129,950 | +€17,333 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €57,996 | €260,828 | +€202,832 | +349.7% |
| Transfer from deferred taxes | 780 | €13,134 | €32,147 | +€19,014 | +144.8% |
| Transfer to deferred taxes | 680 | - | €14,895 | +€14,895 | |
| Income taxes | 67/77 | €28,098 | €92,229 | +€64,131 | +228.2% |
| Profit (loss) for the period | 9904 | €43,032 | €185,851 | +€142,820 | +331.9% |
| Transfer from tax-exempt reserves | 789 | €40,916 | €78,657 | +€37,741 | +92.2% |
| Transfer to tax-exempt reserves | 689 | - | €59,581 | +€59,581 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,948 | €204,927 | +€120,979 | +144.1% |
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 6 October 2026 via checked.be.