LETEN - DEWULF: 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.
LETEN - DEWULF
Largest movements
- Current investments -€121,194
down €121,194 (-38.7%), from €313,214 to €192,020
- Receivables within one year -€21,908
down €21,908 (-41.8%), from €52,353 to €30,445
of which Trade receivables: -€16,186
- Other debts -€220,927
down €220,927 (-85.7%), from €257,642 to €36,714
- Reserves +€88,916
up €88,916 (+26.7%), from €333,565 to €422,481
of which Distributable reserves: +€88,916
- Trade debts -€12,219
down €12,219 (-44.6%), from €27,407 to €15,189
- Financial income +€19,697
up €19,697 (+3,050%), from €646 to €20,343
of which Non-recurring financial income: +€10,067
- Taxes +€18,318
up €18,318 (+56.8%), from €32,278 to €50,596
- Gross operating margin +€17,643
up €17,643 (+10.4%), from €169,982 to €187,625
- Financial charges -€8,298
down €8,298 (-41.9%), from €19,801 to €11,503
- Other operating charges +€3,709
up €3,709 (+102%), from €3,645 to €7,354
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 | €733,788 | €586,894 | -€146,894 | -20.0% |
| Formation expenses | 20 | €7,034 | €5,276 | -€1,759 | -25.0% |
| Fixed assets | 21/28 | €206,808 | €200,405 | -€6,403 | -3.1% |
| Tangible fixed assets | 22/27 | €206,808 | €200,405 | -€6,403 | -3.1% |
| Land and buildings | 22 | €179,354 | €176,866 | -€2,488 | -1.4% |
| Plant, machinery and equipment | 23 | €3,041 | €2,806 | -€235 | -7.7% |
| Furniture and vehicles | 24 | €24,414 | €20,734 | -€3,680 | -15.1% |
| Current assets | 29/58 | €519,946 | €381,213 | -€138,733 | -26.7% |
| Stocks and contracts in progress | 3 | €9,660 | €8,457 | -€1,203 | -12.5% |
| Stocks | 30/36 | €9,660 | €8,457 | -€1,203 | -12.5% |
| Amounts receivable within one year | 40/41 | €52,353 | €30,445 | -€21,908 | -41.8% |
| Trade receivables | 40 | €46,631 | €30,445 | -€16,186 | -34.7% |
| Other amounts receivable | 41 | €5,722 | €0 | -€5,722 | -100% |
| Current investments | 50/53 | €313,214 | €192,020 | -€121,194 | -38.7% |
| Cash at bank and in hand | 54/58 | €140,205 | €144,191 | +€3,986 | +2.8% |
| Deferred charges and accrued income | 490/1 | €4,514 | €6,100 | +€1,586 | +35.1% |
| Total equity and liabilities | 10/49 | €733,788 | €586,894 | -€146,894 | -20.0% |
| Equity | 10/15 | €439,785 | €528,701 | +€88,916 | +20.2% |
| Contributions | 10/11 | €106,220 | €106,220 | = | 0.0% |
| Reserves | 13 | €333,565 | €422,481 | +€88,916 | +26.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €333,565 | €422,481 | +€88,916 | +26.7% |
| Amounts payable | 17/49 | €294,003 | €58,193 | -€235,810 | -80.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €294,003 | €57,793 | -€236,210 | -80.3% |
| Current portion of amounts payable after more than one year | 42 | €1,771 | €0 | -€1,771 | -100% |
| Trade debts | 44 | €27,407 | €15,189 | -€12,219 | -44.6% |
| Suppliers | 440/4 | €27,407 | €15,189 | -€12,219 | -44.6% |
| Taxes, remuneration and social security | 45 | €7,184 | €5,891 | -€1,293 | -18.0% |
| Taxes | 450/3 | €7,184 | €5,891 | -€1,293 | -18.0% |
| Other amounts payable | 47/48 | €257,642 | €36,714 | -€220,927 | -85.7% |
| Accrued charges and deferred income | 492/3 | €0 | €400 | +€400 | |
| Non-recurring operating income | 76A | €1,033 | €9,144 | +€8,111 | +785% |
| Remuneration, social security and pensions | 62 | €3,808 | €3,705 | -€103 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,413 | €45,894 | -€519 | -1.1% |
| Other operating charges | 640/8 | €3,645 | €7,354 | +€3,709 | +102% |
| Gross operating margin | 9900 | €169,982 | €187,625 | +€17,643 | +10.4% |
| Operating profit (loss) | 9901 | €116,116 | €130,672 | +€14,556 | +12.5% |
| Financial income | 75/76B | €646 | €20,343 | +€19,697 | +3,050% |
| Recurring financial income | 75 | €646 | €10,276 | +€9,630 | +1,491% |
| Non-recurring financial income | 76B | - | €10,067 | +€10,067 | |
| Financial charges | 65/66B | €19,801 | €11,503 | -€8,298 | -41.9% |
| Recurring financial charges | 65 | €19,801 | €11,503 | -€8,298 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €96,961 | €139,512 | +€42,551 | +43.9% |
| Income taxes | 67/77 | €32,278 | €50,596 | +€18,318 | +56.8% |
| Profit (loss) for the period | 9904 | €64,683 | €88,916 | +€24,233 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,683 | €88,916 | +€24,233 | +37.5% |
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 25 October 2026 via checked.be.