LETHAN: 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.
LETHAN
Largest movements
- Receivables within one year +€124,203
up €124,203 (+13.6%), from €913,424 to €1.0m
- Stocks and contracts -€91,297
down €91,297 (-8.6%), from €1.1m to €972,760
- Deferred charges and accrued income +€29,992
up €29,992 (+308.6%), from €9,719 to €39,712
- Other debts +€44,849
up €44,849 (+5.5%), from €811,361 to €856,210
- Reserves +€33,523
up €33,523 (+5.6%), from €594,171 to €627,694
- Gross operating margin -€252,366
down €252,366 (-82.2%), from €306,906 to €54,540
- Write-downs -€117,625
down €117,625 (-100.0%), from €117,625 to €0
- Financial income +€27,998
up €27,998 (+238.3%), from €11,750 to €39,748
- Taxes -€23,163
down €23,163 (-67.2%), from €34,445 to €11,282
- Financial charges -€16,155
down €16,155 (-27.9%), from €57,854 to €41,699
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 | €2,444,740 | €2,517,617 | +€72,877 | +3.0% |
| Fixed assets | 21/28 | €337,700 | €330,737 | -€6,963 | -2.1% |
| Tangible fixed assets | 22/27 | €337,700 | €330,737 | -€6,963 | -2.1% |
| Land and buildings | 22 | €337,700 | €330,737 | -€6,963 | -2.1% |
| Current assets | 29/58 | €2,107,040 | €2,186,880 | +€79,840 | +3.8% |
| Stocks and contracts in progress | 3 | €1,064,057 | €972,760 | -€91,297 | -8.6% |
| Stocks | 30/36 | €1,064,057 | €972,760 | -€91,297 | -8.6% |
| Amounts receivable within one year | 40/41 | €913,424 | €1,037,627 | +€124,203 | +13.6% |
| Other amounts receivable | 41 | €913,424 | €1,037,627 | +€124,203 | +13.6% |
| Cash at bank and in hand | 54/58 | €119,840 | €136,781 | +€16,942 | +14.1% |
| Deferred charges and accrued income | 490/1 | €9,719 | €39,712 | +€29,992 | +308.6% |
| Total equity and liabilities | 10/49 | €2,444,740 | €2,517,617 | +€72,877 | +3.0% |
| Equity | 10/15 | €744,171 | €777,694 | +€33,523 | +4.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €594,171 | €627,694 | +€33,523 | +5.6% |
| Distributable reserves | 133 | €594,171 | €627,694 | +€33,523 | +5.6% |
| Amounts payable | 17/49 | €1,700,569 | €1,739,923 | +€39,354 | +2.3% |
| Amounts payable within one year | 42/48 | €1,690,971 | €1,731,571 | +€40,599 | +2.4% |
| Financial debts | 43 | €875,000 | €875,000 | = | 0.0% |
| Credit institutions | 430/8 | €875,000 | €875,000 | = | 0.0% |
| Trade debts | 44 | €4,610 | €320 | -€4,290 | -93.1% |
| Suppliers | 440/4 | €4,610 | €320 | -€4,290 | -93.1% |
| Taxes, remuneration and social security | 45 | €0 | €41 | +€41 | |
| Taxes | 450/3 | €0 | €41 | +€41 | |
| Other amounts payable | 47/48 | €811,361 | €856,210 | +€44,849 | +5.5% |
| Accrued charges and deferred income | 492/3 | €9,597 | €8,352 | -€1,245 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,963 | €6,963 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €117,625 | €0 | -€117,625 | -100.0% |
| Other operating charges | 640/8 | €804 | €821 | +€17 | +2.1% |
| Gross operating margin | 9900 | €306,906 | €54,540 | -€252,366 | -82.2% |
| Operating profit (loss) | 9901 | €181,514 | €46,757 | -€134,758 | -74.2% |
| Financial income | 75/76B | €11,750 | €39,748 | +€27,998 | +238.3% |
| Recurring financial income | 75 | €11,750 | €39,748 | +€27,998 | +238.3% |
| Financial charges | 65/66B | €57,854 | €41,699 | -€16,155 | -27.9% |
| Recurring financial charges | 65 | €57,854 | €41,699 | -€16,155 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €135,411 | €44,806 | -€90,605 | -66.9% |
| Income taxes | 67/77 | €34,445 | €11,282 | -€23,163 | -67.2% |
| Profit (loss) for the period | 9904 | €100,966 | €33,523 | -€67,442 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €100,966 | €33,523 | -€67,442 | -66.8% |
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 2 October 2026 via checked.be.