LETI: 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.
LETI
Largest movements
- Tangible fixed assets +€293,810
up €293,810 (+98.5%), from €298,407 to €592,217
of which Land and buildings: +€284,999
- Cash -€83,382
down €83,382 (-55.0%), from €151,504 to €68,122
mainly Investment in fixed assets (net) (-€322,968) and Other debts (-€88,197)
- Debts after one year +€261,342
up €261,342 (+129%), from €202,413 to €463,755
of which Financial debts: +€277,722
- Other debts -€88,197
down €88,197 (-94.8%), from €93,069 to €4,872
- Reserves +€22,500
up €22,500 (+19.0%), from €118,733 to €141,233
- Current portion of long-term debt +€21,558
up €21,558 (+182%), from €11,831 to €33,389
- Depreciation +€13,947
up €13,947 (+94.6%), from €14,739 to €28,686
- Gross operating margin +€5,778
up €5,778 (+7.1%), from €81,029 to €86,806
- Other operating charges +€3,037
up €3,037 (+41.9%), from €7,254 to €10,291
- Financial charges +€2,277
up €2,277 (+20.9%), from €10,895 to €13,173
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 | €459,469 | €675,441 | +€215,972 | +47.0% |
| Fixed assets | 21/28 | €304,778 | €599,061 | +€294,282 | +96.6% |
| Intangible fixed assets | 21 | €6,071 | €6,543 | +€472 | +7.8% |
| Tangible fixed assets | 22/27 | €298,407 | €592,217 | +€293,810 | +98.5% |
| Land and buildings | 22 | €289,432 | €574,432 | +€284,999 | +98.5% |
| Plant, machinery and equipment | 23 | - | €2,877 | +€2,877 | |
| Furniture and vehicles | 24 | - | €6,924 | +€6,924 | |
| Other tangible fixed assets | 26 | €8,975 | €7,985 | -€990 | -11.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €154,691 | €76,380 | -€78,311 | -50.6% |
| Amounts receivable within one year | 40/41 | €3,186 | €7,462 | +€4,276 | +134% |
| Trade receivables | 40 | - | €3,618 | +€3,618 | |
| Other amounts receivable | 41 | €3,186 | €3,844 | +€658 | +20.6% |
| Cash at bank and in hand | 54/58 | €151,504 | €68,122 | -€83,382 | -55.0% |
| Deferred charges and accrued income | 490/1 | - | €795 | +€795 | |
| Total equity and liabilities | 10/49 | €459,469 | €675,441 | +€215,972 | +47.0% |
| Equity | 10/15 | €143,733 | €166,249 | +€22,516 | +15.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €118,733 | €141,233 | +€22,500 | +19.0% |
| Distributable reserves | 133 | €118,733 | €141,233 | +€22,500 | +19.0% |
| Profit (loss) carried forward | 14 | - | €16 | +€16 | |
| Amounts payable | 17/49 | €315,736 | €509,191 | +€193,455 | +61.3% |
| Amounts payable after more than one year | 17 | €202,413 | €463,755 | +€261,342 | +129% |
| Financial debts | 170/4 | €178,413 | €456,135 | +€277,722 | +156% |
| Other amounts payable | 178/9 | €24,000 | €7,620 | -€16,380 | -68.3% |
| Amounts payable within one year | 42/48 | €111,623 | €42,897 | -€68,727 | -61.6% |
| Current portion of amounts payable after more than one year | 42 | €11,831 | €33,389 | +€21,558 | +182% |
| Trade debts | 44 | €623 | €958 | +€334 | +53.6% |
| Suppliers | 440/4 | €623 | €958 | +€334 | +53.6% |
| Taxes, remuneration and social security | 45 | €6,100 | €3,678 | -€2,422 | -39.7% |
| Taxes | 450/3 | €6,100 | €3,678 | -€2,422 | -39.7% |
| Other amounts payable | 47/48 | €93,069 | €4,872 | -€88,197 | -94.8% |
| Accrued charges and deferred income | 492/3 | €1,700 | €2,540 | +€840 | +49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,739 | €28,686 | +€13,947 | +94.6% |
| Other operating charges | 640/8 | €7,254 | €10,291 | +€3,037 | +41.9% |
| Gross operating margin | 9900 | €81,029 | €86,806 | +€5,778 | +7.1% |
| Operating profit (loss) | 9901 | €59,036 | €47,830 | -€11,206 | -19.0% |
| Financial income | 75/76B | €0 | €37 | +€36 | +18,160% |
| Recurring financial income | 75 | €0 | €37 | +€36 | +18,160% |
| Financial charges | 65/66B | €10,895 | €13,173 | +€2,277 | +20.9% |
| Recurring financial charges | 65 | €10,895 | €13,173 | +€2,277 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €48,141 | €34,694 | -€13,447 | -27.9% |
| Income taxes | 67/77 | €12,879 | €12,177 | -€702 | -5.4% |
| Profit (loss) for the period | 9904 | €35,262 | €22,516 | -€12,746 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,262 | €22,516 | -€12,746 | -36.1% |
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 18 October 2026 via checked.be.