LETINARD: 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.
LETINARD
Largest movements
- Receivables after one year -€400,000
no longer reported in 2025 (was €400,000)
- Tangible fixed assets -€54,793
down €54,793 (-13.9%), from €393,325 to €338,532
of which Other tangible fixed assets: -€37,695
- Receivables within one year -€14,480
down €14,480 (-5.5%), from €264,545 to €250,065
of which Other amounts receivable: -€23,614
- Trade debts -€345,667
down €345,667 (-85.3%), from €405,334 to €59,667
- Tax, wage and social debts -€43,583
down €43,583 (-85.9%), from €50,747 to €7,165
of which Taxes: -€46,637
- Debts after one year -€35,939
down €35,939 (-35.5%), from €101,375 to €65,436
- Advances received -€30,726
down €30,726 (-25.3%), from €121,226 to €90,500
- Reserves -€16,450
down €16,450 (-12.3%), from €134,219 to €117,769
of which Tax-exempt reserves: -€16,450
- Gross operating margin -€71,752
down €71,752 (-41.0%), from €174,971 to €103,219
- Taxes -€41,796
down €41,796 (-93.1%), from €44,887 to €3,092
- Staff costs +€22,492
up €22,492 (+6857.2%), from €328 to €22,820
- Other operating charges +€22,331
up €22,331 (+732.6%), from €3,048 to €25,379
- Financial charges +€12,035
up €12,035 (+100.2%), from €12,009 to €24,044
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 | €1,068,051 | €600,880 | -€467,171 | -43.7% |
| Fixed assets | 21/28 | €393,325 | €338,532 | -€54,793 | -13.9% |
| Tangible fixed assets | 22/27 | €393,325 | €338,532 | -€54,793 | -13.9% |
| Land and buildings | 22 | €295,511 | €281,015 | -€14,496 | -4.9% |
| Plant, machinery and equipment | 23 | €6,537 | €5,592 | -€945 | -14.4% |
| Furniture and vehicles | 24 | €6,613 | €4,955 | -€1,658 | -25.1% |
| Other tangible fixed assets | 26 | €84,665 | €46,970 | -€37,695 | -44.5% |
| Current assets | 29/58 | €674,726 | €262,348 | -€412,378 | -61.1% |
| Amounts receivable after more than one year | 29 | €400,000 | - | -€400,000 | |
| Other amounts receivable | 291 | €400,000 | - | -€400,000 | |
| Amounts receivable within one year | 40/41 | €264,545 | €250,065 | -€14,480 | -5.5% |
| Trade receivables | 40 | €22,556 | €31,691 | +€9,134 | +40.5% |
| Other amounts receivable | 41 | €241,988 | €218,374 | -€23,614 | -9.8% |
| Cash at bank and in hand | 54/58 | €8,439 | €10,290 | +€1,851 | +21.9% |
| Deferred charges and accrued income | 490/1 | €1,743 | €1,993 | +€251 | +14.4% |
| Total equity and liabilities | 10/49 | €1,068,051 | €600,880 | -€467,171 | -43.7% |
| Equity | 10/15 | €244,032 | €229,261 | -€14,770 | -6.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €134,219 | €117,769 | -€16,450 | -12.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €109,598 | €93,148 | -€16,450 | -15.0% |
| Distributable reserves | 133 | €22,766 | €22,766 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,262 | €92,942 | +€1,680 | +1.8% |
| Provisions and deferred taxes | 16 | €56,434 | €47,964 | -€8,471 | -15.0% |
| Deferred taxes | 168 | €56,434 | €47,964 | -€8,471 | -15.0% |
| Amounts payable | 17/49 | €767,585 | €323,655 | -€443,930 | -57.8% |
| Amounts payable after more than one year | 17 | €101,375 | €65,436 | -€35,939 | -35.5% |
| Financial debts | 170/4 | €101,375 | €65,436 | -€35,939 | -35.5% |
| Amounts payable within one year | 42/48 | €651,974 | €240,479 | -€411,496 | -63.1% |
| Current portion of amounts payable after more than one year | 42 | €35,112 | €35,939 | +€827 | +2.4% |
| Financial debts | 43 | €37,805 | €45,104 | +€7,299 | +19.3% |
| Credit institutions | 430/8 | €19,205 | €18,004 | -€1,201 | -6.3% |
| Other loans | 439 | €18,600 | €27,100 | +€8,500 | +45.7% |
| Trade debts | 44 | €405,334 | €59,667 | -€345,667 | -85.3% |
| Suppliers | 440/4 | €405,334 | €59,667 | -€345,667 | -85.3% |
| Advances received on contracts in progress | 46 | €121,226 | €90,500 | -€30,726 | -25.3% |
| Taxes, remuneration and social security | 45 | €50,747 | €7,165 | -€43,583 | -85.9% |
| Taxes | 450/3 | €49,137 | €2,500 | -€46,637 | -94.9% |
| Remuneration and social security | 454/9 | €1,610 | €4,665 | +€3,054 | +189.7% |
| Other amounts payable | 47/48 | €1,750 | €2,104 | +€354 | +20.2% |
| Accrued charges and deferred income | 492/3 | €14,236 | €17,740 | +€3,505 | +24.6% |
| Non-recurring operating income | 76A | - | €3,713 | +€3,713 | |
| Remuneration, social security and pensions | 62 | €328 | €22,820 | +€22,492 | +6857.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,480 | €54,793 | +€313 | +0.6% |
| Other operating charges | 640/8 | €3,048 | €25,379 | +€22,331 | +732.6% |
| Non-recurring operating charges | 66A | €58 | €2,800 | +€2,742 | +4727.6% |
| Gross operating margin | 9900 | €174,971 | €103,219 | -€71,752 | -41.0% |
| Operating profit (loss) | 9901 | €117,057 | -€2,573 | -€119,630 | |
| Financial income | 75/76B | €11,949 | €6,468 | -€5,482 | -45.9% |
| Recurring financial income | 75 | €11,949 | €6,468 | -€5,482 | -45.9% |
| Financial charges | 65/66B | €12,009 | €24,044 | +€12,035 | +100.2% |
| Recurring financial charges | 65 | €12,009 | €24,044 | +€12,035 | +100.2% |
| Profit (loss) for the period before taxes | 9903 | €116,997 | -€20,149 | -€137,146 | |
| Transfer from deferred taxes | 780 | €10,809 | €8,471 | -€2,338 | -21.6% |
| Income taxes | 67/77 | €44,887 | €3,092 | -€41,796 | -93.1% |
| Profit (loss) for the period | 9904 | €82,919 | -€14,770 | -€97,689 | |
| Transfer from tax-exempt reserves | 789 | €20,991 | €16,450 | -€4,541 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €103,910 | €1,680 | -€102,230 | -98.4% |
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 5 October 2026 via checked.be.