LETO: 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.
LETO
Largest movements
- Deferred charges and accrued income +€30,561
up €30,561 (+30.4%), from €100,400 to €130,961
- Cash -€21,686
down €21,686 (-39.9%), from €54,384 to €32,698
mainly Deferred charges and accrued income (-€30,561) and Debts after one year (-€27,035)
- Receivables within one year -€10,815
down €10,815 (-41.6%), from €25,983 to €15,169
- Tangible fixed assets -€4,606
down €4,606 (-12.9%), from €35,638 to €31,033
of which Land and buildings: -€5,010
- Debts after one year -€27,035
down €27,035 (-62.5%), from €43,230 to €16,195
- Tax, wage and social debts +€23,536
up €23,536 (+219.3%), from €10,732 to €34,268
of which Remuneration and social security: +€26,561
- Trade debts -€18,518
down €18,518 (-47.9%), from €38,627 to €20,109
- Short-term financial debts +€15,169
new in 2025: €15,169
- Reserves +€7,406
up €7,406 (+8.9%), from €83,135 to €90,541
of which Distributable reserves: +€7,406
- Gross operating margin -€36,042
down €36,042 (-5.5%), from €653,529 to €617,487
- Depreciation -€31,673
down €31,673 (-66.7%), from €47,472 to €15,799
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 | €234,862 | €228,317 | -€6,545 | -2.8% |
| Fixed assets | 21/28 | €35,638 | €31,033 | -€4,606 | -12.9% |
| Tangible fixed assets | 22/27 | €35,638 | €31,033 | -€4,606 | -12.9% |
| Land and buildings | 22 | €25,951 | €20,941 | -€5,010 | -19.3% |
| Plant, machinery and equipment | 23 | €7,548 | €8,871 | +€1,323 | +17.5% |
| Furniture and vehicles | 24 | €2,140 | €1,221 | -€919 | -42.9% |
| Current assets | 29/58 | €199,224 | €197,284 | -€1,939 | -1.0% |
| Stocks and contracts in progress | 3 | €18,457 | €18,457 | = | 0.0% |
| Stocks | 30/36 | €18,457 | €18,457 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,983 | €15,169 | -€10,815 | -41.6% |
| Other amounts receivable | 41 | €25,983 | €15,169 | -€10,815 | -41.6% |
| Cash at bank and in hand | 54/58 | €54,384 | €32,698 | -€21,686 | -39.9% |
| Deferred charges and accrued income | 490/1 | €100,400 | €130,961 | +€30,561 | +30.4% |
| Total equity and liabilities | 10/49 | €234,862 | €228,317 | -€6,545 | -2.8% |
| Equity | 10/15 | €108,135 | €115,541 | +€7,406 | +6.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Issued capital | 100 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €83,135 | €90,541 | +€7,406 | +8.9% |
| Non-distributable reserves | 130/1 | €1,254 | €1,254 | = | 0.0% |
| Legal reserve | 130 | €1,254 | €1,254 | = | 0.0% |
| Distributable reserves | 133 | €81,881 | €89,287 | +€7,406 | +9.0% |
| Amounts payable | 17/49 | €126,727 | €112,776 | -€13,951 | -11.0% |
| Amounts payable after more than one year | 17 | €43,230 | €16,195 | -€27,035 | -62.5% |
| Financial debts | 170/4 | €43,230 | €16,195 | -€27,035 | -62.5% |
| Amounts payable within one year | 42/48 | €83,497 | €96,581 | +€13,084 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €34,138 | €27,035 | -€7,103 | -20.8% |
| Financial debts | 43 | - | €15,169 | +€15,169 | |
| Credit institutions | 430/8 | - | €15,169 | +€15,169 | |
| Trade debts | 44 | €38,627 | €20,109 | -€18,518 | -47.9% |
| Suppliers | 440/4 | €38,627 | €20,109 | -€18,518 | -47.9% |
| Taxes, remuneration and social security | 45 | €10,732 | €34,268 | +€23,536 | +219.3% |
| Taxes | 450/3 | €10,732 | €7,707 | -€3,025 | -28.2% |
| Remuneration and social security | 454/9 | - | €26,561 | +€26,561 | |
| Remuneration, social security and pensions | 62 | €579,381 | €573,982 | -€5,399 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,472 | €15,799 | -€31,673 | -66.7% |
| Other operating charges | 640/8 | €4,000 | €4,122 | +€121 | +3.0% |
| Gross operating margin | 9900 | €653,529 | €617,487 | -€36,042 | -5.5% |
| Operating profit (loss) | 9901 | €22,675 | €23,584 | +€909 | +4.0% |
| Financial income | 75/76B | €1 | €145 | +€144 | +9933.8% |
| Recurring financial income | 75 | €1 | €145 | +€144 | +9933.8% |
| Financial charges | 65/66B | €7,955 | €5,826 | -€2,129 | -26.8% |
| Recurring financial charges | 65 | €7,955 | €5,826 | -€2,129 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €14,721 | €17,903 | +€3,182 | +21.6% |
| Income taxes | 67/77 | €1,325 | €1,597 | +€272 | +20.5% |
| Profit (loss) for the period | 9904 | €13,396 | €16,306 | +€2,910 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,396 | €16,306 | +€2,910 | +21.7% |
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 9 October 2026 via checked.be.