LETO-NAETS: 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.
LETO-NAETS
Largest movements
- Financial fixed assets +€268,168
up €268,168 (+45.9%), from €584,273 to €852,441
- Cash -€174,766
down €174,766 (-50.9%), from €343,157 to €168,391
mainly Investment in fixed assets (net) (-€362,436) and Receivables within one year (-€124,169)
- Receivables within one year +€124,169
up €124,169 (+166%), from €74,591 to €198,760
of which Other amounts receivable: +€125,518
- Tangible fixed assets -€21,512
down €21,512 (-3.2%), from €669,169 to €647,658
of which Plant, machinery and equipment: -€94,989
- Profit (loss) carried forward +€171,524
up €171,524 (+14.0%), from €1.2m to €1.4m
- Taxes +€61,754
up €61,754 (+122%), from €50,598 to €112,353
- Gross operating margin -€19,531
down €19,531 (-4.2%), from €459,927 to €440,395
- Depreciation +€7,553
up €7,553 (+7.0%), from €108,227 to €115,781
- Staff costs +€5,689
up €5,689 (+44.5%), from €12,778 to €18,467
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 | €1,671,191 | €1,867,249 | +€196,058 | +11.7% |
| Fixed assets | 21/28 | €1,253,443 | €1,500,098 | +€246,656 | +19.7% |
| Tangible fixed assets | 22/27 | €669,169 | €647,658 | -€21,512 | -3.2% |
| Land and buildings | 22 | €67,239 | €67,239 | = | 0.0% |
| Plant, machinery and equipment | 23 | €557,658 | €462,669 | -€94,989 | -17.0% |
| Furniture and vehicles | 24 | €44,272 | €117,750 | +€73,477 | +166% |
| Financial fixed assets | 28 | €584,273 | €852,441 | +€268,168 | +45.9% |
| Current assets | 29/58 | €417,749 | €367,151 | -€50,598 | -12.1% |
| Amounts receivable within one year | 40/41 | €74,591 | €198,760 | +€124,169 | +166% |
| Trade receivables | 40 | €1,349 | - | -€1,349 | |
| Other amounts receivable | 41 | €73,242 | €198,760 | +€125,518 | +171% |
| Cash at bank and in hand | 54/58 | €343,157 | €168,391 | -€174,766 | -50.9% |
| Total equity and liabilities | 10/49 | €1,671,191 | €1,867,249 | +€196,058 | +11.7% |
| Equity | 10/15 | €1,337,886 | €1,509,410 | +€171,524 | +12.8% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Contributions outside capital | 11 | €38,600 | €38,600 | = | 0.0% |
| Share premium | 1100/10 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €74,322 | €74,322 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,860 | €3,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,860 | €3,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €64,462 | €64,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,224,964 | €1,396,488 | +€171,524 | +14.0% |
| Amounts payable | 17/49 | €333,305 | €357,839 | +€24,534 | +7.4% |
| Amounts payable after more than one year | 17 | €260,195 | €269,496 | +€9,300 | +3.6% |
| Financial debts | 170/4 | €260,195 | €269,496 | +€9,300 | +3.6% |
| Amounts payable within one year | 42/48 | €73,110 | €88,344 | +€15,234 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €73,110 | €88,344 | +€15,234 | +20.8% |
| Remuneration, social security and pensions | 62 | €12,778 | €18,467 | +€5,689 | +44.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,227 | €115,781 | +€7,553 | +7.0% |
| Other operating charges | 640/8 | €6,756 | €8,166 | +€1,410 | +20.9% |
| Gross operating margin | 9900 | €459,927 | €440,395 | -€19,531 | -4.2% |
| Operating profit (loss) | 9901 | €332,165 | €297,981 | -€34,184 | -10.3% |
| Financial income | 75/76B | €1,895 | €2,782 | +€887 | +46.8% |
| Recurring financial income | 75 | €1,895 | €2,782 | +€887 | +46.8% |
| Financial charges | 65/66B | €18,033 | €16,887 | -€1,147 | -6.4% |
| Recurring financial charges | 65 | €18,033 | €16,887 | -€1,147 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €316,027 | €283,877 | -€32,150 | -10.2% |
| Income taxes | 67/77 | €50,598 | €112,353 | +€61,754 | +122% |
| Profit (loss) for the period | 9904 | €265,429 | €171,524 | -€93,905 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €265,429 | €171,524 | -€93,905 | -35.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.