Letswatt: 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.
Letswatt
Largest movements
- Stocks and contracts +€280,253
up €280,253 (+92.0%), from €304,668 to €584,921
- Cash -€35,601
down €35,601 (-81.5%), from €43,686 to €8,084
mainly Stocks and contracts (-€280,253) and Net result for the year (-€37,880)
- Debts after one year +€158,343
up €158,343 (+71.4%), from €221,657 to €380,000
of which Financial debts: +€160,000
- Trade debts +€114,412
up €114,412 (+256.7%), from €44,573 to €158,985
- Profit (loss) carried forward -€37,880
down €37,880 (-224.1%), from -€16,904 to -€54,784
- Other debts +€15,310
up €15,310 (+317.7%), from €4,819 to €20,129
- Gross operating margin -€20,569
down €20,569 (-156.7%), from -€13,125 to -€33,694
- Financial income -€2,696
down €2,696 (-99.9%), from €2,698 to €2
- Depreciation +€2,377
up €2,377 (+176.1%), from €1,350 to €3,727
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 | €354,182 | €604,347 | +€250,165 | +70.6% |
| Formation expenses | 20 | €910 | €613 | -€298 | -32.7% |
| Fixed assets | 21/28 | €2,618 | €6,315 | +€3,697 | +141.3% |
| Tangible fixed assets | 22/27 | €2,618 | €6,315 | +€3,697 | +141.3% |
| Plant, machinery and equipment | 23 | €2,618 | - | -€2,618 | |
| Furniture and vehicles | 24 | - | €6,315 | +€6,315 | |
| Current assets | 29/58 | €350,654 | €597,419 | +€246,765 | +70.4% |
| Stocks and contracts in progress | 3 | €304,668 | €584,921 | +€280,253 | +92.0% |
| Stocks | 30/36 | €304,668 | €584,921 | +€280,253 | +92.0% |
| Amounts receivable within one year | 40/41 | €2,301 | €4,414 | +€2,113 | +91.8% |
| Other amounts receivable | 41 | €2,301 | €4,414 | +€2,113 | +91.8% |
| Cash at bank and in hand | 54/58 | €43,686 | €8,084 | -€35,601 | -81.5% |
| Total equity and liabilities | 10/49 | €354,182 | €604,347 | +€250,165 | +70.6% |
| Equity | 10/15 | €83,096 | €45,216 | -€37,880 | -45.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,904 | -€54,784 | -€37,880 | -224.1% |
| Amounts payable | 17/49 | €271,086 | €559,131 | +€288,045 | +106.3% |
| Amounts payable after more than one year | 17 | €221,657 | €380,000 | +€158,343 | +71.4% |
| Financial debts | 170/4 | €220,000 | €380,000 | +€160,000 | +72.7% |
| Other amounts payable | 178/9 | €1,657 | - | -€1,657 | |
| Amounts payable within one year | 42/48 | €49,429 | €179,131 | +€129,702 | +262.4% |
| Financial debts | 43 | €37 | €17 | -€19 | -52.4% |
| Credit institutions | 430/8 | €37 | €17 | -€19 | -52.4% |
| Trade debts | 44 | €44,573 | €158,985 | +€114,412 | +256.7% |
| Suppliers | 440/4 | €44,573 | €158,985 | +€114,412 | +256.7% |
| Other amounts payable | 47/48 | €4,819 | €20,129 | +€15,310 | +317.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,350 | €3,727 | +€2,377 | +176.1% |
| Other operating charges | 640/8 | €408 | €153 | -€255 | -62.5% |
| Gross operating margin | 9900 | -€13,125 | -€33,694 | -€20,569 | -156.7% |
| Operating profit (loss) | 9901 | -€14,884 | -€37,575 | -€22,691 | -152.5% |
| Financial income | 75/76B | €2,698 | €2 | -€2,696 | -99.9% |
| Recurring financial income | 75 | €2,698 | €2 | -€2,696 | -99.9% |
| Financial charges | 65/66B | €129 | €307 | +€178 | +137.8% |
| Recurring financial charges | 65 | €129 | €307 | +€178 | +137.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,315 | -€37,880 | -€25,565 | -207.6% |
| Profit (loss) for the period | 9904 | -€12,315 | -€37,880 | -€25,565 | -207.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,315 | -€37,880 | -€25,565 | -207.6% |
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 1 October 2026 via checked.be.