LETTERWERF: 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.
LETTERWERF
Largest movements
- Cash +€24,021
up €24,021 (+38.5%), from €62,318 to €86,340
mainly Net result for the year (+€24,976) and Stocks and contracts (+€15,000)
- Receivables within one year +€16,110
up €16,110 (+967.6%), from €1,665 to €17,775
- Stocks and contracts -€15,000
down €15,000 (-100.0%), from €15,000 to €0
- Tangible fixed assets +€2,883
up €2,883 (+49.6%), from €5,815 to €8,698
of which Furniture and vehicles: +€3,815
- Reserves +€24,976
up €24,976 (+18.3%), from €136,790 to €161,765
- Tax, wage and social debts +€8,812
up €8,812 (+128.2%), from €6,871 to €15,683
- Trade debts -€5,764
down €5,764 (-88.2%), from €6,532 to €768
- Gross operating margin +€23,048
up €23,048 (+128.6%), from €17,928 to €40,976
- Taxes +€8,532
up €8,532 (+165.8%), from €5,145 to €13,677
- Depreciation +€836
up €836 (+35.5%), from €2,353 to €3,189
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 | €159,873 | €187,828 | +€27,955 | +17.5% |
| Fixed assets | 21/28 | €5,815 | €8,698 | +€2,883 | +49.6% |
| Tangible fixed assets | 22/27 | €5,815 | €8,698 | +€2,883 | +49.6% |
| Plant, machinery and equipment | 23 | €407 | €57 | -€349 | -85.9% |
| Furniture and vehicles | 24 | €4,825 | €8,640 | +€3,815 | +79.1% |
| Other tangible fixed assets | 26 | €583 | €0 | -€583 | -100.0% |
| Current assets | 29/58 | €154,058 | €179,131 | +€25,073 | +16.3% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Other amounts receivable | 291 | €70,000 | €70,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €15,000 | €0 | -€15,000 | -100.0% |
| Contracts in progress | 37 | €15,000 | €0 | -€15,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,665 | €17,775 | +€16,110 | +967.6% |
| Trade receivables | 40 | €1,665 | €17,775 | +€16,110 | +967.6% |
| Cash at bank and in hand | 54/58 | €62,318 | €86,340 | +€24,021 | +38.5% |
| Deferred charges and accrued income | 490/1 | €5,075 | €5,016 | -€59 | -1.2% |
| Total equity and liabilities | 10/49 | €159,873 | €187,828 | +€27,955 | +17.5% |
| Equity | 10/15 | €142,990 | €167,965 | +€24,976 | +17.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €136,790 | €161,765 | +€24,976 | +18.3% |
| Distributable reserves | 133 | €136,790 | €161,765 | +€24,976 | +18.3% |
| Amounts payable | 17/49 | €16,883 | €19,863 | +€2,980 | +17.6% |
| Amounts payable within one year | 42/48 | €16,883 | €19,863 | +€2,980 | +17.6% |
| Trade debts | 44 | €6,532 | €768 | -€5,764 | -88.2% |
| Suppliers | 440/4 | €6,532 | €768 | -€5,764 | -88.2% |
| Taxes, remuneration and social security | 45 | €6,871 | €15,683 | +€8,812 | +128.2% |
| Taxes | 450/3 | €6,871 | €15,683 | +€8,812 | +128.2% |
| Other amounts payable | 47/48 | €3,480 | €3,412 | -€68 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,353 | €3,189 | +€836 | +35.5% |
| Other operating charges | 640/8 | €932 | €1,087 | +€156 | +16.7% |
| Gross operating margin | 9900 | €17,928 | €40,976 | +€23,048 | +128.6% |
| Operating profit (loss) | 9901 | €14,643 | €36,700 | +€22,056 | +150.6% |
| Financial income | 75/76B | €2,139 | €2,002 | -€137 | -6.4% |
| Recurring financial income | 75 | €2,139 | €2,002 | -€137 | -6.4% |
| Financial charges | 65/66B | €39 | €49 | +€11 | +27.7% |
| Recurring financial charges | 65 | €39 | €49 | +€11 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €16,744 | €38,653 | +€21,909 | +130.8% |
| Income taxes | 67/77 | €5,145 | €13,677 | +€8,532 | +165.8% |
| Profit (loss) for the period | 9904 | €11,599 | €24,976 | +€13,377 | +115.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,599 | €24,976 | +€13,377 | +115.3% |
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 8 October 2026 via checked.be.