LETTRE AGE: 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.
LETTRE AGE
Largest movements
- Cash -€31,897
down €31,897 (-19.1%), from €166,899 to €135,002
mainly Contributions, distributions and other (-€32,000) and Investment in fixed assets (net) (-€24,172)
- Receivables within one year +€19,375
up €19,375 (+85.0%), from €22,795 to €42,170
- Tangible fixed assets +€5,298
up €5,298 (+13.1%), from €40,450 to €45,748
of which Plant, machinery and equipment: +€16,274
- Reserves -€14,000
down €14,000 (-20.2%), from €69,460 to €55,460
of which Distributable reserves: -€14,000
- Other debts +€11,822
up €11,822 (+54.1%), from €21,847 to €33,668
- Trade debts -€7,545
down €7,545 (-61.8%), from €12,210 to €4,666
- Gross operating margin -€13,911
down €13,911 (-22.8%), from €60,987 to €47,076
- Taxes -€5,510
down €5,510 (-45.9%), from €12,000 to €6,490
- Depreciation +€3,125
up €3,125 (+19.8%), from €15,749 to €18,874
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 | €258,944 | €250,407 | -€8,537 | -3.3% |
| Fixed assets | 21/28 | €42,784 | €48,082 | +€5,298 | +12.4% |
| Tangible fixed assets | 22/27 | €40,450 | €45,748 | +€5,298 | +13.1% |
| Plant, machinery and equipment | 23 | €9,607 | €25,881 | +€16,274 | +169% |
| Furniture and vehicles | 24 | €30,843 | €19,867 | -€10,976 | -35.6% |
| Financial fixed assets | 28 | €2,334 | €2,334 | = | 0.0% |
| Current assets | 29/58 | €216,159 | €202,325 | -€13,834 | -6.4% |
| Stocks and contracts in progress | 3 | €22,796 | €21,372 | -€1,425 | -6.2% |
| Stocks | 30/36 | €22,796 | €21,372 | -€1,425 | -6.2% |
| Amounts receivable within one year | 40/41 | €22,795 | €42,170 | +€19,375 | +85.0% |
| Trade receivables | 40 | €22,795 | €42,170 | +€19,375 | +85.0% |
| Cash at bank and in hand | 54/58 | €166,899 | €135,002 | -€31,897 | -19.1% |
| Deferred charges and accrued income | 490/1 | €3,669 | €3,781 | +€112 | +3.1% |
| Total equity and liabilities | 10/49 | €258,944 | €250,407 | -€8,537 | -3.3% |
| Equity | 10/15 | €179,825 | €166,537 | -€13,289 | -7.4% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €69,460 | €55,460 | -€14,000 | -20.2% |
| Non-distributable reserves | 130/1 | €4,960 | €4,960 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,960 | €4,960 | = | 0.0% |
| Distributable reserves | 133 | €64,500 | €50,500 | -€14,000 | -21.7% |
| Profit (loss) carried forward | 14 | €60,787 | €61,498 | +€711 | +1.2% |
| Amounts payable | 17/49 | €79,118 | €83,870 | +€4,752 | +6.0% |
| Amounts payable after more than one year | 17 | €22,853 | €22,460 | -€393 | -1.7% |
| Financial debts | 170/4 | €22,853 | €22,460 | -€393 | -1.7% |
| Amounts payable within one year | 42/48 | €56,265 | €61,410 | +€5,145 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €15,136 | €17,037 | +€1,901 | +12.6% |
| Trade debts | 44 | €12,210 | €4,666 | -€7,545 | -61.8% |
| Suppliers | 440/4 | €12,210 | €4,666 | -€7,545 | -61.8% |
| Taxes, remuneration and social security | 45 | €7,072 | €6,039 | -€1,033 | -14.6% |
| Taxes | 450/3 | €7,072 | €6,039 | -€1,033 | -14.6% |
| Other amounts payable | 47/48 | €21,847 | €33,668 | +€11,822 | +54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,749 | €18,874 | +€3,125 | +19.8% |
| Other operating charges | 640/8 | €1,292 | €1,342 | +€49 | +3.8% |
| Gross operating margin | 9900 | €60,987 | €47,076 | -€13,911 | -22.8% |
| Operating profit (loss) | 9901 | €43,946 | €26,860 | -€17,085 | -38.9% |
| Financial income | 75/76B | €52 | €469 | +€417 | +797% |
| Recurring financial income | 75 | €52 | €469 | +€417 | +797% |
| Financial charges | 65/66B | €2,522 | €2,128 | -€394 | -15.6% |
| Recurring financial charges | 65 | €2,522 | €2,128 | -€394 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €41,476 | €25,202 | -€16,274 | -39.2% |
| Income taxes | 67/77 | €12,000 | €6,490 | -€5,510 | -45.9% |
| Profit (loss) for the period | 9904 | €29,476 | €18,711 | -€10,765 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,476 | €18,711 | -€10,765 | -36.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.