LETTREM: 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.
LETTREM
Largest movements
- Tangible fixed assets +€32,891
up €32,891 (+33.6%), from €97,821 to €130,712
of which Furniture and vehicles: +€61,223
- Receivables within one year -€28,524
down €28,524 (-54.4%), from €52,454 to €23,929
of which Other amounts receivable: -€35,090
- Cash -€28,364
down €28,364 (-39.0%), from €72,652 to €44,287
mainly Investment in fixed assets (net) (-€66,930) and Contributions, distributions and other (-€30,513)
- Contributions -€24,363
down €24,363 (-39.6%), from €61,500 to €37,137
- Reserves +€10,316
up €10,316 (+10.5%), from €98,715 to €109,032
of which Distributable reserves: +€16,466
- Short-term financial debts -€7,094
no longer reported in 2025 (was €7,094)
- Gross operating margin -€18,599
down €18,599 (-21.8%), from €85,409 to €66,811
- Depreciation +€11,481
up €11,481 (+50.8%), from €22,586 to €34,067
- Taxes -€2,406
down €2,406 (-25.0%), from €9,606 to €7,200
- Other operating charges +€1,892
up €1,892 (+41.0%), from €4,618 to €6,510
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 | €223,521 | €200,368 | -€23,153 | -10.4% |
| Fixed assets | 21/28 | €97,849 | €130,712 | +€32,863 | +33.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €97,821 | €130,712 | +€32,891 | +33.6% |
| Land and buildings | 22 | €16,629 | €14,417 | -€2,212 | -13.3% |
| Plant, machinery and equipment | 23 | €4,297 | €11,235 | +€6,939 | +161% |
| Furniture and vehicles | 24 | €43,837 | €105,060 | +€61,223 | +140% |
| Assets under construction and advance payments | 27 | €33,058 | - | -€33,058 | |
| Financial fixed assets | 28 | €28 | - | -€28 | |
| Current assets | 29/58 | €125,672 | €69,655 | -€56,016 | -44.6% |
| Amounts receivable within one year | 40/41 | €52,454 | €23,929 | -€28,524 | -54.4% |
| Trade receivables | 40 | €17,331 | €23,896 | +€6,566 | +37.9% |
| Other amounts receivable | 41 | €35,123 | €33 | -€35,090 | -99.9% |
| Cash at bank and in hand | 54/58 | €72,652 | €44,287 | -€28,364 | -39.0% |
| Deferred charges and accrued income | 490/1 | €566 | €1,439 | +€872 | +154% |
| Total equity and liabilities | 10/49 | €223,521 | €200,368 | -€23,153 | -10.4% |
| Equity | 10/15 | €207,113 | €192,215 | -€14,898 | -7.2% |
| Contributions | 10/11 | €61,500 | €37,137 | -€24,363 | -39.6% |
| Capital | 10 | €61,500 | - | -€61,500 | |
| Issued capital | 100 | €61,500 | - | -€61,500 | |
| Reserves | 13 | €98,715 | €109,032 | +€10,316 | +10.5% |
| Non-distributable reserves | 130/1 | €6,150 | - | -€6,150 | |
| Legal reserve | 130 | €6,150 | - | -€6,150 | |
| Distributable reserves | 133 | €92,565 | €109,032 | +€16,466 | +17.8% |
| Profit (loss) carried forward | 14 | €46,897 | €46,046 | -€851 | -1.8% |
| Amounts payable | 17/49 | €16,408 | €8,153 | -€8,255 | -50.3% |
| Amounts payable within one year | 42/48 | €16,408 | €8,153 | -€8,255 | -50.3% |
| Current portion of amounts payable after more than one year | 42 | €2,461 | €2,476 | +€15 | +0.6% |
| Financial debts | 43 | €7,094 | - | -€7,094 | |
| Credit institutions | 430/8 | €7,094 | - | -€7,094 | |
| Trade debts | 44 | €2,752 | €2,162 | -€591 | -21.5% |
| Suppliers | 440/4 | €2,752 | €2,162 | -€591 | -21.5% |
| Taxes, remuneration and social security | 45 | €2,574 | €728 | -€1,846 | -71.7% |
| Taxes | 450/3 | €2,574 | €728 | -€1,846 | -71.7% |
| Other amounts payable | 47/48 | €1,527 | €2,787 | +€1,260 | +82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,586 | €34,067 | +€11,481 | +50.8% |
| Other operating charges | 640/8 | €4,618 | €6,510 | +€1,892 | +41.0% |
| Gross operating margin | 9900 | €85,409 | €66,811 | -€18,599 | -21.8% |
| Operating profit (loss) | 9901 | €58,206 | €26,234 | -€31,972 | -54.9% |
| Financial income | 75/76B | €2 | €1 | -€1 | -57.2% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -57.2% |
| Financial charges | 65/66B | €3,344 | €3,419 | +€75 | +2.2% |
| Recurring financial charges | 65 | €3,344 | €3,419 | +€75 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €54,863 | €22,815 | -€32,048 | -58.4% |
| Income taxes | 67/77 | €9,606 | €7,200 | -€2,406 | -25.0% |
| Profit (loss) for the period | 9904 | €45,257 | €15,615 | -€29,642 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,257 | €15,615 | -€29,642 | -65.5% |
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 23 October 2026 via checked.be.