PIERRE LETELLIER: what changed
PIERRE LETELLIER
Largest movements
- Receivables within one year +€2,882
up €2,882 (+225%), from €1,280 to €4,162
of which Trade receivables: +€1,612
- Cash -€1,442
down €1,442 (-77.8%), from €1,854 to €412
mainly Receivables within one year (-€2,882) and Trade debts (-€498)
- Tangible fixed assets -€517
down €517 (-53.2%), from €971 to €454
- Other debts +€2,050
up €2,050 (+29.3%), from €6,998 to €9,048
- Trade debts -€498
down €498 (-22.7%), from €2,196 to €1,698
- Tax, wage and social debts -€330
down €330 (-54.1%), from €610 to €280
- Profit (loss) carried forward -€299
down €299 (-1.2%), from -€24,279 to -€24,578
- Financial charges -€667
down €667 (-88.6%), from €753 to €86
- Gross operating margin -€562
down €562 (-24.6%), from €2,281 to €1,719
- Depreciation -€146
down €146 (-22.0%), from €663 to €517
- Other operating charges +€38
up €38 (+3.1%), from €1,236 to €1,274
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,125 | €5,048 | +€923 | +22.4% |
| Fixed assets | 21/28 | €991 | €474 | -€517 | -52.2% |
| Tangible fixed assets | 22/27 | €971 | €454 | -€517 | -53.2% |
| Plant, machinery and equipment | 23 | €971 | €454 | -€517 | -53.2% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €3,134 | €4,574 | +€1,440 | +45.9% |
| Amounts receivable within one year | 40/41 | €1,280 | €4,162 | +€2,882 | +225% |
| Trade receivables | 40 | €1,280 | €2,892 | +€1,612 | +126% |
| Other amounts receivable | 41 | - | €1,270 | +€1,270 | |
| Cash at bank and in hand | 54/58 | €1,854 | €412 | -€1,442 | -77.8% |
| Total equity and liabilities | 10/49 | €4,125 | €5,048 | +€923 | +22.4% |
| Equity | 10/15 | -€5,679 | -€5,978 | -€299 | -5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,279 | -€24,578 | -€299 | -1.2% |
| Amounts payable | 17/49 | €9,804 | €11,026 | +€1,222 | +12.5% |
| Amounts payable within one year | 42/48 | €9,804 | €11,026 | +€1,222 | +12.5% |
| Trade debts | 44 | €2,196 | €1,698 | -€498 | -22.7% |
| Suppliers | 440/4 | €2,196 | €1,698 | -€498 | -22.7% |
| Taxes, remuneration and social security | 45 | €610 | €280 | -€330 | -54.1% |
| Taxes | 450/3 | €610 | €280 | -€330 | -54.1% |
| Other amounts payable | 47/48 | €6,998 | €9,048 | +€2,050 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €663 | €517 | -€146 | -22.0% |
| Other operating charges | 640/8 | €1,236 | €1,274 | +€38 | +3.1% |
| Non-recurring operating charges | 66A | €3,774 | - | -€3,774 | |
| Gross operating margin | 9900 | €2,281 | €1,719 | -€562 | -24.6% |
| Operating profit (loss) | 9901 | -€3,392 | -€72 | +€3,320 | +97.9% |
| Financial charges | 65/66B | €753 | €86 | -€667 | -88.6% |
| Recurring financial charges | 65 | €753 | €86 | -€667 | -88.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,145 | -€158 | +€3,987 | +96.2% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +0.7% |
| Profit (loss) for the period | 9904 | -€4,285 | -€299 | +€3,986 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,285 | -€299 | +€3,986 | +93.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.