Summary
LIBEL is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €15.9m and a net result of €1.8m. Equity is growing by ~18.2% per year across the filed fiscal years. Its solvency ranks better than 83% of 2413 sector peers (fiscal year 2025). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
16 d early
2023
13 d early
2022
5 d early
2021
3 d early
2020
15 d early
2019
14 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 12 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€15.9m▲ 13.1%
2024 · €14.1m
Net result
€1.8m▲ 6.9%
2024 · €1.7m
Total assets
€16.8m▲ 14.3%
2024 · €14.7m
Solvency
94.6%▼ 1.0pp
2024 · 95.5%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€2.6m▲ 4.2%€2.6m▼ 1.0%€2.5m▼ 3.3%€2.5m▼ 2.5%€2.4m▼ 3.4%
Net result€2.2mabove the sector's middle half▲ 12.7%€1.9mabove the sector's middle half▼ 13.5%€1.8mabove the sector's middle half▼ 5.7%€1.7mabove the sector's middle half▼ 1.8%€1.8mabove the sector's middle half▲ 6.9%
Equity€8.9mabove the sector's middle half▲ 31.7%€10.8mabove the sector's middle half▲ 20.8%€12.4mabove the sector's middle half▲ 14.4%€14.1mabove the sector's middle half▲ 14.0%€15.9mwithin the sector's middle half▲ 13.1%
Total assets€10.5mabove the sector's middle half▲ 14.8%€12.2mabove the sector's middle half▲ 16.1%€14.2mabove the sector's middle half▲ 16.5%€14.7mabove the sector's middle half▲ 3.7%€16.8mwithin the sector's middle half▲ 14.3%
Debt€1.5m▼ 35.4%€1.3m▼ 11.9%€1.7m▲ 35.2%€542,621▼ 68.7%€799,734▲ 47.4%
Working capital€4.4m▲ 111%€6.5m▲ 45.3%€7.4m▲ 14.7%€9.2m▲ 24.0%€12.0m▲ 30.8%
Solvency85.1%above the sector's middle half▲ 10.9pp88.5%above the sector's middle half▲ 3.5pp87.0%above the sector's middle half▼ 1.6pp95.5%above the sector's middle half▲ 8.6pp94.6%above the sector's middle half▼ 1.0pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 3% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.8m
Fixed assets
€4.0m ▼ 19.7%
Current assets
€12.8m ▲ 31.7%
Equity and liabilities €16.8m
Equity
€15.9m ▲ 13.1%
Provisions
€114,138 =
Debt
€799,734 ▲ 47.4%
Debt's share of the balance-sheet total rises from 3.7% to 4.7%. Equity and debt are higher.
Key figures and ratios
ROE
11.6%▼
2024 · 12.2%
ROA
11.0%▼
2024 · 11.7%
Debt ≤ 1 year
€799,734▲
2024 · €542,621
Income taxes
€862,312▲
2024 · €802,873
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €214,189 | €229,075 | €216,727 | €218,863 | €217,320 | ▼ 0.7% |
| Other operating charges640/8 | €7,775 | €13,738 | €15,974 | €18,469 | €21,730 | ▲ 17.7% |
| Non-recurring operating charges66A | - | - | - | - | €80,000 | - |
| Gross operating margin9900 | €2.9m | €2.9m | €2.8m | €2.7m | €2.7m | = |
| Operating profit (loss)9901 | €2.6m | €2.6m | €2.5m | €2.5m | €2.4m | ▼ 3.4% |
| Financial income75/76B | €196,263 | €105,897 | €46,301 | €67,534 | €328,089 | ▲ 386% |
| Recurring financial income75 | €196,263 | €105,897 | €46,301 | €67,534 | €328,089 | ▲ 386% |
| Financial charges65/66B | €18,973 | €3,749 | €499 | €1,805 | €76 | ▼ 95.8% |
| Recurring financial charges65 | €18,973 | €3,749 | €499 | €1,805 | €76 | ▼ 95.8% |
| Profit (loss) for the period before taxes9903 | €2.8m | €2.7m | €2.6m | €2.5m | €2.7m | ▲ 7.1% |
| Income taxes67/77 | €660,419 | €850,689 | €814,390 | €802,873 | €862,312 | ▲ 7.4% |
| Profit (loss) for the period9904 | €2.2m | €1.9m | €1.8m | €1.7m | €1.8m | ▲ 6.9% |
| Profit (loss) for the period to be appropriated9905 | €2.2m | €1.9m | €1.8m | €1.7m | €1.8m | ▲ 6.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10.5m | €12.2m | €14.2m | €14.7m | €16.8m | ▲ 14.3% |
| Fixed assets21/28 | €4.6m | €4.5m | €5.1m | €5.0m | €4.0m | ▼ 19.7% |
| Tangible fixed assets22/27 | €4.6m | €4.5m | €5.1m | €5.0m | €4.0m | ▼ 19.7% |
| Land and buildings22 | €4.6m | €4.4m | €4.2m | €4.0m | €4.0m | ▼ 0.9% |
| Plant, machinery and equipment23 | - | - | €802,085 | €963,930 | €16,036 | ▼ 98.3% |
| Other tangible fixed assets26 | €9,500 | €9,500 | €9,500 | €9,500 | €9,500 | = |
| Current assets29/58 | €5.9m | €7.8m | €9.2m | €9.7m | €12.8m | ▲ 31.7% |
| Stocks and contracts in progress3 | - | - | - | €750 | €1.4m | ▲ 187,700% |
| Stocks30/36 | - | - | - | €750 | €1.4m | ▲ 187,700% |
| Amounts receivable within one year40/41 | €38,679 | €16,669 | €110,463 | €6,098 | €336,590 | ▲ 5,419% |
| Trade receivables40 | €0 | €16,669 | €40,094 | €6,098 | €336,590 | ▲ 5,419% |
| Other amounts receivable41 | €38,679 | €0 | €70,370 | €0 | - | - |
| Current investments50/53 | €4.6m | €5.8m | €5.8m | €8.8m | €10.6m | ▲ 19.6% |
| Cash at bank and in hand54/58 | €1.2m | €1.9m | €3.2m | €890,337 | €508,911 | ▼ 42.8% |
| Deferred charges and accrued income490/1 | €4,206 | €4,297 | €4,574 | €5,183 | €5,555 | ▲ 7.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10.5m | €12.2m | €14.2m | €14.7m | €16.8m | ▲ 14.3% |
| Equity10/15 | €8.9m | €10.8m | €12.4m | €14.1m | €15.9m | ▲ 13.1% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €75,000 | €1.9m | €3.7m | €5.4m | €15.9m | ▲ 193% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | €68,800 | €1.9m | €3.7m | €5.4m | €15.9m | ▲ 194% |
| Profit (loss) carried forward14 | €8.8m | €8.8m | €8.6m | €8.6m | €0 | ▼ 100% |
| Provisions and deferred taxes16 | €114,138 | €114,138 | €114,138 | €114,138 | €114,138 | = |
| Provisions for liabilities and charges160/5 | €114,138 | €114,138 | €114,138 | €114,138 | €114,138 | = |
| Pensions and similar obligations160 | €114,138 | €114,138 | €114,138 | €114,138 | €114,138 | = |
| Amounts payable17/49 | €1.5m | €1.3m | €1.7m | €542,621 | €799,734 | ▲ 47.4% |
| Amounts payable within one year42/48 | €1.5m | €1.3m | €1.7m | €542,621 | €799,734 | ▲ 47.4% |
| Trade debts44 | €5,550 | €939 | €389,854 | €12,118 | €19,422 | ▲ 60.3% |
| Suppliers440/4 | €5,550 | €939 | €389,854 | €12,118 | €19,422 | ▲ 60.3% |
| Advances received on contracts in progress46 | - | - | - | - | €300,000 | - |
| Taxes, remuneration and social security45 | €42,321 | €175,636 | €372,009 | €343,135 | €318,670 | ▼ 7.1% |
| Taxes450/3 | €42,321 | €175,636 | €372,009 | €343,135 | €318,670 | ▼ 7.1% |
| Other amounts payable47/48 | €1.4m | €1.1m | €973,232 | €187,368 | €161,642 | ▼ 13.7% |
| Accrued charges and deferred income492/3 | €0 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.2m | €1.9m | €1.8m | €1.7m | €1.8m | ▲ 6.9% |
| + Depreciation and write-downs630 | €214,189 | €229,075 | €216,727 | €218,863 | €217,320 | ▼ 0.7% |
| Operating cash flow (approximation) | €2.4m | €2.1m | €2.0m | €1.9m | €2.1m | ▲ 6.1% |
| Investment in fixed assets (approximation) | - | -€73,674 | -€821,702 | -€162,500 | €767,301 | ▲ 572% |
| Change in cash | - | €726,825 | €1.3m | -€2.3m | -€381,426 | ▲ 83.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
State Gazette act
Appointment: Brutsaert Leon (director)3 facts ▸
State Gazette act
Appointment: Brutsaert Leon (director)
3 facts ▸
- General meeting, 26-06-2026
- Director appointment, Brutsaert Leon (director)
- Director in office, Brutsaert Leon (managing director)
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity triplescurrent ratio 17.96
Current ratio from 5.28 to 17.96; short-term debt falls from €1.7m to €542,621.
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €10mEq €10.8m ▲20.8%
5 profitable years in a row build equity to €10.8m.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €2.2m ▲12.7%
Operating result €2.6m, net result €2.2m, both a record.
31-12
Financial
Liquidity doublescurrent ratio 4.05
Current ratio from 1.93 to 4.05; short-term debt falls from €2.3m to €1.5m.
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €5mEq €6.8m ▲39.2%
3 profitable years in a row build equity to €6.8m.
Show earlier events
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
16-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
19-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Brutsaert Leon
CurrentDirector · since 01-01-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
6 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Wevelgem · 1 establishment unit since 2005
Ground area
4.1 ha
Building footprint
3.1 ha
Parcel 34029B0459/00E000, Flanders. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
LIBEL NV
since 20052.150.205.532
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34029B0459/00E000 | Flanders | 4.1 ha | 1 · 3.1 ha | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Brutsaert Leon |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Identification & contact
Identification
Legal formPublic limited company
Founded27-09-2005
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0876283746
Also
0208:876283746
Also
9925:BE0876283746
Registered
27-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.