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 about 18% per year across the filed financial years. Its solvency ranks better than 84% of 3,018 sector peers (NACE 64, financial year 2025). The company has been active since 2005 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €15.9m
- Profit
- €1.8m
- Brutsaert LievenManaging director
- Stichelbout IsabelleDirector
- Brutsaert LeonDirector
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
This is a financial institution (bank, insurer or financial holding). A bank balance sheet works differently from that of an ordinary trading or manufacturing company. We therefore show no bankruptcy probability rather than a misleading figure.
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Signals
This company filed its last 7 accounts on average 12 days before the deadline; the sector median (NACE 64) for financial year 2024 is 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
- Appointment: Brutsaert Leon (director)Gazette deed
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen four years in a row; 2025 is 3% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.7% |
| Other operating charges640/8 | - | - | - | €0.008m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 17.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.08m | - |
| Gross operating margin9900 | €1.5m | €1.9m | €2.8m | €2.9m | €2.9m | €2.8m | €2.7m | €2.7m | = |
| Operating profit (loss)9901 | €1.1m | €1.6m | €2.5m | €2.6m | €2.6m | €2.5m | €2.5m | €2.4m | ▼ 3.4% |
| Financial income75/76B | - | - | - | €0.2m | €0.1m | €0.05m | €0.07m | €0.3m | ▲ 386% |
| Recurring financial income75 | €0.006m | €0.1m | €0.05m | €0.2m | €0.1m | €0.05m | €0.07m | €0.3m | ▲ 386% |
| Financial charges65/66B | - | - | - | €0.02m | €0.004m | €499 | €0.002m | €76 | ▼ 95.8% |
| Recurring financial charges65 | €0.1m | -€0.07m | €0.02m | €0.02m | €0.004m | €499 | €0.002m | €76 | ▼ 95.8% |
| Profit (loss) for the period before taxes9903 | €1.0m | €1.8m | €2.6m | €2.8m | €2.7m | €2.6m | €2.5m | €2.7m | ▲ 7.1% |
| Income taxes67/77 | €0.3m | €0.5m | €0.7m | €0.7m | €0.9m | €0.8m | €0.8m | €0.9m | ▲ 7.4% |
| Profit (loss) for the period9904 | €0.7m | €1.3m | €1.9m | €2.2m | €1.9m | €1.8m | €1.7m | €1.8m | ▲ 6.9% |
| Profit (loss) for the period to be appropriated9905 | €0.7m | €1.3m | €1.9m | €2.2m | €1.9m | €1.8m | €1.7m | €1.8m | ▲ 6.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.9m | €7.2m | €9.2m | €10.5m | €12.2m | €14.2m | €14.7m | €16.8m | ▲ 14.3% |
| Fixed assets21/28 | €4.0m | €4.6m | €4.8m | €4.6m | €4.5m | €5.1m | €5.0m | €4.0m | ▼ 19.7% |
| Tangible fixed assets22/27 | €4.0m | €4.6m | €4.8m | €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 | - | - | - | - | - | €0.8m | €1.0m | €0.02m | ▼ 98.3% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €1.9m | €2.6m | €4.4m | €5.9m | €7.8m | €9.2m | €9.7m | €12.8m | ▲ 31.7% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €0.001m | €1.4m | ▲ 1,878× |
| Stocks30/36 | - | - | - | - | - | - | €0.001m | €1.4m | ▲ 1,878× |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.04m | €0.04m | €0.02m | €0.1m | €0.006m | €0.3m | ▲ 55× |
| Trade receivables40 | - | - | - | €0 | €0.02m | €0.04m | €0.006m | €0.3m | ▲ 55× |
| Other amounts receivable41 | - | - | - | €0.04m | €0 | €0.07m | €0 | - | - |
| Current investments50/53 | €1.6m | €1.8m | €1.8m | €4.6m | €5.8m | €5.8m | €8.8m | €10.6m | ▲ 19.6% |
| Cash at bank and in hand54/58 | €0.2m | €0.8m | €2.5m | €1.2m | €1.9m | €3.2m | €0.9m | €0.5m | ▼ 42.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.005m | €0.005m | €0.006m | ▲ 7.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.9m | €7.2m | €9.2m | €10.5m | €12.2m | €14.2m | €14.7m | €16.8m | ▲ 14.3% |
| Equity10/15 | €3.6m | €4.9m | €6.8m | €8.9m | €10.8m | €12.4m | €14.1m | €15.9m | ▲ 13.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.08m | €0.08m | €0.08m | €0.08m | €1.9m | €3.7m | €5.4m | €15.9m | ▲ 193% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.07m | €1.9m | €3.7m | €5.4m | €15.9m | ▲ 194% |
| Profit (loss) carried forward14 | €3.4m | €4.7m | €6.7m | €8.8m | €8.8m | €8.6m | €8.6m | €0 | ▼ 100% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Pensions and similar obligations160 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts payable17/49 | €2.2m | €2.2m | €2.3m | €1.5m | €1.3m | €1.7m | €0.5m | €0.8m | ▲ 47.4% |
| Amounts payable within one year42/48 | €2.2m | €2.2m | €2.3m | €1.5m | €1.3m | €1.7m | €0.5m | €0.8m | ▲ 47.4% |
| Trade debts44 | €94 | €0.02m | €0.002m | €0.006m | €0.001m | €0.4m | €0.01m | €0.02m | ▲ 60.3% |
| Suppliers440/4 | - | - | - | €0.006m | €0.001m | €0.4m | €0.01m | €0.02m | ▲ 60.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.3m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.2m | €0.4m | €0.3m | €0.3m | ▼ 7.1% |
| Taxes450/3 | - | - | - | €0.04m | €0.2m | €0.4m | €0.3m | €0.3m | ▼ 7.1% |
| Other amounts payable47/48 | - | - | - | €1.4m | €1.1m | €1.0m | €0.2m | €0.2m | ▼ 13.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €1.3m | €1.9m | €2.2m | €1.9m | €1.8m | €1.7m | €1.8m | ▲ 6.9% |
| + Depreciation and write-downs630 | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.7% |
| Operating cash flow (approximation) | €1.1m | €1.6m | €2.2m | €2.4m | €2.1m | €2.0m | €1.9m | €2.1m | ▲ 6.1% |
| Investment in fixed assets (approximation) | - | -€0.9m | -€0.5m | -€0.02m | -€0.07m | -€0.8m | -€0.2m | €0.8m | - |
| Change in cash | - | €0.6m | €1.7m | -€1.3m | €0.7m | €1.3m | -€2.3m | -€0.4m | ▲ 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.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00300556 |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00276915 |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00275096 |
| 31-12-2022 | abbreviated format | 26-07-2023 | 2023-00272648 |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20238744 |
| 31-12-2020 | abbreviated format | 16-07-2021 | 2021-36800031 |
| 31-12-2019 | abbreviated format | 17-07-2020 | 2020-31700236 |
| 31-12-2018 | abbreviated format | 16-07-2019 | 2019-33600031 |
| 31-12-2017 | abbreviated format | 26-07-2018 | 2018-38600335 |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-34000492 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 3
Day-to-day management 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Brutsaert Lieven |
|
| Stichelbout Isabelle |
|
| Brutsaert Leon |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
3 current directorsThe board mandates are listed below; here you explore them as a network.
Board mandates elsewhere
1 board mandateHistory
Acts, filings and financial milestones
31-07
Gazette deed
Appointment: Brutsaert Leon (director)3 facts ▸
- General meeting, 26-06-2026
- Director appointment, Brutsaert Leon (director)
- Director in office, Brutsaert Leon (managing director)
30-11
Gazette deed
Reappointments: Brutsaert Lieven (director) and Stichelbout Isabelle (director)6 facts ▸
- General meeting, 13-07-2023
- Director reappointment, Brutsaert Lieven (director)
- Director reappointment, Stichelbout Isabelle (director)
- Board meeting, 13-07-2023
- Director reappointment, Brutsaert Lieven (managing director)
- Other provision, “instrumenting notary and signature form captions” (deed in Dutch)
Show earlier events
About the unread acts
Of the 7 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34029B0459/00E000 | Flanders | 4.1 ha | 1 · 3.1 ha | - |
How the parcels are linked
Articles of association
- Other provisionsOther rules from the articles that fall under none of the themes above.
- Other provision: “Daden van dagelijks bestuur, dagelijks bestuur” (deed in Dutch)
Read from the deeds: 1 provision, deed of 30-11-2023