LIBRETT

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Private limited companyfounded 2017active for 9 yearsChemin des Postes 173, 1410 Waterloo, BelgiumKBO/BCE: BE 0670.730.353

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LIBRETTActiveChecked score 94/100

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Financials · financial year 2025, micro format

Annual accounts 2025 filed on 14-07-2026 at the NBB all 9 filings

Turnover

≈ €180,000

Estimated: probably between €130,000 and €230,000

Total assets

€546,676▲ 215%

2024 · €173,684

Net result

€41,212▼ 47.6%

2024 · €78,689

Working capital

€36,621▼ 64.8%

2024 · €104,161

Multi-year overview

2018 to 2025, 8 financial years

Operating result

€62,296

▼ 37.6% 2025

20182025

Net result

€41,212

▼ 47.6% 2025

middle half of the sector

20182025

Equity

€164,537

▲ 33.4% 2025

middle half of the sector

20182025

Total assets

€546,676

▲ 215% 2025

highest quarter of the sector

20182025

Debt

€382,138

▲ 659% 2025

20182025

Working capital

€36,621

▼ 64.8% 2025

middle half of the sector

20182025

Solvency

30.1%

▼ 40.9pp 2025

middle half of the sector

20182025

Current ratio

2.11

▼ 0.96 2025

middle half of the sector

20182025

Return on assets (ROA)

7.5%

▼ 37.8pp 2025

middle half of the sector

20182025

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line20182019202020212022202320242025

Operating result€30,662-€70,032▲ 128%€41,829▼ 40.3%€41,605▼ 0.5%€78,408▲ 88.5%€84,644▲ 8.0%€99,859▲ 18.0%€62,296▼ 37.6%

Net result€23,567-€54,747▲ 132%€32,557▼ 40.5%€32,258▼ 0.9%€61,923▲ 92.0%€66,714▲ 7.7%€78,689▲ 17.9%€41,212▼ 47.6%

Equity€61,736-€115,683▲ 87.4%€118,241▲ 2.2%€62,000▼ 47.6%€23,923▼ 61.4%€80,637▲ 237%€123,325▲ 52.9%€164,537▲ 33.4%

Total assets€73,476-€134,412▲ 82.9%€170,341▲ 26.7%€160,964▼ 5.5%€136,977▼ 14.9%€105,522▼ 23.0%€173,684▲ 64.6%€546,676▲ 215%

Debt€11,740-€18,728▲ 59.5%€52,100▲ 178%€98,964▲ 90.0%€113,054▲ 14.2%€24,886▼ 78.0%€50,359▲ 102%€382,138▲ 659%

Working capital€54,324-€112,224▲ 107%€112,953▲ 0.6%€54,420▼ 51.8%€13,275▼ 75.6%€66,964▲ 404%€104,161▲ 55.5%€36,621▼ 64.8%

Solvency84.0%-86.1%▲ 2.0pp69.4%▼ 16.7pp38.5%▼ 30.9pp17.5%▼ 21.1pp76.4%▲ 59.0pp71.0%▼ 5.4pp30.1%▼ 40.9pp

Current ratio5.63-6.99▲ 1.363.17▼ 3.821.55▼ 1.621.12▼ 0.433.69▲ 2.573.07▼ 0.622.11▼ 0.96

Return on assets (ROA)32.1%-40.7%▲ 8.7pp19.1%▼ 21.6pp20.0%▲ 0.9pp45.2%▲ 25.2pp63.2%▲ 18.0pp45.3%▼ 17.9pp7.5%▼ 37.8pp

above within below The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.

The operating result for 2025 is 38% lower than in 2024.

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €546,676

87.2%

12.8%

Fixed assets €476,953 ▲ 25×

Current assets €69,723 ▼ 54.9%

Equity and liabilities €546,676

30.1%

69.9%

Equity €164,537 ▲ 33.4%

Debt €382,138 ▲ 659%

Debt's share of the balance-sheet total rises from 29.0% to 69.9%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€83,311▼

2024 · €107,591

Cash flow

€62,226▼

2024 · €86,422

Debt to equity

2.32▲

2024 · 0.41

ROE

25.0%▼

2024 · 63.8%

Interest coverage

9.07▼

2024 · over 100

Debt ≤ 1 year

€33,102▼

2024 · €50,359

Debt > 1 year

€348,336

Income taxes

€11,904▼

2024 · €21,032

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired

Item	2021	2022	2023	2024	2025
Tangible fixed assets	€3,397	€7,068	€7,023	€13,751	€476,146
Depreciation and write-downs of the year	€1,106	€1,848	€3,999	€7,733	€21,014

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines

Balance sheet Code20242025

Assets

Total assets20/58€173,684€546,676▲

Fixed assets21/28€19,164€476,953▲

Tangible fixed assets22/27€19,164€476,953▲

Land and buildings22-€466,770

Plant, machinery and equipment23€3,011€2,442▼

Furniture and vehicles24€16,153€7,740▼

Current assets29/58€154,520€69,723▼

Amounts receivable within one year40/41€38,728€26,044▼

Trade receivables40€38,115€22,869▼

Other amounts receivable41€613€3,175▲

Cash at bank and in hand54/58€114,725€42,520▼

Deferred charges and accrued income490/1€1,068€1,159▲

Equity and liabilities

Total equity and liabilities10/49€173,684€546,676▲

Equity10/15€123,325€164,537▲

Contributions10/11€15,602€15,602=

Profit (loss) carried forward14€107,723€148,935▲

Amounts payable17/49€50,359€382,138▲

Amounts payable after more than one year17-€348,336

Financial debts170/4-€348,336

Amounts payable within one year42/48€50,359€33,102▼

Current portion of amounts payable after more than one year42-€20,194

Trade debts44€2,377€1,048▼

Suppliers440/4€2,377€1,048▼

Taxes, remuneration and social security45€17,382€10,730▼

Taxes450/3€17,382€10,730▼

Remuneration and social security454/9€0€0=

Other amounts payable47/48€30,600€1,131▼

Accrued charges and deferred income492/3-€700

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7,733€21,014▲

Other operating charges640/8€1,247€4,479▲

Gross operating margin9900€108,838€87,789▼

Operating profit (loss)9901€99,859€62,296▼

Financial income75/76B€17€7▼

Recurring financial income75€17€7▼

Financial charges65/66B€155€9,187▲

Recurring financial charges65€155€9,187▲

Profit (loss) for the period before taxes9903€99,721€53,116▼

Income taxes67/77€21,032€11,904▼

Profit (loss) for the period9904€78,689€41,212▼

Profit (loss) for the period to be appropriated9905€78,689€41,212▼

Appropriation of the result

Profit (loss) to be appropriated9906€143,723€148,935▲

Profit (loss) brought forward from the previous period14P€65,035€107,723▲

Profit to be distributed694/7€36,000-

Return on contributions (dividend)694€36,000-

The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 14-07-2026.

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€3,953	€3,953	€419	€1,106	€1,848	€3,999	€7,733	€21,014	▲ 172%
Other operating charges640/8	-	-	-	€1,495	€889	€573	€1,247	€4,479	▲ 259%
Gross operating margin9900	€34,982	€73,985	€45,186	€44,206	€81,145	€89,216	€108,838	€87,789	▼ 19.3%
Operating profit (loss)9901	€30,662	€70,032	€41,829	€41,605	€78,408	€84,644	€99,859	€62,296	▼ 37.6%
Financial income75/76B	-	-	-	€0	€23	€97	€17	€7	▼ 59.2%
Recurring financial income75	€1	€1	€0	€0	€23	€97	€17	€7	▼ 59.2%
Financial charges65/66B	-	-	-	€295	€186	€172	€155	€9,187	▲ 59×
Recurring financial charges65	€36	€135	€238	€295	€186	€172	€155	€9,187	▲ 59×
Profit (loss) for the period before taxes9903	€30,627	€69,898	€41,591	€41,310	€78,245	€84,569	€99,721	€53,116	▼ 46.7%
Income taxes67/77	€7,060	€15,151	€9,034	€9,051	€16,322	€17,855	€21,032	€11,904	▼ 43.4%
Profit (loss) for the period9904	€23,567	€54,747	€32,557	€32,258	€61,923	€66,714	€78,689	€41,212	▼ 47.6%
Profit (loss) for the period to be appropriated9905	€23,567	€54,747	€32,557	€32,258	€61,923	€66,714	€78,689	€41,212	▼ 47.6%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€73,476	€134,412	€170,341	€160,964	€136,977	€105,522	€173,684	€546,676	▲ 215%
Fixed assets21/28	€7,412	€3,459	€5,288	€7,580	€10,648	€13,672	€19,164	€476,953	▲ 25×
Tangible fixed assets22/27	€7,412	€3,459	€5,288	€7,580	€10,648	€13,672	€19,164	€476,953	▲ 25×
Land and buildings22	-	-	-	-	-	-	-	€466,770	-
Plant, machinery and equipment23	-	-	-	€4,719	€4,150	€3,581	€3,011	€2,442	▼ 18.9%
Furniture and vehicles24	-	-	-	€2,861	€6,498	€10,092	€16,153	€7,740	▼ 52.1%
Current assets29/58	€66,064	€130,952	€165,053	€153,384	€126,329	€91,850	€154,520	€69,723	▼ 54.9%
Amounts receivable within one year40/41	€22,428	€26,372	€26,949	€20,865	€18,513	€5,590	€38,728	€26,044	▼ 32.8%
Trade receivables40	-	-	-	€18,150	€18,513	€5,445	€38,115	€22,869	▼ 40.0%
Other amounts receivable41	-	-	-	€2,715	€0	€145	€613	€3,175	▲ 418%
Cash at bank and in hand54/58	€43,030	€103,471	€137,416	€131,334	€106,226	€86,033	€114,725	€42,520	▼ 62.9%
Deferred charges and accrued income490/1	-	-	-	€1,185	€1,590	€227	€1,068	€1,159	▲ 8.5%
Equity and liabilities
Total equity and liabilities10/49	€73,476	€134,412	€170,341	€160,964	€136,977	€105,522	€173,684	€546,676	▲ 215%
Equity10/15	€61,736	€115,683	€118,241	€62,000	€23,923	€80,637	€123,325	€164,537	▲ 33.4%
Contributions10/11	€10	€10	-	€15,602	€15,602	€15,602	€15,602	€15,602	=
Reserves13	€15,592	€15,592	-	-	-	-	-	-	-
Profit (loss) carried forward14	€46,135	€100,082	€102,639	€46,398	€8,321	€65,035	€107,723	€148,935	▲ 38.3%
Amounts payable17/49	€11,740	€18,728	€52,100	€98,964	€113,054	€24,886	€50,359	€382,138	▲ 659%
Amounts payable after more than one year17	-	-	-	-	-	-	-	€348,336	-
Financial debts170/4	-	-	-	-	-	-	-	€348,336	-
Amounts payable within one year42/48	€11,740	€18,728	€52,100	€98,964	€113,054	€24,886	€50,359	€33,102	▼ 34.3%
Current portion of amounts payable after more than one year42	-	-	-	-	-	-	-	€20,194	-
Trade debts44	€1,204	€13	€1,322	€1,282	€1,434	€1,063	€2,377	€1,048	▼ 55.9%
Suppliers440/4	-	-	-	€1,282	€1,434	€1,063	€2,377	€1,048	▼ 55.9%
Taxes, remuneration and social security45	-	-	-	€22,458	€26,621	€15,323	€17,382	€10,730	▼ 38.3%
Taxes450/3	-	-	-	€22,458	€26,621	€15,323	€17,382	€10,730	▼ 38.3%
Remuneration and social security454/9	-	-	-	€0	€0	€0	€0	€0	-
Other amounts payable47/48	-	-	-	€75,225	€85,000	€8,500	€30,600	€1,131	▼ 96.3%
Accrued charges and deferred income492/3	-	-	-	-	-	-	-	€700	-

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€23,567	€54,747	€32,557	€32,258	€61,923	€66,714	€78,689	€41,212	▼ 47.6%
+ Depreciation and write-downs630	€3,953	€3,953	€419	€1,106	€1,848	€3,999	€7,733	€21,014	▲ 172%
Operating cash flow (approximation)	€27,520	€58,700	€32,977	€33,364	€63,771	€70,713	€86,422	€62,226	▼ 28.0%
Investment in fixed assets (approximation)	-	€0	-€2,248	-€3,397	-€4,917	-€7,023	-€13,225	-€478,803	▼ 3,521%
Change in cash	-	€60,441	€33,945	-€6,081	-€25,109	-€20,193	€28,692	-€72,204	-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 6,782 companies had the same profile as LIBRETT has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.

Small
5 to 10 years old
solvency 30% or more
a profit of 5% of the balance sheet or more

96.7% was still going

2.7% stopped otherwise

0.6% went bankrupt

That fits the bankruptcy probability of LIBRETT itself: 0.1% within 12 months.

Test of the method

The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group	Expected	Actual
1	0.2%	0.2%
2	0.3%	0.5%
3	0.5%	0.6%
4	0.7%	0.8%
5	0.9%	0.9%
6	1.3%	1.5%
7	1.6%	1.8%
8	1.8%	1.8%
9	3.0%	3.1%
10	5.6%	6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 6,782 companies, not a prediction for LIBRETT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Filings with the National Bank (9)

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	14-07-2026	2026-00290649	PDF
31-12-2024	micro format	23-06-2025	2025-00164395	PDF
31-12-2023	micro format	20-06-2024	2024-00143411	PDF
31-12-2022	micro format	11-07-2023	2023-00222606	PDF
31-12-2021	micro format	20-06-2022	2022-20072968	PDF
31-12-2020	micro format	22-06-2021	2021-24100130	PDF
31-12-2019	micro format	17-09-2020	2020-53500121	PDF
31-12-2018	micro format	31-08-2019	2019-58000236	PDF
31-12-2017	micro format	30-08-2018	2018-53200214	PDF

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