DIRK LIBBRECHT: 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.
DIRK LIBBRECHT
Largest movements
- Tangible fixed assets +€90,549
up €90,549 (+10,112%), from €895 to €91,445
of which Furniture and vehicles: +€83,084
- Receivables within one year +€19,617
up €19,617 (+193%), from €10,178 to €29,795
of which Other amounts receivable: +€11,506
- Reserves +€76,647
up €76,647 (+22.9%), from €334,511 to €411,158
- Other debts +€24,902
up €24,902 (+49.4%), from €50,398 to €75,300
- Trade debts +€7,522
up €7,522 (+737%), from €1,021 to €8,543
- Gross operating margin +€18,419
up €18,419 (+16.1%), from €114,229 to €132,647
- Depreciation +€9,372
up €9,372 (+747%), from €1,254 to €10,626
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 | €497,616 | €604,192 | +€106,576 | +21.4% |
| Fixed assets | 21/28 | €895 | €91,445 | +€90,549 | +10,112% |
| Tangible fixed assets | 22/27 | €895 | €91,445 | +€90,549 | +10,112% |
| Plant, machinery and equipment | 23 | €895 | €8,361 | +€7,465 | +834% |
| Furniture and vehicles | 24 | - | €83,084 | +€83,084 | |
| Current assets | 29/58 | €496,720 | €512,747 | +€16,027 | +3.2% |
| Amounts receivable within one year | 40/41 | €10,178 | €29,795 | +€19,617 | +193% |
| Trade receivables | 40 | €10,178 | €18,289 | +€8,111 | +79.7% |
| Other amounts receivable | 41 | - | €11,506 | +€11,506 | |
| Cash at bank and in hand | 54/58 | €485,734 | €482,308 | -€3,426 | -0.7% |
| Deferred charges and accrued income | 490/1 | €808 | €644 | -€164 | -20.3% |
| Total equity and liabilities | 10/49 | €497,616 | €604,192 | +€106,576 | +21.4% |
| Equity | 10/15 | €353,111 | €429,758 | +€76,647 | +21.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €334,511 | €411,158 | +€76,647 | +22.9% |
| Distributable reserves | 133 | €334,511 | €411,158 | +€76,647 | +22.9% |
| Amounts payable | 17/49 | €144,505 | €174,434 | +€29,929 | +20.7% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €63,490 | €94,124 | +€30,634 | +48.3% |
| Trade debts | 44 | €1,021 | €8,543 | +€7,522 | +737% |
| Suppliers | 440/4 | €1,021 | €8,543 | +€7,522 | +737% |
| Taxes, remuneration and social security | 45 | €12,071 | €10,281 | -€1,790 | -14.8% |
| Taxes | 450/3 | €12,071 | €10,281 | -€1,790 | -14.8% |
| Other amounts payable | 47/48 | €50,398 | €75,300 | +€24,902 | +49.4% |
| Accrued charges and deferred income | 492/3 | €6,015 | €5,310 | -€705 | -11.7% |
| Non-recurring operating income | 76A | - | €13,114 | +€13,114 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,254 | €10,626 | +€9,372 | +747% |
| Other operating charges | 640/8 | €785 | €659 | -€126 | -16.0% |
| Gross operating margin | 9900 | €114,229 | €132,647 | +€18,419 | +16.1% |
| Operating profit (loss) | 9901 | €112,190 | €121,362 | +€9,173 | +8.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €6,205 | €5,495 | -€710 | -11.4% |
| Recurring financial charges | 65 | €6,205 | €5,495 | -€710 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €105,985 | €115,868 | +€9,883 | +9.3% |
| Income taxes | 67/77 | €30,281 | €29,721 | -€561 | -1.9% |
| Profit (loss) for the period | 9904 | €75,704 | €86,147 | +€10,444 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,704 | €86,147 | +€10,444 | +13.8% |
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 15 October 2026 via checked.be.