dr Benjamin Lybaert: what changed
Two fiscal 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.
dr Benjamin Lybaert
Largest movements
- Cash -€68,613
down €68,613 (-36.4%), from €188,278 to €119,666
mainly Other debts (-€131,680) and Receivables within one year (-€17,098)
- Receivables within one year +€17,098
up €17,098 (+111.5%), from €15,333 to €32,431
- Tangible fixed assets +€7,782
up €7,782 (+91.1%), from €8,541 to €16,323
of which Plant, machinery and equipment: +€9,514
- Other debts -€131,680
down €131,680 (-65.8%), from €200,144 to €68,464
- Profit (loss) carried forward +€99,090
new in 2025: €99,090
- Reserves -€9,559
no longer reported in 2025 (was €9,559)
- Accrued charges and deferred income -€7,183
no longer reported in 2025 (was €7,183)
- Tax, wage and social debts +€2,387
new in 2025: €2,387
- Gross operating margin +€15,397
up €15,397 (+13.0%), from €118,397 to €133,794
- Financial charges -€7,986
down €7,986 (-92.3%), from €8,648 to €663
- Taxes +€5,743
up €5,743 (+26.5%), from €21,645 to €27,387
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.
Cash bridge derived
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 | €223,518 | €177,712 | -€45,806 | -20.5% |
| Fixed assets | 21/28 | €8,541 | €16,323 | +€7,782 | +91.1% |
| Tangible fixed assets | 22/27 | €8,541 | €16,323 | +€7,782 | +91.1% |
| Plant, machinery and equipment | 23 | - | €9,514 | +€9,514 | |
| Furniture and vehicles | 24 | €3,330 | €1,709 | -€1,620 | -48.7% |
| Other tangible fixed assets | 26 | €5,211 | €5,100 | -€112 | -2.1% |
| Current assets | 29/58 | €214,977 | €161,389 | -€53,588 | -24.9% |
| Amounts receivable within one year | 40/41 | €15,333 | €32,431 | +€17,098 | +111.5% |
| Other amounts receivable | 41 | €15,333 | €32,431 | +€17,098 | +111.5% |
| Cash at bank and in hand | 54/58 | €188,278 | €119,666 | -€68,613 | -36.4% |
| Deferred charges and accrued income | 490/1 | €11,366 | €9,293 | -€2,073 | -18.2% |
| Total equity and liabilities | 10/49 | €223,518 | €177,712 | -€45,806 | -20.5% |
| Equity | 10/15 | €14,559 | €104,090 | +€89,530 | +614.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,559 | - | -€9,559 | |
| Distributable reserves | 133 | €9,559 | - | -€9,559 | |
| Profit (loss) carried forward | 14 | - | €99,090 | +€99,090 | |
| Amounts payable | 17/49 | €208,959 | €73,622 | -€135,337 | -64.8% |
| Amounts payable within one year | 42/48 | €201,776 | €73,622 | -€128,154 | -63.5% |
| Trade debts | 44 | €1,632 | €2,771 | +€1,139 | +69.8% |
| Suppliers | 440/4 | €1,632 | €2,771 | +€1,139 | +69.8% |
| Taxes, remuneration and social security | 45 | - | €2,387 | +€2,387 | |
| Taxes | 450/3 | - | €2,387 | +€2,387 | |
| Other amounts payable | 47/48 | €200,144 | €68,464 | -€131,680 | -65.8% |
| Accrued charges and deferred income | 492/3 | €7,183 | - | -€7,183 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,195 | €6,184 | +€989 | +19.0% |
| Other operating charges | 640/8 | €411 | €471 | +€60 | +14.6% |
| Gross operating margin | 9900 | €118,397 | €133,794 | +€15,397 | +13.0% |
| Operating profit (loss) | 9901 | €112,791 | €127,139 | +€14,348 | +12.7% |
| Financial income | 75/76B | €3 | €1 | -€2 | -76.4% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -76.4% |
| Financial charges | 65/66B | €8,648 | €663 | -€7,986 | -92.3% |
| Recurring financial charges | 65 | €8,648 | €663 | -€7,986 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | €104,145 | €126,477 | +€22,332 | +21.4% |
| Income taxes | 67/77 | €21,645 | €27,387 | +€5,743 | +26.5% |
| Profit (loss) for the period | 9904 | €82,500 | €99,090 | +€16,589 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,500 | €99,090 | +€16,589 | +20.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.