Dr. Denis Libeert: 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. Denis Libeert
Largest movements
- Current investments +€120,000
new in 2025: €120,000
- Cash -€42,684
down €42,684 (-39.7%), from €107,519 to €64,834
mainly Current investments (-€120,000) and Deferred charges and accrued income (-€9,409)
- Deferred charges and accrued income +€9,409
up €9,409 (+21.8%), from €43,149 to €52,558
- Profit (loss) carried forward +€86,933
up €86,933 (+70.1%), from €123,927 to €210,860
- Trade debts +€3,490
up €3,490 (+19.5%), from €17,867 to €21,357
- Tax, wage and social debts -€2,806
no longer reported in 2025 (was €2,806)
- Gross operating margin +€14,297
up €14,297 (+14.6%), from €97,948 to €112,245
- Taxes +€3,704
up €3,704 (+18.3%), from €20,238 to €23,942
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 | €156,409 | €243,926 | +€87,517 | +56.0% |
| Fixed assets | 21/28 | €979 | €712 | -€266 | -27.2% |
| Tangible fixed assets | 22/27 | €979 | €712 | -€266 | -27.2% |
| Furniture and vehicles | 24 | €979 | €712 | -€266 | -27.2% |
| Current assets | 29/58 | €155,430 | €243,213 | +€87,783 | +56.5% |
| Amounts receivable within one year | 40/41 | €4,762 | €5,821 | +€1,058 | +22.2% |
| Other amounts receivable | 41 | €4,762 | €5,821 | +€1,058 | +22.2% |
| Current investments | 50/53 | - | €120,000 | +€120,000 | |
| Cash at bank and in hand | 54/58 | €107,519 | €64,834 | -€42,684 | -39.7% |
| Deferred charges and accrued income | 490/1 | €43,149 | €52,558 | +€9,409 | +21.8% |
| Total equity and liabilities | 10/49 | €156,409 | €243,926 | +€87,517 | +56.0% |
| Equity | 10/15 | €131,927 | €218,860 | +€86,933 | +65.9% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,927 | €210,860 | +€86,933 | +70.1% |
| Amounts payable | 17/49 | €24,481 | €25,066 | +€584 | +2.4% |
| Amounts payable within one year | 42/48 | €24,481 | €25,066 | +€584 | +2.4% |
| Trade debts | 44 | €17,867 | €21,357 | +€3,490 | +19.5% |
| Suppliers | 440/4 | €17,867 | €21,357 | +€3,490 | +19.5% |
| Taxes, remuneration and social security | 45 | €2,806 | - | -€2,806 | |
| Taxes | 450/3 | €2,806 | - | -€2,806 | |
| Other amounts payable | 47/48 | €3,808 | €3,709 | -€100 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224 | €266 | +€43 | +19.1% |
| Other operating charges | 640/8 | €815 | €920 | +€105 | +12.8% |
| Gross operating margin | 9900 | €97,948 | €112,245 | +€14,297 | +14.6% |
| Operating profit (loss) | 9901 | €96,909 | €111,059 | +€14,149 | +14.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €0 | €184 | +€184 | +122880.0% |
| Recurring financial charges | 65 | €0 | €184 | +€184 | +122880.0% |
| Profit (loss) for the period before taxes | 9903 | €96,909 | €110,874 | +€13,965 | +14.4% |
| Income taxes | 67/77 | €20,238 | €23,942 | +€3,704 | +18.3% |
| Profit (loss) for the period | 9904 | €76,672 | €86,933 | +€10,261 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,672 | €86,933 | +€10,261 | +13.4% |
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 6 October 2026 via checked.be.