DR.ELS 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.
DR.ELS LIBBRECHT
Largest movements
- Cash -€46,224
down €46,224 (-54.3%), from €85,189 to €38,965
mainly Other debts (-€96,356) and Debts after one year (-€35,305)
- Reserves +€104,584
up €104,584 (+20.5%), from €509,124 to €613,708
- Other debts -€96,356
down €96,356 (-78.2%), from €123,168 to €26,812
- Debts after one year -€35,305
down €35,305 (-25.7%), from €137,292 to €101,987
- Current portion of long-term debt -€11,271
down €11,271 (-24.2%), from €46,576 to €35,305
- Gross operating margin +€7,624
up €7,624 (+4.4%), from €172,195 to €179,819
- Taxes +€2,421
up €2,421 (+5.9%), from €41,268 to €43,689
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 | €854,465 | €811,467 | -€42,997 | -5.0% |
| Fixed assets | 21/28 | €745,486 | €748,216 | +€2,731 | +0.4% |
| Tangible fixed assets | 22/27 | €745,486 | €748,216 | +€2,731 | +0.4% |
| Land and buildings | 22 | €430,128 | €417,156 | -€12,972 | -3.0% |
| Plant, machinery and equipment | 23 | €1,443 | €12,457 | +€11,014 | +763% |
| Other tangible fixed assets | 26 | €313,915 | €318,603 | +€4,688 | +1.5% |
| Current assets | 29/58 | €108,979 | €63,251 | -€45,728 | -42.0% |
| Amounts receivable within one year | 40/41 | €1,911 | €1,987 | +€76 | +4.0% |
| Trade receivables | 40 | €1,911 | €1,987 | +€76 | +4.0% |
| Cash at bank and in hand | 54/58 | €85,189 | €38,965 | -€46,224 | -54.3% |
| Deferred charges and accrued income | 490/1 | €21,879 | €22,299 | +€420 | +1.9% |
| Total equity and liabilities | 10/49 | €854,465 | €811,467 | -€42,997 | -5.0% |
| Equity | 10/15 | €509,124 | €613,708 | +€104,584 | +20.5% |
| Reserves | 13 | €509,124 | €613,708 | +€104,584 | +20.5% |
| Distributable reserves | 133 | €509,124 | €613,708 | +€104,584 | +20.5% |
| Amounts payable | 17/49 | €345,341 | €197,760 | -€147,581 | -42.7% |
| Amounts payable after more than one year | 17 | €137,292 | €101,987 | -€35,305 | -25.7% |
| Financial debts | 170/4 | €137,292 | €101,987 | -€35,305 | -25.7% |
| Amounts payable within one year | 42/48 | €208,049 | €95,773 | -€112,276 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | €46,576 | €35,305 | -€11,271 | -24.2% |
| Financial debts | 43 | €8,450 | €10,097 | +€1,647 | +19.5% |
| Credit institutions | 430/8 | €8,450 | €10,097 | +€1,647 | +19.5% |
| Trade debts | 44 | €126 | €1,516 | +€1,390 | +1,103% |
| Suppliers | 440/4 | €126 | €1,516 | +€1,390 | +1,103% |
| Taxes, remuneration and social security | 45 | €29,730 | €22,044 | -€7,685 | -25.9% |
| Taxes | 450/3 | €27,996 | €19,865 | -€8,132 | -29.0% |
| Remuneration and social security | 454/9 | €1,733 | €2,179 | +€446 | +25.7% |
| Other amounts payable | 47/48 | €123,168 | €26,812 | -€96,356 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,998 | €21,638 | +€640 | +3.0% |
| Other operating charges | 640/8 | €3,109 | €2,807 | -€302 | -9.7% |
| Gross operating margin | 9900 | €172,195 | €179,819 | +€7,624 | +4.4% |
| Operating profit (loss) | 9901 | €148,088 | €155,374 | +€7,286 | +4.9% |
| Financial income | 75/76B | €161 | €165 | +€4 | +2.4% |
| Recurring financial income | 75 | €161 | €165 | +€4 | +2.4% |
| Financial charges | 65/66B | €7,912 | €7,267 | -€645 | -8.2% |
| Recurring financial charges | 65 | €7,912 | €7,267 | -€645 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €140,338 | €148,273 | +€7,935 | +5.7% |
| Income taxes | 67/77 | €41,268 | €43,689 | +€2,421 | +5.9% |
| Profit (loss) for the period | 9904 | €99,070 | €104,584 | +€5,514 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,070 | €104,584 | +€5,514 | +5.6% |
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 17 October 2026 via checked.be.