DR. INE 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. INE LIBBRECHT
Largest movements
- Deferred charges and accrued income +€93,075
up €93,075 (+252%), from €36,898 to €129,973
- Tangible fixed assets +€61,524
up €61,524 (+7.7%), from €799,931 to €861,455
of which Land and buildings: +€62,583
- Current investments -€20,000
down €20,000 (-7.4%), from €270,000 to €250,000
- Cash -€19,059
down €19,059 (-57.6%), from €33,075 to €14,016
mainly Deferred charges and accrued income (-€93,075) and Investment in fixed assets (net) (-€92,234)
- Reserves +€159,142
up €159,142 (+22.9%), from €694,728 to €853,870
of which Distributable reserves: +€114,937
- Debts after one year -€28,872
down €28,872 (-9.8%), from €295,935 to €267,063
of which Financial debts: -€28,872
- Other debts -€21,897
down €21,897 (-33.0%), from €66,319 to €44,421
- Gross operating margin +€113,067
up €113,067 (+50.2%), from €225,227 to €338,293
- Taxes +€26,067
up €26,067 (+64.7%), from €40,318 to €66,385
- Financial charges +€5,473
up €5,473 (+13.5%), from €40,659 to €46,132
- Financial income -€5,335
down €5,335 (-80.2%), from €6,654 to €1,319
- Staff costs +€5,073
up €5,073 (+20.6%), from €24,678 to €29,751
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 | €1,140,005 | €1,255,719 | +€115,715 | +10.2% |
| Fixed assets | 21/28 | €799,931 | €861,455 | +€61,524 | +7.7% |
| Tangible fixed assets | 22/27 | €799,931 | €861,455 | +€61,524 | +7.7% |
| Land and buildings | 22 | €795,187 | €857,770 | +€62,583 | +7.9% |
| Plant, machinery and equipment | 23 | €4,744 | €3,685 | -€1,059 | -22.3% |
| Current assets | 29/58 | €340,074 | €394,264 | +€54,191 | +15.9% |
| Amounts receivable within one year | 40/41 | €101 | €276 | +€175 | +173% |
| Trade receivables | 40 | €101 | €276 | +€175 | +173% |
| Current investments | 50/53 | €270,000 | €250,000 | -€20,000 | -7.4% |
| Cash at bank and in hand | 54/58 | €33,075 | €14,016 | -€19,059 | -57.6% |
| Deferred charges and accrued income | 490/1 | €36,898 | €129,973 | +€93,075 | +252% |
| Total equity and liabilities | 10/49 | €1,140,005 | €1,255,719 | +€115,715 | +10.2% |
| Equity | 10/15 | €694,728 | €853,870 | +€159,142 | +22.9% |
| Reserves | 13 | €694,728 | €853,870 | +€159,142 | +22.9% |
| Tax-exempt reserves | 132 | - | €44,205 | +€44,205 | |
| Distributable reserves | 133 | €694,728 | €809,665 | +€114,937 | +16.5% |
| Amounts payable | 17/49 | €445,277 | €401,849 | -€43,428 | -9.8% |
| Amounts payable after more than one year | 17 | €295,935 | €267,063 | -€28,872 | -9.8% |
| Financial debts | 170/4 | €45,935 | €17,063 | -€28,872 | -62.9% |
| Other amounts payable | 178/9 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €129,112 | €116,829 | -€12,283 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €30,745 | €31,256 | +€511 | +1.7% |
| Financial debts | 43 | €8,486 | €10,119 | +€1,633 | +19.2% |
| Credit institutions | 430/8 | €8,486 | €10,119 | +€1,633 | +19.2% |
| Trade debts | 44 | €1,851 | €4,155 | +€2,305 | +125% |
| Suppliers | 440/4 | €1,851 | €4,155 | +€2,305 | +125% |
| Taxes, remuneration and social security | 45 | €21,712 | €26,877 | +€5,165 | +23.8% |
| Taxes | 450/3 | €13,322 | €15,489 | +€2,167 | +16.3% |
| Remuneration and social security | 454/9 | €8,390 | €11,388 | +€2,998 | +35.7% |
| Other amounts payable | 47/48 | €66,319 | €44,421 | -€21,897 | -33.0% |
| Accrued charges and deferred income | 492/3 | €20,230 | €17,957 | -€2,273 | -11.2% |
| Remuneration, social security and pensions | 62 | €24,678 | €29,751 | +€5,073 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,564 | €30,710 | +€3,147 | +11.4% |
| Other operating charges | 640/8 | €6,304 | €5,826 | -€478 | -7.6% |
| Gross operating margin | 9900 | €225,227 | €338,293 | +€113,067 | +50.2% |
| Operating profit (loss) | 9901 | €166,681 | €272,006 | +€105,325 | +63.2% |
| Financial income | 75/76B | €6,654 | €1,319 | -€5,335 | -80.2% |
| Recurring financial income | 75 | €6,654 | €1,319 | -€5,335 | -80.2% |
| Financial charges | 65/66B | €40,659 | €46,132 | +€5,473 | +13.5% |
| Recurring financial charges | 65 | €40,659 | €46,132 | +€5,473 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €132,675 | €227,193 | +€94,518 | +71.2% |
| Income taxes | 67/77 | €40,318 | €66,385 | +€26,067 | +64.7% |
| Profit (loss) for the period | 9904 | €92,357 | €160,808 | +€68,451 | +74.1% |
| Transfer to tax-exempt reserves | 689 | - | €44,205 | +€44,205 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,357 | €116,603 | +€24,246 | +26.3% |
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 14 October 2026 via checked.be.