Francois Libert: 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.
Francois Libert
Largest movements
- Receivables after one year -€46,597
down €46,597 (-47.9%), from €97,239 to €50,642
- Cash +€11,476
up €11,476 (+17.9%), from €64,033 to €75,509
mainly Receivables after one year (+€46,597) and Net result for the year (+€36,664)
- Receivables within one year +€5,391
up €5,391 (+6.9%), from €77,605 to €82,996
of which Trade receivables: +€3,411
- Deferred charges and accrued income -€3,601
down €3,601 (-44.5%), from €8,097 to €4,497
- Advances received -€24,320
down €24,320 (-35.9%), from €67,729 to €43,409
- Reserves -€20,702
down €20,702 (-21.6%), from €95,959 to €75,258
of which Distributable reserves: -€20,702
- Accrued charges and deferred income +€10,500
new in 2025: €10,500
- Tax, wage and social debts +€4,846
up €4,846 (+35.8%), from €13,549 to €18,395
of which Taxes: +€4,223
- Trade debts -€3,914
down €3,914 (-26.5%), from €14,747 to €10,833
- Gross operating margin +€29,651
up €29,651 (+38.4%), from €77,141 to €106,791
- Financial charges +€10,922
up €10,922 (+2,449%), from €446 to €11,368
- Taxes +€7,303
up €7,303 (+70.2%), from €10,404 to €17,707
- Staff costs +€1,392
up €1,392 (+3.2%), from €43,540 to €44,932
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 | €248,046 | €215,134 | -€32,912 | -13.3% |
| Fixed assets | 21/28 | €1,073 | €1,492 | +€419 | +39.0% |
| Tangible fixed assets | 22/27 | €1,073 | €1,492 | +€419 | +39.0% |
| Furniture and vehicles | 24 | €1,073 | €1,492 | +€419 | +39.0% |
| Current assets | 29/58 | €246,973 | €213,642 | -€33,331 | -13.5% |
| Amounts receivable after more than one year | 29 | €97,239 | €50,642 | -€46,597 | -47.9% |
| Other amounts receivable | 291 | €97,239 | €50,642 | -€46,597 | -47.9% |
| Amounts receivable within one year | 40/41 | €77,605 | €82,996 | +€5,391 | +6.9% |
| Trade receivables | 40 | €24,627 | €28,038 | +€3,411 | +13.8% |
| Other amounts receivable | 41 | €52,977 | €54,958 | +€1,980 | +3.7% |
| Cash at bank and in hand | 54/58 | €64,033 | €75,509 | +€11,476 | +17.9% |
| Deferred charges and accrued income | 490/1 | €8,097 | €4,497 | -€3,601 | -44.5% |
| Total equity and liabilities | 10/49 | €248,046 | €215,134 | -€32,912 | -13.3% |
| Equity | 10/15 | €134,717 | €114,015 | -€20,702 | -15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,959 | €75,258 | -€20,702 | -21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €94,099 | €73,398 | -€20,702 | -22.0% |
| Profit (loss) carried forward | 14 | €20,157 | €20,157 | = | 0.0% |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €103,330 | €91,119 | -€12,211 | -11.8% |
| Amounts payable within one year | 42/48 | €103,330 | €80,619 | -€22,711 | -22.0% |
| Financial debts | 43 | €1,305 | €1,982 | +€677 | +51.9% |
| Credit institutions | 430/8 | - | €1,982 | +€1,982 | |
| Other loans | 439 | €1,305 | - | -€1,305 | |
| Trade debts | 44 | €14,747 | €10,833 | -€3,914 | -26.5% |
| Suppliers | 440/4 | €14,747 | €10,833 | -€3,914 | -26.5% |
| Advances received on contracts in progress | 46 | €67,729 | €43,409 | -€24,320 | -35.9% |
| Taxes, remuneration and social security | 45 | €13,549 | €18,395 | +€4,846 | +35.8% |
| Taxes | 450/3 | €8,044 | €12,267 | +€4,223 | +52.5% |
| Remuneration and social security | 454/9 | €5,505 | €6,128 | +€623 | +11.3% |
| Other amounts payable | 47/48 | €6,000 | €6,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €10,500 | +€10,500 | |
| Remuneration, social security and pensions | 62 | €43,540 | €44,932 | +€1,392 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €632 | €502 | -€130 | -20.5% |
| Other operating charges | 640/8 | €845 | €716 | -€129 | -15.3% |
| Gross operating margin | 9900 | €77,141 | €106,791 | +€29,651 | +38.4% |
| Operating profit (loss) | 9901 | €32,123 | €60,640 | +€28,517 | +88.8% |
| Financial income | 75/76B | €5,881 | €5,099 | -€782 | -13.3% |
| Recurring financial income | 75 | €5,881 | €5,099 | -€782 | -13.3% |
| Financial charges | 65/66B | €446 | €11,368 | +€10,922 | +2,449% |
| Recurring financial charges | 65 | €446 | €11,368 | +€10,922 | +2,449% |
| Profit (loss) for the period before taxes | 9903 | €37,558 | €54,371 | +€16,813 | +44.8% |
| Income taxes | 67/77 | €10,404 | €17,707 | +€7,303 | +70.2% |
| Profit (loss) for the period | 9904 | €27,154 | €36,664 | +€9,510 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,154 | €36,664 | +€9,510 | +35.0% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.