GA-Liberty: 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.
GA-Liberty
Largest movements
- Receivables within one year +€45,100
up €45,100 (+31.5%), from €143,339 to €188,438
of which Trade receivables: +€25,551
- Cash +€32,136
up €32,136 (+47.1%), from €68,204 to €100,339
mainly Net result for the year (+€139,111) and Depreciation (+€42,693)
- Financial fixed assets +€19,200
up €19,200 (+268%), from €7,158 to €26,358
- Profit (loss) carried forward +€69,876
up €69,876 (+23.0%), from €303,536 to €373,411
- Trade debts +€24,964
up €24,964 (+1,536%), from €1,625 to €26,589
- Debts after one year +€10,953
up €10,953 (+177%), from €6,189 to €17,142
of which Financial debts: +€7,953
- Tax, wage and social debts -€9,443
down €9,443 (-19.6%), from €48,223 to €38,780
- Gross operating margin -€37,944
down €37,944 (-14.0%), from €271,343 to €233,399
- Taxes -€17,443
down €17,443 (-28.4%), from €61,350 to €43,908
- Other operating charges -€15,450
down €15,450 (-63.6%), from €24,297 to €8,847
- Depreciation +€2,963
up €2,963 (+7.5%), from €39,730 to €42,693
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 | €482,648 | €576,568 | +€93,920 | +19.5% |
| Fixed assets | 21/28 | €260,405 | €277,591 | +€17,186 | +6.6% |
| Intangible fixed assets | 21 | €5,094 | €4,570 | -€524 | -10.3% |
| Tangible fixed assets | 22/27 | €248,153 | €246,662 | -€1,490 | -0.6% |
| Land and buildings | 22 | €217,822 | €212,959 | -€4,862 | -2.2% |
| Plant, machinery and equipment | 23 | €11,324 | €5,436 | -€5,888 | -52.0% |
| Furniture and vehicles | 24 | €19,007 | €28,267 | +€9,260 | +48.7% |
| Financial fixed assets | 28 | €7,158 | €26,358 | +€19,200 | +268% |
| Current assets | 29/58 | €222,243 | €298,977 | +€76,734 | +34.5% |
| Amounts receivable within one year | 40/41 | €143,339 | €188,438 | +€45,100 | +31.5% |
| Trade receivables | 40 | €74,015 | €99,566 | +€25,551 | +34.5% |
| Other amounts receivable | 41 | €69,323 | €88,872 | +€19,548 | +28.2% |
| Cash at bank and in hand | 54/58 | €68,204 | €100,339 | +€32,136 | +47.1% |
| Deferred charges and accrued income | 490/1 | €10,700 | €10,200 | -€501 | -4.7% |
| Total equity and liabilities | 10/49 | €482,648 | €576,568 | +€93,920 | +19.5% |
| Equity | 10/15 | €401,935 | €469,617 | +€67,682 | +16.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €85,999 | €83,806 | -€2,193 | -2.6% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,899 | €30,706 | -€2,193 | -6.7% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €303,536 | €373,411 | +€69,876 | +23.0% |
| Provisions and deferred taxes | 16 | €16,944 | €15,819 | -€1,125 | -6.6% |
| Deferred taxes | 168 | €16,944 | €15,819 | -€1,125 | -6.6% |
| Amounts payable | 17/49 | €63,769 | €91,132 | +€27,363 | +42.9% |
| Amounts payable after more than one year | 17 | €6,189 | €17,142 | +€10,953 | +177% |
| Financial debts | 170/4 | €2,952 | €10,905 | +€7,953 | +269% |
| Other amounts payable | 178/9 | €3,237 | €6,237 | +€3,000 | +92.7% |
| Amounts payable within one year | 42/48 | €57,580 | €73,990 | +€16,410 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €7,732 | €8,621 | +€889 | +11.5% |
| Trade debts | 44 | €1,625 | €26,589 | +€24,964 | +1,536% |
| Suppliers | 440/4 | €1,625 | €26,589 | +€24,964 | +1,536% |
| Taxes, remuneration and social security | 45 | €48,223 | €38,780 | -€9,443 | -19.6% |
| Taxes | 450/3 | €48,223 | €38,780 | -€9,443 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,730 | €42,693 | +€2,963 | +7.5% |
| Other operating charges | 640/8 | €24,297 | €8,847 | -€15,450 | -63.6% |
| Gross operating margin | 9900 | €271,343 | €233,399 | -€37,944 | -14.0% |
| Operating profit (loss) | 9901 | €207,316 | €181,859 | -€25,457 | -12.3% |
| Financial income | 75/76B | €2,427 | €2,231 | -€196 | -8.1% |
| Recurring financial income | 75 | €2,183 | €2,231 | +€48 | +2.2% |
| Non-recurring financial income | 76B | €244 | - | -€244 | |
| Financial charges | 65/66B | €1,854 | €2,196 | +€343 | +18.5% |
| Recurring financial charges | 65 | €1,854 | €2,196 | +€343 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €207,889 | €181,893 | -€25,996 | -12.5% |
| Transfer from deferred taxes | 780 | €1,125 | €1,125 | = | 0.0% |
| Income taxes | 67/77 | €61,350 | €43,908 | -€17,443 | -28.4% |
| Profit (loss) for the period | 9904 | €147,664 | €139,111 | -€8,553 | -5.8% |
| Transfer from tax-exempt reserves | 789 | €2,193 | €2,193 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,857 | €141,304 | -€8,553 | -5.7% |
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 29 October 2026 via checked.be.