LBYX MANAGEMENT: 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.
LBYX MANAGEMENT
Largest movements
- Cash +€5.5m
up €5.5m (+683%), from €798,291 to €6.3m
mainly Net result for the year (+€5.1m) and Current investments (+€4.0m)
- Current investments -€4.0m
down €4.0m (-44.4%), from €9.0m to €5.0m
- Receivables within one year +€3.7m
up €3.7m (+1,751%), from €211,740 to €3.9m
of which Other amounts receivable: +€3.5m
- Receivables after one year -€3.5m
down €3.5m (-81.4%), from €4.3m to €800,000
- Deferred charges and accrued income -€177,136
down €177,136 (-94.3%), from €187,755 to €10,619
- Profit (loss) carried forward +€5.1m
new in 2025: €5.1m
- Reserves -€3.2m
down €3.2m (-23.9%), from €13.4m to €10.2m
of which Distributable reserves: -€3.2m
- Other debts -€589,389
no longer reported in 2025 (was €589,389)
- Financial income -€2.2m
down €2.2m (-30.8%), from €7.1m to €4.9m
- Taxes -€636,699
down €636,699 (-71.8%), from €887,241 to €250,542
- Gross operating margin -€13,245
down €13,245 (-2.4%), from €559,409 to €546,163
- Financial charges +€6,708
up €6,708 (+83.7%), from €8,017 to €14,725
- Other operating charges +€6,254
up €6,254 (+144%), from €4,344 to €10,597
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 | €15,006,513 | €16,454,213 | +€1.4m | +9.6% |
| Fixed assets | 21/28 | €508,727 | €470,217 | -€38,510 | -7.6% |
| Tangible fixed assets | 22/27 | €130,827 | €92,317 | -€38,510 | -29.4% |
| Furniture and vehicles | 24 | €130,827 | €92,317 | -€38,510 | -29.4% |
| Financial fixed assets | 28 | €377,900 | €377,900 | = | 0.0% |
| Current assets | 29/58 | €14,497,786 | €15,983,996 | +€1.5m | +10.3% |
| Amounts receivable after more than one year | 29 | €4,300,000 | €800,000 | -€3.5m | -81.4% |
| Other amounts receivable | 291 | €4,300,000 | €800,000 | -€3.5m | -81.4% |
| Amounts receivable within one year | 40/41 | €211,740 | €3,918,921 | +€3.7m | +1,751% |
| Trade receivables | 40 | €186,340 | €343,840 | +€157,500 | +84.5% |
| Other amounts receivable | 41 | €25,400 | €3,575,081 | +€3.5m | +13,975% |
| Current investments | 50/53 | €9,000,000 | €5,000,000 | -€4.0m | -44.4% |
| Cash at bank and in hand | 54/58 | €798,291 | €6,254,456 | +€5.5m | +683% |
| Deferred charges and accrued income | 490/1 | €187,755 | €10,619 | -€177,136 | -94.3% |
| Total equity and liabilities | 10/49 | €15,006,513 | €16,454,213 | +€1.4m | +9.6% |
| Equity | 10/15 | €13,680,215 | €15,592,730 | +€1.9m | +14.0% |
| Contributions | 10/11 | €272,800 | €272,800 | = | 0.0% |
| Reserves | 13 | €13,407,415 | €10,196,362 | -€3.2m | -23.9% |
| Non-distributable reserves | 130/1 | €27,280 | €27,280 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,280 | €27,280 | = | 0.0% |
| Distributable reserves | 133 | €13,380,135 | €10,169,082 | -€3.2m | -24.0% |
| Profit (loss) carried forward | 14 | - | €5,123,568 | +€5.1m | |
| Amounts payable | 17/49 | €1,326,297 | €861,483 | -€464,815 | -35.0% |
| Amounts payable within one year | 42/48 | €1,318,150 | €859,178 | -€458,972 | -34.8% |
| Trade debts | 44 | €6,037 | €8,654 | +€2,616 | +43.3% |
| Suppliers | 440/4 | €6,037 | €8,654 | +€2,616 | +43.3% |
| Taxes, remuneration and social security | 45 | €722,724 | €850,525 | +€127,801 | +17.7% |
| Taxes | 450/3 | €721,644 | €850,525 | +€128,881 | +17.9% |
| Remuneration and social security | 454/9 | €1,080 | - | -€1,080 | |
| Other amounts payable | 47/48 | €589,389 | - | -€589,389 | |
| Accrued charges and deferred income | 492/3 | €8,147 | €2,305 | -€5,843 | -71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,510 | €38,510 | = | 0.0% |
| Other operating charges | 640/8 | €4,344 | €10,597 | +€6,254 | +144% |
| Gross operating margin | 9900 | €559,409 | €546,163 | -€13,245 | -2.4% |
| Operating profit (loss) | 9901 | €516,556 | €497,057 | -€19,499 | -3.8% |
| Financial income | 75/76B | €7,070,482 | €4,891,779 | -€2.2m | -30.8% |
| Recurring financial income | 75 | €7,070,482 | €4,891,779 | -€2.2m | -30.8% |
| Financial charges | 65/66B | €8,017 | €14,725 | +€6,708 | +83.7% |
| Recurring financial charges | 65 | €8,017 | €14,725 | +€6,708 | +83.7% |
| Profit (loss) for the period before taxes | 9903 | €7,579,020 | €5,374,110 | -€2.2m | -29.1% |
| Income taxes | 67/77 | €887,241 | €250,542 | -€636,699 | -71.8% |
| Profit (loss) for the period | 9904 | €6,691,780 | €5,123,568 | -€1.6m | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,691,780 | €5,123,568 | -€1.6m | -23.4% |
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 28 October 2026 via checked.be.