LIBAIR: what changed
Two fiscal 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.
LIBAIR
Largest movements
- Cash +€144,931
up €144,931 (+503.1%), from €28,807 to €173,738
mainly Trade debts (+€72,420) and Net result for the year (+€63,156)
- Stocks and contracts +€85,782
up €85,782 (+21.1%), from €407,378 to €493,160
- Receivables within one year -€33,400
down €33,400 (-15.4%), from €217,004 to €183,604
of which Trade receivables: -€30,044
- Intangible fixed assets +€9,604
up €9,604 (+223.7%), from €4,294 to €13,899
- Trade debts +€72,420
up €72,420 (+24.4%), from €296,290 to €368,710
- Profit (loss) carried forward +€63,156
up €63,156 (+440.8%), from €14,327 to €77,484
- Debts after one year +€36,939
new in 2025: €36,939
- Current portion of long-term debt +€35,902
new in 2025: €35,902
- Gross operating margin +€174,457
up €174,457 (+39.5%), from €441,273 to €615,730
- Staff costs +€128,785
up €128,785 (+35.6%), from €362,206 to €490,991
- Taxes +€13,314
up €13,314 (+390.2%), from €3,412 to €16,726
- Depreciation +€12,137
up €12,137 (+85.0%), from €14,284 to €26,421
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.
Cash bridge derived
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 | €744,085 | €946,350 | +€202,265 | +27.2% |
| Fixed assets | 21/28 | €86,169 | €91,695 | +€5,526 | +6.4% |
| Intangible fixed assets | 21 | €4,294 | €13,899 | +€9,604 | +223.7% |
| Tangible fixed assets | 22/27 | €81,875 | €77,796 | -€4,079 | -5.0% |
| Plant, machinery and equipment | 23 | €59,860 | €60,395 | +€535 | +0.9% |
| Furniture and vehicles | 24 | €22,014 | €17,401 | -€4,614 | -21.0% |
| Current assets | 29/58 | €657,916 | €854,655 | +€196,739 | +29.9% |
| Stocks and contracts in progress | 3 | €407,378 | €493,160 | +€85,782 | +21.1% |
| Stocks | 30/36 | €407,378 | €493,160 | +€85,782 | +21.1% |
| Amounts receivable within one year | 40/41 | €217,004 | €183,604 | -€33,400 | -15.4% |
| Trade receivables | 40 | €207,571 | €177,527 | -€30,044 | -14.5% |
| Other amounts receivable | 41 | €9,433 | €6,077 | -€3,356 | -35.6% |
| Cash at bank and in hand | 54/58 | €28,807 | €173,738 | +€144,931 | +503.1% |
| Deferred charges and accrued income | 490/1 | €4,727 | €4,153 | -€574 | -12.2% |
| Total equity and liabilities | 10/49 | €744,085 | €946,350 | +€202,265 | +27.2% |
| Equity | 10/15 | €114,327 | €177,484 | +€63,156 | +55.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,327 | €77,484 | +€63,156 | +440.8% |
| Amounts payable | 17/49 | €629,758 | €768,866 | +€139,108 | +22.1% |
| Amounts payable after more than one year | 17 | - | €36,939 | +€36,939 | |
| Financial debts | 170/4 | - | €36,939 | +€36,939 | |
| Amounts payable within one year | 42/48 | €629,758 | €731,927 | +€102,170 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | - | €35,902 | +€35,902 | |
| Financial debts | 43 | €252,385 | €250,984 | -€1,400 | -0.6% |
| Credit institutions | 430/8 | €252,385 | €250,984 | -€1,400 | -0.6% |
| Trade debts | 44 | €296,290 | €368,710 | +€72,420 | +24.4% |
| Suppliers | 440/4 | €296,290 | €368,710 | +€72,420 | +24.4% |
| Advances received on contracts in progress | 46 | - | €2,341 | +€2,341 | |
| Taxes, remuneration and social security | 45 | €78,921 | €71,777 | -€7,144 | -9.1% |
| Taxes | 450/3 | €37,418 | €22,687 | -€14,732 | -39.4% |
| Remuneration and social security | 454/9 | €41,503 | €49,090 | +€7,588 | +18.3% |
| Other amounts payable | 47/48 | €2,162 | €2,213 | +€51 | +2.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €362,206 | €490,991 | +€128,785 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,284 | €26,421 | +€12,137 | +85.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,040 | €853 | -€186 | -17.9% |
| Gross operating margin | 9900 | €441,273 | €615,730 | +€174,457 | +39.5% |
| Operating profit (loss) | 9901 | €63,743 | €97,464 | +€33,721 | +52.9% |
| Financial income | 75/76B | €5,531 | €302 | -€5,229 | -94.5% |
| Recurring financial income | 75 | €5,531 | €302 | -€5,229 | -94.5% |
| Financial charges | 65/66B | €22,173 | €17,883 | -€4,290 | -19.3% |
| Recurring financial charges | 65 | €22,173 | €17,883 | -€4,290 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €47,101 | €79,883 | +€32,781 | +69.6% |
| Income taxes | 67/77 | €3,412 | €16,726 | +€13,314 | +390.2% |
| Profit (loss) for the period | 9904 | €43,689 | €63,156 | +€19,467 | +44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,689 | €63,156 | +€19,467 | +44.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.