LIBEL: 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.
LIBEL
Largest movements
- Cash -€25,459
down €25,459 (-67.3%), from €37,844 to €12,385
mainly Stocks and contracts (-€15,156) and Debts after one year (-€12,840)
- Stocks and contracts +€15,156
up €15,156 (+35.9%), from €42,270 to €57,425
- Tangible fixed assets -€6,935
down €6,935 (-12.4%), from €55,790 to €48,855
of which Furniture and vehicles: -€12,776
- Receivables within one year -€3,480
down €3,480 (-37.1%), from €9,378 to €5,898
of which Other amounts receivable: -€8,980
- Debts after one year -€12,840
down €12,840 (-59.9%), from €21,430 to €8,590
- Profit (loss) carried forward -€7,366
down €7,366 (-9.6%), from -€76,767 to -€84,132
- Gross operating margin -€56,566
down €56,566 (-87.9%), from €64,343 to €7,777
- Depreciation +€4,687
up €4,687 (+57.9%), from €8,088 to €12,776
- Other operating charges -€3,054
down €3,054 (-66.9%), from €4,569 to €1,514
- Financial income -€1,212
down €1,212 (-92.4%), from €1,313 to €100
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 | €148,714 | €128,164 | -€20,550 | -13.8% |
| Fixed assets | 21/28 | €55,894 | €48,959 | -€6,935 | -12.4% |
| Tangible fixed assets | 22/27 | €55,790 | €48,855 | -€6,935 | -12.4% |
| Furniture and vehicles | 24 | €55,790 | €43,014 | -€12,776 | -22.9% |
| Other tangible fixed assets | 26 | - | €5,841 | +€5,841 | |
| Financial fixed assets | 28 | €104 | €104 | = | 0.0% |
| Current assets | 29/58 | €92,820 | €79,205 | -€13,615 | -14.7% |
| Stocks and contracts in progress | 3 | €42,270 | €57,425 | +€15,156 | +35.9% |
| Stocks | 30/36 | €42,270 | €57,425 | +€15,156 | +35.9% |
| Amounts receivable within one year | 40/41 | €9,378 | €5,898 | -€3,480 | -37.1% |
| Trade receivables | 40 | - | €5,500 | +€5,500 | |
| Other amounts receivable | 41 | €9,378 | €398 | -€8,980 | -95.8% |
| Cash at bank and in hand | 54/58 | €37,844 | €12,385 | -€25,459 | -67.3% |
| Deferred charges and accrued income | 490/1 | €3,328 | €3,497 | +€169 | +5.1% |
| Total equity and liabilities | 10/49 | €148,714 | €128,164 | -€20,550 | -13.8% |
| Equity | 10/15 | €69,026 | €61,660 | -€7,366 | -10.7% |
| Contributions | 10/11 | €124,368 | €124,368 | = | 0.0% |
| Reserves | 13 | €21,424 | €21,424 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,885 | €1,885 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,885 | €1,885 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,539 | €19,539 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,767 | -€84,132 | -€7,366 | -9.6% |
| Amounts payable | 17/49 | €79,688 | €66,504 | -€13,184 | -16.5% |
| Amounts payable after more than one year | 17 | €21,430 | €8,590 | -€12,840 | -59.9% |
| Financial debts | 170/4 | €21,430 | €8,590 | -€12,840 | -59.9% |
| Amounts payable within one year | 42/48 | €58,258 | €57,914 | -€344 | -0.6% |
| Trade debts | 44 | €7,268 | €6,678 | -€589 | -8.1% |
| Suppliers | 440/4 | €7,268 | €6,678 | -€589 | -8.1% |
| Taxes, remuneration and social security | 45 | €9,300 | €9,300 | = | 0.0% |
| Remuneration and social security | 454/9 | €9,300 | €9,300 | = | 0.0% |
| Other amounts payable | 47/48 | €41,691 | €41,936 | +€245 | +0.6% |
| Non-recurring operating income | 76A | €9,945 | €529 | -€9,416 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,088 | €12,776 | +€4,687 | +57.9% |
| Other operating charges | 640/8 | €4,569 | €1,514 | -€3,054 | -66.9% |
| Gross operating margin | 9900 | €64,343 | €7,777 | -€56,566 | -87.9% |
| Operating profit (loss) | 9901 | €51,686 | -€6,513 | -€58,199 | |
| Financial income | 75/76B | €1,313 | €100 | -€1,212 | -92.4% |
| Recurring financial income | 75 | €1,313 | €100 | -€1,212 | -92.4% |
| Financial charges | 65/66B | €1,169 | €875 | -€294 | -25.1% |
| Recurring financial charges | 65 | €1,169 | €875 | -€294 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €51,829 | -€7,288 | -€59,117 | |
| Income taxes | 67/77 | €75 | €78 | +€3 | +3.5% |
| Profit (loss) for the period | 9904 | €51,754 | -€7,366 | -€59,120 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,754 | -€7,366 | -€59,120 |
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 10 October 2026 via checked.be.