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
- Tangible fixed assets -€235,241
down €235,241 (-10.2%), from €2.3m to €2.1m
of which Other tangible fixed assets: -€235,148
- Receivables within one year -€190,294
down €190,294 (-66.3%), from €287,025 to €96,731
of which Trade receivables: -€217,042
- Trade debts -€308,159
down €308,159 (-97.7%), from €315,453 to €7,295
- Advances received +€257,125
new in 2025: €257,125
- Debts after one year -€221,087
down €221,087 (-10.0%), from €2.2m to €2.0m
- Profit (loss) carried forward -€145,090
down €145,090 (-35.1%), from -€413,433 to -€558,523
- Gross operating margin +€318,148
up €318,148 (+232%), from €136,878 to €455,025
- Depreciation +€58,631
up €58,631 (+31.0%), from €189,335 to €247,966
- Staff costs +€20,900
up €20,900 (+9.5%), from €220,173 to €241,073
- Financial charges +€18,362
up €18,362 (+22.2%), from €82,532 to €100,894
- Taxes +€6,962
new in 2025: €6,962
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 | €2,614,485 | €2,204,895 | -€409,590 | -15.7% |
| Fixed assets | 21/28 | €2,301,738 | €2,065,837 | -€235,901 | -10.2% |
| Intangible fixed assets | 21 | €2,353 | €1,693 | -€660 | -28.1% |
| Tangible fixed assets | 22/27 | €2,299,385 | €2,064,144 | -€235,241 | -10.2% |
| Plant, machinery and equipment | 23 | €13,161 | €12,072 | -€1,088 | -8.3% |
| Furniture and vehicles | 24 | €8,444 | €9,438 | +€995 | +11.8% |
| Other tangible fixed assets | 26 | €2,277,781 | €2,042,633 | -€235,148 | -10.3% |
| Current assets | 29/58 | €312,747 | €139,058 | -€173,689 | -55.5% |
| Stocks and contracts in progress | 3 | €12,500 | €27,828 | +€15,328 | +123% |
| Stocks | 30/36 | €12,500 | €27,828 | +€15,328 | +123% |
| Amounts receivable within one year | 40/41 | €287,025 | €96,731 | -€190,294 | -66.3% |
| Trade receivables | 40 | €276,925 | €59,883 | -€217,042 | -78.4% |
| Other amounts receivable | 41 | €10,100 | €36,848 | +€26,748 | +265% |
| Cash at bank and in hand | 54/58 | €12,025 | €14,486 | +€2,461 | +20.5% |
| Deferred charges and accrued income | 490/1 | €1,197 | €13 | -€1,183 | -98.9% |
| Total equity and liabilities | 10/49 | €2,614,485 | €2,204,895 | -€409,590 | -15.7% |
| Equity | 10/15 | -€393,433 | -€538,523 | -€145,090 | -36.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€413,433 | -€558,523 | -€145,090 | -35.1% |
| Amounts payable | 17/49 | €3,007,918 | €2,743,418 | -€264,500 | -8.8% |
| Amounts payable after more than one year | 17 | €2,218,697 | €1,997,610 | -€221,087 | -10.0% |
| Financial debts | 170/4 | €2,218,697 | €1,997,610 | -€221,087 | -10.0% |
| Amounts payable within one year | 42/48 | €789,221 | €745,808 | -€43,413 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €221,926 | €231,087 | +€9,161 | +4.1% |
| Trade debts | 44 | €315,453 | €7,295 | -€308,159 | -97.7% |
| Suppliers | 440/4 | €315,453 | €7,295 | -€308,159 | -97.7% |
| Advances received on contracts in progress | 46 | - | €257,125 | +€257,125 | |
| Taxes, remuneration and social security | 45 | €22,420 | €33,210 | +€10,790 | +48.1% |
| Taxes | 450/3 | €7,073 | €15,307 | +€8,234 | +116% |
| Remuneration and social security | 454/9 | €15,348 | €17,904 | +€2,556 | +16.7% |
| Other amounts payable | 47/48 | €229,421 | €217,091 | -€12,330 | -5.4% |
| Non-recurring operating income | 76A | €73 | - | -€73 | |
| Remuneration, social security and pensions | 62 | €220,173 | €241,073 | +€20,900 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,335 | €247,966 | +€58,631 | +31.0% |
| Other operating charges | 640/8 | €3,173 | €3,224 | +€51 | +1.6% |
| Gross operating margin | 9900 | €136,878 | €455,025 | +€318,148 | +232% |
| Operating profit (loss) | 9901 | -€275,803 | -€37,238 | +€238,565 | +86.5% |
| Financial income | 75/76B | €104 | €4 | -€100 | -96.1% |
| Recurring financial income | 75 | €104 | €4 | -€100 | -96.1% |
| Financial charges | 65/66B | €82,532 | €100,894 | +€18,362 | +22.2% |
| Recurring financial charges | 65 | €82,532 | €100,894 | +€18,362 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | -€358,231 | -€138,128 | +€220,104 | +61.4% |
| Income taxes | 67/77 | - | €6,962 | +€6,962 | |
| Profit (loss) for the period | 9904 | -€358,231 | -€145,090 | +€213,141 | +59.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€358,231 | -€145,090 | +€213,141 | +59.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.