LIBERT: 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.
LIBERT
Largest movements
- Cash +€270,734
up €270,734 (+1,327%), from €20,401 to €291,135
mainly Stocks and contracts (+€264,288) and Net result for the year (+€101,562)
- Stocks and contracts -€264,288
no longer reported in 2025 (was €264,288)
- Receivables within one year +€24,500
new in 2025: €24,500
- Profit (loss) carried forward +€101,562
up €101,562 (+22.5%), from -€451,927 to -€350,365
- Debts after one year -€47,063
down €47,063 (-6.0%), from €783,929 to €736,866
of which Financial debts: -€51,298
- Current portion of long-term debt -€29,392
down €29,392 (-36.4%), from €80,690 to €51,298
- Gross operating margin +€34,780
up €34,780 (+40.3%), from €86,253 to €121,033
- Financial charges -€3,371
down €3,371 (-28.9%), from €11,665 to €8,294
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 | €478,773 | €502,184 | +€23,411 | +4.9% |
| Fixed assets | 21/28 | €191,349 | €186,549 | -€4,800 | -2.5% |
| Tangible fixed assets | 22/27 | €191,349 | €186,549 | -€4,800 | -2.5% |
| Land and buildings | 22 | €191,349 | €186,549 | -€4,800 | -2.5% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €287,424 | €315,635 | +€28,211 | +9.8% |
| Stocks and contracts in progress | 3 | €264,288 | - | -€264,288 | |
| Stocks | 30/36 | €264,288 | - | -€264,288 | |
| Amounts receivable within one year | 40/41 | - | €24,500 | +€24,500 | |
| Trade receivables | 40 | - | €24,500 | +€24,500 | |
| Current investments | 50/53 | €511 | - | -€511 | |
| Cash at bank and in hand | 54/58 | €20,401 | €291,135 | +€270,734 | +1,327% |
| Deferred charges and accrued income | 490/1 | €2,224 | - | -€2,224 | |
| Total equity and liabilities | 10/49 | €478,773 | €502,184 | +€23,411 | +4.9% |
| Equity | 10/15 | -€389,927 | -€288,365 | +€101,562 | +26.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€451,927 | -€350,365 | +€101,562 | +22.5% |
| Amounts payable | 17/49 | €868,700 | €790,549 | -€78,151 | -9.0% |
| Amounts payable after more than one year | 17 | €783,929 | €736,866 | -€47,063 | -6.0% |
| Financial debts | 170/4 | €440,250 | €388,952 | -€51,298 | -11.7% |
| Other amounts payable | 178/9 | €343,679 | €347,914 | +€4,235 | +1.2% |
| Amounts payable within one year | 42/48 | €84,771 | €53,683 | -€31,088 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €80,690 | €51,298 | -€29,392 | -36.4% |
| Trade debts | 44 | €4,081 | €2,385 | -€1,696 | -41.6% |
| Suppliers | 440/4 | €4,081 | €2,385 | -€1,696 | -41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,800 | €4,800 | = | 0.0% |
| Other operating charges | 640/8 | €7,211 | €6,396 | -€814 | -11.3% |
| Gross operating margin | 9900 | €86,253 | €121,033 | +€34,780 | +40.3% |
| Operating profit (loss) | 9901 | €74,242 | €109,837 | +€35,594 | +47.9% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €11,665 | €8,294 | -€3,371 | -28.9% |
| Recurring financial charges | 65 | €11,665 | €8,294 | -€3,371 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €62,577 | €101,562 | +€38,985 | +62.3% |
| Profit (loss) for the period | 9904 | €62,577 | €101,562 | +€38,985 | +62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,577 | €101,562 | +€38,985 | +62.3% |
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 18 October 2026 via checked.be.