LIBERTY: 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.
LIBERTY
Largest movements
- Tangible fixed assets +€429,977
up €429,977 (+20.5%), from €2.1m to €2.5m
of which Plant, machinery and equipment: +€1.0m
- Receivables within one year -€209,057
down €209,057 (-97.9%), from €213,585 to €4,528
of which Trade receivables: -€208,461
- Profit (loss) carried forward +€162,410
up €162,410 (+8.4%), from €1.9m to €2.1m
- Debts within one year +€97,902
up €97,902 (+52.8%), from €185,510 to €283,412
of which Trade debts: +€71,824
- Investment grants -€32,752
down €32,752 (-4.5%), from €720,549 to €687,797
- Gross operating margin +€84,308
up €84,308 (+11.2%), from €752,850 to €837,159
- Depreciation +€71,834
up €71,834 (+58.8%), from €122,249 to €194,083
- Staff costs +€37,434
up €37,434 (+9.6%), from €389,038 to €426,473
- Other operating charges +€16,906
up €16,906 (+22.8%), from €74,261 to €91,168
- Financial income -€13,160
down €13,160 (-25.8%), from €50,990 to €37,829
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 | €2,844,173 | €3,069,969 | +€225,796 | +7.9% |
| Fixed assets | 21/28 | €2,101,263 | €2,531,240 | +€429,977 | +20.5% |
| Tangible fixed assets | 22/27 | €2,101,263 | €2,531,240 | +€429,977 | +20.5% |
| Land and buildings | 22 | €1,181,405 | €1,127,778 | -€53,628 | -4.5% |
| Plant, machinery and equipment | 23 | €303,953 | €1,334,228 | +€1.0m | +339% |
| Furniture and vehicles | 24 | €12,594 | €8,998 | -€3,596 | -28.6% |
| Other tangible fixed assets | 26 | €53,310 | €60,236 | +€6,926 | +13.0% |
| Assets under construction and advance payments | 27 | €550,000 | - | -€550,000 | |
| Current assets | 29/58 | €742,910 | €538,729 | -€204,181 | -27.5% |
| Stocks and contracts in progress | 3 | €13,978 | €11,386 | -€2,592 | -18.5% |
| Stocks | 30/36 | €13,978 | €11,386 | -€2,592 | -18.5% |
| Amounts receivable within one year | 40/41 | €213,585 | €4,528 | -€209,057 | -97.9% |
| Trade receivables | 40 | €210,697 | €2,236 | -€208,461 | -98.9% |
| Other amounts receivable | 41 | €2,888 | €2,291 | -€597 | -20.7% |
| Cash at bank and in hand | 54/58 | €490,771 | €493,314 | +€2,543 | +0.5% |
| Deferred charges and accrued income | 490/1 | €24,576 | €29,501 | +€4,925 | +20.0% |
| Total equity and liabilities | 10/49 | €2,844,173 | €3,069,969 | +€225,796 | +7.9% |
| Equity | 10/15 | €2,650,730 | €2,780,388 | +€129,658 | +4.9% |
| Contributions | 10/11 | €6,004 | €6,004 | = | 0.0% |
| Capital | 10 | €6,004 | €6,004 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,924,176 | €2,086,587 | +€162,410 | +8.4% |
| Investment grants | 15 | €720,549 | €687,797 | -€32,752 | -4.5% |
| Amounts payable | 17/49 | €193,443 | €289,581 | +€96,138 | +49.7% |
| Amounts payable within one year | 42/48 | €185,510 | €283,412 | +€97,902 | +52.8% |
| Trade debts | 44 | €147,077 | €218,901 | +€71,824 | +48.8% |
| Suppliers | 440/4 | €147,077 | €218,901 | +€71,824 | +48.8% |
| Taxes, remuneration and social security | 45 | €36,808 | €63,441 | +€26,633 | +72.4% |
| Taxes | 450/3 | €5,964 | €22,455 | +€16,492 | +277% |
| Remuneration and social security | 454/9 | €30,844 | €40,985 | +€10,141 | +32.9% |
| Accrued charges and deferred income | 492/3 | €7,933 | €6,169 | -€1,764 | -22.2% |
| Remuneration, social security and pensions | 62 | €389,038 | €426,473 | +€37,434 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,249 | €194,083 | +€71,834 | +58.8% |
| Other operating charges | 640/8 | €74,261 | €91,168 | +€16,906 | +22.8% |
| Gross operating margin | 9900 | €752,850 | €837,159 | +€84,308 | +11.2% |
| Operating profit (loss) | 9901 | €167,302 | €125,435 | -€41,867 | -25.0% |
| Financial income | 75/76B | €50,990 | €37,829 | -€13,160 | -25.8% |
| Recurring financial income | 75 | €50,990 | €37,829 | -€13,160 | -25.8% |
| Financial charges | 65/66B | €1,053 | €854 | -€199 | -18.9% |
| Recurring financial charges | 65 | €1,053 | €854 | -€199 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €217,238 | €162,410 | -€54,828 | -25.2% |
| Profit (loss) for the period | 9904 | €217,238 | €162,410 | -€54,828 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €217,238 | €162,410 | -€54,828 | -25.2% |
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 14 October 2026 via checked.be.