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
- Cash -€101,584
down €101,584 (-40.6%), from €249,994 to €148,410
mainly Other debts (-€164,844) and Trade debts (-€22,026)
- Receivables within one year -€40,976
down €40,976 (-59.2%), from €69,219 to €28,242
of which Trade receivables: -€65,500
- Tangible fixed assets -€26,633
down €26,633 (-11.0%), from €242,160 to €215,527
of which Other tangible fixed assets: -€20,025
- Current investments +€9,996
up €9,996 (+34.2%), from €29,190 to €39,186
- Other debts -€164,844
down €164,844 (-74.5%), from €221,212 to €56,367
- Reserves +€39,996
up €39,996 (+13.9%), from €287,926 to €327,922
of which Distributable reserves: +€39,996
- Trade debts -€22,026
down €22,026 (-74.3%), from €29,646 to €7,620
- Tax, wage and social debts -€10,619
down €10,619 (-34.2%), from €31,085 to €20,466
of which Taxes: -€10,663
- Gross operating margin -€165,045
down €165,045 (-62.0%), from €266,401 to €101,356
- Taxes -€38,232
down €38,232 (-70.0%), from €54,579 to €16,347
- Depreciation +€4,176
up €4,176 (+10.9%), from €38,212 to €42,387
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 | €590,563 | €431,366 | -€159,197 | -27.0% |
| Fixed assets | 21/28 | €242,160 | €215,527 | -€26,633 | -11.0% |
| Tangible fixed assets | 22/27 | €242,160 | €215,527 | -€26,633 | -11.0% |
| Plant, machinery and equipment | 23 | €8,647 | €5,756 | -€2,891 | -33.4% |
| Furniture and vehicles | 24 | €17,783 | €14,066 | -€3,717 | -20.9% |
| Other tangible fixed assets | 26 | €215,730 | €195,705 | -€20,025 | -9.3% |
| Current assets | 29/58 | €348,403 | €215,838 | -€132,564 | -38.0% |
| Amounts receivable within one year | 40/41 | €69,219 | €28,242 | -€40,976 | -59.2% |
| Trade receivables | 40 | €65,500 | - | -€65,500 | |
| Other amounts receivable | 41 | €3,719 | €28,242 | +€24,523 | +659% |
| Current investments | 50/53 | €29,190 | €39,186 | +€9,996 | +34.2% |
| Cash at bank and in hand | 54/58 | €249,994 | €148,410 | -€101,584 | -40.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €590,563 | €431,366 | -€159,197 | -27.0% |
| Equity | 10/15 | €306,526 | €346,522 | +€39,996 | +13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €287,926 | €327,922 | +€39,996 | +13.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €287,926 | €327,922 | +€39,996 | +13.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €284,037 | €84,843 | -€199,194 | -70.1% |
| Amounts payable within one year | 42/48 | €281,943 | €84,453 | -€197,489 | -70.0% |
| Trade debts | 44 | €29,646 | €7,620 | -€22,026 | -74.3% |
| Suppliers | 440/4 | €29,646 | €7,620 | -€22,026 | -74.3% |
| Taxes, remuneration and social security | 45 | €31,085 | €20,466 | -€10,619 | -34.2% |
| Taxes | 450/3 | €29,096 | €18,433 | -€10,663 | -36.6% |
| Remuneration and social security | 454/9 | €1,989 | €2,033 | +€44 | +2.2% |
| Other amounts payable | 47/48 | €221,212 | €56,367 | -€164,844 | -74.5% |
| Accrued charges and deferred income | 492/3 | €2,094 | €390 | -€1,704 | -81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,212 | €42,387 | +€4,176 | +10.9% |
| Other operating charges | 640/8 | €1,055 | €602 | -€453 | -42.9% |
| Gross operating margin | 9900 | €266,401 | €101,356 | -€165,045 | -62.0% |
| Operating profit (loss) | 9901 | €227,135 | €58,367 | -€168,768 | -74.3% |
| Financial income | 75/76B | €3,197 | €801 | -€2,395 | -74.9% |
| Recurring financial income | 75 | €3,197 | €801 | -€2,395 | -74.9% |
| Financial charges | 65/66B | €1,814 | €2,824 | +€1,010 | +55.7% |
| Recurring financial charges | 65 | €1,814 | €2,824 | +€1,010 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €228,517 | €56,344 | -€172,174 | -75.3% |
| Income taxes | 67/77 | €54,579 | €16,347 | -€38,232 | -70.0% |
| Profit (loss) for the period | 9904 | €173,939 | €39,996 | -€133,942 | -77.0% |
| Profit (loss) for the period to be appropriated | 9905 | €173,939 | €39,996 | -€133,942 | -77.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.