Liberty Management: 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 Management
Largest movements
- Financial fixed assets -€2.5m
down €2.5m (-38.6%), from €6.4m to €3.9m
- Current investments +€1.1m
new in 2025: €1.1m
- Cash +€204,480
up €204,480 (+5.2%), from €3.9m to €4.1m
mainly Investment in fixed assets (net) (+€2.5m) and Trade debts (+€223,503)
- Profit (loss) carried forward -€1.3m
down €1.3m (-17.9%), from €7.5m to €6.2m
- Trade debts +€223,503
up €223,503 (+18,052%), from €1,238 to €224,741
- Financial charges +€916,880
up €916,880 (+45,107%), from €2,033 to €918,913
of which Non-recurring financial charges: +€716,119
- Gross operating margin -€121,447
down €121,447 (-43.9%), from -€276,869 to -€398,316
- Other operating charges -€99,625
down €99,625 (-98.9%), from €100,724 to €1,099
- Financial income -€82,427
down €82,427 (-61.8%), from €133,278 to €50,851
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 | €10,917,128 | €9,739,389 | -€1.2m | -10.8% |
| Fixed assets | 21/28 | €6,737,190 | €4,233,241 | -€2.5m | -37.2% |
| Tangible fixed assets | 22/27 | €318,048 | €293,262 | -€24,786 | -7.8% |
| Furniture and vehicles | 24 | €38,397 | €22,135 | -€16,262 | -42.4% |
| Other tangible fixed assets | 26 | €279,651 | €271,127 | -€8,524 | -3.0% |
| Financial fixed assets | 28 | €6,419,142 | €3,939,979 | -€2.5m | -38.6% |
| Current assets | 29/58 | €4,179,939 | €5,506,147 | +€1.3m | +31.7% |
| Amounts receivable within one year | 40/41 | €227,448 | €247,048 | +€19,599 | +8.6% |
| Trade receivables | 40 | €140,633 | €89,854 | -€50,780 | -36.1% |
| Other amounts receivable | 41 | €86,815 | €157,194 | +€70,379 | +81.1% |
| Current investments | 50/53 | - | €1,117,900 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €3,935,750 | €4,140,231 | +€204,480 | +5.2% |
| Deferred charges and accrued income | 490/1 | €16,740 | €970 | -€15,770 | -94.2% |
| Total equity and liabilities | 10/49 | €10,917,128 | €9,739,389 | -€1.2m | -10.8% |
| Equity | 10/15 | €7,566,789 | €6,224,526 | -€1.3m | -17.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,516,789 | €6,174,526 | -€1.3m | -17.9% |
| Amounts payable | 17/49 | €3,350,340 | €3,514,863 | +€164,523 | +4.9% |
| Amounts payable after more than one year | 17 | €2,325,432 | €2,325,432 | = | 0.0% |
| Financial debts | 170/4 | €2,325,432 | €2,325,432 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,024,908 | €1,181,078 | +€156,171 | +15.2% |
| Trade debts | 44 | €1,238 | €224,741 | +€223,503 | +18,052% |
| Suppliers | 440/4 | €1,238 | €224,741 | +€223,503 | +18,052% |
| Other amounts payable | 47/48 | €1,023,670 | €956,337 | -€67,332 | -6.6% |
| Accrued charges and deferred income | 492/3 | - | €8,352 | +€8,352 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,599 | €24,786 | +€187 | +0.8% |
| Other operating charges | 640/8 | €100,724 | €1,099 | -€99,625 | -98.9% |
| Gross operating margin | 9900 | -€276,869 | -€398,316 | -€121,447 | -43.9% |
| Operating profit (loss) | 9901 | -€402,192 | -€424,201 | -€22,009 | -5.5% |
| Financial income | 75/76B | €133,278 | €50,851 | -€82,427 | -61.8% |
| Recurring financial income | 75 | €133,278 | €50,851 | -€82,427 | -61.8% |
| Financial charges | 65/66B | €2,033 | €918,913 | +€916,880 | +45,107% |
| Recurring financial charges | 65 | €2,033 | €202,794 | +€200,761 | +9,877% |
| Non-recurring financial charges | 66B | - | €716,119 | +€716,119 | |
| Profit (loss) for the period before taxes | 9903 | -€270,946 | -€1,292,263 | -€1.0m | -377% |
| Income taxes | 67/77 | -€648 | - | +€648 | |
| Profit (loss) for the period | 9904 | -€270,298 | -€1,292,263 | -€1.0m | -378% |
| Profit (loss) for the period to be appropriated | 9905 | -€270,298 | -€1,292,263 | -€1.0m | -378% |
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 28 October 2026 via checked.be.