LIEBAERT: 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.
LIEBAERT
Largest movements
- Cash -€43,161
down €43,161 (-60.1%), from €71,842 to €28,681
mainly Contributions, distributions and other (-€76,087) and Tax, wage and social debts (-€8,502)
- Receivables within one year +€3,438
up €3,438 (+100.1%), from €3,434 to €6,871
of which Trade receivables: +€3,800
- Tangible fixed assets +€2,246
up €2,246 (+241.2%), from €931 to €3,178
- Reserves -€30,636
down €30,636 (-98.6%), from €31,087 to €451
- Tax, wage and social debts -€8,502
down €8,502 (-73.9%), from €11,500 to €2,998
- Other debts +€5,542
up €5,542 (+17.8%), from €31,158 to €36,700
- Trade debts -€4,036
down €4,036 (-100.0%), from €4,036 to €0
- Gross operating margin +€16,930
up €16,930 (+37.1%), from €45,631 to €62,561
- Taxes +€3,562
up €3,562 (+28.9%), from €12,316 to €15,879
- Other operating charges -€1,050
down €1,050 (-63.2%), from €1,662 to €612
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.
Cash bridge derived
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 | €77,881 | €40,249 | -€37,632 | -48.3% |
| Fixed assets | 21/28 | €931 | €3,178 | +€2,246 | +241.2% |
| Tangible fixed assets | 22/27 | €931 | €3,178 | +€2,246 | +241.2% |
| Furniture and vehicles | 24 | €931 | €3,178 | +€2,246 | +241.2% |
| Current assets | 29/58 | €76,950 | €37,072 | -€39,878 | -51.8% |
| Amounts receivable within one year | 40/41 | €3,434 | €6,871 | +€3,438 | +100.1% |
| Trade receivables | 40 | €2,250 | €6,050 | +€3,800 | +168.9% |
| Other amounts receivable | 41 | €1,184 | €821 | -€362 | -30.6% |
| Cash at bank and in hand | 54/58 | €71,842 | €28,681 | -€43,161 | -60.1% |
| Deferred charges and accrued income | 490/1 | €1,674 | €1,519 | -€155 | -9.2% |
| Total equity and liabilities | 10/49 | €77,881 | €40,249 | -€37,632 | -48.3% |
| Equity | 10/15 | €31,187 | €551 | -€30,636 | -98.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €31,087 | €451 | -€30,636 | -98.6% |
| Distributable reserves | 133 | €31,087 | €451 | -€30,636 | -98.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,694 | €39,698 | -€6,996 | -15.0% |
| Amounts payable within one year | 42/48 | €46,694 | €39,698 | -€6,996 | -15.0% |
| Trade debts | 44 | €4,036 | €0 | -€4,036 | -100.0% |
| Suppliers | 440/4 | €4,036 | €0 | -€4,036 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,500 | €2,998 | -€8,502 | -73.9% |
| Taxes | 450/3 | €11,500 | €2,998 | -€8,502 | -73.9% |
| Other amounts payable | 47/48 | €31,158 | €36,700 | +€5,542 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353 | €471 | +€118 | +33.5% |
| Other operating charges | 640/8 | €1,662 | €612 | -€1,050 | -63.2% |
| Gross operating margin | 9900 | €45,631 | €62,561 | +€16,930 | +37.1% |
| Operating profit (loss) | 9901 | €43,616 | €61,478 | +€17,861 | +41.0% |
| Financial income | 75/76B | €394 | €0 | -€394 | -100.0% |
| Recurring financial income | 75 | €394 | €0 | -€394 | -100.0% |
| Financial charges | 65/66B | €606 | €148 | -€458 | -75.5% |
| Recurring financial charges | 65 | €606 | €148 | -€458 | -75.5% |
| Profit (loss) for the period before taxes | 9903 | €43,403 | €61,329 | +€17,926 | +41.3% |
| Income taxes | 67/77 | €12,316 | €15,879 | +€3,562 | +28.9% |
| Profit (loss) for the period | 9904 | €31,087 | €45,451 | +€14,364 | +46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,087 | €45,451 | +€14,364 | +46.2% |
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 9 October 2026 via checked.be.