Liebaert-Claus: 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-Claus
Largest movements
- Tangible fixed assets +€27,891
up €27,891 (+3,706%), from €753 to €28,644
- Cash -€13,599
down €13,599 (-8.8%), from €155,239 to €141,640
mainly Investment in fixed assets (net) (-€28,921) and Deferred charges and accrued income (-€9,288)
- Deferred charges and accrued income +€9,288
up €9,288 (+278%), from €3,341 to €12,629
- Reserves +€32,376
up €32,376 (+22.4%), from €144,236 to €176,612
- Tax, wage and social debts -€8,164
down €8,164 (-73.7%), from €11,078 to €2,915
- Accrued charges and deferred income -€5,523
down €5,523 (-75.9%), from €7,273 to €1,750
- Other debts +€5,000
up €5,000 (+67.5%), from €7,408 to €12,408
- Gross operating margin -€3,985
down €3,985 (-7.6%), from €52,213 to €48,227
- Depreciation -€1,345
down €1,345 (-56.6%), from €2,375 to €1,030
- Taxes -€835
down €835 (-6.0%), from €13,836 to €13,001
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 | €187,083 | €210,534 | +€23,451 | +12.5% |
| Fixed assets | 21/28 | €753 | €28,644 | +€27,891 | +3,706% |
| Tangible fixed assets | 22/27 | €753 | €28,644 | +€27,891 | +3,706% |
| Furniture and vehicles | 24 | €753 | €28,644 | +€27,891 | +3,706% |
| Current assets | 29/58 | €186,331 | €181,890 | -€4,441 | -2.4% |
| Amounts receivable within one year | 40/41 | €27,750 | €27,621 | -€130 | -0.5% |
| Trade receivables | 40 | €27,750 | €27,621 | -€130 | -0.5% |
| Cash at bank and in hand | 54/58 | €155,239 | €141,640 | -€13,599 | -8.8% |
| Deferred charges and accrued income | 490/1 | €3,341 | €12,629 | +€9,288 | +278% |
| Total equity and liabilities | 10/49 | €187,083 | €210,534 | +€23,451 | +12.5% |
| Equity | 10/15 | €154,236 | €186,612 | +€32,376 | +21.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €144,236 | €176,612 | +€32,376 | +22.4% |
| Distributable reserves | 133 | €144,236 | €176,612 | +€32,376 | +22.4% |
| Amounts payable | 17/49 | €32,847 | €23,921 | -€8,926 | -27.2% |
| Amounts payable within one year | 42/48 | €25,574 | €22,171 | -€3,403 | -13.3% |
| Trade debts | 44 | €7,087 | €6,848 | -€239 | -3.4% |
| Suppliers | 440/4 | €7,087 | €6,848 | -€239 | -3.4% |
| Taxes, remuneration and social security | 45 | €11,078 | €2,915 | -€8,164 | -73.7% |
| Taxes | 450/3 | €11,078 | €2,915 | -€8,164 | -73.7% |
| Other amounts payable | 47/48 | €7,408 | €12,408 | +€5,000 | +67.5% |
| Accrued charges and deferred income | 492/3 | €7,273 | €1,750 | -€5,523 | -75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,375 | €1,030 | -€1,345 | -56.6% |
| Other operating charges | 640/8 | €1,175 | €1,215 | +€40 | +3.4% |
| Gross operating margin | 9900 | €52,213 | €48,227 | -€3,985 | -7.6% |
| Operating profit (loss) | 9901 | €48,663 | €45,982 | -€2,681 | -5.5% |
| Financial income | 75/76B | - | €399 | +€399 | |
| Recurring financial income | 75 | - | €399 | +€399 | |
| Financial charges | 65/66B | €615 | €1,004 | +€389 | +63.3% |
| Recurring financial charges | 65 | €615 | €1,004 | +€389 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €48,048 | €45,377 | -€2,671 | -5.6% |
| Income taxes | 67/77 | €13,836 | €13,001 | -€835 | -6.0% |
| Profit (loss) for the period | 9904 | €34,212 | €32,376 | -€1,835 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,212 | €32,376 | -€1,835 | -5.4% |
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 1 November 2026 via checked.be.