LIEBAERT CONSULT: 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 CONSULT
Largest movements
- Receivables after one year +€49,000
new in 2025: €49,000
- Tangible fixed assets -€22,510
down €22,510 (-18.3%), from €123,182 to €100,673
of which Land and buildings: -€11,775
- Receivables within one year -€13,242
down €13,242 (-57.0%), from €23,226 to €9,984
of which Other amounts receivable: -€11,921
- Debts after one year -€25,804
down €25,804 (-13.7%), from €188,966 to €163,162
- Profit (loss) carried forward +€21,649
up €21,649, from -€19,574 to €2,075
- Current portion of long-term debt +€15,176
up €15,176 (+117%), from €12,933 to €28,109
- Depreciation -€19,368
down €19,368 (-61.7%), from €31,399 to €12,031
- Gross operating margin +€12,590
up €12,590 (+35.4%), from €35,533 to €48,123
- Taxes +€3,015
up €3,015 (+217%), from €1,389 to €4,404
- Other operating charges +€1,275
up €1,275 (+51.4%), from €2,483 to €3,758
- Financial charges +€734
up €734 (+13.2%), from €5,548 to €6,283
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 | €251,111 | €263,204 | +€12,093 | +4.8% |
| Fixed assets | 21/28 | €223,182 | €200,673 | -€22,510 | -10.1% |
| Tangible fixed assets | 22/27 | €123,182 | €100,673 | -€22,510 | -18.3% |
| Land and buildings | 22 | €110,335 | €98,560 | -€11,775 | -10.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €12,847 | €2,113 | -€10,735 | -83.6% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €27,929 | €62,531 | +€34,602 | +124% |
| Amounts receivable after more than one year | 29 | - | €49,000 | +€49,000 | |
| Other amounts receivable | 291 | - | €49,000 | +€49,000 | |
| Amounts receivable within one year | 40/41 | €23,226 | €9,984 | -€13,242 | -57.0% |
| Trade receivables | 40 | €9,826 | €8,505 | -€1,321 | -13.4% |
| Other amounts receivable | 41 | €13,400 | €1,479 | -€11,921 | -89.0% |
| Cash at bank and in hand | 54/58 | €2,062 | €2,329 | +€267 | +13.0% |
| Deferred charges and accrued income | 490/1 | €2,641 | €1,218 | -€1,423 | -53.9% |
| Total equity and liabilities | 10/49 | €251,111 | €263,204 | +€12,093 | +4.8% |
| Equity | 10/15 | €37,928 | €59,576 | +€21,649 | +57.1% |
| Contributions | 10/11 | €18,924 | €18,924 | = | 0.0% |
| Reserves | 13 | €38,577 | €38,577 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,684 | €36,684 | = | 0.0% |
| Distributable reserves | 133 | €1,892 | €1,892 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,574 | €2,075 | +€21,649 | |
| Amounts payable | 17/49 | €213,183 | €203,627 | -€9,556 | -4.5% |
| Amounts payable after more than one year | 17 | €188,966 | €163,162 | -€25,804 | -13.7% |
| Financial debts | 170/4 | €188,966 | €163,162 | -€25,804 | -13.7% |
| Amounts payable within one year | 42/48 | €18,740 | €34,988 | +€16,248 | +86.7% |
| Current portion of amounts payable after more than one year | 42 | €12,933 | €28,109 | +€15,176 | +117% |
| Trade debts | 44 | €1,257 | €430 | -€827 | -65.8% |
| Suppliers | 440/4 | €1,257 | €430 | -€827 | -65.8% |
| Taxes, remuneration and social security | 45 | €3,781 | €6,349 | +€2,569 | +68.0% |
| Taxes | 450/3 | €3,781 | €6,349 | +€2,569 | +68.0% |
| Other amounts payable | 47/48 | €769 | €99 | -€670 | -87.1% |
| Accrued charges and deferred income | 492/3 | €5,478 | €5,478 | = | 0.0% |
| Non-recurring operating income | 76A | - | €19,522 | +€19,522 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,399 | €12,031 | -€19,368 | -61.7% |
| Other operating charges | 640/8 | €2,483 | €3,758 | +€1,275 | +51.4% |
| Gross operating margin | 9900 | €35,533 | €48,123 | +€12,590 | +35.4% |
| Operating profit (loss) | 9901 | €1,651 | €32,334 | +€30,682 | +1,858% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €5,548 | €6,283 | +€734 | +13.2% |
| Recurring financial charges | 65 | €5,548 | €6,283 | +€734 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,897 | €26,053 | +€29,950 | |
| Income taxes | 67/77 | €1,389 | €4,404 | +€3,015 | +217% |
| Profit (loss) for the period | 9904 | -€5,286 | €21,649 | +€26,935 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,286 | €21,649 | +€26,935 |
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 20 October 2026 via checked.be.