Liebaert Projects: what changed
Two fiscal 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 Projects
Largest movements
- Current investments +€210,560
up €210,560 (+136.8%), from €153,946 to €364,506
- Cash -€180,407
down €180,407 (-95.1%), from €189,659 to €9,252
mainly Current investments (-€210,560) and Contributions, distributions and other (-€69,648)
- Receivables within one year +€10,468
up €10,468 (+44.4%), from €23,598 to €34,065
of which Trade receivables: +€12,523
- Tangible fixed assets +€5,158
up €5,158 (+30.9%), from €16,703 to €21,862
of which Land and buildings: +€11,956
- Other debts +€43,866
up €43,866 (+105.6%), from €41,537 to €85,403
- Tax, wage and social debts +€13,187
up €13,187 (+165.9%), from €7,951 to €21,137
of which Taxes: +€15,187
- Reserves -€9,644
down €9,644 (-3.0%), from €323,352 to €313,708
of which Non-distributable reserves: -€6,677
- Financial income -€8,079
down €8,079 (-90.5%), from €8,928 to €848
- Gross operating margin +€7,965
up €7,965 (+9.2%), from €86,743 to €94,708
- Taxes +€5,767
up €5,767 (+24.8%), from €23,236 to €29,003
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 | €384,778 | €430,785 | +€46,007 | +12.0% |
| Fixed assets | 21/28 | €16,703 | €21,862 | +€5,158 | +30.9% |
| Tangible fixed assets | 22/27 | €16,703 | €21,862 | +€5,158 | +30.9% |
| Land and buildings | 22 | - | €11,956 | +€11,956 | |
| Furniture and vehicles | 24 | - | €9,905 | +€9,905 | |
| Other tangible fixed assets | 26 | €16,703 | €0 | -€16,703 | -100.0% |
| Current assets | 29/58 | €368,075 | €408,924 | +€40,849 | +11.1% |
| Amounts receivable within one year | 40/41 | €23,598 | €34,065 | +€10,468 | +44.4% |
| Trade receivables | 40 | €21,458 | €33,981 | +€12,523 | +58.4% |
| Other amounts receivable | 41 | €2,140 | €84 | -€2,056 | -96.1% |
| Current investments | 50/53 | €153,946 | €364,506 | +€210,560 | +136.8% |
| Cash at bank and in hand | 54/58 | €189,659 | €9,252 | -€180,407 | -95.1% |
| Deferred charges and accrued income | 490/1 | €872 | €1,100 | +€228 | +26.2% |
| Total equity and liabilities | 10/49 | €384,778 | €430,785 | +€46,007 | +12.0% |
| Equity | 10/15 | €325,352 | €315,708 | -€9,644 | -3.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €323,352 | €313,708 | -€9,644 | -3.0% |
| Non-distributable reserves | 130/1 | €8,070 | €1,393 | -€6,677 | -82.7% |
| Reserves not available under the articles | 1311 | €8,070 | €1,393 | -€6,677 | -82.7% |
| Distributable reserves | 133 | €315,282 | €312,315 | -€2,967 | -0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,426 | €115,077 | +€55,652 | +93.6% |
| Amounts payable within one year | 42/48 | €59,426 | €115,077 | +€55,652 | +93.6% |
| Financial debts | 43 | - | €437 | +€437 | |
| Credit institutions | 430/8 | - | €437 | +€437 | |
| Trade debts | 44 | €9,938 | €8,101 | -€1,837 | -18.5% |
| Suppliers | 440/4 | €9,938 | €8,101 | -€1,837 | -18.5% |
| Taxes, remuneration and social security | 45 | €7,951 | €21,137 | +€13,187 | +165.9% |
| Taxes | 450/3 | €5,951 | €21,137 | +€15,187 | +255.2% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €41,537 | €85,403 | +€43,866 | +105.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,758 | €4,924 | -€835 | -14.5% |
| Other operating charges | 640/8 | €690 | €614 | -€76 | -11.0% |
| Gross operating margin | 9900 | €86,743 | €94,708 | +€7,965 | +9.2% |
| Operating profit (loss) | 9901 | €80,295 | €89,171 | +€8,876 | +11.1% |
| Financial income | 75/76B | €8,928 | €848 | -€8,079 | -90.5% |
| Recurring financial income | 75 | €8,928 | €848 | -€8,079 | -90.5% |
| Financial charges | 65/66B | €692 | €1,013 | +€320 | +46.3% |
| Recurring financial charges | 65 | €692 | €1,013 | +€320 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €88,530 | €89,006 | +€476 | +0.5% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €23,236 | €29,003 | +€5,767 | +24.8% |
| Profit (loss) for the period | 9904 | €65,294 | €60,003 | -€5,291 | -8.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €65,294 | €60,003 | -€5,291 | -8.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.