LiQ: 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.
LiQ
Largest movements
- Stocks and contracts -€177,871
down €177,871 (-60.2%), from €295,440 to €117,569
- Intangible fixed assets -€64,729
down €64,729 (-53.1%), from €121,840 to €57,111
- Cash -€43,108
down €43,108 (-72.8%), from €59,192 to €16,084
mainly Net result for the year (-€461,210) and Receivables within one year (-€28,831)
- Receivables within one year +€28,831
up €28,831 (+25.3%), from €114,084 to €142,915
of which Trade receivables: +€40,572
- Profit (loss) carried forward -€461,210
down €461,210 (-14.9%), from -€3.1m to -€3.6m
- Contributions +€100,000
up €100,000 (+3.1%), from €3.2m to €3.3m
of which Capital: +€91,808
- Debts after one year +€80,791
up €80,791 (+45.4%), from €178,144 to €258,934
- Trade debts +€35,534
up €35,534 (+114.7%), from €30,991 to €66,525
- Current portion of long-term debt -€16,455
down €16,455 (-16.4%), from €100,163 to €83,708
- Gross operating margin -€106,942
down €106,942 (-40.7%), from -€262,533 to -€369,476
- Depreciation -€37,796
down €37,796 (-34.8%), from €108,525 to €70,729
- Financial charges -€9,156
down €9,156 (-32.0%), from €28,618 to €19,462
- Financial income -€6,864
down €6,864 (-94.7%), from €7,250 to €386
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 | €601,670 | €337,697 | -€263,973 | -43.9% |
| Formation expenses | 20 | €3,786 | - | -€3,786 | |
| Fixed assets | 21/28 | €127,534 | €60,591 | -€66,943 | -52.5% |
| Intangible fixed assets | 21 | €121,840 | €57,111 | -€64,729 | -53.1% |
| Tangible fixed assets | 22/27 | €3,637 | €1,423 | -€2,214 | -60.9% |
| Plant, machinery and equipment | 23 | €2,978 | €1,228 | -€1,749 | -58.8% |
| Furniture and vehicles | 24 | €660 | €195 | -€465 | -70.4% |
| Financial fixed assets | 28 | €2,057 | €2,057 | = | 0.0% |
| Current assets | 29/58 | €470,350 | €277,106 | -€193,244 | -41.1% |
| Stocks and contracts in progress | 3 | €295,440 | €117,569 | -€177,871 | -60.2% |
| Stocks | 30/36 | €295,440 | €117,569 | -€177,871 | -60.2% |
| Amounts receivable within one year | 40/41 | €114,084 | €142,915 | +€28,831 | +25.3% |
| Trade receivables | 40 | €90,675 | €131,246 | +€40,572 | +44.7% |
| Other amounts receivable | 41 | €23,409 | €11,668 | -€11,741 | -50.2% |
| Cash at bank and in hand | 54/58 | €59,192 | €16,084 | -€43,108 | -72.8% |
| Deferred charges and accrued income | 490/1 | €1,635 | €538 | -€1,096 | -67.1% |
| Total equity and liabilities | 10/49 | €601,670 | €337,697 | -€263,973 | -43.9% |
| Equity | 10/15 | €82,110 | -€279,100 | -€361,210 | |
| Contributions | 10/11 | €3,175,618 | €3,275,618 | +€100,000 | +3.1% |
| Capital | 10 | €3,175,618 | €3,267,426 | +€91,808 | +2.9% |
| Issued capital | 100 | €3,175,618 | €3,267,426 | +€91,808 | +2.9% |
| Outside capital | 11 | - | €8,192 | +€8,192 | |
| Share premium | 1100/10 | - | €8,192 | +€8,192 | |
| Profit (loss) carried forward | 14 | -€3,093,507 | -€3,554,717 | -€461,210 | -14.9% |
| Amounts payable | 17/49 | €519,560 | €616,796 | +€97,236 | +18.7% |
| Amounts payable after more than one year | 17 | €178,144 | €258,934 | +€80,791 | +45.4% |
| Financial debts | 170/4 | €178,144 | €258,934 | +€80,791 | +45.4% |
| Amounts payable within one year | 42/48 | €332,448 | €351,393 | +€18,945 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €100,163 | €83,708 | -€16,455 | -16.4% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €30,991 | €66,525 | +€35,534 | +114.7% |
| Suppliers | 440/4 | €30,991 | €66,525 | +€35,534 | +114.7% |
| Taxes, remuneration and social security | 45 | €475 | €310 | -€165 | -34.7% |
| Taxes | 450/3 | €475 | €310 | -€165 | -34.7% |
| Other amounts payable | 47/48 | €820 | €851 | +€31 | +3.8% |
| Accrued charges and deferred income | 492/3 | €8,968 | €6,469 | -€2,499 | -27.9% |
| Remuneration, social security and pensions | 62 | €2,400 | €557 | -€1,842 | -76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,525 | €70,729 | -€37,796 | -34.8% |
| Other operating charges | 640/8 | €2,408 | €1,206 | -€1,202 | -49.9% |
| Gross operating margin | 9900 | -€262,533 | -€369,476 | -€106,942 | -40.7% |
| Operating profit (loss) | 9901 | -€375,867 | -€441,969 | -€66,102 | -17.6% |
| Financial income | 75/76B | €7,250 | €386 | -€6,864 | -94.7% |
| Recurring financial income | 75 | €7,250 | €386 | -€6,864 | -94.7% |
| Financial charges | 65/66B | €28,618 | €19,462 | -€9,156 | -32.0% |
| Recurring financial charges | 65 | €28,618 | €19,462 | -€9,156 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | -€397,234 | -€461,045 | -€63,810 | -16.1% |
| Income taxes | 67/77 | €145 | €165 | +€20 | +13.9% |
| Profit (loss) for the period | 9904 | -€397,379 | -€461,210 | -€63,830 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€397,379 | -€461,210 | -€63,830 | -16.1% |
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 7 October 2026 via checked.be.