LIBEL: 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.
LIBEL
Largest movements
- Current investments +€1.7m
up €1.7m (+19.6%), from €8.8m to €10.6m
- Stocks and contracts +€1.4m
up €1.4m (+187,700%), from €750 to €1.4m
- Tangible fixed assets -€984,621
down €984,621 (-19.7%), from €5.0m to €4.0m
of which Plant, machinery and equipment: -€947,894
- Cash -€381,426
down €381,426 (-42.8%), from €890,337 to €508,911
mainly Current investments (-€1.7m) and Stocks and contracts (-€1.4m)
- Receivables within one year +€330,492
up €330,492 (+5,419%), from €6,098 to €336,590
of which Trade receivables: +€330,492
- Reserves +€10.5m
up €10.5m (+193%), from €5.4m to €15.9m
of which Distributable reserves: +€10.5m
- Profit (loss) carried forward -€8.6m
down €8.6m (-100%), from €8.6m to €0
- Advances received +€300,000
new in 2025: €300,000
- Financial income +€260,555
up €260,555 (+386%), from €67,534 to €328,089
- Taxes +€59,440
up €59,440 (+7.4%), from €802,873 to €862,312
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 | €14,744,698 | €16,847,112 | +€2.1m | +14.3% |
| Fixed assets | 21/28 | €5,001,019 | €4,016,397 | -€984,621 | -19.7% |
| Tangible fixed assets | 22/27 | €5,001,019 | €4,016,397 | -€984,621 | -19.7% |
| Land and buildings | 22 | €4,027,589 | €3,990,861 | -€36,727 | -0.9% |
| Plant, machinery and equipment | 23 | €963,930 | €16,036 | -€947,894 | -98.3% |
| Other tangible fixed assets | 26 | €9,500 | €9,500 | = | 0.0% |
| Current assets | 29/58 | €9,743,679 | €12,830,715 | +€3.1m | +31.7% |
| Stocks and contracts in progress | 3 | €750 | €1,408,500 | +€1.4m | +187,700% |
| Stocks | 30/36 | €750 | €1,408,500 | +€1.4m | +187,700% |
| Amounts receivable within one year | 40/41 | €6,098 | €336,590 | +€330,492 | +5,419% |
| Trade receivables | 40 | €6,098 | €336,590 | +€330,492 | +5,419% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €8,841,310 | €10,571,159 | +€1.7m | +19.6% |
| Cash at bank and in hand | 54/58 | €890,337 | €508,911 | -€381,426 | -42.8% |
| Deferred charges and accrued income | 490/1 | €5,183 | €5,555 | +€372 | +7.2% |
| Total equity and liabilities | 10/49 | €14,744,698 | €16,847,112 | +€2.1m | +14.3% |
| Equity | 10/15 | €14,087,939 | €15,933,241 | +€1.8m | +13.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €5,411,324 | €15,871,241 | +€10.5m | +193% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €5,405,124 | €15,865,041 | +€10.5m | +194% |
| Profit (loss) carried forward | 14 | €8,614,615 | €0 | -€8.6m | -100% |
| Provisions and deferred taxes | 16 | €114,138 | €114,138 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €114,138 | €114,138 | = | 0.0% |
| Pensions and similar obligations | 160 | €114,138 | €114,138 | = | 0.0% |
| Amounts payable | 17/49 | €542,621 | €799,734 | +€257,113 | +47.4% |
| Amounts payable within one year | 42/48 | €542,621 | €799,734 | +€257,113 | +47.4% |
| Trade debts | 44 | €12,118 | €19,422 | +€7,304 | +60.3% |
| Suppliers | 440/4 | €12,118 | €19,422 | +€7,304 | +60.3% |
| Advances received on contracts in progress | 46 | - | €300,000 | +€300,000 | |
| Taxes, remuneration and social security | 45 | €343,135 | €318,670 | -€24,465 | -7.1% |
| Taxes | 450/3 | €343,135 | €318,670 | -€24,465 | -7.1% |
| Other amounts payable | 47/48 | €187,368 | €161,642 | -€25,726 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218,863 | €217,320 | -€1,543 | -0.7% |
| Other operating charges | 640/8 | €18,469 | €21,730 | +€3,261 | +17.7% |
| Non-recurring operating charges | 66A | - | €80,000 | +€80,000 | |
| Gross operating margin | 9900 | €2,699,885 | €2,698,650 | -€1,235 | 0.0% |
| Operating profit (loss) | 9901 | €2,462,553 | €2,379,600 | -€82,953 | -3.4% |
| Financial income | 75/76B | €67,534 | €328,089 | +€260,555 | +386% |
| Recurring financial income | 75 | €67,534 | €328,089 | +€260,555 | +386% |
| Financial charges | 65/66B | €1,805 | €76 | -€1,730 | -95.8% |
| Recurring financial charges | 65 | €1,805 | €76 | -€1,730 | -95.8% |
| Profit (loss) for the period before taxes | 9903 | €2,528,281 | €2,707,614 | +€179,332 | +7.1% |
| Income taxes | 67/77 | €802,873 | €862,312 | +€59,440 | +7.4% |
| Profit (loss) for the period | 9904 | €1,725,409 | €1,845,301 | +€119,893 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,725,409 | €1,845,301 | +€119,893 | +6.9% |
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 24 October 2026 via checked.be.