BC Research: 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.
BC Research
Largest movements
- Receivables within one year +€43,975
up €43,975 (+18.4%), from €239,340 to €283,315
of which Other amounts receivable: +€44,125
- Profit (loss) carried forward +€32,664
up €32,664, from -€14,381 to €18,283
- Tax, wage and social debts +€4,667
up €4,667 (+66.1%), from €7,060 to €11,727
- Write-downs -€41,225
down €41,225 (-100%), from €41,225 to €0
- Gross operating margin +€10,679
up €10,679 (+36.1%), from €29,592 to €40,270
- Taxes +€7,836
up €7,836, from €0 to €7,836
- Depreciation -€3,614
down €3,614 (-51.1%), from €7,068 to €3,454
- Other operating charges +€737
up €737 (+131%), from €565 to €1,302
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 | €306,965 | €347,486 | +€40,521 | +13.2% |
| Fixed assets | 21/28 | €67,598 | €64,144 | -€3,454 | -5.1% |
| Tangible fixed assets | 22/27 | €67,178 | €63,724 | -€3,454 | -5.1% |
| Plant, machinery and equipment | 23 | €3,388 | €1,400 | -€1,988 | -58.7% |
| Furniture and vehicles | 24 | €10,177 | €8,712 | -€1,465 | -14.4% |
| Other tangible fixed assets | 26 | €53,612 | €53,612 | = | 0.0% |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €239,367 | €283,342 | +€43,975 | +18.4% |
| Amounts receivable within one year | 40/41 | €239,340 | €283,315 | +€43,975 | +18.4% |
| Trade receivables | 40 | €25,595 | €25,445 | -€150 | -0.6% |
| Other amounts receivable | 41 | €213,745 | €257,870 | +€44,125 | +20.6% |
| Current investments | 50/53 | €11 | €11 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17 | €17 | = | 0.0% |
| Total equity and liabilities | 10/49 | €306,965 | €347,486 | +€40,521 | +13.2% |
| Equity | 10/15 | €247,052 | €279,716 | +€32,664 | +13.2% |
| Contributions | 10/11 | €82,000 | €82,000 | = | 0.0% |
| Reserves | 13 | €179,433 | €179,433 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,200 | €8,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,200 | €8,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,159 | €7,159 | = | 0.0% |
| Distributable reserves | 133 | €164,074 | €164,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,381 | €18,283 | +€32,664 | |
| Amounts payable | 17/49 | €59,913 | €67,770 | +€7,857 | +13.1% |
| Amounts payable within one year | 42/48 | €59,913 | €67,770 | +€7,857 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €46,404 | €46,936 | +€532 | +1.1% |
| Credit institutions | 430/8 | €46,404 | €46,936 | +€532 | +1.1% |
| Trade debts | 44 | €6,450 | €9,108 | +€2,658 | +41.2% |
| Suppliers | 440/4 | €6,450 | €9,108 | +€2,658 | +41.2% |
| Taxes, remuneration and social security | 45 | €7,060 | €11,727 | +€4,667 | +66.1% |
| Taxes | 450/3 | €7,060 | €11,727 | +€4,667 | +66.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €120 | +€120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,068 | €3,454 | -€3,614 | -51.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,225 | €0 | -€41,225 | -100% |
| Other operating charges | 640/8 | €565 | €1,302 | +€737 | +131% |
| Gross operating margin | 9900 | €29,592 | €40,270 | +€10,679 | +36.1% |
| Operating profit (loss) | 9901 | -€19,266 | €35,394 | +€54,660 | |
| Financial income | 75/76B | €12,552 | €12,528 | -€24 | -0.2% |
| Recurring financial income | 75 | €12,552 | €12,528 | -€24 | -0.2% |
| Financial charges | 65/66B | €7,667 | €7,422 | -€245 | -3.2% |
| Recurring financial charges | 65 | €7,667 | €7,422 | -€245 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€14,381 | €40,500 | +€54,881 | |
| Income taxes | 67/77 | €0 | €7,836 | +€7,836 | |
| Profit (loss) for the period | 9904 | -€14,381 | €32,664 | +€47,045 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,381 | €32,664 | +€47,045 |
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 15 October 2026 via checked.be.