BELGIAN ELECTRONIC 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.
BELGIAN ELECTRONIC RESEARCH
Largest movements
- Receivables within one year +€17,925
up €17,925 (+136%), from €13,189 to €31,114
of which Trade receivables: +€16,214
- Stocks and contracts -€2,261
no longer reported in 2025 (was €2,261)
- Cash +€1,284
up €1,284 (+22.0%), from €5,847 to €7,131
mainly Trade debts (+€17,345) and Stocks and contracts (+€2,261)
- Tangible fixed assets -€1,217
down €1,217 (-20.9%), from €5,831 to €4,614
of which Furniture and vehicles: -€936
- Trade debts +€17,345
up €17,345 (+547%), from €3,174 to €20,519
- Tax, wage and social debts -€2,590
down €2,590 (-79.9%), from €3,240 to €650
of which Remuneration and social security: -€2,083
- Other debts +€583
up €583, from €0 to €583
- Gross operating margin +€1,414
up €1,414 (+66.1%), from €2,139 to €3,553
- Depreciation +€965
up €965 (+383%), from €252 to €1,217
- Other operating charges -€263
down €263 (-25.5%), from €1,031 to €768
- Taxes +€228
up €228 (+133%), from €172 to €400
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 | €27,276 | €42,859 | +€15,583 | +57.1% |
| Fixed assets | 21/28 | €5,831 | €4,614 | -€1,217 | -20.9% |
| Tangible fixed assets | 22/27 | €5,831 | €4,614 | -€1,217 | -20.9% |
| Plant, machinery and equipment | 23 | €630 | €481 | -€149 | -23.7% |
| Furniture and vehicles | 24 | €4,545 | €3,609 | -€936 | -20.6% |
| Other tangible fixed assets | 26 | €656 | €524 | -€132 | -20.2% |
| Current assets | 29/58 | €21,445 | €38,245 | +€16,800 | +78.3% |
| Stocks and contracts in progress | 3 | €2,261 | - | -€2,261 | |
| Stocks | 30/36 | €2,261 | - | -€2,261 | |
| Amounts receivable within one year | 40/41 | €13,189 | €31,114 | +€17,925 | +136% |
| Trade receivables | 40 | €12,873 | €29,087 | +€16,214 | +126% |
| Other amounts receivable | 41 | €316 | €2,027 | +€1,711 | +542% |
| Cash at bank and in hand | 54/58 | €5,847 | €7,131 | +€1,284 | +22.0% |
| Deferred charges and accrued income | 490/1 | €149 | - | -€149 | |
| Total equity and liabilities | 10/49 | €27,276 | €42,859 | +€15,583 | +57.1% |
| Equity | 10/15 | €20,815 | €21,107 | +€292 | +1.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €815 | €1,107 | +€292 | +35.8% |
| Amounts payable | 17/49 | €6,462 | €21,752 | +€15,290 | +237% |
| Amounts payable within one year | 42/48 | €6,414 | €21,752 | +€15,338 | +239% |
| Trade debts | 44 | €3,174 | €20,519 | +€17,345 | +547% |
| Suppliers | 440/4 | €3,174 | €20,519 | +€17,345 | +547% |
| Taxes, remuneration and social security | 45 | €3,240 | €650 | -€2,590 | -79.9% |
| Taxes | 450/3 | €1,157 | €650 | -€507 | -43.8% |
| Remuneration and social security | 454/9 | €2,083 | - | -€2,083 | |
| Other amounts payable | 47/48 | €0 | €583 | +€583 | |
| Accrued charges and deferred income | 492/3 | €48 | - | -€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252 | €1,217 | +€965 | +383% |
| Other operating charges | 640/8 | €1,031 | €768 | -€263 | -25.5% |
| Gross operating margin | 9900 | €2,139 | €3,553 | +€1,414 | +66.1% |
| Operating profit (loss) | 9901 | €856 | €1,568 | +€712 | +83.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €77 | €43 | -€34 | -44.0% |
| Recurring financial charges | 65 | €77 | €43 | -€34 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €779 | €1,525 | +€746 | +95.8% |
| Income taxes | 67/77 | €172 | €400 | +€228 | +133% |
| Profit (loss) for the period | 9904 | €607 | €1,125 | +€518 | +85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €607 | €1,125 | +€518 | +85.3% |
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 13 October 2026 via checked.be.