BSTOR: 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.
What changed
BSTOR
NACE 72.109, Other research and development on natural sciences
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.7m
2024 · €2.3m+€2.4m
Equity
€22.4m
2024 · €9.3m+€13.1m
Cash
€3.2m
2024 · €4.6m-€1.4m
Balance sheet total
€58.5m
2024 · €30.0m+€28.6m
Largest movements
Assets
- Financial fixed assets +€29.6m
up €29.6m (+123.2%), from €24.1m to €53.7m
of which Affiliated companies: +€29.6m
- Cash -€1.4m
down €1.4m (-30.0%), from €4.6m to €3.2m
mainly Investment in fixed assets (net) (-€29.7m) and Short-term financial debts (-€5.9m)
Equity and liabilities
- Debts after one year +€20.2m
up €20.2m (+150.0%), from €13.4m to €33.6m
- Contributions +€8.5m
up €8.5m (+104.2%), from €8.1m to €16.6m
of which Capital: +€8.5m
- Short-term financial debts -€5.9m
down €5.9m (-100.0%), from €5.9m to €1,512
of which Other loans: -€5.9m
- Profit (loss) carried forward +€4.4m
up €4.4m (+406.4%), from €1.1m to €5.5m
- Accrued charges and deferred income +€1.2m
up €1.2m (+289.1%), from €429,662 to €1.7m
Income statement
- Turnover +€4.8m
up €4.8m (+100.1%), from €4.8m to €9.6m
- Financial income +€1.6m
up €1.6m (+103.7%), from €1.5m to €3.1m
- Financial charges +€1.6m
up €1.6m (+207.4%), from €754,467 to €2.3m
- Taxes +€966,988
up €966,988 (+2038.0%), from €47,447 to €1.0m
- Services and other goods +€868,982
up €868,982 (+40.4%), from €2.1m to €3.0m
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.
Result 2024
€2.3m
Turnover
+€4.8m
Other operating income
+€831
Services and other goods
-€868,982
Staff costs
-€503,453
Depreciation
-€7,790
Other operating charges
-€4,926
Financial income
+€1.6m
Financial charges
-€1.6m
Taxes
-€966,988
Result 2025
€4.7m
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.
From operations
+€5.6m
Investment
-€29.7m
Financing
+€22.6m
Cash 2024
€4.6m
From operations (derived)
+€5.6m
Net result for the year
+€4.7m
Depreciation
+€45,364
Smaller working-capital items
-€63,835
Deferred charges and accrued income
-€294,084
Trade debts
+€286,037
Tax, wage and social debts
-€277,495
Accrued charges and deferred income
+€1.2m
Investment (derived)
-€29.7m
Investment in fixed assets (net)
-€29.7m
Financing
+€22.6m
Debts after one year
+€20.2m
Short-term financial debts
-€5.9m
Contributions, distributions and other
+€8.4m
Cash 2025
€3.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,955,298 | €58,546,234 | +€28.6m | +95.4% |
| Fixed assets | 21/28 | €24,203,807 | €53,823,687 | +€29.6m | +122.4% |
| Tangible fixed assets | 22/27 | €145,854 | €127,045 | -€18,809 | -12.9% |
| Plant, machinery and equipment | 23 | €28,163 | €38,273 | +€10,110 | +35.9% |
| Furniture and vehicles | 24 | €32,389 | €24,441 | -€7,947 | -24.5% |
| Other tangible fixed assets | 26 | €85,303 | €64,331 | -€20,972 | -24.6% |
| Financial fixed assets | 28 | €24,057,953 | €53,696,642 | +€29.6m | +123.2% |
| Affiliated companies | 280/1 | €24,057,523 | €53,696,212 | +€29.6m | +123.2% |
| Participating interests | 280 | €8,667,750 | €22,906,750 | +€14.2m | +164.3% |
| Amounts receivable | 281 | €15,389,773 | €30,789,462 | +€15.4m | +100.1% |
| Other financial fixed assets | 284/8 | €430 | €430 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €430 | €430 | = | 0.0% |
| Current assets | 29/58 | €5,751,491 | €4,722,547 | -€1.0m | -17.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €488,785 | €553,181 | +€64,396 | +13.2% |
| Trade receivables | 40 | €477,488 | €541,861 | +€64,374 | +13.5% |
| Other amounts receivable | 41 | €11,298 | €11,320 | +€22 | +0.2% |
| Cash at bank and in hand | 54/58 | €4,624,395 | €3,236,972 | -€1.4m | -30.0% |
| Deferred charges and accrued income | 490/1 | €638,310 | €932,394 | +€294,084 | +46.1% |
| Total equity and liabilities | 10/49 | €29,955,298 | €58,546,234 | +€28.6m | +95.4% |
| Equity | 10/15 | €9,275,523 | €22,380,493 | +€13.1m | +141.3% |
| Contributions | 10/11 | €8,132,297 | €16,603,097 | +€8.5m | +104.2% |
| Capital | 10 | €8,046,609 | €16,517,409 | +€8.5m | +105.3% |
| Issued capital | 100 | €16,517,409 | €16,517,409 | = | 0.0% |
| Uncalled capital | 101 | €8,470,800 | €0 | -€8.5m | -100.0% |
| Outside capital | 11 | €85,689 | €85,689 | = | 0.0% |
| Share premium | 1100/10 | €85,689 | €85,689 | = | 0.0% |
| Reserves | 13 | €60,729 | €296,033 | +€235,304 | +387.5% |
| Non-distributable reserves | 130/1 | €60,729 | €296,033 | +€235,304 | +387.5% |
| Legal reserve | 130 | €60,729 | €296,033 | +€235,304 | +387.5% |
| Profit (loss) carried forward | 14 | €1,082,497 | €5,481,363 | +€4.4m | +406.4% |
| Amounts payable | 17/49 | €20,679,775 | €36,165,741 | +€15.5m | +74.9% |
| Amounts payable after more than one year | 17 | €13,436,604 | €33,589,856 | +€20.2m | +150.0% |
| Financial debts | 170/4 | €13,436,604 | €33,589,856 | +€20.2m | +150.0% |
| Other loans | 174 | €13,436,604 | €33,589,856 | +€20.2m | +150.0% |
| Amounts payable within one year | 42/48 | €6,813,509 | €904,037 | -€5.9m | -86.7% |
| Financial debts | 43 | €5,920,086 | €1,512 | -€5.9m | -100.0% |
| Credit institutions | 430/8 | - | €1,512 | +€1,512 | |
| Other loans | 439 | €5,920,086 | - | -€5.9m | |
| Trade debts | 44 | €209,854 | €495,891 | +€286,037 | +136.3% |
| Suppliers | 440/4 | €209,854 | €495,891 | +€286,037 | +136.3% |
| Taxes, remuneration and social security | 45 | €612,222 | €334,727 | -€277,495 | -45.3% |
| Taxes | 450/3 | €495,399 | €169,587 | -€325,812 | -65.8% |
| Remuneration and social security | 454/9 | €116,823 | €165,140 | +€48,317 | +41.4% |
| Other amounts payable | 47/48 | €71,348 | €71,908 | +€560 | +0.8% |
| Accrued charges and deferred income | 492/3 | €429,662 | €1,671,847 | +€1.2m | +289.1% |
| Operating income | 70/76A | €4,775,038 | €9,553,549 | +€4.8m | +100.1% |
| Turnover | 70 | €4,773,559 | €9,551,239 | +€4.8m | +100.1% |
| Other operating income | 74 | €1,479 | €2,310 | +€831 | +56.2% |
| Operating charges | 60/66A | €3,243,553 | €4,628,704 | +€1.4m | +42.7% |
| Services and other goods | 61 | €2,148,500 | €3,017,482 | +€868,982 | +40.4% |
| Remuneration, social security and pensions | 62 | €1,047,825 | €1,551,278 | +€503,453 | +48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,573 | €45,364 | +€7,790 | +20.7% |
| Other operating charges | 640/8 | €9,654 | €14,580 | +€4,926 | +51.0% |
| Operating profit (loss) | 9901 | €1,531,485 | €4,924,844 | +€3.4m | +221.6% |
| Financial income | 75/76B | €1,529,188 | €3,115,136 | +€1.6m | +103.7% |
| Recurring financial income | 75 | €1,529,188 | €3,115,136 | +€1.6m | +103.7% |
| Income from financial fixed assets | 750 | €900,000 | €3,082,708 | +€2.2m | +242.5% |
| Income from current assets | 751 | €629,188 | €32,393 | -€596,795 | -94.9% |
| Other financial income | 752/9 | - | €34 | +€34 | |
| Financial charges | 65/66B | €754,467 | €2,319,467 | +€1.6m | +207.4% |
| Recurring financial charges | 65 | €754,467 | €2,319,467 | +€1.6m | +207.4% |
| Debt charges | 650 | €753,017 | €2,315,459 | +€1.6m | +207.5% |
| Other financial charges | 652/9 | €1,451 | €4,007 | +€2,557 | +176.2% |
| Profit (loss) for the period before taxes | 9903 | €2,306,206 | €5,720,513 | +€3.4m | +148.0% |
| Income taxes | 67/77 | €47,447 | €1,014,435 | +€966,988 | +2038.0% |
| Taxes | 670/3 | €47,447 | €1,014,435 | +€966,988 | +2038.0% |
| Profit (loss) for the period | 9904 | €2,258,759 | €4,706,078 | +€2.4m | +108.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,258,759 | €4,706,078 | +€2.4m | +108.3% |
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 3 October 2026 via checked.be.