Collaborative Research for Energy SYstem Modeling: 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.
Collaborative Research for Energy SYstem Modeling
Largest movements
- Current investments +€900,000
new in 2025: €900,000
- Cash -€329,815
down €329,815 (-39.8%), from €828,930 to €499,115
mainly Current investments (-€900,000) and Trade debts (-€117,430)
- Receivables within one year -€205,733
down €205,733 (-28.9%), from €710,679 to €504,945
of which Trade receivables: -€206,796
- Profit (loss) carried forward +€365,024
up €365,024 (+78.0%), from €467,947 to €832,971
- Accrued charges and deferred income +€118,567
up €118,567 (+12.0%), from €988,541 to €1.1m
- Trade debts -€117,430
down €117,430 (-87.6%), from €134,112 to €16,681
- Staff costs -€36,459
down €36,459 (-7.1%), from €516,042 to €479,583
- Gross operating margin +€24,604
up €24,604 (+3.0%), from €833,034 to €857,638
- Financial income +€12,875
new in 2025: €12,875
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 | €1,612,894 | €1,980,344 | +€367,450 | +22.8% |
| Fixed assets | 21/28 | €69,409 | €67,950 | -€1,459 | -2.1% |
| Intangible fixed assets | 21 | €37,368 | €34,878 | -€2,490 | -6.7% |
| Tangible fixed assets | 22/27 | €4,276 | €2,274 | -€2,002 | -46.8% |
| Furniture and vehicles | 24 | €4,276 | €2,274 | -€2,002 | -46.8% |
| Financial fixed assets | 28 | €27,766 | €30,798 | +€3,032 | +10.9% |
| Current assets | 29/58 | €1,543,485 | €1,912,394 | +€368,909 | +23.9% |
| Amounts receivable within one year | 40/41 | €710,679 | €504,945 | -€205,733 | -28.9% |
| Trade receivables | 40 | €709,797 | €503,001 | -€206,796 | -29.1% |
| Other amounts receivable | 41 | €882 | €1,944 | +€1,063 | +121% |
| Current investments | 50/53 | - | €900,000 | +€900,000 | |
| Cash at bank and in hand | 54/58 | €828,930 | €499,115 | -€329,815 | -39.8% |
| Deferred charges and accrued income | 490/1 | €3,876 | €8,334 | +€4,457 | +115% |
| Total equity and liabilities | 10/49 | €1,612,894 | €1,980,344 | +€367,450 | +22.8% |
| Equity | 10/15 | €467,947 | €832,971 | +€365,024 | +78.0% |
| Profit (loss) carried forward | 14 | €467,947 | €832,971 | +€365,024 | +78.0% |
| Amounts payable | 17/49 | €1,144,947 | €1,147,373 | +€2,425 | +0.2% |
| Amounts payable within one year | 42/48 | €156,407 | €40,265 | -€116,142 | -74.3% |
| Trade debts | 44 | €134,112 | €16,681 | -€117,430 | -87.6% |
| Suppliers | 440/4 | €134,112 | €16,681 | -€117,430 | -87.6% |
| Taxes, remuneration and social security | 45 | €22,295 | €23,584 | +€1,289 | +5.8% |
| Taxes | 450/3 | €551 | - | -€551 | |
| Remuneration and social security | 454/9 | €21,744 | €23,584 | +€1,839 | +8.5% |
| Accrued charges and deferred income | 492/3 | €988,541 | €1,107,107 | +€118,567 | +12.0% |
| Remuneration, social security and pensions | 62 | €516,042 | €479,583 | -€36,459 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,889 | €19,392 | +€8,502 | +78.1% |
| Other operating charges | 640/8 | €173 | €1,054 | +€880 | +508% |
| Gross operating margin | 9900 | €833,034 | €857,638 | +€24,604 | +3.0% |
| Operating profit (loss) | 9901 | €305,929 | €357,609 | +€51,680 | +16.9% |
| Financial income | 75/76B | - | €12,875 | +€12,875 | |
| Recurring financial income | 75 | - | €12,875 | +€12,875 | |
| Financial charges | 65/66B | €1,345 | €1,597 | +€252 | +18.7% |
| Recurring financial charges | 65 | €1,345 | €1,597 | +€252 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €304,584 | €368,887 | +€64,303 | +21.1% |
| Income taxes | 67/77 | - | €3,862 | +€3,862 | |
| Profit (loss) for the period | 9904 | €304,584 | €365,024 | +€60,441 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €304,584 | €365,024 | +€60,441 | +19.8% |
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 30 October 2026 via checked.be.