D&C Research Consulting: 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.
D&C Research Consulting
Largest movements
- Cash -€44,936
down €44,936 (-44.8%), from €100,408 to €55,472
mainly Contributions, distributions and other (-€59,737) and Current investments (-€26,027)
- Current investments +€26,027
up €26,027 (+32.9%), from €78,999 to €105,026
- Receivables within one year -€3,340
down €3,340 (-100%), from €3,340 to €0
- Reserves -€30,394
down €30,394 (-23.5%), from €129,580 to €99,186
- Tax, wage and social debts +€6,102
up €6,102 (+80.8%), from €7,548 to €13,651
- Gross operating margin -€4,419
down €4,419 (-9.4%), from €46,966 to €42,548
- Financial income +€3,122
new in 2025: €3,122
- Taxes -€687
down €687 (-4.4%), from €15,578 to €14,891
- Financial charges +€661
up €661 (+622%), from €106 to €767
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 | €186,674 | €165,093 | -€21,581 | -11.6% |
| Fixed assets | 21/28 | €1,946 | €2,717 | +€771 | +39.6% |
| Tangible fixed assets | 22/27 | €1,946 | €2,717 | +€771 | +39.6% |
| Furniture and vehicles | 24 | €346 | €1,117 | +€771 | +223% |
| Other tangible fixed assets | 26 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €184,728 | €162,376 | -€22,352 | -12.1% |
| Amounts receivable within one year | 40/41 | €3,340 | €0 | -€3,340 | -100% |
| Trade receivables | 40 | €3,340 | €0 | -€3,340 | -100% |
| Current investments | 50/53 | €78,999 | €105,026 | +€26,027 | +32.9% |
| Cash at bank and in hand | 54/58 | €100,408 | €55,472 | -€44,936 | -44.8% |
| Deferred charges and accrued income | 490/1 | €1,981 | €1,878 | -€103 | -5.2% |
| Total equity and liabilities | 10/49 | €186,674 | €165,093 | -€21,581 | -11.6% |
| Equity | 10/15 | €173,061 | €142,667 | -€30,394 | -17.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €129,580 | €99,186 | -€30,394 | -23.5% |
| Distributable reserves | 133 | €129,580 | €99,186 | -€30,394 | -23.5% |
| Profit (loss) carried forward | 14 | €37,281 | €37,281 | = | 0.0% |
| Amounts payable | 17/49 | €13,613 | €22,426 | +€8,813 | +64.7% |
| Amounts payable within one year | 42/48 | €8,488 | €15,451 | +€6,963 | +82.0% |
| Trade debts | 44 | €940 | €1,800 | +€860 | +91.5% |
| Suppliers | 440/4 | €940 | €1,800 | +€860 | +91.5% |
| Taxes, remuneration and social security | 45 | €7,548 | €13,651 | +€6,102 | +80.8% |
| Taxes | 450/3 | €7,548 | €13,651 | +€6,102 | +80.8% |
| Accrued charges and deferred income | 492/3 | €5,124 | €6,975 | +€1,850 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53 | €270 | +€217 | +407% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €46,966 | €42,548 | -€4,419 | -9.4% |
| Operating profit (loss) | 9901 | €46,526 | €41,878 | -€4,648 | -10.0% |
| Financial income | 75/76B | - | €3,122 | +€3,122 | |
| Recurring financial income | 75 | - | €3,122 | +€3,122 | |
| Financial charges | 65/66B | €106 | €767 | +€661 | +622% |
| Recurring financial charges | 65 | €106 | €767 | +€661 | +622% |
| Profit (loss) for the period before taxes | 9903 | €46,420 | €44,233 | -€2,187 | -4.7% |
| Income taxes | 67/77 | €15,578 | €14,891 | -€687 | -4.4% |
| Profit (loss) for the period | 9904 | €30,842 | €29,342 | -€1,500 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,842 | €29,342 | -€1,500 | -4.9% |
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 29 October 2026 via checked.be.