Economic 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.
Economic Research
Largest movements
- Receivables within one year -€46,039
down €46,039 (-48.6%), from €94,743 to €48,705
of which Trade receivables: -€56,065
- Cash -€3,194
down €3,194 (-81.0%), from €3,944 to €750
mainly Trade debts (-€37,969) and Other debts (-€20,330)
- Trade debts -€37,969
down €37,969 (-92.8%), from €40,933 to €2,965
- Other debts -€20,330
down €20,330 (-78.2%), from €26,000 to €5,670
- Profit (loss) carried forward +€8,800
up €8,800 (+3.5%), from -€251,530 to -€242,731
- Gross operating margin -€29,402
down €29,402 (-72.9%), from €40,316 to €10,915
- Taxes +€3,335
up €3,335 (+1,119%), from €298 to €3,633
- Financial income +€1,088
up €1,088 (+107%), from €1,013 to €2,101
- Depreciation -€544
no longer reported in 2025 (was €544)
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 | €98,687 | €49,454 | -€49,233 | -49.9% |
| Current assets | 29/58 | €98,687 | €49,454 | -€49,233 | -49.9% |
| Amounts receivable within one year | 40/41 | €94,743 | €48,705 | -€46,039 | -48.6% |
| Trade receivables | 40 | €60,555 | €4,490 | -€56,065 | -92.6% |
| Other amounts receivable | 41 | €34,189 | €44,215 | +€10,026 | +29.3% |
| Cash at bank and in hand | 54/58 | €3,944 | €750 | -€3,194 | -81.0% |
| Total equity and liabilities | 10/49 | €98,687 | €49,454 | -€49,233 | -49.9% |
| Equity | 10/15 | €397 | €9,197 | +€8,800 | +2,214% |
| Contributions | 10/11 | €251,928 | €251,928 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€251,530 | -€242,731 | +€8,800 | +3.5% |
| Amounts payable | 17/49 | €98,290 | €40,257 | -€58,032 | -59.0% |
| Amounts payable after more than one year | 17 | €28,000 | €28,000 | = | 0.0% |
| Other amounts payable | 178/9 | €28,000 | €28,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,290 | €12,257 | -€58,032 | -82.6% |
| Financial debts | 43 | €87 | - | -€87 | |
| Credit institutions | 430/8 | €87 | - | -€87 | |
| Trade debts | 44 | €40,933 | €2,965 | -€37,969 | -92.8% |
| Suppliers | 440/4 | €40,933 | €2,965 | -€37,969 | -92.8% |
| Taxes, remuneration and social security | 45 | €3,270 | €3,623 | +€353 | +10.8% |
| Taxes | 450/3 | €3,270 | €3,623 | +€353 | +10.8% |
| Other amounts payable | 47/48 | €26,000 | €5,670 | -€20,330 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €544 | - | -€544 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €40,316 | €10,915 | -€29,402 | -72.9% |
| Operating profit (loss) | 9901 | €39,385 | €10,515 | -€28,870 | -73.3% |
| Financial income | 75/76B | €1,013 | €2,101 | +€1,088 | +107% |
| Recurring financial income | 75 | €1,013 | €2,101 | +€1,088 | +107% |
| Financial charges | 65/66B | €99 | €184 | +€84 | +85.1% |
| Recurring financial charges | 65 | €99 | €184 | +€84 | +85.1% |
| Profit (loss) for the period before taxes | 9903 | €40,300 | €12,432 | -€27,867 | -69.2% |
| Income taxes | 67/77 | €298 | €3,633 | +€3,335 | +1,119% |
| Profit (loss) for the period | 9904 | €40,001 | €8,800 | -€31,202 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,001 | €8,800 | -€31,202 | -78.0% |
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 25 October 2026 via checked.be.