EXPLOITATION RESEARCH ADMINISTRATION: 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.
EXPLOITATION RESEARCH ADMINISTRATION
Largest movements
- Financial fixed assets -€110,517
down €110,517 (-99.8%), from €110,697 to €180
- Receivables within one year +€32,469
up €32,469 (+208.8%), from €15,550 to €48,019
of which Other amounts receivable: +€16,797
- Tangible fixed assets -€10,506
down €10,506 (-4.0%), from €262,937 to €252,431
of which Land and buildings: -€9,568
- Debts after one year -€136,753
down €136,753 (-72.5%), from €188,565 to €51,812
- Other debts +€86,225
up €86,225 (+235.6%), from €36,605 to €122,830
- Profit (loss) carried forward -€40,209
down €40,209 (-31.1%), from €129,340 to €89,132
- Current portion of long-term debt -€8,129
down €8,129 (-64.5%), from €12,605 to €4,476
- Trade debts +€6,869
up €6,869 (+381.4%), from €1,801 to €8,670
- Financial charges +€44,711
up €44,711 (+612.6%), from €7,299 to €52,009
of which Non-recurring financial charges: +€43,440
- Gross operating margin -€6,684
down €6,684 (-21.2%), from €31,460 to €24,776
- Taxes -€2,321
down €2,321 (-72.6%), from €3,197 to €877
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €398,706 | €309,626 | -€89,080 | -22.3% |
| Fixed assets | 21/28 | €373,634 | €252,611 | -€121,023 | -32.4% |
| Tangible fixed assets | 22/27 | €262,937 | €252,431 | -€10,506 | -4.0% |
| Land and buildings | 22 | €261,061 | €251,493 | -€9,568 | -3.7% |
| Plant, machinery and equipment | 23 | €1,876 | €938 | -€938 | -50.0% |
| Financial fixed assets | 28 | €110,697 | €180 | -€110,517 | -99.8% |
| Current assets | 29/58 | €25,072 | €57,015 | +€31,943 | +127.4% |
| Amounts receivable within one year | 40/41 | €15,550 | €48,019 | +€32,469 | +208.8% |
| Trade receivables | 40 | €15,550 | €31,222 | +€15,672 | +100.8% |
| Other amounts receivable | 41 | - | €16,797 | +€16,797 | |
| Cash at bank and in hand | 54/58 | €9,492 | €8,994 | -€498 | -5.2% |
| Deferred charges and accrued income | 490/1 | €31 | €2 | -€29 | -93.5% |
| Total equity and liabilities | 10/49 | €398,706 | €309,626 | -€89,080 | -22.3% |
| Equity | 10/15 | €149,792 | €109,583 | -€40,209 | -26.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,340 | €89,132 | -€40,209 | -31.1% |
| Amounts payable | 17/49 | €248,915 | €200,043 | -€48,871 | -19.6% |
| Amounts payable after more than one year | 17 | €188,565 | €51,812 | -€136,753 | -72.5% |
| Financial debts | 170/4 | €188,565 | €51,812 | -€136,753 | -72.5% |
| Amounts payable within one year | 42/48 | €57,861 | €145,901 | +€88,040 | +152.2% |
| Current portion of amounts payable after more than one year | 42 | €12,605 | €4,476 | -€8,129 | -64.5% |
| Trade debts | 44 | €1,801 | €8,670 | +€6,869 | +381.4% |
| Suppliers | 440/4 | €1,801 | €8,670 | +€6,869 | +381.4% |
| Taxes, remuneration and social security | 45 | €6,850 | €9,926 | +€3,075 | +44.9% |
| Taxes | 450/3 | €2,874 | €3,089 | +€215 | +7.5% |
| Remuneration and social security | 454/9 | €3,976 | €6,837 | +€2,860 | +71.9% |
| Other amounts payable | 47/48 | €36,605 | €122,830 | +€86,225 | +235.6% |
| Accrued charges and deferred income | 492/3 | €2,488 | €2,329 | -€159 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,506 | €10,506 | = | 0.0% |
| Other operating charges | 640/8 | €1,553 | €1,597 | +€44 | +2.8% |
| Gross operating margin | 9900 | €31,460 | €24,776 | -€6,684 | -21.2% |
| Operating profit (loss) | 9901 | €19,401 | €12,673 | -€6,727 | -34.7% |
| Financial income | 75/76B | €79 | €4 | -€75 | -95.1% |
| Recurring financial income | 75 | €79 | €4 | -€75 | -95.1% |
| Financial charges | 65/66B | €7,299 | €52,009 | +€44,711 | +612.6% |
| Recurring financial charges | 65 | €7,299 | €8,569 | +€1,271 | +17.4% |
| Non-recurring financial charges | 66B | - | €43,440 | +€43,440 | |
| Profit (loss) for the period before taxes | 9903 | €12,181 | -€39,332 | -€51,513 | |
| Income taxes | 67/77 | €3,197 | €877 | -€2,321 | -72.6% |
| Profit (loss) for the period | 9904 | €8,984 | -€40,209 | -€49,193 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,984 | -€40,209 | -€49,193 |
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 10 October 2026 via checked.be.