FINANCIAL RESEARCH SYSTEMS: 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.
FINANCIAL RESEARCH SYSTEMS
Largest movements
- Current investments -€300,000
no longer reported in 2026 (was €300,000)
- Tangible fixed assets +€146,185
up €146,185 (+37.6%), from €389,147 to €535,332
of which Land and buildings: +€143,971
- Cash +€87,963
up €87,963 (+99.1%), from €88,793 to €176,756
mainly Current investments (+€300,000) and Depreciation (+€43,137)
- Profit (loss) carried forward -€43,517
down €43,517 (-45.2%), from -€96,189 to -€139,706
- Reserves -€11,768
down €11,768 (-1.8%), from €670,092 to €658,324
of which Tax-exempt reserves: -€11,768
- Gross operating margin +€22,642
up €22,642, from -€19,952 to €2,690
- Other operating charges +€14,375
up €14,375 (+223%), from €6,443 to €20,818
- Depreciation +€4,373
up €4,373 (+11.3%), from €38,764 to €43,137
- Financial income -€3,024
down €3,024 (-51.6%), from €5,859 to €2,835
- Taxes -€550
no longer reported in 2026 (was €550)
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €780,853 | €718,037 | -€62,816 | -8.0% |
| Fixed assets | 21/28 | €389,533 | €535,718 | +€146,185 | +37.5% |
| Tangible fixed assets | 22/27 | €389,147 | €535,332 | +€146,185 | +37.6% |
| Land and buildings | 22 | €389,147 | €533,118 | +€143,971 | +37.0% |
| Furniture and vehicles | 24 | - | €2,214 | +€2,214 | |
| Financial fixed assets | 28 | €386 | €386 | = | 0.0% |
| Current assets | 29/58 | €391,320 | €182,319 | -€209,001 | -53.4% |
| Amounts receivable after more than one year | 29 | €1,565 | - | -€1,565 | |
| Other amounts receivable | 291 | €1,565 | - | -€1,565 | |
| Amounts receivable within one year | 40/41 | - | €4,835 | +€4,835 | |
| Trade receivables | 40 | - | €2,420 | +€2,420 | |
| Other amounts receivable | 41 | - | €2,415 | +€2,415 | |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €88,793 | €176,756 | +€87,963 | +99.1% |
| Deferred charges and accrued income | 490/1 | €962 | €728 | -€234 | -24.3% |
| Total equity and liabilities | 10/49 | €780,853 | €718,037 | -€62,816 | -8.0% |
| Equity | 10/15 | €729,151 | €673,866 | -€55,285 | -7.6% |
| Contributions | 10/11 | €155,248 | €155,248 | = | 0.0% |
| Capital | 10 | €155,248 | €155,248 | = | 0.0% |
| Issued capital | 100 | €155,248 | €155,248 | = | 0.0% |
| Reserves | 13 | €670,092 | €658,324 | -€11,768 | -1.8% |
| Non-distributable reserves | 130/1 | €15,499 | €15,499 | = | 0.0% |
| Legal reserve | 130 | €15,499 | €15,499 | = | 0.0% |
| Tax-exempt reserves | 132 | €117,459 | €105,691 | -€11,768 | -10.0% |
| Distributable reserves | 133 | €537,134 | €537,134 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,189 | -€139,706 | -€43,517 | -45.2% |
| Provisions and deferred taxes | 16 | €36,486 | €32,564 | -€3,922 | -10.7% |
| Deferred taxes | 168 | €36,486 | €32,564 | -€3,922 | -10.7% |
| Amounts payable | 17/49 | €15,216 | €11,607 | -€3,609 | -23.7% |
| Amounts payable within one year | 42/48 | €4,914 | €4,718 | -€196 | -4.0% |
| Trade debts | 44 | €3,461 | €776 | -€2,685 | -77.6% |
| Suppliers | 440/4 | €3,461 | €776 | -€2,685 | -77.6% |
| Other amounts payable | 47/48 | €1,453 | €3,942 | +€2,489 | +171% |
| Accrued charges and deferred income | 492/3 | €10,302 | €6,889 | -€3,413 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,764 | €43,137 | +€4,373 | +11.3% |
| Other operating charges | 640/8 | €6,443 | €20,818 | +€14,375 | +223% |
| Non-recurring operating charges | 66A | €21,915 | - | -€21,915 | |
| Gross operating margin | 9900 | -€19,952 | €2,690 | +€22,642 | |
| Operating profit (loss) | 9901 | -€87,074 | -€61,265 | +€25,809 | +29.6% |
| Financial income | 75/76B | €5,859 | €2,835 | -€3,024 | -51.6% |
| Recurring financial income | 75 | €5,859 | €2,835 | -€3,024 | -51.6% |
| Financial charges | 65/66B | €254 | €777 | +€523 | +206% |
| Recurring financial charges | 65 | €254 | €777 | +€523 | +206% |
| Profit (loss) for the period before taxes | 9903 | -€81,469 | -€59,207 | +€22,262 | +27.3% |
| Transfer from deferred taxes | 780 | €14,142 | €3,922 | -€10,220 | -72.3% |
| Income taxes | 67/77 | €550 | - | -€550 | |
| Profit (loss) for the period | 9904 | -€67,877 | -€55,285 | +€12,592 | +18.6% |
| Transfer from tax-exempt reserves | 789 | €42,426 | €11,768 | -€30,658 | -72.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,451 | -€43,517 | -€18,066 | -71.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.