Flanders Make: what changed
Two fiscal 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.
What changed
Flanders Make
NACE 72.109, Other research and development on natural sciences
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.7m-€181,536
Equity
€26.0m
2024 · €23.5m+€2.6m
Cash
€184,569
2024 · €9.5m-€9.3m
Balance sheet total
€234.7m
2024 · €229.0m+€5.7m
Largest movements
Assets
- Cash -€9.3m
down €9.3m (-98.1%), from €9.5m to €184,569
mainly Receivables within one year (-€7.8m) and Current investments (-€6.0m)
- Receivables within one year +€7.8m
up €7.8m (+40.7%), from €19.2m to €27.1m
of which Trade receivables: +€7.9m
- Current investments +€6.0m
up €6.0m (+4.8%), from €125.2m to €131.2m
Equity and liabilities
- Debts within one year +€4.2m
up €4.2m (+4.2%), from €101.4m to €105.6m
Income statement
- Staff costs +€2.7m
up €2.7m (+12.6%), from €21.6m to €24.3m
- Turnover +€1.4m
up €1.4m (+4.6%), from €30.9m to €32.3m
- Services and other goods -€1.1m
down €1.1m (-10.7%), from €10.7m to €9.6m
- Financial income -€592,366
down €592,366 (-18.7%), from €3.2m to €2.6m
- Other operating income +€367,619
up €367,619 (+9.8%), from €3.7m to €4.1m
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.
Result 2024
€1.7m
Turnover
+€1.4m
Other operating income
+€367,619
Goods and materials
+€52,863
Services and other goods
+€1.1m
Staff costs
-€2.7m
Depreciation
-€222,143
Write-downs
+€96,310
Other operating charges
+€32,311
Other operating items
+€221,988
Financial income
-€592,366
Financial charges
+€341,113
Taxes
-€303,411
Result 2025
€1.5m
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.
From operations
-€1.3m
Investment
-€8.8m
Financing
+€829,315
Cash 2024
€9.5m
From operations (derived)
-€1.3m
Net result for the year
+€1.5m
Depreciation
+€2.7m
Stocks and contracts
-€840,440
Receivables within one year
-€7.8m
Deferred charges and accrued income
-€324,583
Provisions
-€63,854
Debts within one year
+€4.2m
Accrued charges and deferred income
-€786,483
Investment (derived)
-€8.8m
Investment in fixed assets (net)
-€2.9m
Current investments
-€6.0m
Financing
+€829,315
Debts after one year
-€196,710
Contributions, distributions and other
+€1.0m
Cash 2025
€184,569
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €228,990,210 | €234,739,234 | +€5.7m | +2.5% |
| Fixed assets | 21/28 | €31,825,101 | €31,937,833 | +€112,732 | +0.4% |
| Intangible fixed assets | 21 | €275,000 | €1,008,706 | +€733,706 | +266.8% |
| Tangible fixed assets | 22/27 | €29,163,992 | €28,543,018 | -€620,974 | -2.1% |
| Land and buildings | 22 | €2,936,949 | €2,695,458 | -€241,491 | -8.2% |
| Plant, machinery and equipment | 23 | €4,668,498 | €4,218,574 | -€449,924 | -9.6% |
| Furniture and vehicles | 24 | €681,280 | €658,192 | -€23,088 | -3.4% |
| Leasing and similar rights | 25 | €16,331,853 | €15,699,652 | -€632,201 | -3.9% |
| Other tangible fixed assets | 26 | €3,621,718 | €3,812,450 | +€190,732 | +5.3% |
| Assets under construction and advance payments | 27 | €923,694 | €1,458,692 | +€534,998 | +57.9% |
| Financial fixed assets | 28 | €2,386,109 | €2,386,109 | = | 0.0% |
| Affiliated companies | 280/1 | €1,382,895 | €1,382,895 | = | 0.0% |
| Participating interests | 280 | €1,382,895 | €1,382,895 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €1,000,000 | €1,000,000 | = | 0.0% |
| Participating interests | 282 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,214 | €3,214 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,214 | €3,214 | = | 0.0% |
| Current assets | 29/58 | €197,165,109 | €202,801,402 | +€5.6m | +2.9% |
| Stocks and contracts in progress | 3 | €41,977,455 | €42,817,895 | +€840,440 | +2.0% |
| Contracts in progress | 37 | €41,977,455 | €42,817,895 | +€840,440 | +2.0% |
| Amounts receivable within one year | 40/41 | €19,242,898 | €27,072,438 | +€7.8m | +40.7% |
| Trade receivables | 40 | €18,794,887 | €26,736,122 | +€7.9m | +42.3% |
| Other amounts receivable | 41 | €448,011 | €336,316 | -€111,696 | -24.9% |
| Current investments | 50/53 | €125,229,515 | €131,211,914 | +€6.0m | +4.8% |
| Cash at bank and in hand | 54/58 | €9,525,239 | €184,569 | -€9.3m | -98.1% |
| Deferred charges and accrued income | 490/1 | €1,190,001 | €1,514,585 | +€324,583 | +27.3% |
| Total equity and liabilities | 10/49 | €228,990,210 | €234,739,234 | +€5.7m | +2.5% |
| Equity | 10/15 | €23,457,461 | €26,028,388 | +€2.6m | +11.0% |
| Reserves | 13 | €15,467,222 | €16,358,666 | +€891,444 | +5.8% |
| Investment grants | 15 | €7,990,239 | €9,669,722 | +€1.7m | +21.0% |
| Provisions and deferred taxes | 16 | €126,578 | €62,724 | -€63,854 | -50.4% |
| Provisions for liabilities and charges | 160/5 | €126,578 | €62,724 | -€63,854 | -50.4% |
| Pensions and similar obligations | 160 | €54,290 | €62,724 | +€8,434 | +15.5% |
| Other liabilities and charges | 164/5 | €72,288 | - | -€72,288 | |
| Amounts payable | 17/49 | €205,406,171 | €208,648,123 | +€3.2m | +1.6% |
| Amounts payable after more than one year | 17 | €16,655,967 | €16,459,257 | -€196,710 | -1.2% |
| Financial debts | 170/4 | €16,647,917 | €16,451,207 | -€196,710 | -1.2% |
| Leasing and similar obligations | 172 | €16,647,917 | €16,451,207 | -€196,710 | -1.2% |
| Other amounts payable | 178/9 | €8,050 | €8,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €101,395,961 | €105,621,106 | +€4.2m | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €182,008 | €200,046 | +€18,039 | +9.9% |
| Trade debts | 44 | €6,119,491 | €3,826,043 | -€2.3m | -37.5% |
| Suppliers | 440/4 | €6,119,491 | €3,826,043 | -€2.3m | -37.5% |
| Advances received on contracts in progress | 46 | €11,723,226 | €12,199,124 | +€475,898 | +4.1% |
| Taxes, remuneration and social security | 45 | €3,952,355 | €4,493,285 | +€540,930 | +13.7% |
| Taxes | 450/3 | €15,255 | €184,889 | +€169,634 | +1112.0% |
| Remuneration and social security | 454/9 | €3,937,100 | €4,308,396 | +€371,296 | +9.4% |
| Accrued charges and deferred income | 492/3 | €87,354,243 | €86,567,760 | -€786,483 | -0.9% |
| Operating income | 70/76A | €35,406,751 | €37,324,639 | +€1.9m | +5.4% |
| Turnover | 70 | €30,932,223 | €32,344,337 | +€1.4m | +4.6% |
| Other operating income | 74 | €3,737,146 | €4,104,765 | +€367,619 | +9.8% |
| Operating charges | 60/66A | €35,588,858 | €37,133,618 | +€1.5m | +4.3% |
| Goods for resale, raw materials and consumables | 60 | €276,635 | €223,772 | -€52,863 | -19.1% |
| Purchases | 600/8 | €276,635 | €223,772 | -€52,863 | -19.1% |
| Services and other goods | 61 | €10,697,873 | €9,556,420 | -€1.1m | -10.7% |
| Remuneration, social security and pensions | 62 | €21,589,724 | €24,319,111 | +€2.7m | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,516,168 | €2,738,312 | +€222,143 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €81,488 | -€14,822 | -€96,310 | |
| Other operating charges | 640/8 | €346,394 | €314,083 | -€32,311 | -9.3% |
| Non-recurring operating charges | 66A | - | €60,597 | +€60,597 | |
| Operating profit (loss) | 9901 | -€182,107 | €191,021 | +€373,129 | |
| Financial income | 75/76B | €3,167,805 | €2,575,439 | -€592,366 | -18.7% |
| Recurring financial income | 75 | €3,167,805 | €2,575,439 | -€592,366 | -18.7% |
| Income from current assets | 751 | €983,487 | €2,559,805 | +€1.6m | +160.3% |
| Other financial income | 752/9 | €2,184,319 | €15,634 | -€2.2m | -99.3% |
| Financial charges | 65/66B | €1,206,501 | €865,388 | -€341,113 | -28.3% |
| Recurring financial charges | 65 | €639,396 | €865,388 | +€225,992 | +35.3% |
| Debt charges | 650 | €673,268 | €661,618 | -€11,650 | -1.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€155,695 | -€4 | +€155,691 | +100.0% |
| Other financial charges | 652/9 | €121,823 | €203,774 | +€81,951 | +67.3% |
| Non-recurring financial charges | 66B | €567,105 | - | -€567,105 | |
| Profit (loss) for the period before taxes | 9903 | €1,779,197 | €1,901,072 | +€121,875 | +6.9% |
| Income taxes | 67/77 | €52,761 | €356,172 | +€303,411 | +575.1% |
| Taxes | 670/3 | €52,761 | €356,172 | +€303,411 | +575.1% |
| Profit (loss) for the period | 9904 | €1,726,437 | €1,544,901 | -€181,536 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,726,437 | €1,544,901 | -€181,536 | -10.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.