INNOVATION 39: 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.
INNOVATION 39
Largest movements
- Receivables within one year -€34,145
down €34,145 (-58.7%), from €58,172 to €24,026
of which Other amounts receivable: -€34,849
- Receivables after one year -€6,011
down €6,011 (-11.4%), from €52,592 to €46,581
- Cash -€5,516
down €5,516 (-31.9%), from €17,281 to €11,765
mainly Contributions, distributions and other (-€74,325) and Deferred charges and accrued income (-€4,959)
- Deferred charges and accrued income +€4,959
up €4,959 (+111%), from €4,463 to €9,421
- Reserves -€43,750
down €43,750 (-54.0%), from €81,080 to €37,330
of which Distributable reserves: -€43,750
- Profit (loss) carried forward -€8,005
down €8,005 (-26.2%), from €30,575 to €22,570
- Tax, wage and social debts +€6,068
up €6,068 (+69.2%), from €8,774 to €14,842
- Trade debts +€5,030
up €5,030 (+415%), from €1,211 to €6,241
- Gross operating margin -€13,242
down €13,242 (-29.1%), from €45,549 to €32,307
- Depreciation -€6,937
down €6,937 (-69.5%), from €9,975 to €3,038
- Taxes -€1,354
down €1,354 (-15.0%), from €9,054 to €7,700
- Financial income -€1,101
down €1,101 (-32.3%), from €3,410 to €2,309
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 | €140,239 | €99,582 | -€40,657 | -29.0% |
| Fixed assets | 21/28 | €7,732 | €7,788 | +€57 | +0.7% |
| Tangible fixed assets | 22/27 | €7,732 | €7,788 | +€57 | +0.7% |
| Furniture and vehicles | 24 | €7,732 | €7,788 | +€57 | +0.7% |
| Current assets | 29/58 | €132,507 | €91,794 | -€40,713 | -30.7% |
| Amounts receivable after more than one year | 29 | €52,592 | €46,581 | -€6,011 | -11.4% |
| Other amounts receivable | 291 | €52,592 | €46,581 | -€6,011 | -11.4% |
| Amounts receivable within one year | 40/41 | €58,172 | €24,026 | -€34,145 | -58.7% |
| Trade receivables | 40 | €19,693 | €20,396 | +€703 | +3.6% |
| Other amounts receivable | 41 | €38,479 | €3,630 | -€34,849 | -90.6% |
| Cash at bank and in hand | 54/58 | €17,281 | €11,765 | -€5,516 | -31.9% |
| Deferred charges and accrued income | 490/1 | €4,463 | €9,421 | +€4,959 | +111% |
| Total equity and liabilities | 10/49 | €140,239 | €99,582 | -€40,657 | -29.0% |
| Equity | 10/15 | €130,254 | €78,499 | -€51,755 | -39.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,080 | €37,330 | -€43,750 | -54.0% |
| Tax-exempt reserves | 132 | €18,370 | €18,370 | = | 0.0% |
| Distributable reserves | 133 | €62,710 | €18,960 | -€43,750 | -69.8% |
| Profit (loss) carried forward | 14 | €30,575 | €22,570 | -€8,005 | -26.2% |
| Amounts payable | 17/49 | €9,985 | €21,083 | +€11,098 | +111% |
| Amounts payable within one year | 42/48 | €9,985 | €21,083 | +€11,098 | +111% |
| Trade debts | 44 | €1,211 | €6,241 | +€5,030 | +415% |
| Suppliers | 440/4 | €1,211 | €6,241 | +€5,030 | +415% |
| Taxes, remuneration and social security | 45 | €8,774 | €14,842 | +€6,068 | +69.2% |
| Taxes | 450/3 | €8,774 | €14,842 | +€6,068 | +69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,975 | €3,038 | -€6,937 | -69.5% |
| Other operating charges | 640/8 | €548 | €870 | +€322 | +58.8% |
| Gross operating margin | 9900 | €45,549 | €32,307 | -€13,242 | -29.1% |
| Operating profit (loss) | 9901 | €35,026 | €28,399 | -€6,627 | -18.9% |
| Financial income | 75/76B | €3,410 | €2,309 | -€1,101 | -32.3% |
| Recurring financial income | 75 | €3,410 | €2,309 | -€1,101 | -32.3% |
| Financial charges | 65/66B | €289 | €439 | +€150 | +51.9% |
| Recurring financial charges | 65 | €289 | €439 | +€150 | +51.9% |
| Profit (loss) for the period before taxes | 9903 | €38,147 | €30,270 | -€7,878 | -20.7% |
| Income taxes | 67/77 | €9,054 | €7,700 | -€1,354 | -15.0% |
| Profit (loss) for the period | 9904 | €29,093 | €22,570 | -€6,524 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,093 | €22,570 | -€6,524 | -22.4% |
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 22 October 2026 via checked.be.