INNOVATION FUND: 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 FUND
Largest movements
- Financial fixed assets -€2.0m
down €2.0m (-10.0%), from €19.6m to €17.7m
- Cash -€1.9m
down €1.9m (-75.9%), from €2.5m to €607,026
mainly Net result for the year (-€2.6m) and Current investments (-€1.3m)
- Current investments +€1.3m
up €1.3m (+127%), from €1.0m to €2.3m
- Profit (loss) carried forward -€2.6m
down €2.6m (-22.0%), from -€11.9m to -€14.5m
- Financial charges -€6.1m
down €6.1m (-66.8%), from €9.2m to €3.0m
of which Non-recurring financial charges: -€5.8m
- Financial income -€1.4m
down €1.4m (-67.1%), from €2.1m to €682,724
of which Non-recurring financial income: -€1.3m
- Gross operating margin +€55,464
up €55,464 (+18.0%), from -€308,306 to -€252,843
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 | €23,318,465 | €20,691,461 | -€2.6m | -11.3% |
| Fixed assets | 21/28 | €19,635,946 | €17,668,566 | -€2.0m | -10.0% |
| Financial fixed assets | 28 | €19,635,946 | €17,668,566 | -€2.0m | -10.0% |
| Current assets | 29/58 | €3,682,519 | €3,022,895 | -€659,624 | -17.9% |
| Amounts receivable within one year | 40/41 | €12,276 | €33,443 | +€21,168 | +172% |
| Other amounts receivable | 41 | €12,276 | €33,443 | +€21,168 | +172% |
| Current investments | 50/53 | €1,014,558 | €2,300,000 | +€1.3m | +127% |
| Cash at bank and in hand | 54/58 | €2,513,659 | €607,026 | -€1.9m | -75.9% |
| Deferred charges and accrued income | 490/1 | €142,026 | €82,425 | -€59,600 | -42.0% |
| Total equity and liabilities | 10/49 | €23,318,465 | €20,691,461 | -€2.6m | -11.3% |
| Equity | 10/15 | €23,282,970 | €20,662,392 | -€2.6m | -11.3% |
| Contributions | 10/11 | €35,070,000 | €35,070,000 | = | 0.0% |
| Capital | 10 | €33,700,000 | €33,700,000 | = | 0.0% |
| Issued capital | 100 | €33,700,000 | €33,700,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,370,000 | €1,370,000 | = | 0.0% |
| Share premium | 1100/10 | €1,370,000 | €1,370,000 | = | 0.0% |
| Reserves | 13 | €126,127 | €126,127 | = | 0.0% |
| Non-distributable reserves | 130/1 | €126,127 | €126,127 | = | 0.0% |
| Legal reserve | 130 | €126,127 | €126,127 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,913,157 | -€14,533,734 | -€2.6m | -22.0% |
| Amounts payable | 17/49 | €35,495 | €29,069 | -€6,426 | -18.1% |
| Amounts payable within one year | 42/48 | €35,495 | €25,246 | -€10,249 | -28.9% |
| Trade debts | 44 | €35,495 | €25,246 | -€10,249 | -28.9% |
| Suppliers | 440/4 | €35,495 | €25,246 | -€10,249 | -28.9% |
| Accrued charges and deferred income | 492/3 | - | €3,823 | +€3,823 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306 | - | -€306 | |
| Other operating charges | 640/8 | €968 | €1,013 | +€45 | +4.7% |
| Gross operating margin | 9900 | -€308,306 | -€252,843 | +€55,464 | +18.0% |
| Operating profit (loss) | 9901 | -€309,580 | -€253,855 | +€55,725 | +18.0% |
| Financial income | 75/76B | €2,078,215 | €682,724 | -€1.4m | -67.1% |
| Recurring financial income | 75 | €200,271 | €133,150 | -€67,120 | -33.5% |
| Non-recurring financial income | 76B | €1,877,944 | €549,574 | -€1.3m | -70.7% |
| Financial charges | 65/66B | €9,177,810 | €3,049,446 | -€6.1m | -66.8% |
| Recurring financial charges | 65 | €355,819 | €15,259 | -€340,560 | -95.7% |
| Non-recurring financial charges | 66B | €8,821,991 | €3,034,187 | -€5.8m | -65.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,409,175 | -€2,620,578 | +€4.8m | +64.6% |
| Profit (loss) for the period | 9904 | -€7,409,175 | -€2,620,578 | +€4.8m | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,409,175 | -€2,620,578 | +€4.8m | +64.6% |
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 26 October 2026 via checked.be.