R&D: 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.
R&D
Largest movements
- Cash -€5,952
down €5,952 (-89.2%), from €6,670 to €718
mainly Net result for the year (-€22,612)
- Tangible fixed assets -€606
down €606 (-2.3%), from €26,882 to €26,276
- Profit (loss) carried forward -€22,612
down €22,612 (-137.6%), from -€16,439 to -€39,051
- Other debts +€16,000
new in 2025: €16,000
- Gross operating margin -€16,811
down €16,811 (-943.2%), from -€1,782 to -€18,593
- Other operating charges +€684
up €684 (+25.5%), from €2,684 to €3,368
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 | €33,556 | €26,998 | -€6,558 | -19.5% |
| Fixed assets | 21/28 | €26,882 | €26,276 | -€606 | -2.3% |
| Tangible fixed assets | 22/27 | €26,882 | €26,276 | -€606 | -2.3% |
| Land and buildings | 22 | €26,882 | €26,276 | -€606 | -2.3% |
| Current assets | 29/58 | €6,674 | €722 | -€5,952 | -89.2% |
| Amounts receivable within one year | 40/41 | €4 | €4 | = | 0.0% |
| Other amounts receivable | 41 | €4 | €4 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,670 | €718 | -€5,952 | -89.2% |
| Total equity and liabilities | 10/49 | €33,556 | €26,998 | -€6,558 | -19.5% |
| Equity | 10/15 | €33,546 | €10,934 | -€22,612 | -67.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €19,985 | €19,985 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €16,985 | €16,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,439 | -€39,051 | -€22,612 | -137.6% |
| Amounts payable | 17/49 | €10 | €16,064 | +€16,054 | +160540.0% |
| Amounts payable within one year | 42/48 | €10 | €16,064 | +€16,054 | +160540.0% |
| Trade debts | 44 | €10 | €64 | +€54 | +540.0% |
| Suppliers | 440/4 | €10 | €64 | +€54 | +540.0% |
| Other amounts payable | 47/48 | - | €16,000 | +€16,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €606 | €606 | = | 0.0% |
| Other operating charges | 640/8 | €2,684 | €3,368 | +€684 | +25.5% |
| Gross operating margin | 9900 | -€1,782 | -€18,593 | -€16,811 | -943.2% |
| Operating profit (loss) | 9901 | -€5,072 | -€22,567 | -€17,495 | -344.9% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,116 | -€22,612 | -€17,496 | -342.0% |
| Profit (loss) for the period | 9904 | -€5,116 | -€22,612 | -€17,496 | -342.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,116 | -€22,612 | -€17,496 | -342.0% |
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 7 October 2026 via checked.be.