R&D CLOSE: 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.
R&D CLOSE
Largest movements
- Receivables within one year +€38,739
up €38,739 (+200%), from €19,372 to €58,111
of which Trade receivables: +€20,268
- Cash +€11,279
up €11,279 (+71.3%), from €15,821 to €27,100
mainly Net result for the year (+€49,299) and Other debts (+€25,000)
- Tangible fixed assets +€1,770
up €1,770 (+112%), from €1,577 to €3,347
- Other debts +€25,000
new in 2025: €25,000
- Profit (loss) carried forward +€24,299
up €24,299 (+98.6%), from €24,643 to €48,942
- Tax, wage and social debts +€2,514
up €2,514 (+31.8%), from €7,907 to €10,421
- Gross operating margin +€57,117
up €57,117 (+813%), from €7,023 to €64,141
- Taxes +€11,290
up €11,290 (+581%), from €1,944 to €13,234
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 | €36,975 | €88,558 | +€51,583 | +140% |
| Fixed assets | 21/28 | €1,577 | €3,347 | +€1,770 | +112% |
| Tangible fixed assets | 22/27 | €1,577 | €3,347 | +€1,770 | +112% |
| Furniture and vehicles | 24 | €1,577 | €3,347 | +€1,770 | +112% |
| Current assets | 29/58 | €35,398 | €85,211 | +€49,813 | +141% |
| Amounts receivable within one year | 40/41 | €19,372 | €58,111 | +€38,739 | +200% |
| Trade receivables | 40 | €19,224 | €39,492 | +€20,268 | +105% |
| Other amounts receivable | 41 | €148 | €18,619 | +€18,471 | +12,439% |
| Cash at bank and in hand | 54/58 | €15,821 | €27,100 | +€11,279 | +71.3% |
| Deferred charges and accrued income | 490/1 | €206 | €0 | -€206 | -100% |
| Total equity and liabilities | 10/49 | €36,975 | €88,558 | +€51,583 | +140% |
| Equity | 10/15 | €26,643 | €50,942 | +€24,299 | +91.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,643 | €48,942 | +€24,299 | +98.6% |
| Amounts payable | 17/49 | €10,333 | €37,616 | +€27,283 | +264% |
| Amounts payable within one year | 42/48 | €10,333 | €37,616 | +€27,283 | +264% |
| Trade debts | 44 | €2,426 | €2,195 | -€230 | -9.5% |
| Suppliers | 440/4 | €2,426 | €2,195 | -€230 | -9.5% |
| Taxes, remuneration and social security | 45 | €7,907 | €10,421 | +€2,514 | +31.8% |
| Taxes | 450/3 | €7,907 | €10,421 | +€2,514 | +31.8% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €741 | €996 | +€255 | +34.5% |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.2% |
| Gross operating margin | 9900 | €7,023 | €64,141 | +€57,117 | +813% |
| Operating profit (loss) | 9901 | €5,832 | €62,679 | +€56,848 | +975% |
| Financial income | 75/76B | €20 | €0 | -€20 | -100% |
| Recurring financial income | 75 | €20 | €0 | -€20 | -100% |
| Financial charges | 65/66B | €203 | €146 | -€57 | -28.0% |
| Recurring financial charges | 65 | €203 | €146 | -€57 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €5,649 | €62,533 | +€56,884 | +1,007% |
| Income taxes | 67/77 | €1,944 | €13,234 | +€11,290 | +581% |
| Profit (loss) for the period | 9904 | €3,705 | €49,299 | +€45,594 | +1,231% |
| Profit (loss) for the period to be appropriated | 9905 | €3,705 | €49,299 | +€45,594 | +1,231% |
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.