R&D -CONSTRUCT: 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 -CONSTRUCT
Largest movements
- Deferred charges and accrued income +€12,578
up €12,578 (+112%), from €11,262 to €23,840
- Stocks and contracts +€6,870
up €6,870 (+87.0%), from €7,895 to €14,765
- Tangible fixed assets +€2,460
up €2,460 (+50.1%), from €4,912 to €7,372
of which Furniture and vehicles: +€2,449
- Cash +€2,290
up €2,290 (+6,826%), from €34 to €2,324
mainly Net result for the year (+€19,569) and Trade debts (+€11,781)
- Receivables within one year +€1,383
up €1,383 (+2.1%), from €66,907 to €68,290
of which Other amounts receivable: +€33,084
- Profit (loss) carried forward +€19,569
up €19,569 (+42.3%), from -€46,212 to -€26,643
- Short-term financial debts -€13,801
no longer reported in 2025 (was €13,801)
- Trade debts +€11,781
up €11,781 (+25.1%), from €46,958 to €58,738
- Accrued charges and deferred income +€9,531
up €9,531 (+150%), from €6,364 to €15,895
- Other debts -€1,500
no longer reported in 2025 (was €1,500)
- Gross operating margin +€20,690
up €20,690 (+285%), from €7,258 to €27,949
- Other operating charges -€1,641
down €1,641 (-43.9%), from €3,740 to €2,099
- Depreciation +€649
up €649 (+38.7%), from €1,675 to €2,324
- Financial charges +€475
up €475 (+14.2%), from €3,347 to €3,823
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 | €91,010 | €116,591 | +€25,581 | +28.1% |
| Fixed assets | 21/28 | €4,912 | €7,372 | +€2,460 | +50.1% |
| Tangible fixed assets | 22/27 | €4,912 | €7,372 | +€2,460 | +50.1% |
| Plant, machinery and equipment | 23 | €3,583 | €3,594 | +€11 | +0.3% |
| Furniture and vehicles | 24 | €1,329 | €3,778 | +€2,449 | +184% |
| Current assets | 29/58 | €86,098 | €109,219 | +€23,121 | +26.9% |
| Stocks and contracts in progress | 3 | €7,895 | €14,765 | +€6,870 | +87.0% |
| Stocks | 30/36 | €7,895 | €14,765 | +€6,870 | +87.0% |
| Amounts receivable within one year | 40/41 | €66,907 | €68,290 | +€1,383 | +2.1% |
| Trade receivables | 40 | €34,326 | €2,625 | -€31,701 | -92.4% |
| Other amounts receivable | 41 | €32,582 | €65,665 | +€33,084 | +102% |
| Cash at bank and in hand | 54/58 | €34 | €2,324 | +€2,290 | +6,826% |
| Deferred charges and accrued income | 490/1 | €11,262 | €23,840 | +€12,578 | +112% |
| Total equity and liabilities | 10/49 | €91,010 | €116,591 | +€25,581 | +28.1% |
| Equity | 10/15 | €22,248 | €41,817 | +€19,569 | +88.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,860 | €49,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €48,000 | €48,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,212 | -€26,643 | +€19,569 | +42.3% |
| Amounts payable | 17/49 | €68,763 | €74,774 | +€6,011 | +8.7% |
| Amounts payable within one year | 42/48 | €62,399 | €58,879 | -€3,520 | -5.6% |
| Financial debts | 43 | €13,801 | - | -€13,801 | |
| Credit institutions | 430/8 | €13,801 | - | -€13,801 | |
| Trade debts | 44 | €46,958 | €58,738 | +€11,781 | +25.1% |
| Suppliers | 440/4 | €46,958 | €58,738 | +€11,781 | +25.1% |
| Taxes, remuneration and social security | 45 | €140 | €141 | +€1 | +0.9% |
| Taxes | 450/3 | €140 | €141 | +€1 | +0.9% |
| Other amounts payable | 47/48 | €1,500 | - | -€1,500 | |
| Accrued charges and deferred income | 492/3 | €6,364 | €15,895 | +€9,531 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,675 | €2,324 | +€649 | +38.7% |
| Other operating charges | 640/8 | €3,740 | €2,099 | -€1,641 | -43.9% |
| Gross operating margin | 9900 | €7,258 | €27,949 | +€20,690 | +285% |
| Operating profit (loss) | 9901 | €1,843 | €23,525 | +€21,682 | +1,176% |
| Financial income | 75/76B | €8 | €7 | -€1 | -10.4% |
| Recurring financial income | 75 | €8 | €7 | -€1 | -10.4% |
| Financial charges | 65/66B | €3,347 | €3,823 | +€475 | +14.2% |
| Recurring financial charges | 65 | €3,347 | €3,823 | +€475 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,496 | €19,710 | +€21,206 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +0.7% |
| Profit (loss) for the period | 9904 | -€1,636 | €19,569 | +€21,205 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,636 | €19,569 | +€21,205 |
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 14 October 2026 via checked.be.