R&D consulting: what changed
R&D consulting
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€41,065
up €41,065 (+49.6%), from €82,816 to €123,881
mainly Current investments (+€50,000) and Net result for the year (+€34,556)
- Receivables within one year +€12,152
up €12,152 (+76.8%), from €15,831 to €27,983
of which Trade receivables: +€11,942
- Tangible fixed assets +€4,957
up €4,957 (+85.7%), from €5,786 to €10,743
of which Other tangible fixed assets: +€6,363
- Reserves +€19,556
up €19,556 (+7.1%), from €273,699 to €293,255
of which Distributable reserves: +€19,556
- Other debts -€10,000
down €10,000 (-40.0%), from €25,000 to €15,000
- Advances received -€3,908
no longer reported in 2025 (was €3,908)
- Gross operating margin -€16,750
down €16,750 (-31.0%), from €54,034 to €37,284
- Depreciation +€668
up €668 (+70.5%), from €948 to €1,616
- Financial income +€651
up €651 (+78.1%), from €833 to €1,484
- Other operating charges +€613
up €613 (+48.9%), from €1,254 to €1,867
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €384,315 | €390,470 | +€6,155 | +1.6% |
| Fixed assets | 21/28 | €5,836 | €10,793 | +€4,957 | +84.9% |
| Tangible fixed assets | 22/27 | €5,786 | €10,743 | +€4,957 | +85.7% |
| Plant, machinery and equipment | 23 | €2,992 | €2,280 | -€712 | -23.8% |
| Furniture and vehicles | 24 | €2,794 | €2,100 | -€694 | -24.8% |
| Other tangible fixed assets | 26 | - | €6,363 | +€6,363 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €378,479 | €379,677 | +€1,198 | +0.3% |
| Stocks and contracts in progress | 3 | €227,813 | €227,813 | = | 0.0% |
| Stocks | 30/36 | €227,813 | €227,813 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,831 | €27,983 | +€12,152 | +76.8% |
| Trade receivables | 40 | €15,539 | €27,480 | +€11,942 | +76.9% |
| Other amounts receivable | 41 | €292 | €503 | +€211 | +72.1% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €82,816 | €123,881 | +€41,065 | +49.6% |
| Deferred charges and accrued income | 490/1 | €2,019 | - | -€2,019 | |
| Total equity and liabilities | 10/49 | €384,315 | €390,470 | +€6,155 | +1.6% |
| Equity | 10/15 | €348,699 | €368,255 | +€19,556 | +5.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €273,699 | €293,255 | +€19,556 | +7.1% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €266,199 | €285,755 | +€19,556 | +7.3% |
| Amounts payable | 17/49 | €35,616 | €22,215 | -€13,401 | -37.6% |
| Amounts payable after more than one year | 17 | €1,012 | €124 | -€889 | -87.8% |
| Other amounts payable | 178/9 | €1,012 | €124 | -€889 | -87.8% |
| Amounts payable within one year | 42/48 | €34,604 | €22,091 | -€12,513 | -36.2% |
| Trade debts | 44 | €1,433 | €1,917 | +€484 | +33.8% |
| Suppliers | 440/4 | €1,433 | €1,917 | +€484 | +33.8% |
| Advances received on contracts in progress | 46 | €3,908 | - | -€3,908 | |
| Taxes, remuneration and social security | 45 | €4,263 | €5,175 | +€912 | +21.4% |
| Taxes | 450/3 | €4,263 | €5,175 | +€912 | +21.4% |
| Other amounts payable | 47/48 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €948 | €1,616 | +€668 | +70.5% |
| Other operating charges | 640/8 | €1,254 | €1,867 | +€613 | +48.9% |
| Gross operating margin | 9900 | €54,034 | €37,284 | -€16,750 | -31.0% |
| Operating profit (loss) | 9901 | €51,832 | €33,800 | -€18,032 | -34.8% |
| Financial income | 75/76B | €833 | €1,484 | +€651 | +78.1% |
| Recurring financial income | 75 | €833 | €1,484 | +€651 | +78.1% |
| Financial charges | 65/66B | €290 | €212 | -€77 | -26.7% |
| Recurring financial charges | 65 | €290 | €212 | -€77 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €52,375 | €35,072 | -€17,304 | -33.0% |
| Income taxes | 67/77 | €107 | €515 | +€409 | +383% |
| Profit (loss) for the period | 9904 | €52,268 | €34,556 | -€17,712 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,268 | €34,556 | -€17,712 | -33.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.