R&D EVENTS: 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 EVENTS
Largest movements
- Tangible fixed assets +€59,311
up €59,311 (+377%), from €15,741 to €75,051
of which Plant, machinery and equipment: +€53,178
- Cash -€46,587
down €46,587 (-48.6%), from €95,909 to €49,322
mainly Investment in fixed assets (net) (-€72,600) and Deferred charges and accrued income (-€27,617)
- Receivables within one year -€34,424
down €34,424 (-92.3%), from €37,297 to €2,873
of which Other amounts receivable: -€24,064
- Deferred charges and accrued income +€27,617
up €27,617 (+161%), from €17,194 to €44,811
- Stocks and contracts +€13,595
new in 2025: €13,595
- Other debts +€16,922
up €16,922 (+601%), from €2,816 to €19,738
- Advances received -€11,376
down €11,376 (-79.0%), from €14,403 to €3,027
- Accrued charges and deferred income +€5,297
up €5,297 (+202%), from €2,618 to €7,915
- Tax, wage and social debts +€4,245
up €4,245 (+490%), from €867 to €5,112
- Reserves +€2,305
up €2,305 (+3.2%), from €72,096 to €74,401
- Gross operating margin +€12,319
up €12,319 (+71.3%), from €17,287 to €29,606
- Depreciation +€9,343
up €9,343 (+237%), from €3,947 to €13,290
- Taxes +€810
up €810 (+21.0%), from €3,867 to €4,677
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 | €166,140 | €185,651 | +€19,511 | +11.7% |
| Fixed assets | 21/28 | €15,741 | €75,051 | +€59,311 | +377% |
| Tangible fixed assets | 22/27 | €15,741 | €75,051 | +€59,311 | +377% |
| Plant, machinery and equipment | 23 | €15,513 | €68,691 | +€53,178 | +343% |
| Furniture and vehicles | 24 | €227 | €6,360 | +€6,133 | +2,696% |
| Current assets | 29/58 | €150,399 | €110,600 | -€39,800 | -26.5% |
| Stocks and contracts in progress | 3 | - | €13,595 | +€13,595 | |
| Stocks | 30/36 | - | €13,595 | +€13,595 | |
| Amounts receivable within one year | 40/41 | €37,297 | €2,873 | -€34,424 | -92.3% |
| Trade receivables | 40 | €12,910 | €2,550 | -€10,361 | -80.3% |
| Other amounts receivable | 41 | €24,387 | €323 | -€24,064 | -98.7% |
| Cash at bank and in hand | 54/58 | €95,909 | €49,322 | -€46,587 | -48.6% |
| Deferred charges and accrued income | 490/1 | €17,194 | €44,811 | +€27,617 | +161% |
| Total equity and liabilities | 10/49 | €166,140 | €185,651 | +€19,511 | +11.7% |
| Equity | 10/15 | €144,596 | €146,901 | +€2,305 | +1.6% |
| Contributions | 10/11 | €72,500 | €72,500 | = | 0.0% |
| Reserves | 13 | €72,096 | €74,401 | +€2,305 | +3.2% |
| Distributable reserves | 133 | €72,096 | €74,401 | +€2,305 | +3.2% |
| Amounts payable | 17/49 | €21,544 | €38,750 | +€17,206 | +79.9% |
| Amounts payable within one year | 42/48 | €18,926 | €30,835 | +€11,909 | +62.9% |
| Current portion of amounts payable after more than one year | 42 | €750 | €2,917 | +€2,167 | +289% |
| Trade debts | 44 | €90 | €41 | -€49 | -54.0% |
| Suppliers | 440/4 | €90 | €41 | -€49 | -54.0% |
| Advances received on contracts in progress | 46 | €14,403 | €3,027 | -€11,376 | -79.0% |
| Taxes, remuneration and social security | 45 | €867 | €5,112 | +€4,245 | +490% |
| Taxes | 450/3 | €867 | €5,112 | +€4,245 | +490% |
| Other amounts payable | 47/48 | €2,816 | €19,738 | +€16,922 | +601% |
| Accrued charges and deferred income | 492/3 | €2,618 | €7,915 | +€5,297 | +202% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,947 | €13,290 | +€9,343 | +237% |
| Other operating charges | 640/8 | €596 | €477 | -€119 | -20.0% |
| Gross operating margin | 9900 | €17,287 | €29,606 | +€12,319 | +71.3% |
| Operating profit (loss) | 9901 | €12,744 | €15,839 | +€3,095 | +24.3% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €774 | €867 | +€93 | +12.0% |
| Recurring financial charges | 65 | €774 | €867 | +€93 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €11,971 | €14,982 | +€3,012 | +25.2% |
| Income taxes | 67/77 | €3,867 | €4,677 | +€810 | +21.0% |
| Profit (loss) for the period | 9904 | €8,104 | €10,305 | +€2,201 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,104 | €10,305 | +€2,201 | +27.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.