R&D Horses: 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 Horses
Largest movements
- Tangible fixed assets -€10,520
down €10,520 (-35.7%), from €29,455 to €18,935
of which Furniture and vehicles: -€9,830
- Stocks and contracts +€4,801
up €4,801 (+18.4%), from €26,156 to €30,957
- Cash -€3,038
down €3,038 (-55.3%), from €5,495 to €2,458
mainly Net result for the year (-€19,141) and Current portion of long-term debt (-€5,150)
- Receivables within one year -€2,371
down €2,371 (-72.0%), from €3,295 to €924
of which Trade receivables: -€1,888
- Profit (loss) carried forward -€19,141
down €19,141, from €4,746 to -€14,395
- Trade debts +€16,483
up €16,483 (+204%), from €8,062 to €24,545
- Current portion of long-term debt -€5,150
down €5,150 (-100%), from €5,150 to €0
- Tax, wage and social debts -€1,894
down €1,894 (-30.9%), from €6,124 to €4,230
of which Taxes: -€2,036
- Other debts -€1,515
down €1,515 (-4.5%), from €33,756 to €32,240
- Gross operating margin -€19,590
down €19,590 (-62.1%), from €31,542 to €11,952
- Depreciation -€1,237
down €1,237 (-10.5%), from €11,757 to €10,520
- Staff costs +€790
up €790 (+4.4%), from €18,126 to €18,916
- Financial income -€390
down €390 (-72.6%), from €537 to €147
- Other operating charges -€341
down €341 (-18.8%), from €1,816 to €1,474
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 | €64,497 | €53,381 | -€11,116 | -17.2% |
| Fixed assets | 21/28 | €29,455 | €18,935 | -€10,520 | -35.7% |
| Tangible fixed assets | 22/27 | €29,455 | €18,935 | -€10,520 | -35.7% |
| Plant, machinery and equipment | 23 | €85 | €0 | -€85 | -100% |
| Furniture and vehicles | 24 | €25,022 | €15,192 | -€9,830 | -39.3% |
| Other tangible fixed assets | 26 | €4,349 | €3,743 | -€606 | -13.9% |
| Current assets | 29/58 | €35,041 | €34,446 | -€596 | -1.7% |
| Stocks and contracts in progress | 3 | €26,156 | €30,957 | +€4,801 | +18.4% |
| Stocks | 30/36 | €26,156 | €30,957 | +€4,801 | +18.4% |
| Amounts receivable within one year | 40/41 | €3,295 | €924 | -€2,371 | -72.0% |
| Trade receivables | 40 | €2,775 | €887 | -€1,888 | -68.0% |
| Other amounts receivable | 41 | €520 | €37 | -€484 | -92.9% |
| Cash at bank and in hand | 54/58 | €5,495 | €2,458 | -€3,038 | -55.3% |
| Deferred charges and accrued income | 490/1 | €95 | €108 | +€13 | +13.5% |
| Total equity and liabilities | 10/49 | €64,497 | €53,381 | -€11,116 | -17.2% |
| Equity | 10/15 | €10,746 | -€8,395 | -€19,141 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,746 | -€14,395 | -€19,141 | |
| Amounts payable | 17/49 | €53,750 | €61,776 | +€8,025 | +14.9% |
| Amounts payable within one year | 42/48 | €53,442 | €61,776 | +€8,334 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €5,150 | €0 | -€5,150 | -100% |
| Trade debts | 44 | €8,062 | €24,545 | +€16,483 | +204% |
| Suppliers | 440/4 | €8,062 | €24,545 | +€16,483 | +204% |
| Advances received on contracts in progress | 46 | €350 | €760 | +€410 | +117% |
| Taxes, remuneration and social security | 45 | €6,124 | €4,230 | -€1,894 | -30.9% |
| Taxes | 450/3 | €3,616 | €1,580 | -€2,036 | -56.3% |
| Remuneration and social security | 454/9 | €2,508 | €2,650 | +€142 | +5.7% |
| Other amounts payable | 47/48 | €33,756 | €32,240 | -€1,515 | -4.5% |
| Accrued charges and deferred income | 492/3 | €309 | €0 | -€309 | -100% |
| Remuneration, social security and pensions | 62 | €18,126 | €18,916 | +€790 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,757 | €10,520 | -€1,237 | -10.5% |
| Other operating charges | 640/8 | €1,816 | €1,474 | -€341 | -18.8% |
| Gross operating margin | 9900 | €31,542 | €11,952 | -€19,590 | -62.1% |
| Operating profit (loss) | 9901 | -€156 | -€18,958 | -€18,802 | -12,091% |
| Financial income | 75/76B | €537 | €147 | -€390 | -72.6% |
| Recurring financial income | 75 | €537 | €147 | -€390 | -72.6% |
| Financial charges | 65/66B | €357 | €331 | -€26 | -7.2% |
| Recurring financial charges | 65 | €357 | €331 | -€26 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €25 | -€19,141 | -€19,166 | |
| Profit (loss) for the period | 9904 | €25 | -€19,141 | -€19,166 | |
| Profit (loss) for the period to be appropriated | 9905 | €25 | -€19,141 | -€19,166 |
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 31 October 2026 via checked.be.