R & D PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€21,541
down €21,541 (-2.7%), from €808,813 to €787,271
- Receivables within one year +€18,551
up €18,551 (+184%), from €10,063 to €28,613
of which Trade receivables: +€18,382
- Short-term financial debts +€21,000
up €21,000 (+42.9%), from €49,000 to €70,000
- Debts after one year -€16,911
down €16,911 (-17.5%), from €96,492 to €79,581
of which Financial debts: -€17,687
- Reserves +€13,885
up €13,885 (+13.5%), from €102,516 to €116,401
- Current portion of long-term debt -€12,682
down €12,682 (-40.3%), from €31,467 to €18,785
- Trade debts -€11,366
down €11,366 (-69.0%), from €16,476 to €5,109
- Gross operating margin +€9,362
up €9,362 (+25.6%), from €36,604 to €45,966
- Taxes +€3,199
up €3,199 (+114%), from €2,807 to €6,007
- Financial income +€2,972
up €2,972 (+7,430,950%), from €0 to €2,972
- Financial charges -€1,355
down €1,355 (-17.6%), from €7,689 to €6,333
- Other operating charges -€1,118
down €1,118 (-48.8%), from €2,290 to €1,172
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 | €1,032,666 | €1,021,418 | -€11,248 | -1.1% |
| Fixed assets | 21/28 | €1,010,666 | €987,274 | -€23,391 | -2.3% |
| Tangible fixed assets | 22/27 | €808,813 | €787,271 | -€21,541 | -2.7% |
| Land and buildings | 22 | €808,813 | €787,271 | -€21,541 | -2.7% |
| Financial fixed assets | 28 | €201,853 | €200,003 | -€1,850 | -0.9% |
| Current assets | 29/58 | €22,000 | €34,144 | +€12,144 | +55.2% |
| Amounts receivable within one year | 40/41 | €10,063 | €28,613 | +€18,551 | +184% |
| Trade receivables | 40 | €9,723 | €28,105 | +€18,382 | +189% |
| Other amounts receivable | 41 | €340 | €508 | +€168 | +49.5% |
| Cash at bank and in hand | 54/58 | €11,938 | €5,531 | -€6,407 | -53.7% |
| Total equity and liabilities | 10/49 | €1,032,666 | €1,021,418 | -€11,248 | -1.1% |
| Equity | 10/15 | €333,691 | €347,576 | +€13,885 | +4.2% |
| Contributions | 10/11 | €73,000 | €73,000 | = | 0.0% |
| Revaluation surpluses | 12 | €158,175 | €158,175 | = | 0.0% |
| Reserves | 13 | €102,516 | €116,401 | +€13,885 | +13.5% |
| Distributable reserves | 133 | €102,516 | €116,401 | +€13,885 | +13.5% |
| Provisions and deferred taxes | 16 | €80,000 | €80,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €80,000 | €80,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable | 17/49 | €618,975 | €593,842 | -€25,133 | -4.1% |
| Amounts payable after more than one year | 17 | €96,492 | €79,581 | -€16,911 | -17.5% |
| Financial debts | 170/4 | €60,799 | €43,112 | -€17,687 | -29.1% |
| Other amounts payable | 178/9 | €35,693 | €36,469 | +€776 | +2.2% |
| Amounts payable within one year | 42/48 | €522,409 | €512,334 | -€10,075 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €31,467 | €18,785 | -€12,682 | -40.3% |
| Financial debts | 43 | €49,000 | €70,000 | +€21,000 | +42.9% |
| Credit institutions | 430/8 | €49,000 | €70,000 | +€21,000 | +42.9% |
| Trade debts | 44 | €16,476 | €5,109 | -€11,366 | -69.0% |
| Suppliers | 440/4 | €16,476 | €5,109 | -€11,366 | -69.0% |
| Advances received on contracts in progress | 46 | €3,400 | €0 | -€3,400 | -100% |
| Taxes, remuneration and social security | 45 | €10,785 | €16,246 | +€5,461 | +50.6% |
| Taxes | 450/3 | €10,785 | €13,398 | +€2,613 | +24.2% |
| Remuneration and social security | 454/9 | €0 | €2,848 | +€2,848 | |
| Other amounts payable | 47/48 | €411,281 | €402,193 | -€9,088 | -2.2% |
| Accrued charges and deferred income | 492/3 | €74 | €1,927 | +€1,854 | +2,522% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,541 | €21,541 | = | 0.0% |
| Other operating charges | 640/8 | €2,290 | €1,172 | -€1,118 | -48.8% |
| Gross operating margin | 9900 | €36,604 | €45,966 | +€9,362 | +25.6% |
| Operating profit (loss) | 9901 | €12,772 | €23,253 | +€10,481 | +82.1% |
| Financial income | 75/76B | €0 | €2,972 | +€2,972 | +7,430,950% |
| Recurring financial income | 75 | €0 | €2,972 | +€2,972 | +7,430,950% |
| Financial charges | 65/66B | €7,689 | €6,333 | -€1,355 | -17.6% |
| Recurring financial charges | 65 | €7,689 | €6,333 | -€1,355 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €5,083 | €19,892 | +€14,808 | +291% |
| Income taxes | 67/77 | €2,807 | €6,007 | +€3,199 | +114% |
| Profit (loss) for the period | 9904 | €2,276 | €13,885 | +€11,609 | +510% |
| Profit (loss) for the period to be appropriated | 9905 | €2,276 | €13,885 | +€11,609 | +510% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.