RandD: 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.
RandD
Largest movements
- Receivables within one year -€23,600
down €23,600 (-27.7%), from €85,214 to €61,614
- Trade debts -€30,728
down €30,728 (-38.7%), from €79,478 to €48,750
- Reserves +€5,980
up €5,980 (+40.2%), from €14,865 to €20,845
- Tax, wage and social debts +€1,258
up €1,258 (+8.7%), from €14,462 to €15,720
of which Taxes: +€1,553
- Gross operating margin +€11,292
up €11,292 (+25.0%), from €45,139 to €56,431
- Staff costs +€5,634
up €5,634 (+13.8%), from €40,691 to €46,325
- Taxes +€1,690
up €1,690 (+136.0%), from €1,243 to €2,933
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.
Cash bridge derived
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 | €113,963 | €90,473 | -€23,490 | -20.6% |
| Fixed assets | 21/28 | €1,521 | €880 | -€641 | -42.1% |
| Tangible fixed assets | 22/27 | €1,521 | €880 | -€641 | -42.1% |
| Plant, machinery and equipment | 23 | €176 | - | -€176 | |
| Furniture and vehicles | 24 | €1,345 | €880 | -€465 | -34.6% |
| Current assets | 29/58 | €112,442 | €89,593 | -€22,849 | -20.3% |
| Amounts receivable within one year | 40/41 | €85,214 | €61,614 | -€23,600 | -27.7% |
| Trade receivables | 40 | €85,214 | €61,614 | -€23,600 | -27.7% |
| Cash at bank and in hand | 54/58 | €26,238 | €26,951 | +€713 | +2.7% |
| Deferred charges and accrued income | 490/1 | €990 | €1,028 | +€38 | +3.8% |
| Total equity and liabilities | 10/49 | €113,963 | €90,473 | -€23,490 | -20.6% |
| Equity | 10/15 | €19,865 | €25,845 | +€5,980 | +30.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,865 | €20,845 | +€5,980 | +40.2% |
| Distributable reserves | 133 | €14,865 | €20,845 | +€5,980 | +40.2% |
| Amounts payable | 17/49 | €94,098 | €64,628 | -€29,470 | -31.3% |
| Amounts payable within one year | 42/48 | €94,098 | €64,628 | -€29,470 | -31.3% |
| Trade debts | 44 | €79,478 | €48,750 | -€30,728 | -38.7% |
| Suppliers | 440/4 | €79,478 | €48,750 | -€30,728 | -38.7% |
| Taxes, remuneration and social security | 45 | €14,462 | €15,720 | +€1,258 | +8.7% |
| Taxes | 450/3 | €6,160 | €7,713 | +€1,553 | +25.2% |
| Remuneration and social security | 454/9 | €8,302 | €8,007 | -€295 | -3.6% |
| Other amounts payable | 47/48 | €158 | €158 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €40,691 | €46,325 | +€5,634 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €687 | €641 | -€46 | -6.7% |
| Other operating charges | 640/8 | €502 | €506 | +€4 | +0.8% |
| Gross operating margin | 9900 | €45,139 | €56,431 | +€11,292 | +25.0% |
| Operating profit (loss) | 9901 | €3,259 | €8,959 | +€5,700 | +174.9% |
| Financial charges | 65/66B | €42 | €46 | +€4 | +9.5% |
| Recurring financial charges | 65 | €42 | €46 | +€4 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €3,217 | €8,913 | +€5,696 | +177.1% |
| Income taxes | 67/77 | €1,243 | €2,933 | +€1,690 | +136.0% |
| Profit (loss) for the period | 9904 | €1,974 | €5,980 | +€4,006 | +202.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,974 | €5,980 | +€4,006 | +202.9% |
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 10 October 2026 via checked.be.