RESEARCH & DEVELOPMENT: 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.
RESEARCH & DEVELOPMENT
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Trade debts -€36,976
down €36,976 (-90.1%), from €41,028 to €4,053
- Other debts +€26,741
up €26,741 (+11.4%), from €234,144 to €260,885
- Profit (loss) carried forward +€7,324
up €7,324 (+9.1%), from -€80,888 to -€73,564
- Gross operating margin +€11,137
up €11,137, from -€3,251 to €7,886
- Financial charges -€8,750
down €8,750 (-95.6%), from €9,153 to €403
- Other operating charges +€159
new in 2025: €159
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €224,110 | €223,175 | -€935 | -0.4% |
| Fixed assets | 21/28 | €212,000 | €212,000 | = | 0.0% |
| Financial fixed assets | 28 | €212,000 | €212,000 | = | 0.0% |
| Current assets | 29/58 | €12,110 | €11,175 | -€935 | -7.7% |
| Stocks and contracts in progress | 3 | €1,925 | €1,925 | = | 0.0% |
| Stocks | 30/36 | €1,925 | €1,925 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,185 | €9,250 | -€935 | -9.2% |
| Trade receivables | 40 | €10,148 | €9,250 | -€898 | -8.8% |
| Other amounts receivable | 41 | €37 | - | -€37 | |
| Total equity and liabilities | 10/49 | €224,110 | €223,175 | -€935 | -0.4% |
| Equity | 10/15 | -€53,388 | -€46,064 | +€7,324 | +13.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,888 | -€73,564 | +€7,324 | +9.1% |
| Amounts payable | 17/49 | €277,498 | €269,239 | -€8,259 | -3.0% |
| Amounts payable within one year | 42/48 | €277,490 | €269,239 | -€8,251 | -3.0% |
| Financial debts | 43 | €863 | €1,281 | +€417 | +48.3% |
| Credit institutions | 430/8 | €863 | €1,281 | +€417 | +48.3% |
| Trade debts | 44 | €41,028 | €4,053 | -€36,976 | -90.1% |
| Suppliers | 440/4 | €41,028 | €4,053 | -€36,976 | -90.1% |
| Taxes, remuneration and social security | 45 | €1,455 | €3,021 | +€1,567 | +108% |
| Taxes | 450/3 | €1,455 | €3,021 | +€1,567 | +108% |
| Other amounts payable | 47/48 | €234,144 | €260,885 | +€26,741 | +11.4% |
| Accrued charges and deferred income | 492/3 | €8 | - | -€8 | |
| Other operating charges | 640/8 | - | €159 | +€159 | |
| Gross operating margin | 9900 | -€3,251 | €7,886 | +€11,137 | |
| Operating profit (loss) | 9901 | -€3,251 | €7,727 | +€10,978 | |
| Financial charges | 65/66B | €9,153 | €403 | -€8,750 | -95.6% |
| Recurring financial charges | 65 | €9,153 | €403 | -€8,750 | -95.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,404 | €7,324 | +€19,727 | |
| Profit (loss) for the period | 9904 | -€12,404 | €7,324 | +€19,727 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,404 | €7,324 | +€19,727 |
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 24 October 2026 via checked.be.