RESEARCH DEVELOPMENT AND LOANING: 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 AND LOANING
Largest movements
- Receivables within one year -€24,050
down €24,050 (-31.7%), from €75,850 to €51,800
of which Trade receivables: -€14,850
- Other debts -€29,991
down €29,991 (-45.3%), from €66,212 to €36,221
- Other operating charges +€3,343
up €3,343 (+59.9%), from €5,579 to €8,922
- Gross operating margin +€2,240
up €2,240 (+13.3%), from €16,907 to €19,147
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 | €879,461 | €848,824 | -€30,637 | -3.5% |
| Fixed assets | 21/28 | €90,735 | €84,540 | -€6,195 | -6.8% |
| Tangible fixed assets | 22/27 | €90,735 | €84,540 | -€6,195 | -6.8% |
| Land and buildings | 22 | €90,735 | €84,540 | -€6,195 | -6.8% |
| Current assets | 29/58 | €788,726 | €764,284 | -€24,442 | -3.1% |
| Stocks and contracts in progress | 3 | €675,321 | €675,321 | = | 0.0% |
| Stocks | 30/36 | €675,321 | €675,321 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €75,850 | €51,800 | -€24,050 | -31.7% |
| Trade receivables | 40 | €66,650 | €51,800 | -€14,850 | -22.3% |
| Other amounts receivable | 41 | €9,200 | - | -€9,200 | |
| Cash at bank and in hand | 54/58 | €33,797 | €33,220 | -€577 | -1.7% |
| Deferred charges and accrued income | 490/1 | €3,758 | €3,943 | +€185 | +4.9% |
| Total equity and liabilities | 10/49 | €879,461 | €848,824 | -€30,637 | -3.5% |
| Equity | 10/15 | €80,812 | €81,321 | +€509 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,353 | €60,861 | +€509 | +0.8% |
| Amounts payable | 17/49 | €798,649 | €767,503 | -€31,146 | -3.9% |
| Amounts payable after more than one year | 17 | €730,000 | €730,000 | = | 0.0% |
| Other amounts payable | 178/9 | €730,000 | €730,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,649 | €37,503 | -€31,146 | -45.4% |
| Trade debts | 44 | €1,317 | €206 | -€1,111 | -84.3% |
| Suppliers | 440/4 | €1,317 | €206 | -€1,111 | -84.3% |
| Taxes, remuneration and social security | 45 | €1,120 | €1,076 | -€44 | -4.0% |
| Taxes | 450/3 | €1,120 | €1,076 | -€44 | -4.0% |
| Other amounts payable | 47/48 | €66,212 | €36,221 | -€29,991 | -45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,565 | €9,641 | +€76 | +0.8% |
| Other operating charges | 640/8 | €5,579 | €8,922 | +€3,343 | +59.9% |
| Gross operating margin | 9900 | €16,907 | €19,147 | +€2,240 | +13.3% |
| Operating profit (loss) | 9901 | €1,763 | €584 | -€1,179 | -66.9% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €83 | €77 | -€5 | -6.5% |
| Recurring financial charges | 65 | €83 | €77 | -€5 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €1,680 | €509 | -€1,171 | -69.7% |
| Profit (loss) for the period | 9904 | €1,680 | €509 | -€1,171 | -69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,680 | €509 | -€1,171 | -69.7% |
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 23 October 2026 via checked.be.