Sunrise: what changed
What changed
Sunrise
NACE 72.109, Other research and development on natural sciences
filed annual accounts (NBB)
Net result for the year
-€2.6m
2024 · -€1.7m-€980,420
Equity
€40.7m
2024 · €18.7m+€22.0m
Cash
€4.1m
2024 · €8.1m-€4.1m
Balance sheet total
€43.9m
2024 · €23.0m+€20.9m
Largest movements
Assets
- Current investments +€16.6m
new in 2025: €16.6m
- Receivables within one year +€8.9m
up €8.9m (+105%), from €8.5m to €17.4m
of which Other amounts receivable: +€8.6m
- Cash -€4.1m
down €4.1m (-50.0%), from €8.1m to €4.1m
mainly Current investments (-€16.6m) and Receivables within one year (-€8.9m)
Equity and liabilities
- Contributions +€25.0m
up €25.0m (+105%), from €23.9m to €48.9m
of which Contributions outside capital: +€24.9m
- Profit (loss) carried forward -€2.6m
down €2.6m (-32.2%), from -€8.2m to -€10.8m
- Trade debts -€687,886
down €687,886 (-69.0%), from €996,798 to €308,912
Income statement
- Financial charges +€919,065
up €919,065 (+919%), from €99,966 to €1.0m
- Staff costs +€428,367
up €428,367 (+14.8%), from €2.9m to €3.3m
- Financial income +€398,629
up €398,629 (+259%), from €153,652 to €552,281
- Depreciation +€373,254
up €373,254 (+24.2%), from €1.5m to €1.9m
- Gross operating margin +€328,478
up €328,478 (+12.0%), from €2.7m to €3.1m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€1.7m
Gross operating margin
+€328,478
Staff costs
-€428,367
Depreciation
-€373,254
Provisions
+€110,000
Other operating charges
-€23,781
Other operating items
+€15
Financial income
+€398,629
Financial charges
-€919,065
Taxes
-€73,076
Result 2025
-€2.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€10.7m
Investment
-€18.1m
Financing
+€24.7m
Cash 2024
€8.1m
From operations (derived)
-€10.7m
Net result for the year
-€2.6m
Depreciation
+€1.9m
Stocks and contracts
+€108,137
Receivables within one year
-€8.9m
Smaller working-capital items
-€54,598
Trade debts
-€687,886
Tax, wage and social debts
+€69,421
Other debts
-€306,626
Accrued charges and deferred income
-€236,457
Investment (derived)
-€18.1m
Investment in fixed assets (net)
-€1.5m
Current investments
-€16.6m
Financing
+€24.7m
Debts after one year
-€81,129
Current portion of long-term debt
+€184,106
Contributions, distributions and other
+€24.6m
Cash 2025
€4.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,989,797 | €43,908,058 | +€20.9m | +91.0% |
| Formation expenses | 20 | €17,999 | €8,334 | -€9,665 | -53.7% |
| Fixed assets | 21/28 | €5,927,670 | €5,498,038 | -€429,632 | -7.2% |
| Intangible fixed assets | 21 | €5,697,311 | €5,324,802 | -€372,509 | -6.5% |
| Tangible fixed assets | 22/27 | €206,651 | €149,688 | -€56,963 | -27.6% |
| Plant, machinery and equipment | 23 | €101,994 | €71,643 | -€30,351 | -29.8% |
| Furniture and vehicles | 24 | €51,701 | €34,737 | -€16,965 | -32.8% |
| Other tangible fixed assets | 26 | €52,956 | €43,308 | -€9,648 | -18.2% |
| Financial fixed assets | 28 | €23,708 | €23,548 | -€160 | -0.7% |
| Current assets | 29/58 | €17,044,127 | €38,401,686 | +€21.4m | +125% |
| Stocks and contracts in progress | 3 | €365,985 | €257,848 | -€108,137 | -29.5% |
| Stocks | 30/36 | €365,985 | €257,848 | -€108,137 | -29.5% |
| Amounts receivable within one year | 40/41 | €8,489,937 | €17,411,144 | +€8.9m | +105% |
| Trade receivables | 40 | €2,386,334 | €2,660,733 | +€274,399 | +11.5% |
| Other amounts receivable | 41 | €6,103,603 | €14,750,411 | +€8.6m | +142% |
| Current investments | 50/53 | - | €16,585,280 | +€16.6m | |
| Cash at bank and in hand | 54/58 | €8,147,179 | €4,071,290 | -€4.1m | -50.0% |
| Deferred charges and accrued income | 490/1 | €41,026 | €76,123 | +€35,098 | +85.6% |
| Total equity and liabilities | 10/49 | €22,989,797 | €43,908,058 | +€20.9m | +91.0% |
| Equity | 10/15 | €18,680,912 | €40,677,245 | +€22.0m | +118% |
| Contributions | 10/11 | €23,913,866 | €48,948,890 | +€25.0m | +105% |
| Capital | 10 | €298,347 | €421,460 | +€123,113 | +41.3% |
| Issued capital | 100 | €298,347 | €421,460 | +€123,113 | +41.3% |
| Contributions outside capital | 11 | €23,615,519 | €48,527,431 | +€24.9m | +105% |
| Share premium | 1100/10 | €23,615,519 | €48,527,431 | +€24.9m | +105% |
| Reserves | 13 | €20,805 | €20,805 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,205 | €11,205 | = | 0.0% |
| Legal reserve | 130 | €11,205 | €11,205 | = | 0.0% |
| Distributable reserves | 133 | €9,600 | €9,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,176,743 | -€10,811,492 | -€2.6m | -32.2% |
| Investment grants | 15 | €2,922,985 | €2,519,042 | -€403,943 | -13.8% |
| Provisions and deferred taxes | 16 | €110,000 | €110,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €110,000 | €110,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €110,000 | €110,000 | = | 0.0% |
| Amounts payable | 17/49 | €4,198,884 | €3,120,813 | -€1.1m | -25.7% |
| Amounts payable after more than one year | 17 | €1,969,157 | €1,888,028 | -€81,129 | -4.1% |
| Financial debts | 170/4 | €1,182,500 | €872,500 | -€310,000 | -26.2% |
| Other amounts payable | 178/9 | €786,657 | €1,015,528 | +€228,871 | +29.1% |
| Amounts payable within one year | 42/48 | €1,974,194 | €1,213,709 | -€760,485 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €281,160 | €465,265 | +€184,106 | +65.5% |
| Trade debts | 44 | €996,798 | €308,912 | -€687,886 | -69.0% |
| Suppliers | 440/4 | €996,798 | €308,912 | -€687,886 | -69.0% |
| Advances received on contracts in progress | 46 | €19,500 | - | -€19,500 | |
| Taxes, remuneration and social security | 45 | €369,666 | €439,087 | +€69,421 | +18.8% |
| Taxes | 450/3 | €21,063 | €71,525 | +€50,462 | +240% |
| Remuneration and social security | 454/9 | €348,603 | €367,562 | +€18,959 | +5.4% |
| Other amounts payable | 47/48 | €307,071 | €444 | -€306,626 | -99.9% |
| Accrued charges and deferred income | 492/3 | €255,533 | €19,076 | -€236,457 | -92.5% |
| Remuneration, social security and pensions | 62 | €2,889,665 | €3,318,032 | +€428,367 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,543,203 | €1,916,457 | +€373,254 | +24.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €110,000 | - | -€110,000 | |
| Other operating charges | 640/8 | €3,314 | €27,096 | +€23,781 | +718% |
| Non-recurring operating charges | 66A | €15 | - | -€15 | |
| Gross operating margin | 9900 | €2,740,201 | €3,068,679 | +€328,478 | +12.0% |
| Operating profit (loss) | 9901 | -€1,805,997 | -€2,192,905 | -€386,909 | -21.4% |
| Financial income | 75/76B | €153,652 | €552,281 | +€398,629 | +259% |
| Recurring financial income | 75 | €153,652 | €552,281 | +€398,629 | +259% |
| Financial charges | 65/66B | €99,966 | €1,019,031 | +€919,065 | +919% |
| Recurring financial charges | 65 | €99,966 | €1,019,031 | +€919,065 | +919% |
| Profit (loss) for the period before taxes | 9903 | -€1,752,311 | -€2,659,655 | -€907,344 | -51.8% |
| Income taxes | 67/77 | -€97,983 | -€24,907 | +€73,076 | +74.6% |
| Profit (loss) for the period | 9904 | -€1,654,328 | -€2,634,749 | -€980,420 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,654,328 | -€2,634,749 | -€980,420 | -59.3% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.