Dr. Vincent Recourdon: what changed
Dr. Vincent Recourdon
Largest movements
- Financial fixed assets -€199,650
down €199,650 (-100%), from €199,650 to €0
- Cash +€163,153
up €163,153 (+982%), from €16,614 to €179,767
mainly Net result for the year (+€227,875) and Investment in fixed assets (net) (+€197,801)
- Current investments -€27,000
down €27,000 (-100%), from €27,000 to €0
- Receivables within one year +€2,759
up €2,759 (+20.2%), from €13,666 to €16,425
- Other debts +€138,478
up €138,478 (+230%), from €60,088 to €198,566
- Debts after one year -€101,371
down €101,371 (-100%), from €101,371 to €0
- Reserves -€65,025
down €65,025 (-99.9%), from €65,116 to €91
- Current portion of long-term debt -€24,415
down €24,415 (-100%), from €24,415 to €0
- Tax, wage and social debts -€11,233
down €11,233 (-99.7%), from €11,263 to €30
- Financial income +€152,881
new in 2025: €152,881
- Gross operating margin -€4,047
down €4,047 (-3.6%), from €113,654 to €109,607
- Taxes -€3,238
down €3,238 (-11.5%), from €28,263 to €25,026
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,872 | €201,712 | -€63,160 | -23.8% |
| Fixed assets | 21/28 | €205,930 | €4,778 | -€201,152 | -97.7% |
| Tangible fixed assets | 22/27 | €6,280 | €4,778 | -€1,502 | -23.9% |
| Furniture and vehicles | 24 | €6,280 | €4,778 | -€1,502 | -23.9% |
| Financial fixed assets | 28 | €199,650 | €0 | -€199,650 | -100% |
| Current assets | 29/58 | €58,942 | €196,934 | +€137,992 | +234% |
| Amounts receivable within one year | 40/41 | €13,666 | €16,425 | +€2,759 | +20.2% |
| Trade receivables | 40 | €13,666 | €16,425 | +€2,759 | +20.2% |
| Current investments | 50/53 | €27,000 | €0 | -€27,000 | -100% |
| Cash at bank and in hand | 54/58 | €16,614 | €179,767 | +€163,153 | +982% |
| Deferred charges and accrued income | 490/1 | €1,662 | €742 | -€920 | -55.4% |
| Total equity and liabilities | 10/49 | €264,872 | €201,712 | -€63,160 | -23.8% |
| Equity | 10/15 | €66,616 | €1,591 | -€65,025 | -97.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €65,116 | €91 | -€65,025 | -99.9% |
| Distributable reserves | 133 | €65,116 | €91 | -€65,025 | -99.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €198,256 | €200,121 | +€1,866 | +0.9% |
| Amounts payable after more than one year | 17 | €101,371 | €0 | -€101,371 | -100% |
| Financial debts | 170/4 | €101,371 | €0 | -€101,371 | -100% |
| Amounts payable within one year | 42/48 | €96,885 | €200,121 | +€103,236 | +107% |
| Current portion of amounts payable after more than one year | 42 | €24,415 | €0 | -€24,415 | -100% |
| Trade debts | 44 | €1,119 | €1,525 | +€406 | +36.2% |
| Suppliers | 440/4 | €1,119 | €1,525 | +€406 | +36.2% |
| Taxes, remuneration and social security | 45 | €11,263 | €30 | -€11,233 | -99.7% |
| Taxes | 450/3 | €11,263 | €30 | -€11,233 | -99.7% |
| Other amounts payable | 47/48 | €60,088 | €198,566 | +€138,478 | +230% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,569 | €3,351 | +€782 | +30.5% |
| Other operating charges | 640/8 | €660 | €652 | -€8 | -1.2% |
| Gross operating margin | 9900 | €113,654 | €109,607 | -€4,047 | -3.6% |
| Operating profit (loss) | 9901 | €110,426 | €105,604 | -€4,822 | -4.4% |
| Financial income | 75/76B | - | €152,881 | +€152,881 | |
| Recurring financial income | 75 | - | €152,881 | +€152,881 | |
| Financial charges | 65/66B | €4,830 | €5,585 | +€755 | +15.6% |
| Recurring financial charges | 65 | €4,830 | €5,585 | +€755 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €105,596 | €252,900 | +€147,304 | +139% |
| Income taxes | 67/77 | €28,263 | €25,026 | -€3,238 | -11.5% |
| Profit (loss) for the period | 9904 | €77,333 | €227,875 | +€150,542 | +195% |
| Profit (loss) for the period to be appropriated | 9905 | €77,333 | €227,875 | +€150,542 | +195% |
Next steps
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 2 November 2026 via checked.be.