EUROREC: 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.
EUROREC
Largest movements
- Cash -€27,932
down €27,932 (-12.4%), from €225,066 to €197,134
mainly Net result for the year (-€47,007) and Receivables within one year (-€11,429)
- Tangible fixed assets -€13,750
down €13,750 (-30.7%), from €44,738 to €30,988
of which Furniture and vehicles: -€11,125
- Receivables within one year +€11,429
up €11,429 (+5.4%), from €211,656 to €223,085
of which Trade receivables: +€10,243
- Stocks and contracts -€8,654
down €8,654 (-15.6%), from €55,332 to €46,678
- Reserves -€31,316
down €31,316 (-57.1%), from €54,868 to €23,552
of which Tax-exempt reserves: -€31,316
- Tax, wage and social debts +€20,784
up €20,784 (+72.8%), from €28,560 to €49,344
of which Remuneration and social security: +€15,503
- Profit (loss) carried forward -€15,691
down €15,691 (-3.8%), from €410,331 to €394,640
- Provisions -€7,829
no longer reported in 2025 (was €7,829)
- Staff costs +€45,675
up €45,675 (+24.3%), from €188,165 to €233,840
- Gross operating margin +€29,987
up €29,987 (+16.8%), from €178,742 to €208,729
- Financial charges +€6,533
up €6,533 (+381%), from €1,713 to €8,246
of which Non-recurring financial charges: +€6,216
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 | €635,018 | €596,146 | -€38,872 | -6.1% |
| Fixed assets | 21/28 | €129,482 | €115,732 | -€13,750 | -10.6% |
| Tangible fixed assets | 22/27 | €44,738 | €30,988 | -€13,750 | -30.7% |
| Land and buildings | 22 | €6,197 | €6,197 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,748 | €4,123 | -€2,625 | -38.9% |
| Furniture and vehicles | 24 | €31,793 | €20,668 | -€11,125 | -35.0% |
| Financial fixed assets | 28 | €84,744 | €84,744 | = | 0.0% |
| Current assets | 29/58 | €505,536 | €480,414 | -€25,122 | -5.0% |
| Stocks and contracts in progress | 3 | €55,332 | €46,678 | -€8,654 | -15.6% |
| Stocks | 30/36 | €55,332 | €46,678 | -€8,654 | -15.6% |
| Amounts receivable within one year | 40/41 | €211,656 | €223,085 | +€11,429 | +5.4% |
| Trade receivables | 40 | €21,954 | €32,197 | +€10,243 | +46.7% |
| Other amounts receivable | 41 | €189,702 | €190,888 | +€1,186 | +0.6% |
| Current investments | 50/53 | €7,453 | €7,550 | +€97 | +1.3% |
| Cash at bank and in hand | 54/58 | €225,066 | €197,134 | -€27,932 | -12.4% |
| Deferred charges and accrued income | 490/1 | €6,029 | €5,967 | -€62 | -1.0% |
| Total equity and liabilities | 10/49 | €635,018 | €596,146 | -€38,872 | -6.1% |
| Equity | 10/15 | €527,199 | €480,192 | -€47,007 | -8.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €54,868 | €23,552 | -€31,316 | -57.1% |
| Non-distributable reserves | 130/1 | €23,552 | €23,552 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €17,352 | €17,352 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,316 | - | -€31,316 | |
| Profit (loss) carried forward | 14 | €410,331 | €394,640 | -€15,691 | -3.8% |
| Provisions and deferred taxes | 16 | €7,829 | - | -€7,829 | |
| Deferred taxes | 168 | €7,829 | - | -€7,829 | |
| Amounts payable | 17/49 | €99,990 | €115,954 | +€15,964 | +16.0% |
| Amounts payable after more than one year | 17 | €19,257 | €14,073 | -€5,184 | -26.9% |
| Financial debts | 170/4 | €19,257 | €14,073 | -€5,184 | -26.9% |
| Amounts payable within one year | 42/48 | €80,733 | €101,881 | +€21,148 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €4,845 | €5,184 | +€339 | +7.0% |
| Trade debts | 44 | €16,352 | €11,392 | -€4,960 | -30.3% |
| Suppliers | 440/4 | €16,352 | €11,392 | -€4,960 | -30.3% |
| Taxes, remuneration and social security | 45 | €28,560 | €49,344 | +€20,784 | +72.8% |
| Taxes | 450/3 | €3,882 | €9,163 | +€5,281 | +136% |
| Remuneration and social security | 454/9 | €24,678 | €40,181 | +€15,503 | +62.8% |
| Other amounts payable | 47/48 | €30,976 | €35,961 | +€4,985 | +16.1% |
| Remuneration, social security and pensions | 62 | €188,165 | €233,840 | +€45,675 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,635 | €14,876 | +€241 | +1.6% |
| Other operating charges | 640/8 | €5,562 | €6,616 | +€1,054 | +19.0% |
| Non-recurring operating charges | 66A | €618 | - | -€618 | |
| Gross operating margin | 9900 | €178,742 | €208,729 | +€29,987 | +16.8% |
| Operating profit (loss) | 9901 | -€30,238 | -€46,603 | -€16,365 | -54.1% |
| Financial income | 75/76B | €455 | €247 | -€208 | -45.7% |
| Recurring financial income | 75 | €252 | €247 | -€5 | -2.0% |
| Non-recurring financial income | 76B | €203 | - | -€203 | |
| Financial charges | 65/66B | €1,713 | €8,246 | +€6,533 | +381% |
| Recurring financial charges | 65 | €1,713 | €2,030 | +€317 | +18.5% |
| Non-recurring financial charges | 66B | - | €6,216 | +€6,216 | |
| Profit (loss) for the period before taxes | 9903 | -€31,496 | -€54,602 | -€23,106 | -73.4% |
| Transfer from deferred taxes | 780 | €2,307 | €7,829 | +€5,522 | +239% |
| Income taxes | 67/77 | €228 | €234 | +€6 | +2.6% |
| Profit (loss) for the period | 9904 | -€29,417 | -€47,007 | -€17,590 | -59.8% |
| Transfer from tax-exempt reserves | 789 | €9,226 | €31,316 | +€22,090 | +239% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,191 | -€15,691 | +€4,500 | +22.3% |
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 25 October 2026 via checked.be.