H-EU-RECA: 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.
H-EU-RECA
Largest movements
- Stocks and contracts +€12,284
up €12,284 (+6.1%), from €202,617 to €214,901
- Cash -€4,474
down €4,474 (-75.1%), from €5,956 to €1,482
mainly Current portion of long-term debt (-€21,056) and Stocks and contracts (-€12,284)
- Trade debts +€38,962
up €38,962 (+99.5%), from €39,140 to €78,102
- Current portion of long-term debt -€21,056
down €21,056 (-36.4%), from €57,888 to €36,832
- Other debts -€10,275
down €10,275 (-2.9%), from €356,308 to €346,033
- Gross operating margin -€3,980
down €3,980 (-30.3%), from €13,151 to €9,171
- Depreciation +€1,156
new in 2025: €1,156
- Financial charges -€634
down €634 (-66.8%), from €950 to €316
- Taxes +€406
new in 2025: €406
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 | €221,083 | €230,914 | +€9,831 | +4.4% |
| Current assets | 29/58 | €221,083 | €230,914 | +€9,831 | +4.4% |
| Stocks and contracts in progress | 3 | €202,617 | €214,901 | +€12,284 | +6.1% |
| Stocks | 30/36 | €202,617 | €214,901 | +€12,284 | +6.1% |
| Amounts receivable within one year | 40/41 | €12,510 | €14,531 | +€2,021 | +16.2% |
| Trade receivables | 40 | €12,510 | €14,241 | +€1,731 | +13.8% |
| Other amounts receivable | 41 | - | €289 | +€289 | |
| Cash at bank and in hand | 54/58 | €5,956 | €1,482 | -€4,474 | -75.1% |
| Total equity and liabilities | 10/49 | €221,083 | €230,914 | +€9,831 | +4.4% |
| Equity | 10/15 | -€232,253 | -€230,179 | +€2,075 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€250,853 | -€248,779 | +€2,075 | +0.8% |
| Amounts payable | 17/49 | €453,337 | €461,093 | +€7,756 | +1.7% |
| Amounts payable within one year | 42/48 | €453,337 | €461,093 | +€7,756 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €57,888 | €36,832 | -€21,056 | -36.4% |
| Trade debts | 44 | €39,140 | €78,102 | +€38,962 | +99.5% |
| Suppliers | 440/4 | €39,140 | €78,102 | +€38,962 | +99.5% |
| Taxes, remuneration and social security | 45 | - | €126 | +€126 | |
| Taxes | 450/3 | - | €126 | +€126 | |
| Other amounts payable | 47/48 | €356,308 | €346,033 | -€10,275 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,156 | +€1,156 | |
| Other operating charges | 640/8 | €5,192 | €5,218 | +€26 | +0.5% |
| Gross operating margin | 9900 | €13,151 | €9,171 | -€3,980 | -30.3% |
| Operating profit (loss) | 9901 | €7,959 | €2,797 | -€5,163 | -64.9% |
| Financial charges | 65/66B | €950 | €316 | -€634 | -66.8% |
| Recurring financial charges | 65 | €950 | €316 | -€634 | -66.8% |
| Profit (loss) for the period before taxes | 9903 | €7,009 | €2,481 | -€4,528 | -64.6% |
| Income taxes | 67/77 | - | €406 | +€406 | |
| Profit (loss) for the period | 9904 | €7,009 | €2,075 | -€4,935 | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,009 | €2,075 | -€4,935 | -70.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.