LE RECIF: 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.
LE RECIF
Largest movements
- Tangible fixed assets -€12,617
down €12,617 (-3.9%), from €327,617 to €315,000
of which Land and buildings: -€11,500
- Receivables within one year +€10,202
up €10,202 (+445%), from €2,295 to €12,497
- Cash +€3,358
new in 2025: €3,358
mainly Other debts (+€96,110) and Accrued charges and deferred income (+€41,939)
- Other debts +€96,110
new in 2025: €96,110
- Debts after one year -€43,027
down €43,027 (-8.6%), from €499,894 to €456,868
- Accrued charges and deferred income +€41,939
new in 2025: €41,939
- Short-term financial debts -€39,846
no longer reported in 2025 (was €39,846)
- Profit (loss) carried forward -€37,174
down €37,174 (-10.1%), from -€368,358 to -€405,532
- Gross operating margin +€100,760
up €100,760, from -€58,752 to €42,008
- Write-downs -€70,000
no longer reported in 2025 (was €70,000)
- Financial charges +€36,851
up €36,851 (+145%), from €25,452 to €62,302
of which Financial charges: +€36,616
- Staff costs -€23,685
down €23,685 (-91.1%), from €26,009 to €2,324
- Other operating charges -€9,644
down €9,644 (-83.2%), from €11,588 to €1,944
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 | €329,912 | €330,855 | +€943 | +0.3% |
| Fixed assets | 21/28 | €327,617 | €315,000 | -€12,617 | -3.9% |
| Tangible fixed assets | 22/27 | €327,617 | €315,000 | -€12,617 | -3.9% |
| Land and buildings | 22 | €326,500 | €315,000 | -€11,500 | -3.5% |
| Plant, machinery and equipment | 23 | €1,117 | - | -€1,117 | |
| Current assets | 29/58 | €2,295 | €15,855 | +€13,560 | +591% |
| Amounts receivable within one year | 40/41 | €2,295 | €12,497 | +€10,202 | +445% |
| Other amounts receivable | 41 | €2,295 | €12,497 | +€10,202 | +445% |
| Cash at bank and in hand | 54/58 | - | €3,358 | +€3,358 | |
| Total equity and liabilities | 10/49 | €329,912 | €330,855 | +€943 | +0.3% |
| Equity | 10/15 | -€263,831 | -€301,005 | -€37,174 | -14.1% |
| Contributions | 10/11 | €43,500 | €43,500 | = | 0.0% |
| Reserves | 13 | €61,027 | €61,027 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,350 | €4,350 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,350 | €4,350 | = | 0.0% |
| Distributable reserves | 133 | €56,677 | €56,677 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€368,358 | -€405,532 | -€37,174 | -10.1% |
| Amounts payable | 17/49 | €593,743 | €631,860 | +€38,116 | +6.4% |
| Amounts payable after more than one year | 17 | €499,894 | €456,868 | -€43,027 | -8.6% |
| Financial debts | 170/4 | €499,894 | €456,868 | -€43,027 | -8.6% |
| Amounts payable within one year | 42/48 | €93,849 | €133,052 | +€39,203 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €35,054 | €36,942 | +€1,889 | +5.4% |
| Financial debts | 43 | €39,846 | - | -€39,846 | |
| Credit institutions | 430/8 | €39,846 | - | -€39,846 | |
| Trade debts | 44 | €18,597 | - | -€18,597 | |
| Suppliers | 440/4 | €18,597 | - | -€18,597 | |
| Taxes, remuneration and social security | 45 | €353 | - | -€353 | |
| Remuneration and social security | 454/9 | €353 | - | -€353 | |
| Other amounts payable | 47/48 | - | €96,110 | +€96,110 | |
| Accrued charges and deferred income | 492/3 | - | €41,939 | +€41,939 | |
| Remuneration, social security and pensions | 62 | €26,009 | €2,324 | -€23,685 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,837 | €12,617 | -€220 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,000 | - | -€70,000 | |
| Other operating charges | 640/8 | €11,588 | €1,944 | -€9,644 | -83.2% |
| Gross operating margin | 9900 | -€58,752 | €42,008 | +€100,760 | |
| Operating profit (loss) | 9901 | -€179,186 | €25,123 | +€204,309 | |
| Financial income | 75/76B | €447 | €6 | -€441 | -98.8% |
| Recurring financial income | 75 | €447 | €6 | -€441 | -98.8% |
| Financial charges | 65/66B | €25,452 | €62,302 | +€36,851 | +145% |
| Recurring financial charges | 65 | €25,452 | €62,068 | +€36,616 | +144% |
| Non-recurring financial charges | 66B | - | €235 | +€235 | |
| Profit (loss) for the period before taxes | 9903 | -€204,190 | -€37,174 | +€167,017 | +81.8% |
| Profit (loss) for the period | 9904 | -€204,190 | -€37,174 | +€167,017 | +81.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€204,190 | -€37,174 | +€167,017 | +81.8% |
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 18 October 2026 via checked.be.