R.E.C.O.P.: 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.
R.E.C.O.P.
Largest movements
- Cash +€56,312
up €56,312 (+64.0%), from €88,019 to €144,331
mainly Net result for the year (+€50,635) and Deferred charges and accrued income (+€19,327)
- Deferred charges and accrued income -€19,327
down €19,327 (-61.0%), from €31,693 to €12,366
- Receivables within one year -€6,962
down €6,962 (-72.3%), from €9,630 to €2,668
- Profit (loss) carried forward +€50,835
up €50,835 (+71.4%), from €71,224 to €122,059
- Debts after one year -€22,255
down €22,255 (-60.4%), from €36,874 to €14,619
- Reserves -€18,185
down €18,185 (-36.6%), from €49,640 to €31,455
of which Distributable reserves: -€18,185
- Current portion of long-term debt +€10,802
new in 2025: €10,802
- Other debts +€10,360
up €10,360 (+69.2%), from €14,961 to €25,321
- Gross operating margin +€33,187
up €33,187 (+51.9%), from €64,003 to €97,189
- Staff costs +€12,118
new in 2025: €12,118
- Taxes +€8,580
up €8,580 (+126%), from €6,808 to €15,388
- Depreciation +€1,304
up €1,304 (+18.1%), from €7,198 to €8,501
- Financial charges -€1,054
down €1,054 (-37.3%), from €2,829 to €1,775
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 | €200,410 | €230,559 | +€30,149 | +15.0% |
| Fixed assets | 21/28 | €70,069 | €70,195 | +€126 | +0.2% |
| Tangible fixed assets | 22/27 | €69,626 | €69,752 | +€126 | +0.2% |
| Land and buildings | 22 | €25,637 | €24,910 | -€727 | -2.8% |
| Plant, machinery and equipment | 23 | €732 | €1,199 | +€467 | +63.9% |
| Furniture and vehicles | 24 | €39,841 | €40,475 | +€634 | +1.6% |
| Other tangible fixed assets | 26 | €3,417 | €3,168 | -€249 | -7.3% |
| Financial fixed assets | 28 | €443 | €443 | = | 0.0% |
| Current assets | 29/58 | €130,342 | €160,365 | +€30,023 | +23.0% |
| Amounts receivable within one year | 40/41 | €9,630 | €2,668 | -€6,962 | -72.3% |
| Other amounts receivable | 41 | €9,630 | €2,668 | -€6,962 | -72.3% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €88,019 | €144,331 | +€56,312 | +64.0% |
| Deferred charges and accrued income | 490/1 | €31,693 | €12,366 | -€19,327 | -61.0% |
| Total equity and liabilities | 10/49 | €200,410 | €230,559 | +€30,149 | +15.0% |
| Equity | 10/15 | €127,064 | €159,714 | +€32,650 | +25.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €49,640 | €31,455 | -€18,185 | -36.6% |
| Non-distributable reserves | 130/1 | €6,340 | €6,340 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,340 | €6,340 | = | 0.0% |
| Distributable reserves | 133 | €43,300 | €25,115 | -€18,185 | -42.0% |
| Profit (loss) carried forward | 14 | €71,224 | €122,059 | +€50,835 | +71.4% |
| Amounts payable | 17/49 | €73,346 | €70,845 | -€2,501 | -3.4% |
| Amounts payable after more than one year | 17 | €36,874 | €14,619 | -€22,255 | -60.4% |
| Financial debts | 170/4 | €36,874 | €14,619 | -€22,255 | -60.4% |
| Amounts payable within one year | 42/48 | €36,471 | €56,226 | +€19,755 | +54.2% |
| Current portion of amounts payable after more than one year | 42 | - | €10,802 | +€10,802 | |
| Trade debts | 44 | €7,600 | €8,231 | +€631 | +8.3% |
| Suppliers | 440/4 | €7,600 | €8,231 | +€631 | +8.3% |
| Taxes, remuneration and social security | 45 | €13,910 | €11,872 | -€2,038 | -14.7% |
| Taxes | 450/3 | €13,910 | €10,407 | -€3,503 | -25.2% |
| Remuneration and social security | 454/9 | - | €1,465 | +€1,465 | |
| Other amounts payable | 47/48 | €14,961 | €25,321 | +€10,360 | +69.2% |
| Remuneration, social security and pensions | 62 | - | €12,118 | +€12,118 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,198 | €8,501 | +€1,304 | +18.1% |
| Other operating charges | 640/8 | €3,481 | €3,416 | -€65 | -1.9% |
| Non-recurring operating charges | 66A | - | €5,357 | +€5,357 | |
| Gross operating margin | 9900 | €64,003 | €97,189 | +€33,187 | +51.9% |
| Operating profit (loss) | 9901 | €53,324 | €67,797 | +€14,473 | +27.1% |
| Financial charges | 65/66B | €2,829 | €1,775 | -€1,054 | -37.3% |
| Recurring financial charges | 65 | €2,829 | €1,775 | -€1,054 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €50,495 | €66,023 | +€15,527 | +30.8% |
| Income taxes | 67/77 | €6,808 | €15,388 | +€8,580 | +126% |
| Profit (loss) for the period | 9904 | €43,688 | €50,635 | +€6,947 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,688 | €50,635 | +€6,947 | +15.9% |
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 15 October 2026 via checked.be.