REC Management: what changed
Two fiscal 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.
REC Management
Largest movements
- Cash +€127,054
up €127,054 (+766.9%), from €16,568 to €143,621
mainly Trade debts (+€151,510) and Net result for the year (+€54,284)
- Receivables within one year +€97,773
up €97,773 (+409.9%), from €23,854 to €121,627
of which Trade receivables: +€97,454
- Tangible fixed assets -€13,556
down €13,556 (-3.2%), from €418,423 to €404,868
of which Land and buildings: -€13,160
- Trade debts +€151,510
up €151,510 (+6305.6%), from €2,403 to €153,913
- Reserves +€54,284
up €54,284 (+352.6%), from €15,395 to €69,679
- Tax, wage and social debts +€15,944
up €15,944 (+60.3%), from €26,421 to €42,365
- Debts after one year -€13,553
down €13,553 (-3.9%), from €346,867 to €333,315
- Gross operating margin +€73,186
up €73,186 (+262.0%), from €27,930 to €101,117
- Financial charges +€12,012
up €12,012 (+1797.9%), from €668 to €12,680
- Taxes +€10,869
up €10,869 (+245.0%), from €4,437 to €15,306
- Depreciation +€10,551
up €10,551 (+351.1%), from €3,005 to €13,556
- Other operating charges +€1,107
up €1,107 (+25.0%), from €4,426 to €5,533
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.
Cash bridge derived
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 | €458,845 | €670,170 | +€211,325 | +46.1% |
| Fixed assets | 21/28 | €418,423 | €404,868 | -€13,556 | -3.2% |
| Tangible fixed assets | 22/27 | €418,423 | €404,868 | -€13,556 | -3.2% |
| Land and buildings | 22 | €414,769 | €401,608 | -€13,160 | -3.2% |
| Plant, machinery and equipment | 23 | €1,448 | €1,291 | -€158 | -10.9% |
| Furniture and vehicles | 24 | €2,207 | €1,969 | -€238 | -10.8% |
| Current assets | 29/58 | €40,422 | €265,302 | +€224,881 | +556.3% |
| Amounts receivable within one year | 40/41 | €23,854 | €121,627 | +€97,773 | +409.9% |
| Trade receivables | 40 | €23,665 | €121,120 | +€97,454 | +411.8% |
| Other amounts receivable | 41 | €189 | €507 | +€318 | +168.4% |
| Cash at bank and in hand | 54/58 | €16,568 | €143,621 | +€127,054 | +766.9% |
| Deferred charges and accrued income | 490/1 | - | €54 | +€54 | |
| Total equity and liabilities | 10/49 | €458,845 | €670,170 | +€211,325 | +46.1% |
| Equity | 10/15 | €18,395 | €72,679 | +€54,284 | +295.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €15,395 | €69,679 | +€54,284 | +352.6% |
| Distributable reserves | 133 | €15,395 | €69,679 | +€54,284 | +352.6% |
| Amounts payable | 17/49 | €440,450 | €597,491 | +€157,041 | +35.7% |
| Amounts payable after more than one year | 17 | €346,867 | €333,315 | -€13,553 | -3.9% |
| Financial debts | 170/4 | €346,867 | €333,315 | -€13,553 | -3.9% |
| Amounts payable within one year | 42/48 | €93,583 | €264,177 | +€170,594 | +182.3% |
| Current portion of amounts payable after more than one year | 42 | €13,133 | €14,663 | +€1,530 | +11.6% |
| Trade debts | 44 | €2,403 | €153,913 | +€151,510 | +6305.6% |
| Suppliers | 440/4 | €2,403 | €153,913 | +€151,510 | +6305.6% |
| Taxes, remuneration and social security | 45 | €26,421 | €42,365 | +€15,944 | +60.3% |
| Taxes | 450/3 | €26,421 | €42,365 | +€15,944 | +60.3% |
| Other amounts payable | 47/48 | €51,627 | €53,236 | +€1,609 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,005 | €13,556 | +€10,551 | +351.1% |
| Other operating charges | 640/8 | €4,426 | €5,533 | +€1,107 | +25.0% |
| Gross operating margin | 9900 | €27,930 | €101,117 | +€73,186 | +262.0% |
| Operating profit (loss) | 9901 | €20,500 | €82,028 | +€61,529 | +300.1% |
| Financial income | 75/76B | - | €242 | +€242 | |
| Recurring financial income | 75 | - | €242 | +€242 | |
| Financial charges | 65/66B | €668 | €12,680 | +€12,012 | +1797.9% |
| Recurring financial charges | 65 | €668 | €12,680 | +€12,012 | +1797.9% |
| Profit (loss) for the period before taxes | 9903 | €19,831 | €69,590 | +€49,759 | +250.9% |
| Income taxes | 67/77 | €4,437 | €15,306 | +€10,869 | +245.0% |
| Profit (loss) for the period | 9904 | €15,395 | €54,284 | +€38,889 | +252.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,395 | €54,284 | +€38,889 | +252.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.