REC XII: 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.
What changed
REC XII
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€69,634
2024 · €18,589+€51,045
Equity
€9.6m
2024 · €9.5m+€69,634
Cash
€284,338
2024 · €159,923+€124,415
Balance sheet total
€13.4m
2024 · €13.8m-€364,710
Largest movements
Assets
- Tangible fixed assets -€367,905
down €367,905 (-2.9%), from €12.5m to €12.1m
- Current investments -€200,000
down €200,000 (-20.0%), from €1.0m to €800,000
Equity and liabilities
- Debts after one year -€352,004
down €352,004 (-15.0%), from €2.3m to €2.0m
of which Financial debts: -€408,738
- Profit (loss) carried forward +€194,175
up €194,175 (+9.6%), from €2.0m to €2.2m
Income statement
- Financial income -€98,819
down €98,819 (-72.5%), from €136,212 to €37,393
- Financial charges -€88,029
down €88,029 (-42.5%), from €207,341 to €119,312
- Taxes -€32,711
down €32,711 (-35.4%), from €92,395 to €59,683
- Gross operating margin +€29,847
up €29,847 (+5.2%), from €575,751 to €605,598
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.
Result 2024
€18,589
Gross operating margin
+€29,847
Depreciation
-€3,267
Other operating charges
+€2,543
Financial income
-€98,819
Financial charges
+€88,029
Taxes
+€32,711
Result 2025
€69,634
raises the resultlowers the result
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.
From operations
+€294,881
Investment
+€165,753
Financing
-€336,219
Cash 2024
€159,923
From operations (derived)
+€294,881
Net result for the year
+€69,634
Depreciation
+€402,152
Receivables within one year
-€78,797
Deferred charges and accrued income
+€17
Provisions
-€45,095
Trade debts
-€1,814
Tax, wage and social debts
-€86,283
Other debts
+€3,180
Accrued charges and deferred income
+€31,888
Investment (derived)
+€165,753
Investment in fixed assets (net)
-€34,247
Current investments
+€200,000
Financing
-€336,219
Debts after one year
-€352,004
Current portion of long-term debt
+€15,786
Cash 2025
€284,338
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,802,717 | €13,438,007 | -€364,710 | -2.6% |
| Fixed assets | 21/28 | €12,509,387 | €12,141,482 | -€367,905 | -2.9% |
| Tangible fixed assets | 22/27 | €12,509,387 | €12,141,482 | -€367,905 | -2.9% |
| Land and buildings | 22 | €12,509,387 | €12,141,482 | -€367,905 | -2.9% |
| Current assets | 29/58 | €1,293,330 | €1,296,525 | +€3,195 | +0.2% |
| Amounts receivable within one year | 40/41 | €115,418 | €194,215 | +€78,797 | +68.3% |
| Trade receivables | 40 | €108,079 | €182,213 | +€74,134 | +68.6% |
| Other amounts receivable | 41 | €7,339 | €12,002 | +€4,663 | +63.5% |
| Current investments | 50/53 | €1,000,000 | €800,000 | -€200,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €159,923 | €284,338 | +€124,415 | +77.8% |
| Deferred charges and accrued income | 490/1 | €17,990 | €17,973 | -€17 | -0.1% |
| Total equity and liabilities | 10/49 | €13,802,717 | €13,438,007 | -€364,710 | -2.6% |
| Equity | 10/15 | €9,497,466 | €9,567,100 | +€69,634 | +0.7% |
| Contributions | 10/11 | €3,393,136 | €3,393,136 | = | 0.0% |
| Capital | 10 | €3,393,136 | €3,393,136 | = | 0.0% |
| Issued capital | 100 | €3,393,136 | €3,393,136 | = | 0.0% |
| Reserves | 13 | €4,091,068 | €3,966,527 | -€124,541 | -3.0% |
| Non-distributable reserves | 130/1 | €196,870 | €207,089 | +€10,220 | +5.2% |
| Legal reserve | 130 | €196,870 | €207,089 | +€10,220 | +5.2% |
| Tax-exempt reserves | 132 | €3,894,198 | €3,759,437 | -€134,761 | -3.5% |
| Profit (loss) carried forward | 14 | €2,013,262 | €2,207,437 | +€194,175 | +9.6% |
| Provisions and deferred taxes | 16 | €1,297,485 | €1,252,389 | -€45,095 | -3.5% |
| Deferred taxes | 168 | €1,297,485 | €1,252,389 | -€45,095 | -3.5% |
| Amounts payable | 17/49 | €3,007,766 | €2,618,518 | -€389,248 | -12.9% |
| Amounts payable after more than one year | 17 | €2,345,671 | €1,993,667 | -€352,004 | -15.0% |
| Financial debts | 170/4 | €2,198,862 | €1,790,124 | -€408,738 | -18.6% |
| Other amounts payable | 178/9 | €146,809 | €203,543 | +€56,734 | +38.6% |
| Amounts payable within one year | 42/48 | €569,851 | €500,720 | -€69,132 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €411,640 | €427,425 | +€15,786 | +3.8% |
| Trade debts | 44 | €18,937 | €17,123 | -€1,814 | -9.6% |
| Suppliers | 440/4 | €18,937 | €17,123 | -€1,814 | -9.6% |
| Taxes, remuneration and social security | 45 | €126,087 | €39,804 | -€86,283 | -68.4% |
| Taxes | 450/3 | €126,087 | €39,804 | -€86,283 | -68.4% |
| Other amounts payable | 47/48 | €13,187 | €16,367 | +€3,180 | +24.1% |
| Accrued charges and deferred income | 492/3 | €92,244 | €124,132 | +€31,888 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €398,885 | €402,152 | +€3,267 | +0.8% |
| Other operating charges | 640/8 | €39,849 | €37,305 | -€2,543 | -6.4% |
| Gross operating margin | 9900 | €575,751 | €605,598 | +€29,847 | +5.2% |
| Operating profit (loss) | 9901 | €137,018 | €166,141 | +€29,123 | +21.3% |
| Financial income | 75/76B | €136,212 | €37,393 | -€98,819 | -72.5% |
| Recurring financial income | 75 | €136,212 | €37,393 | -€98,819 | -72.5% |
| Financial charges | 65/66B | €207,341 | €119,312 | -€88,029 | -42.5% |
| Recurring financial charges | 65 | €207,341 | €119,312 | -€88,029 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €65,888 | €84,222 | +€18,333 | +27.8% |
| Transfer from deferred taxes | 780 | €45,095 | €45,095 | = | 0.0% |
| Income taxes | 67/77 | €92,395 | €59,683 | -€32,711 | -35.4% |
| Profit (loss) for the period | 9904 | €18,589 | €69,634 | +€51,045 | +275% |
| Transfer from tax-exempt reserves | 789 | €134,761 | €134,761 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,350 | €204,394 | +€51,045 | +33.3% |
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 29 October 2026 via checked.be.