REC XIX: 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.
REC XIX
Largest movements
- Tangible fixed assets +€785,335
up €785,335 (+111%), from €708,813 to €1.5m
- Cash -€26,710
down €26,710 (-84.3%), from €31,671 to €4,962
mainly Investment in fixed assets (net) (-€828,800) and Net result for the year (-€107,788)
- Receivables within one year +€20,819
up €20,819 (+55.6%), from €37,468 to €58,287
of which Trade receivables: +€25,930
- Other debts +€885,267
up €885,267 (+46.7%), from €1.9m to €2.8m
- Profit (loss) carried forward -€107,788
down €107,788 (-6.4%), from -€1.7m to -€1.8m
- Gross operating margin +€44,033
up €44,033 (+157%), from €28,064 to €72,097
- Depreciation -€13,662
down €13,662 (-23.9%), from €57,127 to €43,465
- Write-downs +€8,302
up €8,302 (+1,660%), from €500 to €8,802
- Financial charges +€8,165
up €8,165 (+8.6%), from €94,417 to €102,583
- Other operating charges +€4,222
up €4,222 (+20.3%), from €20,812 to €25,035
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 | €789,302 | €1,568,757 | +€779,454 | +98.8% |
| Fixed assets | 21/28 | €708,813 | €1,494,148 | +€785,335 | +111% |
| Tangible fixed assets | 22/27 | €708,813 | €1,494,148 | +€785,335 | +111% |
| Land and buildings | 22 | €708,813 | €1,494,148 | +€785,335 | +111% |
| Current assets | 29/58 | €80,489 | €74,608 | -€5,881 | -7.3% |
| Amounts receivable within one year | 40/41 | €37,468 | €58,287 | +€20,819 | +55.6% |
| Trade receivables | 40 | €27,196 | €53,125 | +€25,930 | +95.3% |
| Other amounts receivable | 41 | €10,272 | €5,162 | -€5,110 | -49.8% |
| Cash at bank and in hand | 54/58 | €31,671 | €4,962 | -€26,710 | -84.3% |
| Deferred charges and accrued income | 490/1 | €11,350 | €11,360 | +€9 | +0.1% |
| Total equity and liabilities | 10/49 | €789,302 | €1,568,757 | +€779,454 | +98.8% |
| Equity | 10/15 | -€1,143,887 | -€1,251,675 | -€107,788 | -9.4% |
| Contributions | 10/11 | €526,000 | €526,000 | = | 0.0% |
| Capital | 10 | €526,000 | €526,000 | = | 0.0% |
| Issued capital | 100 | €526,000 | €526,000 | = | 0.0% |
| Reserves | 13 | €16,612 | €16,612 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,612 | €16,612 | = | 0.0% |
| Legal reserve | 130 | €16,612 | €16,612 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,686,499 | -€1,794,287 | -€107,788 | -6.4% |
| Amounts payable | 17/49 | €1,933,189 | €2,820,431 | +€887,242 | +45.9% |
| Amounts payable within one year | 42/48 | €1,919,841 | €2,806,789 | +€886,947 | +46.2% |
| Trade debts | 44 | €22,196 | €23,876 | +€1,680 | +7.6% |
| Suppliers | 440/4 | €22,196 | €23,876 | +€1,680 | +7.6% |
| Other amounts payable | 47/48 | €1,897,645 | €2,782,912 | +€885,267 | +46.7% |
| Accrued charges and deferred income | 492/3 | €13,348 | €13,643 | +€295 | +2.2% |
| Non-recurring operating income | 76A | €41,341 | €50,662 | +€9,320 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,127 | €43,465 | -€13,662 | -23.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €500 | €8,802 | +€8,302 | +1,660% |
| Other operating charges | 640/8 | €20,812 | €25,035 | +€4,222 | +20.3% |
| Gross operating margin | 9900 | €28,064 | €72,097 | +€44,033 | +157% |
| Operating profit (loss) | 9901 | -€50,376 | -€5,205 | +€45,171 | +89.7% |
| Financial income | 75/76B | €220 | - | -€220 | |
| Recurring financial income | 75 | €220 | - | -€220 | |
| Financial charges | 65/66B | €94,417 | €102,583 | +€8,165 | +8.6% |
| Recurring financial charges | 65 | €94,417 | €102,583 | +€8,165 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | -€144,573 | -€107,788 | +€36,785 | +25.4% |
| Profit (loss) for the period | 9904 | -€144,573 | -€107,788 | +€36,785 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€144,573 | -€107,788 | +€36,785 | +25.4% |
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 19 October 2026 via checked.be.