RECAD: 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.
RECAD
Largest movements
- Receivables within one year +€219,550
up €219,550 (+126%), from €173,561 to €393,110
of which Trade receivables: +€238,240
- Tangible fixed assets -€45,675
down €45,675 (-11.3%), from €404,627 to €358,952
of which Land and buildings: -€32,300
- Cash +€13,602
up €13,602 (+15.2%), from €89,763 to €103,365
mainly Trade debts (+€166,917) and Depreciation (+€45,675)
- Trade debts +€166,917
up €166,917 (+538%), from €31,052 to €197,969
- Reserves +€20,046
up €20,046 (+4.7%), from €422,903 to €442,949
of which Distributable reserves: +€20,046
- Staff costs +€96,676
up €96,676 (+271%), from €35,617 to €132,293
- Gross operating margin +€81,843
up €81,843 (+64.8%), from €126,357 to €208,201
- Depreciation +€4,996
up €4,996 (+12.3%), from €40,679 to €45,675
- Taxes -€4,858
down €4,858 (-38.9%), from €12,495 to €7,637
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 | €670,329 | €856,322 | +€185,993 | +27.7% |
| Fixed assets | 21/28 | €404,627 | €358,952 | -€45,675 | -11.3% |
| Tangible fixed assets | 22/27 | €404,627 | €358,952 | -€45,675 | -11.3% |
| Land and buildings | 22 | €346,131 | €313,831 | -€32,300 | -9.3% |
| Plant, machinery and equipment | 23 | €5,964 | €4,621 | -€1,343 | -22.5% |
| Furniture and vehicles | 24 | €52,532 | €40,500 | -€12,032 | -22.9% |
| Current assets | 29/58 | €265,702 | €497,370 | +€231,667 | +87.2% |
| Amounts receivable within one year | 40/41 | €173,561 | €393,110 | +€219,550 | +126% |
| Trade receivables | 40 | €145,497 | €383,737 | +€238,240 | +164% |
| Other amounts receivable | 41 | €28,064 | €9,373 | -€18,690 | -66.6% |
| Cash at bank and in hand | 54/58 | €89,763 | €103,365 | +€13,602 | +15.2% |
| Deferred charges and accrued income | 490/1 | €2,378 | €894 | -€1,484 | -62.4% |
| Total equity and liabilities | 10/49 | €670,329 | €856,322 | +€185,993 | +27.7% |
| Equity | 10/15 | €622,903 | €642,949 | +€20,046 | +3.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €422,903 | €442,949 | +€20,046 | +4.7% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €402,903 | €422,949 | +€20,046 | +5.0% |
| Amounts payable | 17/49 | €47,426 | €213,373 | +€165,947 | +350% |
| Amounts payable within one year | 42/48 | €47,426 | €213,373 | +€165,947 | +350% |
| Trade debts | 44 | €31,052 | €197,969 | +€166,917 | +538% |
| Suppliers | 440/4 | €31,052 | €197,969 | +€166,917 | +538% |
| Taxes, remuneration and social security | 45 | €16,374 | €15,404 | -€970 | -5.9% |
| Taxes | 450/3 | €10,186 | €1,010 | -€9,175 | -90.1% |
| Remuneration and social security | 454/9 | €6,188 | €14,394 | +€8,206 | +133% |
| Remuneration, social security and pensions | 62 | €35,617 | €132,293 | +€96,676 | +271% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,679 | €45,675 | +€4,996 | +12.3% |
| Other operating charges | 640/8 | €2,957 | €2,370 | -€587 | -19.8% |
| Gross operating margin | 9900 | €126,357 | €208,201 | +€81,843 | +64.8% |
| Operating profit (loss) | 9901 | €47,105 | €27,863 | -€19,242 | -40.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +2,033% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +2,033% |
| Financial charges | 65/66B | €150 | €181 | +€30 | +20.3% |
| Recurring financial charges | 65 | €150 | €181 | +€30 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €46,955 | €27,683 | -€19,272 | -41.0% |
| Income taxes | 67/77 | €12,495 | €7,637 | -€4,858 | -38.9% |
| Profit (loss) for the period | 9904 | €34,460 | €20,046 | -€14,414 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,460 | €20,046 | -€14,414 | -41.8% |
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 14 October 2026 via checked.be.