RECAM: 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
RECAM
NACE 55.100, Hotels and similar accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€84,245
2024 · €35,681-€119,926
Equity
€428,179
2024 · €485,823-€57,644
Cash
€37,755
2024 · €90,890-€53,135
Balance sheet total
€1.1m
2024 · €1.2m-€33,926
Largest movements
Assets
- Cash -€53,135
down €53,135 (-58.5%), from €90,890 to €37,755
mainly Investment in fixed assets (net) (-€144,868) and Net result for the year (-€84,245)
Equity and liabilities
- Profit (loss) carried forward -€84,245
down €84,245 (-54.1%), from -€155,616 to -€239,861
- Other debts -€29,749
down €29,749 (-7.4%), from €402,195 to €372,447
- Investment grants +€26,602
up €26,602 (+58.1%), from €45,795 to €72,397
- Trade debts +€24,829
up €24,829 (+176%), from €14,116 to €38,945
- Debts after one year +€18,771
up €18,771 (+14.2%), from €132,338 to €151,109
Income statement
- Gross operating margin -€89,835
down €89,835 (-20.8%), from €431,072 to €341,237
- Depreciation +€11,397
up €11,397 (+9.3%), from €122,788 to €134,185
- Other operating charges +€7,058
up €7,058 (+40.7%), from €17,321 to €24,378
- Staff costs +€6,788
up €6,788 (+2.6%), from €262,002 to €268,790
- Financial charges +€6,047
up €6,047 (+63.4%), from €9,539 to €15,586
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
€35,681
Gross operating margin
-€89,835
Staff costs
-€6,788
Depreciation
-€11,397
Other operating charges
-€7,058
Financial income
+€948
Financial charges
-€6,047
Taxes
+€7
Deferred taxes and other
+€244
Result 2025
-€84,245
raises the resultlowers the resultnot broken down further in the accounts
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
+€41,377
Investment
-€144,868
Financing
+€50,356
Cash 2024
€90,890
From operations (derived)
+€41,377
Net result for the year
-€84,245
Depreciation
+€134,185
Stocks and contracts
-€10,381
Receivables within one year
+€2,272
Deferred charges and accrued income
-€417
Provisions
+€8,867
Trade debts
+€24,829
Tax, wage and social debts
-€3,984
Other debts
-€29,749
Investment (derived)
-€144,868
Investment in fixed assets (net)
-€144,868
Financing
+€50,356
Debts after one year
+€18,771
Current portion of long-term debt
+€4,971
Short-term financial debts
+€12
Contributions, distributions and other
+€26,602
Cash 2025
€37,755
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,178,848 | €1,144,922 | -€33,926 | -2.9% |
| Fixed assets | 21/28 | €956,822 | €967,505 | +€10,683 | +1.1% |
| Tangible fixed assets | 22/27 | €952,188 | €962,569 | +€10,381 | +1.1% |
| Land and buildings | 22 | €447,858 | €450,954 | +€3,096 | +0.7% |
| Plant, machinery and equipment | 23 | €465,717 | €491,184 | +€25,467 | +5.5% |
| Furniture and vehicles | 24 | €38,613 | €20,432 | -€18,181 | -47.1% |
| Financial fixed assets | 28 | €4,634 | €4,936 | +€302 | +6.5% |
| Current assets | 29/58 | €222,026 | €177,417 | -€44,609 | -20.1% |
| Stocks and contracts in progress | 3 | €83,657 | €94,038 | +€10,381 | +12.4% |
| Stocks | 30/36 | €83,657 | €94,038 | +€10,381 | +12.4% |
| Amounts receivable within one year | 40/41 | €43,617 | €41,345 | -€2,272 | -5.2% |
| Trade receivables | 40 | €21,465 | €19,193 | -€2,272 | -10.6% |
| Other amounts receivable | 41 | €22,152 | €22,153 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €90,890 | €37,755 | -€53,135 | -58.5% |
| Deferred charges and accrued income | 490/1 | €3,862 | €4,279 | +€417 | +10.8% |
| Total equity and liabilities | 10/49 | €1,178,848 | €1,144,922 | -€33,926 | -2.9% |
| Equity | 10/15 | €485,823 | €428,179 | -€57,644 | -11.9% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €45,644 | €45,644 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,616 | -€239,861 | -€84,245 | -54.1% |
| Investment grants | 15 | €45,795 | €72,397 | +€26,602 | +58.1% |
| Provisions and deferred taxes | 16 | €15,265 | €24,132 | +€8,867 | +58.1% |
| Deferred taxes | 168 | €15,265 | €24,132 | +€8,867 | +58.1% |
| Amounts payable | 17/49 | €677,760 | €692,611 | +€14,851 | +2.2% |
| Amounts payable after more than one year | 17 | €132,338 | €151,109 | +€18,771 | +14.2% |
| Financial debts | 170/4 | €132,338 | €151,109 | +€18,771 | +14.2% |
| Amounts payable within one year | 42/48 | €545,211 | €541,292 | -€3,920 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €72,496 | €77,467 | +€4,971 | +6.9% |
| Financial debts | 43 | €37 | €49 | +€12 | +33.2% |
| Credit institutions | 430/8 | €37 | €49 | +€12 | +33.2% |
| Trade debts | 44 | €14,116 | €38,945 | +€24,829 | +176% |
| Suppliers | 440/4 | €14,116 | €38,945 | +€24,829 | +176% |
| Taxes, remuneration and social security | 45 | €56,368 | €52,384 | -€3,984 | -7.1% |
| Taxes | 450/3 | €4,077 | €6,847 | +€2,770 | +67.9% |
| Remuneration and social security | 454/9 | €52,291 | €45,537 | -€6,754 | -12.9% |
| Other amounts payable | 47/48 | €402,195 | €372,447 | -€29,749 | -7.4% |
| Accrued charges and deferred income | 492/3 | €211 | €211 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €262,002 | €268,790 | +€6,788 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,788 | €134,185 | +€11,397 | +9.3% |
| Other operating charges | 640/8 | €17,321 | €24,378 | +€7,058 | +40.7% |
| Gross operating margin | 9900 | €431,072 | €341,237 | -€89,835 | -20.8% |
| Operating profit (loss) | 9901 | €28,961 | -€86,117 | -€115,078 | |
| Financial income | 75/76B | €12,721 | €13,668 | +€948 | +7.5% |
| Recurring financial income | 75 | €12,721 | €13,668 | +€948 | +7.5% |
| Financial charges | 65/66B | €9,539 | €15,586 | +€6,047 | +63.4% |
| Recurring financial charges | 65 | €9,539 | €15,586 | +€6,047 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | €32,143 | -€88,034 | -€120,177 | |
| Transfer from deferred taxes | 780 | €3,593 | €3,838 | +€244 | +6.8% |
| Income taxes | 67/77 | €56 | €49 | -€7 | -12.5% |
| Profit (loss) for the period | 9904 | €35,681 | -€84,245 | -€119,926 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,681 | -€84,245 | -€119,926 |
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 16 October 2026 via checked.be.