RECAP MANAGEMENT: 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.
RECAP MANAGEMENT
Largest movements
- Cash +€623,836
up €623,836 (+21,300%), from €2,929 to €626,765
mainly Other debts (+€467,326) and Net result for the year (+€92,062)
- Receivables within one year -€64,974
down €64,974 (-38.3%), from €169,818 to €104,844
of which Trade receivables: -€70,976
- Other debts +€467,326
up €467,326 (+769%), from €60,804 to €528,130
- Profit (loss) carried forward +€92,062
up €92,062 (+105%), from €87,952 to €180,014
- Gross operating margin +€92,130
up €92,130 (+225%), from €40,887 to €133,017
- Taxes +€23,814
up €23,814 (+223%), from €10,668 to €34,482
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 | €209,774 | €768,388 | +€558,614 | +266% |
| Fixed assets | 21/28 | €7,377 | €7,129 | -€248 | -3.4% |
| Tangible fixed assets | 22/27 | €7,377 | €7,129 | -€248 | -3.4% |
| Land and buildings | 22 | €3,263 | €4,246 | +€983 | +30.1% |
| Plant, machinery and equipment | 23 | €2,371 | €1,866 | -€504 | -21.3% |
| Furniture and vehicles | 24 | €1,487 | €903 | -€583 | -39.2% |
| Other tangible fixed assets | 26 | €257 | €114 | -€143 | -55.7% |
| Current assets | 29/58 | €202,397 | €761,258 | +€558,862 | +276% |
| Stocks and contracts in progress | 3 | €29,650 | €29,650 | = | 0.0% |
| Stocks | 30/36 | €29,650 | €29,650 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €169,818 | €104,844 | -€64,974 | -38.3% |
| Trade receivables | 40 | €169,415 | €98,439 | -€70,976 | -41.9% |
| Other amounts receivable | 41 | €403 | €6,405 | +€6,002 | +1,489% |
| Cash at bank and in hand | 54/58 | €2,929 | €626,765 | +€623,836 | +21,300% |
| Total equity and liabilities | 10/49 | €209,774 | €768,388 | +€558,614 | +266% |
| Equity | 10/15 | €108,412 | €200,474 | +€92,062 | +84.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €87,952 | €180,014 | +€92,062 | +105% |
| Amounts payable | 17/49 | €101,362 | €567,914 | +€466,552 | +460% |
| Amounts payable within one year | 42/48 | €101,362 | €567,914 | +€466,552 | +460% |
| Trade debts | 44 | €9,253 | €5,302 | -€3,951 | -42.7% |
| Suppliers | 440/4 | €9,253 | €5,302 | -€3,951 | -42.7% |
| Taxes, remuneration and social security | 45 | €31,305 | €34,482 | +€3,177 | +10.1% |
| Taxes | 450/3 | €31,305 | €34,482 | +€3,177 | +10.1% |
| Other amounts payable | 47/48 | €60,804 | €528,130 | +€467,326 | +769% |
| Non-recurring operating income | 76A | - | €279,315 | +€279,315 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,336 | €1,658 | +€322 | +24.1% |
| Other operating charges | 640/8 | €3,899 | €4,766 | +€866 | +22.2% |
| Gross operating margin | 9900 | €40,887 | €133,017 | +€92,130 | +225% |
| Operating profit (loss) | 9901 | €35,652 | €126,594 | +€90,942 | +255% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €59 | €50 | -€9 | -15.1% |
| Recurring financial charges | 65 | €59 | €50 | -€9 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €35,594 | €126,544 | +€90,950 | +256% |
| Income taxes | 67/77 | €10,668 | €34,482 | +€23,814 | +223% |
| Profit (loss) for the period | 9904 | €24,926 | €92,062 | +€67,136 | +269% |
| Profit (loss) for the period to be appropriated | 9905 | €24,926 | €92,062 | +€67,136 | +269% |
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.