RECIPE: what changed
Two fiscal 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.
RECIPE
Largest movements
- Cash -€149,226
down €149,226 (-65.5%), from €227,952 to €78,727
mainly Net result for the year (-€82,392) and Receivables within one year (-€74,108)
- Receivables within one year +€74,108
up €74,108 (+28.6%), from €259,341 to €333,449
of which Other amounts receivable: +€42,891
- Intangible fixed assets -€16,700
down €16,700 (-70.6%), from €23,658 to €6,958
- Stocks and contracts -€13,154
down €13,154 (-8.1%), from €162,886 to €149,732
- Tangible fixed assets -€10,570
down €10,570 (-8.9%), from €118,277 to €107,707
of which Plant, machinery and equipment: -€13,178
- Profit (loss) carried forward -€82,392
down €82,392 (-103.6%), from -€79,548 to -€161,941
- Trade debts +€65,627
up €65,627 (+27.1%), from €242,193 to €307,820
- Other debts -€44,498
down €44,498 (-100.0%), from €44,498 to €0
- Short-term financial debts -€39,433
down €39,433 (-52.0%), from €75,833 to €36,400
- Debts after one year -€22,691
down €22,691 (-20.1%), from €112,650 to €89,959
- Staff costs +€60,946
up €60,946 (+44.4%), from €137,293 to €198,239
- Gross operating margin +€20,607
up €20,607 (+14.1%), from €146,646 to €167,253
- Financial charges -€16,132
down €16,132 (-66.8%), from €24,152 to €8,020
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.
Cash bridge derived
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 | €834,015 | €720,928 | -€113,086 | -13.6% |
| Fixed assets | 21/28 | €154,535 | €127,265 | -€27,270 | -17.6% |
| Intangible fixed assets | 21 | €23,658 | €6,958 | -€16,700 | -70.6% |
| Tangible fixed assets | 22/27 | €118,277 | €107,707 | -€10,570 | -8.9% |
| Plant, machinery and equipment | 23 | €118,277 | €105,099 | -€13,178 | -11.1% |
| Furniture and vehicles | 24 | - | €2,608 | +€2,608 | |
| Financial fixed assets | 28 | €12,600 | €12,600 | = | 0.0% |
| Current assets | 29/58 | €679,480 | €593,663 | -€85,817 | -12.6% |
| Stocks and contracts in progress | 3 | €162,886 | €149,732 | -€13,154 | -8.1% |
| Stocks | 30/36 | €162,886 | €149,732 | -€13,154 | -8.1% |
| Amounts receivable within one year | 40/41 | €259,341 | €333,449 | +€74,108 | +28.6% |
| Trade receivables | 40 | €135,673 | €166,889 | +€31,217 | +23.0% |
| Other amounts receivable | 41 | €123,669 | €166,560 | +€42,891 | +34.7% |
| Cash at bank and in hand | 54/58 | €227,952 | €78,727 | -€149,226 | -65.5% |
| Deferred charges and accrued income | 490/1 | €29,300 | €31,756 | +€2,455 | +8.4% |
| Total equity and liabilities | 10/49 | €834,015 | €720,928 | -€113,086 | -13.6% |
| Equity | 10/15 | €302,139 | €219,747 | -€82,392 | -27.3% |
| Contributions | 10/11 | €156,200 | €156,200 | = | 0.0% |
| Reserves | 13 | €225,488 | €225,488 | = | 0.0% |
| Distributable reserves | 133 | €225,488 | €225,488 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,548 | -€161,941 | -€82,392 | -103.6% |
| Amounts payable | 17/49 | €531,875 | €501,181 | -€30,694 | -5.8% |
| Amounts payable after more than one year | 17 | €112,650 | €89,959 | -€22,691 | -20.1% |
| Financial debts | 170/4 | €112,650 | €89,959 | -€22,691 | -20.1% |
| Amounts payable within one year | 42/48 | €408,061 | €396,612 | -€11,450 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €22,378 | €22,691 | +€313 | +1.4% |
| Financial debts | 43 | €75,833 | €36,400 | -€39,433 | -52.0% |
| Other loans | 439 | €75,833 | €36,400 | -€39,433 | -52.0% |
| Trade debts | 44 | €242,193 | €307,820 | +€65,627 | +27.1% |
| Suppliers | 440/4 | €242,193 | €307,820 | +€65,627 | +27.1% |
| Taxes, remuneration and social security | 45 | €23,159 | €29,700 | +€6,541 | +28.2% |
| Taxes | 450/3 | €0 | €69 | +€69 | |
| Remuneration and social security | 454/9 | €23,159 | €29,631 | +€6,472 | +27.9% |
| Other amounts payable | 47/48 | €44,498 | €0 | -€44,498 | -100.0% |
| Accrued charges and deferred income | 492/3 | €11,164 | €14,611 | +€3,447 | +30.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €137,293 | €198,239 | +€60,946 | +44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,000 | €40,583 | +€583 | +1.5% |
| Other operating charges | 640/8 | €2,955 | €4,603 | +€1,649 | +55.8% |
| Non-recurring operating charges | 66A | €18,000 | €0 | -€18,000 | -100.0% |
| Gross operating margin | 9900 | €146,646 | €167,253 | +€20,607 | +14.1% |
| Operating profit (loss) | 9901 | -€51,601 | -€76,173 | -€24,571 | -47.6% |
| Financial income | 75/76B | €1,390 | €1,800 | +€410 | +29.5% |
| Recurring financial income | 75 | €1,390 | €1,800 | +€410 | +29.5% |
| Financial charges | 65/66B | €24,152 | €8,020 | -€16,132 | -66.8% |
| Recurring financial charges | 65 | €24,152 | €8,020 | -€16,132 | -66.8% |
| Profit (loss) for the period before taxes | 9903 | -€74,363 | -€82,392 | -€8,029 | -10.8% |
| Profit (loss) for the period | 9904 | -€74,363 | -€82,392 | -€8,029 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,363 | -€82,392 | -€8,029 | -10.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.