Recko: 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.
Recko
Largest movements
- Receivables within one year +€509,420
up €509,420 (+204%), from €249,527 to €758,948
of which Trade receivables: +€539,260
- Tangible fixed assets +€461,310
up €461,310 (+51.9%), from €888,272 to €1.3m
of which Land and buildings: +€405,104
- Stocks and contracts +€215,162
up €215,162 (+138%), from €156,116 to €371,278
- Trade debts +€619,820
up €619,820 (+942%), from €65,776 to €685,596
- Debts after one year +€188,254
up €188,254 (+27.7%), from €680,723 to €868,977
- Short-term financial debts +€145,439
up €145,439 (+85.8%), from €169,561 to €315,000
- Reserves +€123,138
up €123,138 (+30.3%), from €406,158 to €529,296
of which Distributable reserves: +€186,288
- Other debts +€87,126
up €87,126 (+1,085%), from €8,028 to €95,154
- Gross operating margin +€103,191
up €103,191 (+14.7%), from €699,661 to €802,851
- Staff costs +€59,785
up €59,785 (+17.0%), from €352,588 to €412,372
- Depreciation +€34,140
up €34,140 (+60.9%), from €56,038 to €90,178
- Financial charges +€8,454
up €8,454 (+17.8%), from €47,447 to €55,901
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 | €1,479,531 | €2,687,318 | +€1.2m | +81.6% |
| Fixed assets | 21/28 | €888,287 | €1,355,347 | +€467,060 | +52.6% |
| Tangible fixed assets | 22/27 | €888,272 | €1,349,582 | +€461,310 | +51.9% |
| Land and buildings | 22 | €727,463 | €1,132,567 | +€405,104 | +55.7% |
| Plant, machinery and equipment | 23 | €2,711 | €6,802 | +€4,091 | +151% |
| Furniture and vehicles | 24 | €32,596 | €24,935 | -€7,660 | -23.5% |
| Leasing and similar rights | 25 | €125,503 | €185,278 | +€59,775 | +47.6% |
| Financial fixed assets | 28 | €15 | €5,765 | +€5,750 | +38,333% |
| Current assets | 29/58 | €591,244 | €1,331,971 | +€740,728 | +125% |
| Stocks and contracts in progress | 3 | €156,116 | €371,278 | +€215,162 | +138% |
| Stocks | 30/36 | €156,116 | €371,278 | +€215,162 | +138% |
| Amounts receivable within one year | 40/41 | €249,527 | €758,948 | +€509,420 | +204% |
| Trade receivables | 40 | €203,346 | €742,607 | +€539,260 | +265% |
| Other amounts receivable | 41 | €46,181 | €16,341 | -€29,840 | -64.6% |
| Cash at bank and in hand | 54/58 | €185,600 | €191,463 | +€5,863 | +3.2% |
| Deferred charges and accrued income | 490/1 | - | €10,282 | +€10,282 | |
| Total equity and liabilities | 10/49 | €1,479,531 | €2,687,318 | +€1.2m | +81.6% |
| Equity | 10/15 | €427,049 | €547,896 | +€120,847 | +28.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €406,158 | €529,296 | +€123,138 | +30.3% |
| Tax-exempt reserves | 132 | €63,150 | - | -€63,150 | |
| Distributable reserves | 133 | €343,008 | €529,296 | +€186,288 | +54.3% |
| Profit (loss) carried forward | 14 | €2,291 | - | -€2,291 | |
| Amounts payable | 17/49 | €1,052,482 | €2,139,423 | +€1.1m | +103% |
| Amounts payable after more than one year | 17 | €680,723 | €868,977 | +€188,254 | +27.7% |
| Financial debts | 170/4 | €680,723 | €868,977 | +€188,254 | +27.7% |
| Amounts payable within one year | 42/48 | €371,759 | €1,270,446 | +€898,687 | +242% |
| Current portion of amounts payable after more than one year | 42 | €86,705 | €102,241 | +€15,536 | +17.9% |
| Financial debts | 43 | €169,561 | €315,000 | +€145,439 | +85.8% |
| Credit institutions | 430/8 | €169,561 | €315,000 | +€145,439 | +85.8% |
| Trade debts | 44 | €65,776 | €685,596 | +€619,820 | +942% |
| Suppliers | 440/4 | €65,776 | €685,596 | +€619,820 | +942% |
| Advances received on contracts in progress | 46 | €2,269 | - | -€2,269 | |
| Taxes, remuneration and social security | 45 | €39,421 | €72,455 | +€33,033 | +83.8% |
| Taxes | 450/3 | €34,496 | €66,105 | +€31,609 | +91.6% |
| Remuneration and social security | 454/9 | €4,925 | €6,350 | +€1,425 | +28.9% |
| Other amounts payable | 47/48 | €8,028 | €95,154 | +€87,126 | +1,085% |
| Non-recurring operating income | 76A | - | €16,231 | +€16,231 | |
| Remuneration, social security and pensions | 62 | €352,588 | €412,372 | +€59,785 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,038 | €90,178 | +€34,140 | +60.9% |
| Other operating charges | 640/8 | €8,057 | €8,650 | +€593 | +7.4% |
| Non-recurring operating charges | 66A | - | €463 | +€463 | |
| Gross operating margin | 9900 | €699,661 | €802,851 | +€103,191 | +14.7% |
| Operating profit (loss) | 9901 | €282,978 | €291,188 | +€8,210 | +2.9% |
| Financial income | 75/76B | €2,515 | €6,533 | +€4,018 | +160% |
| Recurring financial income | 75 | €2,515 | €2,534 | +€19 | +0.8% |
| Non-recurring financial income | 76B | - | €3,999 | +€3,999 | |
| Financial charges | 65/66B | €47,447 | €55,901 | +€8,454 | +17.8% |
| Recurring financial charges | 65 | €47,447 | €55,901 | +€8,454 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €238,046 | €241,821 | +€3,775 | +1.6% |
| Income taxes | 67/77 | €72,983 | €80,786 | +€7,803 | +10.7% |
| Profit (loss) for the period | 9904 | €165,063 | €161,035 | -€4,028 | -2.4% |
| Transfer from tax-exempt reserves | 789 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €165,063 | €224,185 | +€59,122 | +35.8% |
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 15 October 2026 via checked.be.