RECNEPS: 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.
RECNEPS
Largest movements
- Receivables within one year +€832,390
up €832,390 (+476%), from €174,997 to €1.0m
of which Other amounts receivable: +€674,745
- Intangible fixed assets -€299,558
down €299,558 (-11.9%), from €2.5m to €2.2m
- Financial fixed assets -€283,611
down €283,611 (-23.1%), from €1.2m to €945,489
- Other debts +€1.1m
up €1.1m (+83.8%), from €1.3m to €2.3m
- Profit (loss) carried forward -€999,210
down €999,210 (-25.4%), from -€3.9m to -€4.9m
- Trade debts +€292,631
up €292,631 (+41.0%), from €714,462 to €1.0m
- Short-term financial debts -€112,713
down €112,713 (-9.6%), from €1.2m to €1.1m
of which Credit institutions: -€150,000
- Financial charges +€271,982
up €271,982 (+241%), from €112,878 to €384,860
of which Non-recurring financial charges: +€283,611
- Staff costs +€267,344
up €267,344 (+132%), from €202,871 to €470,214
- Gross operating margin +€111,437
up €111,437 (+32.3%), from €345,401 to €456,838
- Depreciation +€38,610
up €38,610 (+6.9%), from €562,397 to €601,007
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 | €4,012,735 | €4,288,776 | +€276,041 | +6.9% |
| Fixed assets | 21/28 | €3,740,145 | €3,184,983 | -€555,162 | -14.8% |
| Intangible fixed assets | 21 | €2,511,045 | €2,211,487 | -€299,558 | -11.9% |
| Tangible fixed assets | 22/27 | - | €28,006 | +€28,006 | |
| Furniture and vehicles | 24 | - | €28,006 | +€28,006 | |
| Financial fixed assets | 28 | €1,229,100 | €945,489 | -€283,611 | -23.1% |
| Current assets | 29/58 | €272,590 | €1,103,793 | +€831,203 | +305% |
| Amounts receivable within one year | 40/41 | €174,997 | €1,007,388 | +€832,390 | +476% |
| Trade receivables | 40 | €84,095 | €241,741 | +€157,646 | +187% |
| Other amounts receivable | 41 | €90,902 | €765,647 | +€674,745 | +742% |
| Cash at bank and in hand | 54/58 | €82,261 | €64,741 | -€17,521 | -21.3% |
| Deferred charges and accrued income | 490/1 | €15,331 | €31,665 | +€16,333 | +107% |
| Total equity and liabilities | 10/49 | €4,012,735 | €4,288,776 | +€276,041 | +6.9% |
| Equity | 10/15 | €63,676 | -€935,534 | -€999,210 | |
| Contributions | 10/11 | €3,990,601 | €3,990,601 | = | 0.0% |
| Capital | 10 | €3,731,341 | €3,731,341 | = | 0.0% |
| Issued capital | 100 | €3,731,341 | €3,731,341 | = | 0.0% |
| Contributions outside capital | 11 | €259,260 | €259,260 | = | 0.0% |
| Share premium | 1100/10 | €259,260 | €259,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,926,925 | -€4,926,134 | -€999,210 | -25.4% |
| Amounts payable | 17/49 | €3,949,059 | €5,224,310 | +€1.3m | +32.3% |
| Amounts payable after more than one year | 17 | - | €17,230 | +€17,230 | |
| Financial debts | 170/4 | - | €17,230 | +€17,230 | |
| Amounts payable within one year | 42/48 | €3,189,788 | €4,459,289 | +€1.3m | +39.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €9,511 | +€9,511 | |
| Financial debts | 43 | €1,175,000 | €1,062,287 | -€112,713 | -9.6% |
| Credit institutions | 430/8 | €675,000 | €525,000 | -€150,000 | -22.2% |
| Other loans | 439 | €500,000 | €537,287 | +€37,287 | +7.5% |
| Trade debts | 44 | €714,462 | €1,007,093 | +€292,631 | +41.0% |
| Suppliers | 440/4 | €714,462 | €1,007,093 | +€292,631 | +41.0% |
| Taxes, remuneration and social security | 45 | €26,129 | €37,918 | +€11,789 | +45.1% |
| Taxes | 450/3 | €3,208 | €0 | -€3,208 | -100% |
| Remuneration and social security | 454/9 | €22,921 | €37,918 | +€14,996 | +65.4% |
| Other amounts payable | 47/48 | €1,274,197 | €2,342,481 | +€1.1m | +83.8% |
| Accrued charges and deferred income | 492/3 | €759,271 | €747,791 | -€11,480 | -1.5% |
| Remuneration, social security and pensions | 62 | €202,871 | €470,214 | +€267,344 | +132% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €562,397 | €601,007 | +€38,610 | +6.9% |
| Other operating charges | 640/8 | €1,905 | €1,849 | -€56 | -2.9% |
| Gross operating margin | 9900 | €345,401 | €456,838 | +€111,437 | +32.3% |
| Operating profit (loss) | 9901 | -€421,772 | -€616,233 | -€194,461 | -46.1% |
| Financial income | 75/76B | €3,414 | €1,204 | -€2,210 | -64.7% |
| Recurring financial income | 75 | €528 | €1,204 | +€677 | +128% |
| Non-recurring financial income | 76B | €2,887 | €0 | -€2,887 | -100% |
| Financial charges | 65/66B | €112,878 | €384,860 | +€271,982 | +241% |
| Recurring financial charges | 65 | €112,878 | €101,249 | -€11,629 | -10.3% |
| Non-recurring financial charges | 66B | - | €283,611 | +€283,611 | |
| Profit (loss) for the period before taxes | 9903 | -€531,235 | -€999,888 | -€468,653 | -88.2% |
| Income taxes | 67/77 | €210 | -€678 | -€888 | |
| Profit (loss) for the period | 9904 | -€531,445 | -€999,210 | -€467,765 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€531,445 | -€999,210 | -€467,765 | -88.0% |
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.