RECO: 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.
RECO
Largest movements
- Cash +€55,682
up €55,682 (+63.3%), from €87,926 to €143,608
mainly Net result for the year (+€61,412) and Depreciation (+€13,192)
- Tangible fixed assets -€13,192
down €13,192 (-25.6%), from €51,538 to €38,346
- Receivables within one year -€8,572
down €8,572 (-28.1%), from €30,475 to €21,903
of which Other amounts receivable: -€8,572
- Reserves +€30,912
up €30,912 (+19.2%), from €161,001 to €191,913
- Tax, wage and social debts +€4,321
up €4,321 (+52.7%), from €8,203 to €12,524
- Other debts +€2,637
new in 2025: €2,637
- Trade debts -€2,210
down €2,210 (-85.3%), from €2,592 to €382
- Gross operating margin -€3,554
down €3,554 (-3.5%), from €101,353 to €97,799
- Taxes -€2,148
down €2,148 (-9.0%), from €23,894 to €21,746
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 | €171,895 | €207,555 | +€35,660 | +20.7% |
| Fixed assets | 21/28 | €51,538 | €38,346 | -€13,192 | -25.6% |
| Tangible fixed assets | 22/27 | €51,538 | €38,346 | -€13,192 | -25.6% |
| Furniture and vehicles | 24 | €51,538 | €38,346 | -€13,192 | -25.6% |
| Current assets | 29/58 | €120,357 | €169,209 | +€48,852 | +40.6% |
| Amounts receivable within one year | 40/41 | €30,475 | €21,903 | -€8,572 | -28.1% |
| Trade receivables | 40 | €12,100 | €12,100 | = | 0.0% |
| Other amounts receivable | 41 | €18,375 | €9,803 | -€8,572 | -46.6% |
| Cash at bank and in hand | 54/58 | €87,926 | €143,608 | +€55,682 | +63.3% |
| Deferred charges and accrued income | 490/1 | €1,956 | €3,698 | +€1,742 | +89.0% |
| Total equity and liabilities | 10/49 | €171,895 | €207,555 | +€35,660 | +20.7% |
| Equity | 10/15 | €161,101 | €192,013 | +€30,912 | +19.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €161,001 | €191,913 | +€30,912 | +19.2% |
| Distributable reserves | 133 | €161,001 | €191,913 | +€30,912 | +19.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €10,795 | €15,543 | +€4,748 | +44.0% |
| Amounts payable within one year | 42/48 | €10,795 | €15,543 | +€4,748 | +44.0% |
| Trade debts | 44 | €2,592 | €382 | -€2,210 | -85.3% |
| Suppliers | 440/4 | €2,592 | €382 | -€2,210 | -85.3% |
| Taxes, remuneration and social security | 45 | €8,203 | €12,524 | +€4,321 | +52.7% |
| Taxes | 450/3 | €8,203 | €12,524 | +€4,321 | +52.7% |
| Other amounts payable | 47/48 | - | €2,637 | +€2,637 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,192 | €13,192 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,591 | €1,251 | -€340 | -21.4% |
| Gross operating margin | 9900 | €101,353 | €97,799 | -€3,554 | -3.5% |
| Operating profit (loss) | 9901 | €86,571 | €83,356 | -€3,214 | -3.7% |
| Financial charges | 65/66B | €155 | €198 | +€44 | +28.4% |
| Recurring financial charges | 65 | €155 | €198 | +€44 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €86,416 | €83,158 | -€3,258 | -3.8% |
| Income taxes | 67/77 | €23,894 | €21,746 | -€2,148 | -9.0% |
| Profit (loss) for the period | 9904 | €62,522 | €61,412 | -€1,110 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,522 | €61,412 | -€1,110 | -1.8% |
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 3 October 2026 via checked.be.