ReCo Projects: 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.
ReCo Projects
Largest movements
- Tangible fixed assets +€320,016
up €320,016 (+1310.9%), from €24,412 to €344,427
of which Land and buildings: +€331,078
- Cash +€41,194
up €41,194 (+196.0%), from €21,023 to €62,217
mainly Other debts (+€150,250) and Net result for the year (+€128,636)
- Receivables within one year +€25,134
up €25,134 (+552.9%), from €4,546 to €29,679
of which Other amounts receivable: +€24,930
- Other debts +€150,250
new in 2025: €150,250
- Reserves +€128,636
up €128,636 (+48.2%), from €266,723 to €395,359
- Debts after one year +€87,255
up €87,255 (+7.2%), from €1.2m to €1.3m
- Gross operating margin -€18,679
down €18,679 (-18.4%), from €101,318 to €82,639
- Taxes -€11,923
down €11,923 (-29.7%), from €40,177 to €28,254
- Depreciation +€9,934
up €9,934 (+92.0%), from €10,795 to €20,729
- Financial charges +€6,854
up €6,854 (+1561.4%), from €439 to €7,293
- Other operating charges +€1,249
up €1,249 (+197.1%), from €633 to €1,882
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 | €1,603,384 | €1,974,206 | +€370,822 | +23.1% |
| Fixed assets | 21/28 | €1,426,957 | €1,746,947 | +€319,990 | +22.4% |
| Tangible fixed assets | 22/27 | €24,412 | €344,427 | +€320,016 | +1310.9% |
| Land and buildings | 22 | - | €331,078 | +€331,078 | |
| Furniture and vehicles | 24 | €24,412 | €13,349 | -€11,062 | -45.3% |
| Financial fixed assets | 28 | €1,402,545 | €1,402,519 | -€26 | 0.0% |
| Current assets | 29/58 | €176,427 | €227,259 | +€50,832 | +28.8% |
| Amounts receivable within one year | 40/41 | €4,546 | €29,679 | +€25,134 | +552.9% |
| Trade receivables | 40 | - | €204 | +€204 | |
| Other amounts receivable | 41 | €4,546 | €29,476 | +€24,930 | +548.4% |
| Current investments | 50/53 | €149,959 | €134,813 | -€15,146 | -10.1% |
| Cash at bank and in hand | 54/58 | €21,023 | €62,217 | +€41,194 | +196.0% |
| Deferred charges and accrued income | 490/1 | €900 | €550 | -€350 | -38.9% |
| Total equity and liabilities | 10/49 | €1,603,384 | €1,974,206 | +€370,822 | +23.1% |
| Equity | 10/15 | €270,223 | €398,859 | +€128,636 | +47.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €266,723 | €395,359 | +€128,636 | +48.2% |
| Distributable reserves | 133 | €266,723 | €395,359 | +€128,636 | +48.2% |
| Amounts payable | 17/49 | €1,333,161 | €1,575,347 | +€242,186 | +18.2% |
| Amounts payable after more than one year | 17 | €1,212,319 | €1,299,574 | +€87,255 | +7.2% |
| Financial debts | 170/4 | €1,212,319 | €1,299,574 | +€87,255 | +7.2% |
| Amounts payable within one year | 42/48 | €119,680 | €274,937 | +€155,256 | +129.7% |
| Current portion of amounts payable after more than one year | 42 | €109,743 | €121,840 | +€12,097 | +11.0% |
| Trade debts | 44 | €1,818 | €905 | -€914 | -50.3% |
| Suppliers | 440/4 | €1,818 | €905 | -€914 | -50.3% |
| Taxes, remuneration and social security | 45 | €8,119 | €1,943 | -€6,177 | -76.1% |
| Taxes | 450/3 | €8,119 | €1,943 | -€6,177 | -76.1% |
| Other amounts payable | 47/48 | - | €150,250 | +€150,250 | |
| Accrued charges and deferred income | 492/3 | €1,162 | €837 | -€325 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,795 | €20,729 | +€9,934 | +92.0% |
| Other operating charges | 640/8 | €633 | €1,882 | +€1,249 | +197.1% |
| Gross operating margin | 9900 | €101,318 | €82,639 | -€18,679 | -18.4% |
| Operating profit (loss) | 9901 | €89,889 | €60,028 | -€29,862 | -33.2% |
| Financial income | 75/76B | €104,945 | €104,155 | -€791 | -0.8% |
| Recurring financial income | 75 | €104,945 | €104,155 | -€791 | -0.8% |
| Financial charges | 65/66B | €439 | €7,293 | +€6,854 | +1561.4% |
| Recurring financial charges | 65 | €439 | €7,293 | +€6,854 | +1561.4% |
| Profit (loss) for the period before taxes | 9903 | €194,396 | €156,890 | -€37,506 | -19.3% |
| Income taxes | 67/77 | €40,177 | €28,254 | -€11,923 | -29.7% |
| Profit (loss) for the period | 9904 | €154,218 | €128,636 | -€25,583 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €154,218 | €128,636 | -€25,583 | -16.6% |
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 10 October 2026 via checked.be.