RECOLEX: 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.
RECOLEX
Largest movements
- Receivables within one year +€156,133
up €156,133 (+19.2%), from €814,174 to €970,307
of which Trade receivables: +€132,390
- Tangible fixed assets -€40,941
down €40,941 (-13.7%), from €299,276 to €258,334
of which Land and buildings: -€39,736
- Reserves +€171,494
up €171,494 (+37.0%), from €463,617 to €635,111
- Debts after one year -€54,836
down €54,836 (-19.3%), from €284,523 to €229,686
of which Other amounts payable: -€49,934
- Tax, wage and social debts +€32,294
up €32,294 (+30.6%), from €105,574 to €137,868
of which Remuneration and social security: +€18,753
- Short-term financial debts -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Trade debts -€17,069
down €17,069 (-11.5%), from €148,999 to €131,930
- Gross operating margin +€106,867
up €106,867 (+13.8%), from €776,902 to €883,769
- Staff costs +€80,315
up €80,315 (+19.6%), from €409,986 to €490,301
- Financial charges +€14,482
up €14,482 (+153%), from €9,437 to €23,918
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 | €1,255,193 | €1,372,236 | +€117,043 | +9.3% |
| Fixed assets | 21/28 | €299,276 | €258,334 | -€40,941 | -13.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €299,276 | €258,334 | -€40,941 | -13.7% |
| Land and buildings | 22 | €273,544 | €233,808 | -€39,736 | -14.5% |
| Plant, machinery and equipment | 23 | €10,229 | €6,819 | -€3,410 | -33.3% |
| Furniture and vehicles | 24 | €15,503 | €17,707 | +€2,205 | +14.2% |
| Current assets | 29/58 | €955,918 | €1,113,902 | +€157,984 | +16.5% |
| Amounts receivable within one year | 40/41 | €814,174 | €970,307 | +€156,133 | +19.2% |
| Trade receivables | 40 | €814,059 | €946,450 | +€132,390 | +16.3% |
| Other amounts receivable | 41 | €115 | €23,858 | +€23,743 | +20,727% |
| Cash at bank and in hand | 54/58 | €136,037 | €138,239 | +€2,202 | +1.6% |
| Deferred charges and accrued income | 490/1 | €5,707 | €5,356 | -€352 | -6.2% |
| Total equity and liabilities | 10/49 | €1,255,193 | €1,372,236 | +€117,043 | +9.3% |
| Equity | 10/15 | €482,217 | €653,711 | +€171,494 | +35.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €463,617 | €635,111 | +€171,494 | +37.0% |
| Distributable reserves | 133 | €463,617 | €635,111 | +€171,494 | +37.0% |
| Amounts payable | 17/49 | €772,976 | €718,524 | -€54,452 | -7.0% |
| Amounts payable after more than one year | 17 | €284,523 | €229,686 | -€54,836 | -19.3% |
| Financial debts | 170/4 | €4,903 | €0 | -€4,903 | -100% |
| Other amounts payable | 178/9 | €279,620 | €229,686 | -€49,934 | -17.9% |
| Amounts payable within one year | 42/48 | €366,132 | €349,701 | -€16,431 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €11,558 | €4,903 | -€6,656 | -57.6% |
| Financial debts | 43 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Credit institutions | 430/8 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Trade debts | 44 | €148,999 | €131,930 | -€17,069 | -11.5% |
| Suppliers | 440/4 | €148,999 | €131,930 | -€17,069 | -11.5% |
| Taxes, remuneration and social security | 45 | €105,574 | €137,868 | +€32,294 | +30.6% |
| Taxes | 450/3 | €27,152 | €40,693 | +€13,541 | +49.9% |
| Remuneration and social security | 454/9 | €78,422 | €97,175 | +€18,753 | +23.9% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Accrued charges and deferred income | 492/3 | €122,322 | €139,137 | +€16,815 | +13.7% |
| Remuneration, social security and pensions | 62 | €409,986 | €490,301 | +€80,315 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,191 | €53,513 | +€3,322 | +6.6% |
| Other operating charges | 640/8 | €3,676 | €3,790 | +€114 | +3.1% |
| Gross operating margin | 9900 | €776,902 | €883,769 | +€106,867 | +13.8% |
| Operating profit (loss) | 9901 | €313,049 | €336,166 | +€23,117 | +7.4% |
| Financial income | 75/76B | €38 | €50 | +€13 | +33.1% |
| Recurring financial income | 75 | €38 | €50 | +€13 | +33.1% |
| Financial charges | 65/66B | €9,437 | €23,918 | +€14,482 | +153% |
| Recurring financial charges | 65 | €9,437 | €23,918 | +€14,482 | +153% |
| Profit (loss) for the period before taxes | 9903 | €303,650 | €312,298 | +€8,648 | +2.8% |
| Income taxes | 67/77 | €98,374 | €101,168 | +€2,794 | +2.8% |
| Profit (loss) for the period | 9904 | €205,276 | €211,130 | +€5,854 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €205,276 | €211,130 | +€5,854 | +2.9% |
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 23 October 2026 via checked.be.