RECOMARG: 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.
RECOMARG
Largest movements
- Receivables within one year +€177,977
up €177,977 (+70.7%), from €251,732 to €429,710
of which Trade receivables: +€168,221
- Trade debts +€172,395
up €172,395 (+501%), from €34,436 to €206,832
- Other debts +€16,000
up €16,000 (+26.7%), from €60,000 to €76,000
- Tax, wage and social debts -€10,852
down €10,852 (-64.0%), from €16,945 to €6,093
of which Taxes: -€9,282
- Profit (loss) carried forward +€10,384
up €10,384 (+13.5%), from €76,813 to €87,198
- Debts after one year -€5,001
down €5,001 (-17.8%), from €28,062 to €23,060
- Staff costs -€15,130
no longer reported in 2025 (was €15,130)
- Gross operating margin -€8,267
down €8,267 (-27.2%), from €30,437 to €22,169
- Taxes +€2,887
up €2,887 (+358%), from €806 to €3,693
- Other operating charges -€1,512
down €1,512 (-69.5%), from €2,177 to €664
- Depreciation +€1,243
up €1,243 (+54.1%), from €2,297 to €3,540
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 | €276,179 | €459,184 | +€183,005 | +66.3% |
| Fixed assets | 21/28 | €4,216 | €5,676 | +€1,460 | +34.6% |
| Tangible fixed assets | 22/27 | €4,216 | €5,676 | +€1,460 | +34.6% |
| Plant, machinery and equipment | 23 | €528 | €3,757 | +€3,228 | +611% |
| Furniture and vehicles | 24 | €3,687 | €1,919 | -€1,769 | -48.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €271,963 | €453,508 | +€181,545 | +66.8% |
| Amounts receivable within one year | 40/41 | €251,732 | €429,710 | +€177,977 | +70.7% |
| Trade receivables | 40 | €251,732 | €419,954 | +€168,221 | +66.8% |
| Other amounts receivable | 41 | - | €9,756 | +€9,756 | |
| Cash at bank and in hand | 54/58 | €18,630 | €22,785 | +€4,154 | +22.3% |
| Deferred charges and accrued income | 490/1 | €1,600 | €1,014 | -€586 | -36.6% |
| Total equity and liabilities | 10/49 | €276,179 | €459,184 | +€183,005 | +66.3% |
| Equity | 10/15 | €131,813 | €142,198 | +€10,384 | +7.9% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,813 | €87,198 | +€10,384 | +13.5% |
| Amounts payable | 17/49 | €144,366 | €316,987 | +€172,621 | +120% |
| Amounts payable after more than one year | 17 | €28,062 | €23,060 | -€5,001 | -17.8% |
| Financial debts | 170/4 | €28,062 | €23,060 | -€5,001 | -17.8% |
| Amounts payable within one year | 42/48 | €116,304 | €293,926 | +€177,622 | +153% |
| Current portion of amounts payable after more than one year | 42 | €4,923 | €5,001 | +€78 | +1.6% |
| Trade debts | 44 | €34,436 | €206,832 | +€172,395 | +501% |
| Suppliers | 440/4 | €34,436 | €206,832 | +€172,395 | +501% |
| Taxes, remuneration and social security | 45 | €16,945 | €6,093 | -€10,852 | -64.0% |
| Taxes | 450/3 | €15,375 | €6,093 | -€9,282 | -60.4% |
| Remuneration and social security | 454/9 | €1,570 | - | -€1,570 | |
| Other amounts payable | 47/48 | €60,000 | €76,000 | +€16,000 | +26.7% |
| Remuneration, social security and pensions | 62 | €15,130 | - | -€15,130 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,297 | €3,540 | +€1,243 | +54.1% |
| Other operating charges | 640/8 | €2,177 | €664 | -€1,512 | -69.5% |
| Gross operating margin | 9900 | €30,437 | €22,169 | -€8,267 | -27.2% |
| Operating profit (loss) | 9901 | €10,833 | €17,965 | +€7,132 | +65.8% |
| Financial charges | 65/66B | €2,910 | €3,887 | +€977 | +33.6% |
| Recurring financial charges | 65 | €2,910 | €3,887 | +€977 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | €7,922 | €14,078 | +€6,155 | +77.7% |
| Income taxes | 67/77 | €806 | €3,693 | +€2,887 | +358% |
| Profit (loss) for the period | 9904 | €7,116 | €10,384 | +€3,268 | +45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,116 | €10,384 | +€3,268 | +45.9% |
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 19 October 2026 via checked.be.