Recombel: 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.
Recombel
Largest movements
- Receivables after one year +€9.5m
new in 2025: €9.5m
- Receivables within one year -€9.1m
down €9.1m (-94.8%), from €9.6m to €500,433
- Cash -€375,639
down €375,639 (-92.3%), from €407,032 to €31,393
mainly Receivables after one year (-€9.5m) and Smaller working-capital items (-€20,686)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€133,141
down €133,141 (-59.2%), from €224,970 to €91,829
- Taxes -€38,615
down €38,615 (-81.4%), from €47,431 to €8,816
- Other operating charges +€2,860
up €2,860 (+739.0%), from €387 to €3,247
- Gross operating margin +€1,810
up €1,810 (+26.2%), from -€6,915 to -€5,105
- Financial charges +€1,425
up €1,425 (+2849.3%), from €50 to €1,475
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 | €10,685,010 | €10,688,027 | +€3,017 | 0.0% |
| Fixed assets | 21/28 | €690,942 | €647,533 | -€43,409 | -6.3% |
| Tangible fixed assets | 22/27 | €541,092 | €497,533 | -€43,559 | -8.1% |
| Land and buildings | 22 | €541,092 | €497,533 | -€43,559 | -8.1% |
| Financial fixed assets | 28 | €149,850 | €150,000 | +€150 | +0.1% |
| Current assets | 29/58 | €9,994,069 | €10,040,495 | +€46,426 | +0.5% |
| Amounts receivable after more than one year | 29 | - | €9,508,668 | +€9.5m | |
| Other amounts receivable | 291 | - | €9,508,668 | +€9.5m | |
| Amounts receivable within one year | 40/41 | €9,587,037 | €500,433 | -€9.1m | -94.8% |
| Other amounts receivable | 41 | €9,587,037 | €500,433 | -€9.1m | -94.8% |
| Cash at bank and in hand | 54/58 | €407,032 | €31,393 | -€375,639 | -92.3% |
| Total equity and liabilities | 10/49 | €10,685,010 | €10,688,027 | +€3,017 | 0.0% |
| Equity | 10/15 | €10,611,439 | €10,635,141 | +€23,702 | +0.2% |
| Contributions | 10/11 | €9,523,491 | €9,523,491 | -€0 | 0.0% |
| Reserves | 13 | €861 | €861 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €820 | €820 | +€0 | 0.0% |
| Distributable reserves | 133 | €41 | €41 | -€0 | -1.0% |
| Profit (loss) carried forward | 14 | €1,087,088 | €1,110,790 | +€23,702 | +2.2% |
| Amounts payable | 17/49 | €73,571 | €52,886 | -€20,685 | -28.1% |
| Amounts payable within one year | 42/48 | €73,571 | €52,886 | -€20,685 | -28.1% |
| Trade debts | 44 | €815 | €400 | -€415 | -51.0% |
| Suppliers | 440/4 | €815 | €400 | -€415 | -51.0% |
| Taxes, remuneration and social security | 45 | €47,431 | €46,561 | -€870 | -1.8% |
| Taxes | 450/3 | €47,431 | €46,561 | -€870 | -1.8% |
| Other amounts payable | 47/48 | €25,326 | €5,926 | -€19,400 | -76.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,559 | €43,559 | +€0 | 0.0% |
| Other operating charges | 640/8 | €387 | €3,247 | +€2,860 | +739.0% |
| Gross operating margin | 9900 | -€6,915 | -€5,105 | +€1,810 | +26.2% |
| Operating profit (loss) | 9901 | -€50,862 | -€51,911 | -€1,049 | -2.1% |
| Financial income | 75/76B | €224,970 | €91,829 | -€133,141 | -59.2% |
| Recurring financial income | 75 | €224,970 | €91,829 | -€133,141 | -59.2% |
| Financial charges | 65/66B | €50 | €1,475 | +€1,425 | +2849.3% |
| Recurring financial charges | 65 | €50 | €1,475 | +€1,425 | +2849.3% |
| Profit (loss) for the period before taxes | 9903 | €174,058 | €38,443 | -€135,615 | -77.9% |
| Income taxes | 67/77 | €47,431 | €8,816 | -€38,615 | -81.4% |
| Profit (loss) for the period | 9904 | €126,627 | €29,628 | -€96,999 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €126,627 | €29,628 | -€96,999 | -76.6% |
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 7 October 2026 via checked.be.