RECON: 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.
RECON
Largest movements
- Cash +€399,850
up €399,850 (+43.0%), from €930,646 to €1.3m
mainly Trade debts (+€256,946) and Stocks and contracts (+€241,354)
- Stocks and contracts -€241,354
down €241,354 (-18.1%), from €1.3m to €1.1m
- Receivables within one year +€173,996
up €173,996 (+72.5%), from €240,075 to €414,071
of which Trade receivables: +€176,931
- Tangible fixed assets -€70,764
down €70,764 (-38.5%), from €183,788 to €113,023
of which Furniture and vehicles: -€55,635
- Trade debts +€256,946
up €256,946 (+44.1%), from €583,112 to €840,058
- Tax, wage and social debts -€56,274
down €56,274 (-31.1%), from €180,835 to €124,561
of which Remuneration and social security: -€39,691
- Reserves +€49,983
up €49,983 (+4.5%), from €1.1m to €1.2m
of which Distributable reserves: +€49,983
- Provisions +€30,269
up €30,269, from -€16,341 to €13,928
- Financial charges -€15,001
down €15,001 (-34.7%), from €43,286 to €28,285
- Staff costs -€14,190
down €14,190 (-1.7%), from €853,599 to €839,410
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 | €2,757,621 | €3,004,930 | +€247,309 | +9.0% |
| Fixed assets | 21/28 | €186,425 | €115,661 | -€70,764 | -38.0% |
| Tangible fixed assets | 22/27 | €183,788 | €113,023 | -€70,764 | -38.5% |
| Plant, machinery and equipment | 23 | €9,829 | €7,034 | -€2,796 | -28.4% |
| Furniture and vehicles | 24 | €128,199 | €72,564 | -€55,635 | -43.4% |
| Other tangible fixed assets | 26 | €45,759 | €33,425 | -€12,334 | -27.0% |
| Financial fixed assets | 28 | €2,637 | €2,637 | = | 0.0% |
| Current assets | 29/58 | €2,571,196 | €2,889,269 | +€318,073 | +12.4% |
| Stocks and contracts in progress | 3 | €1,336,610 | €1,095,256 | -€241,354 | -18.1% |
| Stocks | 30/36 | €1,336,610 | €1,095,256 | -€241,354 | -18.1% |
| Amounts receivable within one year | 40/41 | €240,075 | €414,071 | +€173,996 | +72.5% |
| Trade receivables | 40 | €218,575 | €395,507 | +€176,931 | +80.9% |
| Other amounts receivable | 41 | €21,500 | €18,565 | -€2,935 | -13.7% |
| Cash at bank and in hand | 54/58 | €930,646 | €1,330,495 | +€399,850 | +43.0% |
| Deferred charges and accrued income | 490/1 | €63,865 | €49,447 | -€14,419 | -22.6% |
| Total equity and liabilities | 10/49 | €2,757,621 | €3,004,930 | +€247,309 | +9.0% |
| Equity | 10/15 | €1,712,485 | €1,762,467 | +€49,983 | +2.9% |
| Contributions | 10/11 | €599,764 | €599,764 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Contributions outside capital | 11 | €524,764 | €524,764 | = | 0.0% |
| Share premium | 1100/10 | €524,764 | €524,764 | = | 0.0% |
| Reserves | 13 | €1,112,721 | €1,162,703 | +€49,983 | +4.5% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,105,221 | €1,155,203 | +€49,983 | +4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €73,530 | €87,458 | +€13,928 | +18.9% |
| Provisions for liabilities and charges | 160/5 | €73,530 | €87,458 | +€13,928 | +18.9% |
| Environmental obligations | 163 | €25,000 | €25,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €48,530 | €62,458 | +€13,928 | +28.7% |
| Amounts payable | 17/49 | €971,606 | €1,155,005 | +€183,398 | +18.9% |
| Amounts payable within one year | 42/48 | €963,533 | €1,139,397 | +€175,864 | +18.3% |
| Trade debts | 44 | €583,112 | €840,058 | +€256,946 | +44.1% |
| Suppliers | 440/4 | €583,112 | €840,058 | +€256,946 | +44.1% |
| Advances received on contracts in progress | 46 | €49,587 | €24,779 | -€24,808 | -50.0% |
| Taxes, remuneration and social security | 45 | €180,835 | €124,561 | -€56,274 | -31.1% |
| Taxes | 450/3 | €75,168 | €58,585 | -€16,583 | -22.1% |
| Remuneration and social security | 454/9 | €105,667 | €65,976 | -€39,691 | -37.6% |
| Other amounts payable | 47/48 | €150,000 | €150,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €8,073 | €15,607 | +€7,534 | +93.3% |
| Non-recurring operating income | 76A | €58,318 | €64,410 | +€6,092 | +10.4% |
| Remuneration, social security and pensions | 62 | €853,599 | €839,410 | -€14,190 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,914 | €77,477 | -€4,437 | -5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,603 | -€12,145 | -€8,542 | -237.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€16,341 | €13,928 | +€30,269 | |
| Other operating charges | 640/8 | €46,385 | €47,903 | +€1,518 | +3.3% |
| Non-recurring operating charges | 66A | €0 | €177 | +€177 | |
| Gross operating margin | 9900 | €1,312,688 | €1,303,227 | -€9,461 | -0.7% |
| Operating profit (loss) | 9901 | €350,733 | €336,477 | -€14,256 | -4.1% |
| Financial income | 75/76B | €1,025 | €3,394 | +€2,370 | +231.3% |
| Recurring financial income | 75 | €1,025 | €3,394 | +€2,370 | +231.3% |
| Financial charges | 65/66B | €43,286 | €28,285 | -€15,001 | -34.7% |
| Recurring financial charges | 65 | €43,286 | €28,285 | -€15,001 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €308,472 | €311,586 | +€3,114 | +1.0% |
| Income taxes | 67/77 | €98,500 | €111,603 | +€13,103 | +13.3% |
| Profit (loss) for the period | 9904 | €209,972 | €199,983 | -€9,989 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €209,972 | €199,983 | -€9,989 | -4.8% |
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 11 October 2026 via checked.be.