RECOPEN: 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.
RECOPEN
Largest movements
- Receivables within one year -€102,017
down €102,017 (-77.2%), from €132,143 to €30,126
of which Trade receivables: -€103,499
- Stocks and contracts +€23,170
new in 2025: €23,170
- Cash +€6,753
up €6,753 (+43.8%), from €15,402 to €22,155
mainly Receivables within one year (+€102,017) and Other debts (+€2,576)
- Tangible fixed assets -€1,656
down €1,656 (-80.7%), from €2,051 to €395
- Trade debts -€83,369
down €83,369 (-99.0%), from €84,170 to €801
- Reserves +€27,197
up €27,197 (+1462.2%), from €1,860 to €29,057
of which Distributable reserves: +€27,197
- Profit (loss) carried forward -€22,431
down €22,431 (-100.0%), from €22,431 to €0
- Other debts +€2,576
up €2,576 (+8.6%), from €30,015 to €32,591
- Tax, wage and social debts +€2,277
up €2,277 (+46.3%), from €4,920 to €7,197
- Gross operating margin -€10,900
down €10,900 (-61.4%), from €17,763 to €6,863
- Taxes -€2,500
down €2,500 (-80.0%), from €3,123 to €623
- Financial charges +€1,522
up €1,522 (+316.4%), from €481 to €2,003
- Depreciation -€1,326
down €1,326 (-44.5%), from €2,983 to €1,657
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 | €149,596 | €75,846 | -€73,750 | -49.3% |
| Fixed assets | 21/28 | €2,051 | €395 | -€1,656 | -80.7% |
| Tangible fixed assets | 22/27 | €2,051 | €395 | -€1,656 | -80.7% |
| Furniture and vehicles | 24 | €2,051 | €395 | -€1,656 | -80.7% |
| Current assets | 29/58 | €147,545 | €75,452 | -€72,093 | -48.9% |
| Stocks and contracts in progress | 3 | - | €23,170 | +€23,170 | |
| Stocks | 30/36 | - | €23,170 | +€23,170 | |
| Amounts receivable within one year | 40/41 | €132,143 | €30,126 | -€102,017 | -77.2% |
| Trade receivables | 40 | €132,143 | €28,644 | -€103,499 | -78.3% |
| Other amounts receivable | 41 | - | €1,482 | +€1,482 | |
| Cash at bank and in hand | 54/58 | €15,402 | €22,155 | +€6,753 | +43.8% |
| Total equity and liabilities | 10/49 | €149,596 | €75,846 | -€73,750 | -49.3% |
| Equity | 10/15 | €30,491 | €35,257 | +€4,766 | +15.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €29,057 | +€27,197 | +1462.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €27,197 | +€27,197 | |
| Profit (loss) carried forward | 14 | €22,431 | €0 | -€22,431 | -100.0% |
| Amounts payable | 17/49 | €119,105 | €40,589 | -€78,516 | -65.9% |
| Amounts payable within one year | 42/48 | €119,105 | €40,589 | -€78,516 | -65.9% |
| Trade debts | 44 | €84,170 | €801 | -€83,369 | -99.0% |
| Suppliers | 440/4 | €84,170 | €801 | -€83,369 | -99.0% |
| Taxes, remuneration and social security | 45 | €4,920 | €7,197 | +€2,277 | +46.3% |
| Taxes | 450/3 | €4,920 | €7,197 | +€2,277 | +46.3% |
| Other amounts payable | 47/48 | €30,015 | €32,591 | +€2,576 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,983 | €1,657 | -€1,326 | -44.5% |
| Other operating charges | 640/8 | €284 | €334 | +€50 | +17.4% |
| Gross operating margin | 9900 | €17,763 | €6,863 | -€10,900 | -61.4% |
| Operating profit (loss) | 9901 | €14,496 | €4,873 | -€9,623 | -66.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €481 | €2,003 | +€1,522 | +316.4% |
| Recurring financial charges | 65 | €481 | €2,003 | +€1,522 | +316.4% |
| Profit (loss) for the period before taxes | 9903 | €14,015 | €2,871 | -€11,144 | -79.5% |
| Income taxes | 67/77 | €3,123 | €623 | -€2,500 | -80.0% |
| Profit (loss) for the period | 9904 | €10,892 | €2,248 | -€8,644 | -79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,892 | €2,248 | -€8,644 | -79.4% |
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 8 October 2026 via checked.be.