RECOVA: 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.
RECOVA
Largest movements
- Cash -€76,856
down €76,856 (-86.5%), from €88,859 to €12,003
mainly Debts after one year (-€131,512) and Investment in fixed assets (net) (-€72,762)
- Deferred charges and accrued income -€44,076
down €44,076 (-56.9%), from €77,517 to €33,440
- Tangible fixed assets +€28,741
up €28,741 (+5.3%), from €537,270 to €566,011
of which Land and buildings: +€41,136
- Other debts +€172,500
up €172,500 (+506.2%), from €34,079 to €206,579
- Debts after one year -€131,512
down €131,512 (-61.4%), from €214,080 to €82,568
- Profit (loss) carried forward -€100,908
down €100,908 (-46.9%), from €215,128 to €114,220
- Current portion of long-term debt -€28,424
down €28,424 (-46.9%), from €60,651 to €32,227
- Trade debts -€10,280
down €10,280 (-91.7%), from €11,207 to €927
- Financial income -€215,170
down €215,170 (-99.9%), from €215,373 to €203
of which Non-recurring financial income: -€215,185
- Gross operating margin -€70,731
down €70,731, from €65,375 to -€5,355
- Taxes -€12,616
down €12,616, from €12,538 to -€78
- Depreciation +€3,061
up €3,061 (+7.5%), from €40,959 to €44,020
- Financial charges -€812
down €812 (-8.9%), from €9,150 to €8,337
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 | €723,602 | €627,963 | -€95,639 | -13.2% |
| Fixed assets | 21/28 | €538,470 | €567,211 | +€28,741 | +5.3% |
| Tangible fixed assets | 22/27 | €537,270 | €566,011 | +€28,741 | +5.3% |
| Land and buildings | 22 | €468,465 | €509,601 | +€41,136 | +8.8% |
| Plant, machinery and equipment | 23 | - | €5,245 | +€5,245 | |
| Furniture and vehicles | 24 | €7,997 | €1,839 | -€6,158 | -77.0% |
| Leasing and similar rights | 25 | €7,474 | €4,854 | -€2,620 | -35.1% |
| Other tangible fixed assets | 26 | €53,334 | €44,472 | -€8,862 | -16.6% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €185,132 | €60,751 | -€124,381 | -67.2% |
| Amounts receivable within one year | 40/41 | €18,756 | €15,308 | -€3,449 | -18.4% |
| Trade receivables | 40 | €15,956 | €15,308 | -€649 | -4.1% |
| Other amounts receivable | 41 | €2,800 | - | -€2,800 | |
| Cash at bank and in hand | 54/58 | €88,859 | €12,003 | -€76,856 | -86.5% |
| Deferred charges and accrued income | 490/1 | €77,517 | €33,440 | -€44,076 | -56.9% |
| Total equity and liabilities | 10/49 | €723,602 | €627,963 | -€95,639 | -13.2% |
| Equity | 10/15 | €394,833 | €293,925 | -€100,908 | -25.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €29,705 | €29,705 | = | 0.0% |
| Distributable reserves | 133 | €29,705 | €29,705 | = | 0.0% |
| Profit (loss) carried forward | 14 | €215,128 | €114,220 | -€100,908 | -46.9% |
| Amounts payable | 17/49 | €328,768 | €334,037 | +€5,269 | +1.6% |
| Amounts payable after more than one year | 17 | €214,080 | €82,568 | -€131,512 | -61.4% |
| Financial debts | 170/4 | €214,080 | €82,568 | -€131,512 | -61.4% |
| Amounts payable within one year | 42/48 | €113,188 | €244,944 | +€131,756 | +116.4% |
| Current portion of amounts payable after more than one year | 42 | €60,651 | €32,227 | -€28,424 | -46.9% |
| Trade debts | 44 | €11,207 | €927 | -€10,280 | -91.7% |
| Suppliers | 440/4 | €11,207 | €927 | -€10,280 | -91.7% |
| Taxes, remuneration and social security | 45 | €7,251 | €5,211 | -€2,040 | -28.1% |
| Taxes | 450/3 | €7,251 | €5,211 | -€2,040 | -28.1% |
| Other amounts payable | 47/48 | €34,079 | €206,579 | +€172,500 | +506.2% |
| Accrued charges and deferred income | 492/3 | €1,500 | €6,526 | +€5,026 | +335.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,959 | €44,020 | +€3,061 | +7.5% |
| Other operating charges | 640/8 | €2,973 | €3,476 | +€503 | +16.9% |
| Gross operating margin | 9900 | €65,375 | -€5,355 | -€70,731 | |
| Operating profit (loss) | 9901 | €21,443 | -€52,852 | -€74,294 | |
| Financial income | 75/76B | €215,373 | €203 | -€215,170 | -99.9% |
| Recurring financial income | 75 | €188 | €203 | +€15 | +8.0% |
| Non-recurring financial income | 76B | €215,185 | - | -€215,185 | |
| Financial charges | 65/66B | €9,150 | €8,337 | -€812 | -8.9% |
| Recurring financial charges | 65 | €9,150 | €8,337 | -€812 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €227,666 | -€60,986 | -€288,652 | |
| Income taxes | 67/77 | €12,538 | -€78 | -€12,616 | |
| Profit (loss) for the period | 9904 | €215,128 | -€60,908 | -€276,037 | |
| Profit (loss) for the period to be appropriated | 9905 | €215,128 | -€60,908 | -€276,037 |
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 30 September 2026 via checked.be.