RECOVER: 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.
RECOVER
Largest movements
- Tangible fixed assets +€74,033
up €74,033 (+19.0%), from €389,560 to €463,593
of which Furniture and vehicles: +€82,256
- Receivables within one year +€49,220
up €49,220 (+118%), from €41,855 to €91,075
- Cash -€35,387
down €35,387 (-19.3%), from €183,262 to €147,875
mainly Investment in fixed assets (net) (-€111,929) and Receivables within one year (-€49,220)
- Reserves +€77,359
up €77,359 (+19.8%), from €390,246 to €467,605
of which Distributable reserves: +€77,359
- Trade debts +€57,931
up €57,931 (+2,558%), from €2,265 to €60,195
- Accrued charges and deferred income -€18,841
down €18,841 (-71.3%), from €26,442 to €7,600
- Tax, wage and social debts -€17,774
down €17,774 (-69.7%), from €25,509 to €7,736
- Gross operating margin -€57,752
down €57,752 (-26.2%), from €220,574 to €162,822
- Financial charges -€19,372
down €19,372 (-70.6%), from €27,458 to €8,086
- Taxes -€13,634
down €13,634 (-27.2%), from €50,120 to €36,486
- Financial income -€11,360
down €11,360 (-86.8%), from €13,092 to €1,733
- Other operating charges -€10,050
down €10,050 (-68.0%), from €14,778 to €4,728
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 | €615,487 | €703,864 | +€88,378 | +14.4% |
| Fixed assets | 21/28 | €389,560 | €463,593 | +€74,033 | +19.0% |
| Tangible fixed assets | 22/27 | €389,560 | €463,593 | +€74,033 | +19.0% |
| Land and buildings | 22 | €292,667 | €291,303 | -€1,364 | -0.5% |
| Plant, machinery and equipment | 23 | €77,725 | €70,865 | -€6,860 | -8.8% |
| Furniture and vehicles | 24 | €19,168 | €101,424 | +€82,256 | +429% |
| Current assets | 29/58 | €225,927 | €240,272 | +€14,345 | +6.3% |
| Amounts receivable within one year | 40/41 | €41,855 | €91,075 | +€49,220 | +118% |
| Other amounts receivable | 41 | €41,855 | €91,075 | +€49,220 | +118% |
| Cash at bank and in hand | 54/58 | €183,262 | €147,875 | -€35,387 | -19.3% |
| Deferred charges and accrued income | 490/1 | €810 | €1,322 | +€512 | +63.2% |
| Total equity and liabilities | 10/49 | €615,487 | €703,864 | +€88,378 | +14.4% |
| Equity | 10/15 | €444,582 | €521,941 | +€77,359 | +17.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €390,246 | €467,605 | +€77,359 | +19.8% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €348,146 | €425,505 | +€77,359 | +22.2% |
| Profit (loss) carried forward | 14 | €34,336 | €34,336 | = | 0.0% |
| Amounts payable | 17/49 | €170,904 | €181,923 | +€11,019 | +6.4% |
| Amounts payable within one year | 42/48 | €144,463 | €174,323 | +€29,860 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €6,754 | - | -€6,754 | |
| Trade debts | 44 | €2,265 | €60,195 | +€57,931 | +2,558% |
| Suppliers | 440/4 | €2,265 | €60,195 | +€57,931 | +2,558% |
| Taxes, remuneration and social security | 45 | €25,509 | €7,736 | -€17,774 | -69.7% |
| Taxes | 450/3 | €25,509 | €7,736 | -€17,774 | -69.7% |
| Other amounts payable | 47/48 | €109,934 | €106,392 | -€3,542 | -3.2% |
| Accrued charges and deferred income | 492/3 | €26,442 | €7,600 | -€18,841 | -71.3% |
| Non-recurring operating income | 76A | €23,599 | €10,000 | -€13,599 | -57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,321 | €37,896 | +€8,575 | +29.2% |
| Other operating charges | 640/8 | €14,778 | €4,728 | -€10,050 | -68.0% |
| Non-recurring operating charges | 66A | €2,750 | - | -€2,750 | |
| Gross operating margin | 9900 | €220,574 | €162,822 | -€57,752 | -26.2% |
| Operating profit (loss) | 9901 | €173,724 | €120,198 | -€53,527 | -30.8% |
| Financial income | 75/76B | €13,092 | €1,733 | -€11,360 | -86.8% |
| Recurring financial income | 75 | €13,092 | €1,733 | -€11,360 | -86.8% |
| Financial charges | 65/66B | €27,458 | €8,086 | -€19,372 | -70.6% |
| Recurring financial charges | 65 | €27,458 | €8,086 | -€19,372 | -70.6% |
| Profit (loss) for the period before taxes | 9903 | €159,359 | €113,844 | -€45,514 | -28.6% |
| Income taxes | 67/77 | €50,120 | €36,486 | -€13,634 | -27.2% |
| Profit (loss) for the period | 9904 | €109,239 | €77,359 | -€31,880 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,239 | €77,359 | -€31,880 | -29.2% |
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 14 October 2026 via checked.be.