RECOVIN: 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.
RECOVIN
Largest movements
- Stocks and contracts -€21,312
down €21,312 (-6.8%), from €315,239 to €293,927
- Receivables within one year -€10,184
down €10,184 (-17.4%), from €58,541 to €48,357
- Tangible fixed assets -€4,516
down €4,516 (-14.8%), from €30,514 to €25,998
of which Land and buildings: -€5,900
- Trade debts -€31,700
down €31,700 (-85.0%), from €37,315 to €5,615
- Advances received -€17,054
no longer reported in 2025 (was €17,054)
- Other debts +€15,034
up €15,034 (+7.7%), from €194,094 to €209,128
- Debts after one year -€9,739
down €9,739 (-26.4%), from €36,890 to €27,151
- Short-term financial debts +€7,636
up €7,636 (+22.3%), from €34,236 to €41,871
- Gross operating margin -€2,518
down €2,518 (-13.6%), from €18,475 to €15,957
- Financial charges +€913
up €913 (+14.5%), from €6,310 to €7,223
- Other operating charges -€754
down €754 (-44.9%), from €1,681 to €926
- Taxes -€597
down €597 (-38.6%), from €1,545 to €948
- Depreciation -€396
down €396 (-5.9%), from €6,757 to €6,361
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 | €417,875 | €378,689 | -€39,186 | -9.4% |
| Fixed assets | 21/28 | €31,859 | €27,343 | -€4,516 | -14.2% |
| Tangible fixed assets | 22/27 | €30,514 | €25,998 | -€4,516 | -14.8% |
| Land and buildings | 22 | €30,259 | €24,359 | -€5,900 | -19.5% |
| Plant, machinery and equipment | 23 | - | €1,537 | +€1,537 | |
| Furniture and vehicles | 24 | €255 | €102 | -€153 | -60.0% |
| Financial fixed assets | 28 | €1,345 | €1,345 | = | 0.0% |
| Current assets | 29/58 | €386,016 | €351,346 | -€34,670 | -9.0% |
| Stocks and contracts in progress | 3 | €315,239 | €293,927 | -€21,312 | -6.8% |
| Stocks | 30/36 | €315,239 | €293,927 | -€21,312 | -6.8% |
| Amounts receivable within one year | 40/41 | €58,541 | €48,357 | -€10,184 | -17.4% |
| Trade receivables | 40 | €58,541 | €48,357 | -€10,184 | -17.4% |
| Cash at bank and in hand | 54/58 | €12,235 | €9,062 | -€3,174 | -25.9% |
| Total equity and liabilities | 10/49 | €417,875 | €378,689 | -€39,186 | -9.4% |
| Equity | 10/15 | €76,332 | €76,831 | +€499 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €53,972 | €55,368 | +€1,395 | +2.6% |
| Distributable reserves | 133 | €53,972 | €55,368 | +€1,395 | +2.6% |
| Investment grants | 15 | €3,760 | €2,864 | -€896 | -23.8% |
| Amounts payable | 17/49 | €341,543 | €301,858 | -€39,685 | -11.6% |
| Amounts payable after more than one year | 17 | €36,890 | €27,151 | -€9,739 | -26.4% |
| Financial debts | 170/4 | €36,890 | €27,151 | -€9,739 | -26.4% |
| Amounts payable within one year | 42/48 | €304,653 | €274,707 | -€29,946 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €9,335 | €9,739 | +€403 | +4.3% |
| Financial debts | 43 | €34,236 | €41,871 | +€7,636 | +22.3% |
| Credit institutions | 430/8 | €34,236 | €41,871 | +€7,636 | +22.3% |
| Trade debts | 44 | €37,315 | €5,615 | -€31,700 | -85.0% |
| Suppliers | 440/4 | €37,315 | €5,615 | -€31,700 | -85.0% |
| Advances received on contracts in progress | 46 | €17,054 | - | -€17,054 | |
| Taxes, remuneration and social security | 45 | €12,619 | €8,354 | -€4,265 | -33.8% |
| Taxes | 450/3 | €12,619 | €8,354 | -€4,265 | -33.8% |
| Other amounts payable | 47/48 | €194,094 | €209,128 | +€15,034 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,757 | €6,361 | -€396 | -5.9% |
| Other operating charges | 640/8 | €1,681 | €926 | -€754 | -44.9% |
| Gross operating margin | 9900 | €18,475 | €15,957 | -€2,518 | -13.6% |
| Operating profit (loss) | 9901 | €10,037 | €8,670 | -€1,367 | -13.6% |
| Financial income | 75/76B | €758 | €896 | +€139 | +18.3% |
| Recurring financial income | 75 | €758 | €896 | +€139 | +18.3% |
| Financial charges | 65/66B | €6,310 | €7,223 | +€913 | +14.5% |
| Recurring financial charges | 65 | €6,310 | €7,223 | +€913 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €4,485 | €2,343 | -€2,141 | -47.7% |
| Income taxes | 67/77 | €1,545 | €948 | -€597 | -38.6% |
| Profit (loss) for the period | 9904 | €2,940 | €1,395 | -€1,545 | -52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,940 | €1,395 | -€1,545 | -52.5% |
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 21 October 2026 via checked.be.