RECTIPIECES: 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.
RECTIPIECES
Largest movements
- Stocks and contracts +€8,823
up €8,823 (+6.5%), from €136,612 to €145,436
- Tangible fixed assets -€5,903
down €5,903 (-2.5%), from €238,122 to €232,219
of which Land and buildings: -€14,428
- Receivables within one year -€5,165
down €5,165 (-9.0%), from €57,398 to €52,234
of which Other amounts receivable: -€11,064
- Trade debts -€20,733
down €20,733 (-40.5%), from €51,140 to €30,407
- Other debts +€10,104
up €10,104 (+25.5%), from €39,564 to €49,668
- Current portion of long-term debt +€9,494
up €9,494 (+107.8%), from €8,803 to €18,297
- Debts after one year -€5,914
down €5,914 (-19.2%), from €30,790 to €24,876
- Staff costs -€14,765
down €14,765 (-41.1%), from €35,927 to €21,162
- Taxes +€5,665
up €5,665 (+55.0%), from €10,307 to €15,972
- Gross operating margin +€3,917
up €3,917 (+3.9%), from €100,893 to €104,810
- Depreciation +€2,037
up €2,037 (+8.1%), from €25,208 to €27,245
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 | €441,304 | €435,578 | -€5,726 | -1.3% |
| Fixed assets | 21/28 | €238,431 | €232,528 | -€5,903 | -2.5% |
| Tangible fixed assets | 22/27 | €238,122 | €232,219 | -€5,903 | -2.5% |
| Land and buildings | 22 | €197,737 | €183,309 | -€14,428 | -7.3% |
| Plant, machinery and equipment | 23 | €3,882 | €19,593 | +€15,711 | +404.7% |
| Furniture and vehicles | 24 | €36,503 | €29,317 | -€7,186 | -19.7% |
| Financial fixed assets | 28 | €309 | €309 | = | 0.0% |
| Current assets | 29/58 | €202,873 | €203,050 | +€176 | +0.1% |
| Stocks and contracts in progress | 3 | €136,612 | €145,436 | +€8,823 | +6.5% |
| Stocks | 30/36 | €136,612 | €145,436 | +€8,823 | +6.5% |
| Amounts receivable within one year | 40/41 | €57,398 | €52,234 | -€5,165 | -9.0% |
| Trade receivables | 40 | €45,817 | €51,715 | +€5,899 | +12.9% |
| Other amounts receivable | 41 | €11,582 | €518 | -€11,064 | -95.5% |
| Cash at bank and in hand | 54/58 | €8,667 | €4,543 | -€4,125 | -47.6% |
| Deferred charges and accrued income | 490/1 | €196 | €838 | +€642 | +328.4% |
| Total equity and liabilities | 10/49 | €441,304 | €435,578 | -€5,726 | -1.3% |
| Equity | 10/15 | €294,017 | €294,319 | +€302 | +0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €263,344 | €263,544 | +€200 | +0.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €261,485 | €261,685 | +€200 | +0.1% |
| Profit (loss) carried forward | 14 | €12,081 | €12,183 | +€102 | +0.8% |
| Amounts payable | 17/49 | €147,287 | €141,259 | -€6,029 | -4.1% |
| Amounts payable after more than one year | 17 | €30,790 | €24,876 | -€5,914 | -19.2% |
| Financial debts | 170/4 | €30,790 | €24,876 | -€5,914 | -19.2% |
| Amounts payable within one year | 42/48 | €115,205 | €116,006 | +€801 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €8,803 | €18,297 | +€9,494 | +107.8% |
| Trade debts | 44 | €51,140 | €30,407 | -€20,733 | -40.5% |
| Suppliers | 440/4 | €51,140 | €30,407 | -€20,733 | -40.5% |
| Taxes, remuneration and social security | 45 | €15,698 | €17,634 | +€1,936 | +12.3% |
| Taxes | 450/3 | €7,623 | €11,291 | +€3,668 | +48.1% |
| Remuneration and social security | 454/9 | €8,075 | €6,343 | -€1,732 | -21.4% |
| Other amounts payable | 47/48 | €39,564 | €49,668 | +€10,104 | +25.5% |
| Accrued charges and deferred income | 492/3 | €1,292 | €376 | -€916 | -70.9% |
| Remuneration, social security and pensions | 62 | €35,927 | €21,162 | -€14,765 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,208 | €27,245 | +€2,037 | +8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11 | - | +€11 | |
| Other operating charges | 640/8 | €3,928 | €3,945 | +€17 | +0.4% |
| Gross operating margin | 9900 | €100,893 | €104,810 | +€3,917 | +3.9% |
| Operating profit (loss) | 9901 | €35,841 | €52,458 | +€16,617 | +46.4% |
| Financial income | 75/76B | €7,376 | €7,789 | +€413 | +5.6% |
| Recurring financial income | 75 | €7,376 | €7,789 | +€413 | +5.6% |
| Financial charges | 65/66B | €4,409 | €3,973 | -€436 | -9.9% |
| Recurring financial charges | 65 | €4,409 | €3,973 | -€436 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €38,808 | €56,274 | +€17,466 | +45.0% |
| Income taxes | 67/77 | €10,307 | €15,972 | +€5,665 | +55.0% |
| Profit (loss) for the period | 9904 | €28,501 | €40,302 | +€11,801 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,501 | €40,302 | +€11,801 | +41.4% |
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 9 October 2026 via checked.be.