RECTUS: 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.
RECTUS
Largest movements
- Receivables within one year -€7,540
down €7,540 (-5.5%), from €135,915 to €128,375
of which Trade receivables: -€7,193
- Cash -€5,536
down €5,536 (-1.6%), from €355,805 to €350,268
mainly Other debts (-€8,165) and Trade debts (-€6,952)
- Other debts -€8,165
down €8,165 (-11.7%), from €69,618 to €61,454
- Trade debts -€6,952
down €6,952 (-96.6%), from €7,194 to €242
- Advances received -€6,352
down €6,352 (-2.0%), from €323,518 to €317,165
- Gross operating margin -€22,498
down €22,498 (-60.7%), from €37,067 to €14,569
- Staff costs -€8,262
down €8,262 (-52.2%), from €15,825 to €7,563
- Financial income +€2,680
new in 2025: €2,680
- Depreciation -€1,831
down €1,831 (-29.5%), from €6,204 to €4,374
- Other operating charges -€1,550
down €1,550 (-59.9%), from €2,586 to €1,036
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 | €506,020 | €490,367 | -€15,653 | -3.1% |
| Fixed assets | 21/28 | €14,301 | €9,927 | -€4,374 | -30.6% |
| Tangible fixed assets | 22/27 | €14,301 | €9,927 | -€4,374 | -30.6% |
| Land and buildings | 22 | €5,422 | €4,727 | -€696 | -12.8% |
| Plant, machinery and equipment | 23 | €994 | €328 | -€665 | -67.0% |
| Other tangible fixed assets | 26 | €7,885 | €4,872 | -€3,013 | -38.2% |
| Current assets | 29/58 | €491,719 | €480,440 | -€11,280 | -2.3% |
| Amounts receivable within one year | 40/41 | €135,915 | €128,375 | -€7,540 | -5.5% |
| Trade receivables | 40 | €7,193 | - | -€7,193 | |
| Other amounts receivable | 41 | €128,722 | €128,375 | -€347 | -0.3% |
| Cash at bank and in hand | 54/58 | €355,805 | €350,268 | -€5,536 | -1.6% |
| Deferred charges and accrued income | 490/1 | - | €1,796 | +€1,796 | |
| Total equity and liabilities | 10/49 | €506,020 | €490,367 | -€15,653 | -3.1% |
| Equity | 10/15 | €98,889 | €102,705 | +€3,816 | +3.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €36,889 | €40,705 | +€3,816 | +10.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €30,689 | €34,505 | +€3,816 | +12.4% |
| Amounts payable | 17/49 | €407,130 | €387,661 | -€19,469 | -4.8% |
| Amounts payable within one year | 42/48 | €405,479 | €387,661 | -€17,818 | -4.4% |
| Trade debts | 44 | €7,194 | €242 | -€6,952 | -96.6% |
| Suppliers | 440/4 | €7,194 | €242 | -€6,952 | -96.6% |
| Advances received on contracts in progress | 46 | €323,518 | €317,165 | -€6,352 | -2.0% |
| Taxes, remuneration and social security | 45 | €5,150 | €8,801 | +€3,651 | +70.9% |
| Taxes | 450/3 | €3,845 | €8,801 | +€4,955 | +128.9% |
| Remuneration and social security | 454/9 | €1,304 | - | -€1,304 | |
| Other amounts payable | 47/48 | €69,618 | €61,454 | -€8,165 | -11.7% |
| Accrued charges and deferred income | 492/3 | €1,651 | - | -€1,651 | |
| Remuneration, social security and pensions | 62 | €15,825 | €7,563 | -€8,262 | -52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,204 | €4,374 | -€1,831 | -29.5% |
| Other operating charges | 640/8 | €2,586 | €1,036 | -€1,550 | -59.9% |
| Gross operating margin | 9900 | €37,067 | €14,569 | -€22,498 | -60.7% |
| Operating profit (loss) | 9901 | €12,453 | €1,597 | -€10,856 | -87.2% |
| Financial income | 75/76B | - | €2,680 | +€2,680 | |
| Recurring financial income | 75 | - | €2,680 | +€2,680 | |
| Financial charges | 65/66B | €287 | €461 | +€174 | +60.8% |
| Recurring financial charges | 65 | €287 | €461 | +€174 | +60.8% |
| Profit (loss) for the period before taxes | 9903 | €12,166 | €3,816 | -€8,350 | -68.6% |
| Profit (loss) for the period | 9904 | €12,166 | €3,816 | -€8,350 | -68.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,166 | €3,816 | -€8,350 | -68.6% |
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 7 October 2026 via checked.be.