Recubad: 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.
Recubad
Largest movements
- Tangible fixed assets -€29,084
down €29,084 (-8.2%), from €353,495 to €324,412
of which Land and buildings: -€23,750
- Cash -€19,920
down €19,920 (-8.3%), from €241,176 to €221,256
mainly Other debts (-€37,033) and Debts after one year (-€34,209)
- Other debts -€37,033
down €37,033 (-59.6%), from €62,088 to €25,055
- Debts after one year -€34,209
down €34,209 (-15.1%), from €226,951 to €192,742
- Reserves +€18,638
up €18,638 (+6.9%), from €269,143 to €287,782
- Trade debts +€9,243
up €9,243 (+192.1%), from €4,812 to €14,055
- Financial income -€5,603
down €5,603 (-90.7%), from €6,179 to €576
- Gross operating margin +€5,251
up €5,251 (+4.1%), from €128,268 to €133,519
- Staff costs -€2,741
down €2,741 (-6.1%), from €44,835 to €42,093
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 | €613,768 | €568,028 | -€45,740 | -7.5% |
| Fixed assets | 21/28 | €353,495 | €324,412 | -€29,084 | -8.2% |
| Tangible fixed assets | 22/27 | €353,495 | €324,412 | -€29,084 | -8.2% |
| Land and buildings | 22 | €340,000 | €316,250 | -€23,750 | -7.0% |
| Plant, machinery and equipment | 23 | €4,742 | €3,127 | -€1,614 | -34.0% |
| Furniture and vehicles | 24 | €8,754 | €5,035 | -€3,719 | -42.5% |
| Current assets | 29/58 | €260,272 | €243,616 | -€16,656 | -6.4% |
| Stocks and contracts in progress | 3 | €3,080 | €4,250 | +€1,170 | +38.0% |
| Stocks | 30/36 | €3,080 | €4,250 | +€1,170 | +38.0% |
| Amounts receivable within one year | 40/41 | €14,698 | €18,109 | +€3,412 | +23.2% |
| Trade receivables | 40 | €12,636 | €14,923 | +€2,287 | +18.1% |
| Other amounts receivable | 41 | €2,061 | €3,186 | +€1,125 | +54.6% |
| Cash at bank and in hand | 54/58 | €241,176 | €221,256 | -€19,920 | -8.3% |
| Deferred charges and accrued income | 490/1 | €1,319 | - | -€1,319 | |
| Total equity and liabilities | 10/49 | €613,768 | €568,028 | -€45,740 | -7.5% |
| Equity | 10/15 | €275,343 | €293,982 | +€18,638 | +6.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €269,143 | €287,782 | +€18,638 | +6.9% |
| Distributable reserves | 133 | €269,143 | €287,782 | +€18,638 | +6.9% |
| Amounts payable | 17/49 | €338,424 | €274,046 | -€64,379 | -19.0% |
| Amounts payable after more than one year | 17 | €226,951 | €192,742 | -€34,209 | -15.1% |
| Financial debts | 170/4 | €226,951 | €192,742 | -€34,209 | -15.1% |
| Amounts payable within one year | 42/48 | €111,473 | €81,304 | -€30,169 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €33,625 | €34,209 | +€584 | +1.7% |
| Trade debts | 44 | €4,812 | €14,055 | +€9,243 | +192.1% |
| Suppliers | 440/4 | €4,812 | €14,055 | +€9,243 | +192.1% |
| Taxes, remuneration and social security | 45 | €10,948 | €7,984 | -€2,963 | -27.1% |
| Taxes | 450/3 | €10,948 | €6,095 | -€4,853 | -44.3% |
| Remuneration and social security | 454/9 | - | €1,890 | +€1,890 | |
| Other amounts payable | 47/48 | €62,088 | €25,055 | -€37,033 | -59.6% |
| Remuneration, social security and pensions | 62 | €44,835 | €42,093 | -€2,741 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,963 | €31,834 | -€1,129 | -3.4% |
| Other operating charges | 640/8 | €4,261 | €4,397 | +€135 | +3.2% |
| Gross operating margin | 9900 | €128,268 | €133,519 | +€5,251 | +4.1% |
| Operating profit (loss) | 9901 | €46,209 | €55,195 | +€8,986 | +19.4% |
| Financial income | 75/76B | €6,179 | €576 | -€5,603 | -90.7% |
| Recurring financial income | 75 | €6,179 | €576 | -€5,603 | -90.7% |
| Financial charges | 65/66B | €5,608 | €5,074 | -€534 | -9.5% |
| Recurring financial charges | 65 | €5,608 | €5,074 | -€534 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €46,780 | €50,697 | +€3,917 | +8.4% |
| Income taxes | 67/77 | €13,335 | €14,550 | +€1,215 | +9.1% |
| Profit (loss) for the period | 9904 | €33,445 | €36,148 | +€2,702 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,445 | €36,148 | +€2,702 | +8.1% |
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.