RECUP: 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.
RECUP
Largest movements
- Tangible fixed assets -€34,337
down €34,337 (-8.2%), from €419,328 to €384,991
of which Land and buildings: -€22,014
- Cash +€18,431
up €18,431 (+235.7%), from €7,821 to €26,252
mainly Net result for the year (+€64,673) and Depreciation (+€34,918)
- Financial fixed assets +€10,000
up €10,000 (+10.0%), from €100,000 to €110,000
- Reserves +€64,673
up €64,673 (+28.8%), from €224,424 to €289,096
- Trade debts -€38,401
down €38,401 (-95.3%), from €40,298 to €1,897
- Tax, wage and social debts -€23,977
down €23,977 (-65.6%), from €36,525 to €12,547
of which Taxes: -€24,151
- Other debts -€6,978
down €6,978 (-4.2%), from €167,808 to €160,830
- Financial income +€50,000
new in 2025: €50,000
- Gross operating margin -€28,403
down €28,403 (-25.8%), from €110,174 to €81,771
- Depreciation +€17,475
up €17,475 (+100.2%), from €17,443 to €34,918
- Taxes -€3,258
down €3,258 (-18.1%), from €18,005 to €14,747
- Financial charges +€2,829
up €2,829 (+29.4%), from €9,624 to €12,454
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 | €531,054 | €526,560 | -€4,494 | -0.8% |
| Fixed assets | 21/28 | €519,328 | €494,991 | -€24,337 | -4.7% |
| Tangible fixed assets | 22/27 | €419,328 | €384,991 | -€34,337 | -8.2% |
| Land and buildings | 22 | €380,688 | €358,674 | -€22,014 | -5.8% |
| Furniture and vehicles | 24 | €38,640 | €26,317 | -€12,323 | -31.9% |
| Financial fixed assets | 28 | €100,000 | €110,000 | +€10,000 | +10.0% |
| Current assets | 29/58 | €11,726 | €31,569 | +€19,843 | +169.2% |
| Amounts receivable within one year | 40/41 | €3,905 | €5,317 | +€1,412 | +36.2% |
| Trade receivables | 40 | €65 | - | -€65 | |
| Other amounts receivable | 41 | €3,839 | €5,317 | +€1,477 | +38.5% |
| Cash at bank and in hand | 54/58 | €7,821 | €26,252 | +€18,431 | +235.7% |
| Total equity and liabilities | 10/49 | €531,054 | €526,560 | -€4,494 | -0.8% |
| Equity | 10/15 | €286,424 | €351,096 | +€64,673 | +22.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €224,424 | €289,096 | +€64,673 | +28.8% |
| Distributable reserves | 133 | €224,424 | €289,096 | +€64,673 | +28.8% |
| Amounts payable | 17/49 | €244,630 | €175,463 | -€69,167 | -28.3% |
| Amounts payable within one year | 42/48 | €244,630 | €175,274 | -€69,356 | -28.4% |
| Trade debts | 44 | €40,298 | €1,897 | -€38,401 | -95.3% |
| Suppliers | 440/4 | €40,298 | €1,897 | -€38,401 | -95.3% |
| Taxes, remuneration and social security | 45 | €36,525 | €12,547 | -€23,977 | -65.6% |
| Taxes | 450/3 | €36,525 | €12,374 | -€24,151 | -66.1% |
| Remuneration and social security | 454/9 | - | €173 | +€173 | |
| Other amounts payable | 47/48 | €167,808 | €160,830 | -€6,978 | -4.2% |
| Accrued charges and deferred income | 492/3 | - | €189 | +€189 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,443 | €34,918 | +€17,475 | +100.2% |
| Other operating charges | 640/8 | €3,179 | €4,980 | +€1,801 | +56.7% |
| Gross operating margin | 9900 | €110,174 | €81,771 | -€28,403 | -25.8% |
| Operating profit (loss) | 9901 | €89,552 | €41,873 | -€47,679 | -53.2% |
| Financial income | 75/76B | - | €50,000 | +€50,000 | |
| Recurring financial income | 75 | - | €50,000 | +€50,000 | |
| Financial charges | 65/66B | €9,624 | €12,454 | +€2,829 | +29.4% |
| Recurring financial charges | 65 | €9,624 | €12,454 | +€2,829 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €79,928 | €79,420 | -€508 | -0.6% |
| Income taxes | 67/77 | €18,005 | €14,747 | -€3,258 | -18.1% |
| Profit (loss) for the period | 9904 | €61,923 | €64,673 | +€2,750 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,923 | €64,673 | +€2,750 | +4.4% |
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 2 October 2026 via checked.be.