RECUPAL-WEST: 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.
RECUPAL-WEST
Largest movements
- Current investments +€1.0m
up €1.0m (+23.3%), from €4.4m to €5.5m
- Receivables within one year -€830,285
down €830,285 (-40.1%), from €2.1m to €1.2m
of which Trade receivables: -€849,893
- Cash +€234,348
up €234,348 (+90.2%), from €259,809 to €494,157
mainly Net result for the year (+€1.2m) and Receivables within one year (+€830,285)
- Reserves +€347,483
up €347,483 (+4.1%), from €8.4m to €8.7m
of which Distributable reserves: +€347,483
- Other debts +€250,214
up €250,214 (+11547.5%), from €2,167 to €252,381
- Gross operating margin -€797,378
down €797,378 (-23.7%), from €3.4m to €2.6m
- Taxes -€397,497
down €397,497 (-50.5%), from €787,542 to €390,045
- Staff costs +€118,995
up €118,995 (+24.8%), from €479,620 to €598,615
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 | €9,114,824 | €9,618,134 | +€503,310 | +5.5% |
| Fixed assets | 21/28 | €2,327,172 | €2,374,521 | +€47,349 | +2.0% |
| Tangible fixed assets | 22/27 | €2,308,672 | €2,358,021 | +€49,349 | +2.1% |
| Land and buildings | 22 | €1,374,399 | €1,289,240 | -€85,159 | -6.2% |
| Plant, machinery and equipment | 23 | €717,236 | €900,650 | +€183,414 | +25.6% |
| Furniture and vehicles | 24 | €217,037 | €168,131 | -€48,905 | -22.5% |
| Financial fixed assets | 28 | €18,500 | €16,500 | -€2,000 | -10.8% |
| Current assets | 29/58 | €6,787,652 | €7,243,612 | +€455,961 | +6.7% |
| Stocks and contracts in progress | 3 | €16,000 | €25,500 | +€9,500 | +59.4% |
| Stocks | 30/36 | €16,000 | €25,500 | +€9,500 | +59.4% |
| Amounts receivable within one year | 40/41 | €2,072,086 | €1,241,801 | -€830,285 | -40.1% |
| Trade receivables | 40 | €2,063,279 | €1,213,386 | -€849,893 | -41.2% |
| Other amounts receivable | 41 | €8,808 | €28,415 | +€19,607 | +222.6% |
| Current investments | 50/53 | €4,427,367 | €5,460,869 | +€1.0m | +23.3% |
| Cash at bank and in hand | 54/58 | €259,809 | €494,157 | +€234,348 | +90.2% |
| Deferred charges and accrued income | 490/1 | €12,390 | €21,285 | +€8,895 | +71.8% |
| Total equity and liabilities | 10/49 | €9,114,824 | €9,618,134 | +€503,310 | +5.5% |
| Equity | 10/15 | €8,445,879 | €8,793,261 | +€347,382 | +4.1% |
| Contributions | 10/11 | €72,000 | €71,899 | -€101 | -0.1% |
| Capital | 10 | €72,000 | €71,899 | -€101 | -0.1% |
| Issued capital | 100 | €72,000 | €71,899 | -€101 | -0.1% |
| Reserves | 13 | €8,373,879 | €8,721,362 | +€347,483 | +4.1% |
| Non-distributable reserves | 130/1 | €7,200 | €7,200 | = | 0.0% |
| Legal reserve | 130 | €7,200 | €7,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €8,347,929 | €8,695,412 | +€347,483 | +4.2% |
| Amounts payable | 17/49 | €668,945 | €824,873 | +€155,928 | +23.3% |
| Amounts payable within one year | 42/48 | €651,025 | €751,730 | +€100,704 | +15.5% |
| Trade debts | 44 | €477,126 | €393,717 | -€83,409 | -17.5% |
| Suppliers | 440/4 | €477,126 | €393,717 | -€83,409 | -17.5% |
| Taxes, remuneration and social security | 45 | €171,732 | €105,631 | -€66,101 | -38.5% |
| Taxes | 450/3 | €143,009 | €11,481 | -€131,528 | -92.0% |
| Remuneration and social security | 454/9 | €28,724 | €94,151 | +€65,427 | +227.8% |
| Other amounts payable | 47/48 | €2,167 | €252,381 | +€250,214 | +11547.5% |
| Accrued charges and deferred income | 492/3 | €17,920 | €73,143 | +€55,223 | +308.2% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €479,620 | €598,615 | +€118,995 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434,852 | €442,112 | +€7,260 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,755 | +€5,755 | |
| Other operating charges | 640/8 | €30,458 | €31,436 | +€978 | +3.2% |
| Gross operating margin | 9900 | €3,357,861 | €2,560,483 | -€797,378 | -23.7% |
| Operating profit (loss) | 9901 | €2,412,930 | €1,482,565 | -€930,365 | -38.6% |
| Financial income | 75/76B | €102,023 | €90,314 | -€11,709 | -11.5% |
| Recurring financial income | 75 | €102,023 | €90,314 | -€11,709 | -11.5% |
| Financial charges | 65/66B | €12,475 | €6,615 | -€5,860 | -47.0% |
| Recurring financial charges | 65 | €12,475 | €6,615 | -€5,860 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €2,502,478 | €1,566,264 | -€936,214 | -37.4% |
| Income taxes | 67/77 | €787,542 | €390,045 | -€397,497 | -50.5% |
| Profit (loss) for the period | 9904 | €1,714,936 | €1,176,219 | -€538,717 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,714,936 | €1,176,219 | -€538,717 | -31.4% |
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.