Recuperma: 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.
Recuperma
Largest movements
- Stocks and contracts -€506,945
down €506,945 (-43.8%), from €1.2m to €650,607
of which Contracts in progress: -€470,593
- Receivables within one year +€179,204
up €179,204 (+59.3%), from €302,078 to €481,282
of which Trade receivables: +€166,123
- Cash +€61,737
up €61,737 (+22.5%), from €274,970 to €336,707
mainly Stocks and contracts (+€506,945) and Tax, wage and social debts (+€88,734)
- Tangible fixed assets -€61,462
down €61,462 (-36.0%), from €170,811 to €109,348
of which Furniture and vehicles: -€59,419
- Advances received -€180,700
down €180,700 (-32.0%), from €565,500 to €384,800
- Trade debts -€151,411
down €151,411 (-47.9%), from €316,131 to €164,720
- Tax, wage and social debts +€88,734
up €88,734 (+116%), from €76,422 to €165,156
of which Taxes: +€85,711
- Current portion of long-term debt -€29,149
down €29,149 (-63.3%), from €46,032 to €16,883
- Reserves -€23,656
down €23,656 (-2.9%), from €828,539 to €804,883
- Staff costs +€153,774
up €153,774 (+27.2%), from €564,584 to €718,359
- Gross operating margin +€107,578
up €107,578 (+15.9%), from €674,859 to €782,437
- Taxes -€7,897
down €7,897 (-52.0%), from €15,201 to €7,304
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.
Derived cash bridge
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 | €1,929,277 | €1,606,557 | -€322,720 | -16.7% |
| Fixed assets | 21/28 | €185,056 | €123,593 | -€61,462 | -33.2% |
| Tangible fixed assets | 22/27 | €170,811 | €109,348 | -€61,462 | -36.0% |
| Plant, machinery and equipment | 23 | €5,489 | €3,544 | -€1,945 | -35.4% |
| Furniture and vehicles | 24 | €154,296 | €94,878 | -€59,419 | -38.5% |
| Other tangible fixed assets | 26 | €11,025 | €10,927 | -€98 | -0.9% |
| Financial fixed assets | 28 | €14,245 | €14,245 | = | 0.0% |
| Current assets | 29/58 | €1,744,221 | €1,482,964 | -€261,257 | -15.0% |
| Stocks and contracts in progress | 3 | €1,157,552 | €650,607 | -€506,945 | -43.8% |
| Stocks | 30/36 | €205,659 | €169,307 | -€36,352 | -17.7% |
| Contracts in progress | 37 | €951,893 | €481,300 | -€470,593 | -49.4% |
| Amounts receivable within one year | 40/41 | €302,078 | €481,282 | +€179,204 | +59.3% |
| Trade receivables | 40 | €281,753 | €447,877 | +€166,123 | +59.0% |
| Other amounts receivable | 41 | €20,325 | €33,405 | +€13,081 | +64.4% |
| Cash at bank and in hand | 54/58 | €274,970 | €336,707 | +€61,737 | +22.5% |
| Deferred charges and accrued income | 490/1 | €9,621 | €14,368 | +€4,746 | +49.3% |
| Total equity and liabilities | 10/49 | €1,929,277 | €1,606,557 | -€322,720 | -16.7% |
| Equity | 10/15 | €878,117 | €854,462 | -€23,656 | -2.7% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €828,539 | €804,883 | -€23,656 | -2.9% |
| Distributable reserves | 133 | €828,539 | €804,883 | -€23,656 | -2.9% |
| Amounts payable | 17/49 | €1,051,160 | €752,096 | -€299,064 | -28.5% |
| Amounts payable after more than one year | 17 | €29,086 | €12,203 | -€16,883 | -58.0% |
| Financial debts | 170/4 | €29,086 | €12,203 | -€16,883 | -58.0% |
| Amounts payable within one year | 42/48 | €1,022,074 | €739,893 | -€282,181 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | €46,032 | €16,883 | -€29,149 | -63.3% |
| Financial debts | 43 | €8,472 | €8,333 | -€139 | -1.6% |
| Credit institutions | 430/8 | €8,472 | €8,333 | -€139 | -1.6% |
| Trade debts | 44 | €316,131 | €164,720 | -€151,411 | -47.9% |
| Suppliers | 440/4 | €316,131 | €164,720 | -€151,411 | -47.9% |
| Advances received on contracts in progress | 46 | €565,500 | €384,800 | -€180,700 | -32.0% |
| Taxes, remuneration and social security | 45 | €76,422 | €165,156 | +€88,734 | +116% |
| Taxes | 450/3 | €0 | €85,711 | +€85,711 | |
| Remuneration and social security | 454/9 | €76,422 | €79,445 | +€3,023 | +4.0% |
| Other amounts payable | 47/48 | €9,517 | €0 | -€9,517 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €564,584 | €718,359 | +€153,774 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,007 | €65,383 | +€4,377 | +7.2% |
| Other operating charges | 640/8 | €5,620 | €6,491 | +€870 | +15.5% |
| Non-recurring operating charges | 66A | €20,307 | €0 | -€20,307 | -100% |
| Gross operating margin | 9900 | €674,859 | €782,437 | +€107,578 | +15.9% |
| Operating profit (loss) | 9901 | €23,341 | -€7,795 | -€31,136 | |
| Financial income | 75/76B | €1,724 | €333 | -€1,391 | -80.7% |
| Recurring financial income | 75 | €1,724 | €333 | -€1,391 | -80.7% |
| Financial charges | 65/66B | €9,149 | €8,889 | -€260 | -2.8% |
| Recurring financial charges | 65 | €9,149 | €8,889 | -€260 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €15,915 | -€16,352 | -€32,267 | |
| Income taxes | 67/77 | €15,201 | €7,304 | -€7,897 | -52.0% |
| Profit (loss) for the period | 9904 | €714 | -€23,656 | -€24,370 | |
| Profit (loss) for the period to be appropriated | 9905 | €714 | -€23,656 | -€24,370 |
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 27 October 2026 via checked.be.