Recursive Works: 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.
Recursive Works
Largest movements
- Cash +€27,802
up €27,802 (+34.2%), from €81,339 to €109,141
mainly Net result for the year (+€34,990) and Depreciation (+€1,345)
- Receivables within one year +€5,638
up €5,638 (+16.1%), from €35,053 to €40,691
of which Other amounts receivable: +€6,338
- Reserves +€34,990
up €34,990 (+33.9%), from €103,366 to €138,356
- Tax, wage and social debts -€3,439
down €3,439 (-25.1%), from €13,679 to €10,241
- Financial charges +€32,527
up €32,527 (+2119.0%), from €1,535 to €34,062
- Taxes -€7,497
down €7,497 (-35.5%), from €21,112 to €13,615
- Gross operating margin +€1,653
up €1,653 (+2.0%), from €82,360 to €84,012
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 | €119,979 | €151,580 | +€31,602 | +26.3% |
| Fixed assets | 21/28 | €2,780 | €1,435 | -€1,345 | -48.4% |
| Tangible fixed assets | 22/27 | €2,780 | €1,435 | -€1,345 | -48.4% |
| Plant, machinery and equipment | 23 | €1,011 | €773 | -€238 | -23.6% |
| Furniture and vehicles | 24 | €1,769 | €662 | -€1,107 | -62.6% |
| Current assets | 29/58 | €117,198 | €150,145 | +€32,947 | +28.1% |
| Amounts receivable within one year | 40/41 | €35,053 | €40,691 | +€5,638 | +16.1% |
| Trade receivables | 40 | €31,827 | €31,127 | -€700 | -2.2% |
| Other amounts receivable | 41 | €3,226 | €9,564 | +€6,338 | +196.4% |
| Cash at bank and in hand | 54/58 | €81,339 | €109,141 | +€27,802 | +34.2% |
| Deferred charges and accrued income | 490/1 | €806 | €313 | -€493 | -61.2% |
| Total equity and liabilities | 10/49 | €119,979 | €151,580 | +€31,602 | +26.3% |
| Equity | 10/15 | €103,366 | €138,356 | +€34,990 | +33.9% |
| Reserves | 13 | €103,366 | €138,356 | +€34,990 | +33.9% |
| Distributable reserves | 133 | €103,366 | €138,356 | +€34,990 | +33.9% |
| Amounts payable | 17/49 | €16,612 | €13,224 | -€3,388 | -20.4% |
| Amounts payable within one year | 42/48 | €16,612 | €13,224 | -€3,388 | -20.4% |
| Trade debts | 44 | €2,234 | €1,001 | -€1,233 | -55.2% |
| Suppliers | 440/4 | €2,234 | €1,001 | -€1,233 | -55.2% |
| Taxes, remuneration and social security | 45 | €13,679 | €10,241 | -€3,439 | -25.1% |
| Taxes | 450/3 | €13,679 | €10,241 | -€3,439 | -25.1% |
| Other amounts payable | 47/48 | €699 | €1,983 | +€1,284 | +183.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,046 | €1,345 | +€299 | +28.6% |
| Other operating charges | 640/8 | €58 | - | -€58 | |
| Gross operating margin | 9900 | €82,360 | €84,012 | +€1,653 | +2.0% |
| Operating profit (loss) | 9901 | €81,256 | €82,667 | +€1,412 | +1.7% |
| Financial charges | 65/66B | €1,535 | €34,062 | +€32,527 | +2119.0% |
| Recurring financial charges | 65 | €1,535 | €34,062 | +€32,527 | +2119.0% |
| Profit (loss) for the period before taxes | 9903 | €79,721 | €48,605 | -€31,116 | -39.0% |
| Income taxes | 67/77 | €21,112 | €13,615 | -€7,497 | -35.5% |
| Profit (loss) for the period | 9904 | €58,608 | €34,990 | -€23,619 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,608 | €34,990 | -€23,619 | -40.3% |
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.