recurv: 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.
recurv
Largest movements
- Receivables within one year +€434,845
up €434,845 (+26.8%), from €1.6m to €2.1m
of which Trade receivables: +€284,591
- Cash +€193,321
up €193,321 (+23.7%), from €815,357 to €1.0m
mainly Net result for the year (+€424,395) and Other debts (+€339,500)
- Other debts +€339,500
up €339,500 (+29,283%), from €1,159 to €340,659
- Trade debts +€253,485
up €253,485 (+13.9%), from €1.8m to €2.1m
- Current portion of long-term debt -€248,448
down €248,448 (-95.0%), from €261,605 to €13,157
- Tax, wage and social debts +€198,804
up €198,804 (+112%), from €177,379 to €376,183
of which Taxes: +€198,470
- Reserves +€84,895
up €84,895 (+20.0%), from €423,597 to €508,492
of which Distributable reserves: +€84,895
- Staff costs -€233,688
down €233,688 (-23.1%), from €1.0m to €776,697
- Gross operating margin +€195,574
up €195,574 (+14.8%), from €1.3m to €1.5m
- Taxes +€137,196
up €137,196 (+421%), from €32,554 to €169,750
- Financial charges -€90,407
down €90,407 (-48.7%), from €185,628 to €95,221
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 | €2,705,774 | €3,320,853 | +€615,079 | +22.7% |
| Fixed assets | 21/28 | €216,906 | €185,045 | -€31,861 | -14.7% |
| Intangible fixed assets | 21 | €5,820 | €1,720 | -€4,100 | -70.4% |
| Tangible fixed assets | 22/27 | €210,855 | €183,094 | -€27,761 | -13.2% |
| Land and buildings | 22 | €105,312 | €90,686 | -€14,626 | -13.9% |
| Plant, machinery and equipment | 23 | - | €5,242 | +€5,242 | |
| Furniture and vehicles | 24 | €105,218 | €86,937 | -€18,281 | -17.4% |
| Other tangible fixed assets | 26 | €325 | €229 | -€96 | -29.5% |
| Financial fixed assets | 28 | €231 | €231 | = | 0.0% |
| Current assets | 29/58 | €2,488,868 | €3,135,808 | +€646,940 | +26.0% |
| Amounts receivable within one year | 40/41 | €1,624,314 | €2,059,160 | +€434,845 | +26.8% |
| Trade receivables | 40 | €1,588,226 | €1,872,818 | +€284,591 | +17.9% |
| Other amounts receivable | 41 | €36,088 | €186,342 | +€150,254 | +416% |
| Current investments | 50/53 | - | €2,051 | +€2,051 | |
| Cash at bank and in hand | 54/58 | €815,357 | €1,008,677 | +€193,321 | +23.7% |
| Deferred charges and accrued income | 490/1 | €49,197 | €65,920 | +€16,723 | +34.0% |
| Total equity and liabilities | 10/49 | €2,705,774 | €3,320,853 | +€615,079 | +22.7% |
| Equity | 10/15 | €433,597 | €518,492 | +€84,895 | +19.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €423,597 | €508,492 | +€84,895 | +20.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €421,737 | €506,632 | +€84,895 | +20.1% |
| Amounts payable | 17/49 | €2,272,177 | €2,802,361 | +€530,184 | +23.3% |
| Amounts payable after more than one year | 17 | €13,157 | - | -€13,157 | |
| Financial debts | 170/4 | €13,157 | - | -€13,157 | |
| Amounts payable within one year | 42/48 | €2,259,020 | €2,802,361 | +€543,341 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €261,605 | €13,157 | -€248,448 | -95.0% |
| Trade debts | 44 | €1,818,876 | €2,072,361 | +€253,485 | +13.9% |
| Suppliers | 440/4 | €1,818,876 | €2,072,361 | +€253,485 | +13.9% |
| Taxes, remuneration and social security | 45 | €177,379 | €376,183 | +€198,804 | +112% |
| Taxes | 450/3 | €71,125 | €269,595 | +€198,470 | +279% |
| Remuneration and social security | 454/9 | €106,254 | €106,588 | +€334 | +0.3% |
| Other amounts payable | 47/48 | €1,159 | €340,659 | +€339,500 | +29,283% |
| Non-recurring operating income | 76A | €29,051 | €9,738 | -€19,314 | -66.5% |
| Remuneration, social security and pensions | 62 | €1,010,385 | €776,697 | -€233,688 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,796 | €48,641 | -€155 | -0.3% |
| Other operating charges | 640/8 | €4,383 | €4,396 | +€13 | +0.3% |
| Gross operating margin | 9900 | €1,322,520 | €1,518,094 | +€195,574 | +14.8% |
| Operating profit (loss) | 9901 | €258,957 | €688,360 | +€429,404 | +166% |
| Financial income | 75/76B | €5,448 | €1,005 | -€4,442 | -81.5% |
| Recurring financial income | 75 | €5,448 | €231 | -€5,217 | -95.8% |
| Non-recurring financial income | 76B | - | €774 | +€774 | |
| Financial charges | 65/66B | €185,628 | €95,221 | -€90,407 | -48.7% |
| Recurring financial charges | 65 | €185,628 | €95,221 | -€90,407 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €78,776 | €594,145 | +€515,369 | +654% |
| Income taxes | 67/77 | €32,554 | €169,750 | +€137,196 | +421% |
| Profit (loss) for the period | 9904 | €46,222 | €424,395 | +€378,173 | +818% |
| Profit (loss) for the period to be appropriated | 9905 | €46,222 | €424,395 | +€378,173 | +818% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.