RECY FOREST: 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.
RECY FOREST
Largest movements
- Tangible fixed assets -€286,960
down €286,960 (-18.2%), from €1.6m to €1.3m
of which Plant, machinery and equipment: -€200,010
- Receivables within one year +€92,449
up €92,449 (+103%), from €89,342 to €181,791
of which Trade receivables: +€49,360
- Cash -€53,284
down €53,284 (-23.8%), from €224,296 to €171,012
mainly Debts after one year (-€162,924) and Trade debts (-€149,530)
- Other debts +€207,846
up €207,846 (+116%), from €179,207 to €387,053
- Debts after one year -€162,924
down €162,924 (-25.7%), from €632,943 to €470,019
- Trade debts -€149,530
down €149,530 (-54.3%), from €275,289 to €125,759
- Tax, wage and social debts -€49,017
down €49,017 (-91.2%), from €53,759 to €4,742
of which Taxes: -€44,667
- Profit (loss) carried forward -€43,644
down €43,644 (-7.2%), from €602,380 to €558,736
- Depreciation +€51,752
up €51,752 (+27.4%), from €188,938 to €240,690
- Gross operating margin -€47,884
down €47,884 (-14.5%), from €330,277 to €282,393
- Staff costs -€14,345
down €14,345 (-22.5%), from €63,710 to €49,365
- Financial charges +€11,682
up €11,682 (+51.5%), from €22,664 to €34,346
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 | €2,049,214 | €1,813,294 | -€235,920 | -11.5% |
| Fixed assets | 21/28 | €1,585,976 | €1,299,016 | -€286,960 | -18.1% |
| Tangible fixed assets | 22/27 | €1,576,947 | €1,289,987 | -€286,960 | -18.2% |
| Land and buildings | 22 | €248,621 | €244,456 | -€4,165 | -1.7% |
| Plant, machinery and equipment | 23 | €1,214,477 | €1,014,467 | -€200,010 | -16.5% |
| Furniture and vehicles | 24 | €113,849 | €31,064 | -€82,784 | -72.7% |
| Financial fixed assets | 28 | €9,029 | €9,029 | = | 0.0% |
| Current assets | 29/58 | €463,238 | €514,278 | +€51,040 | +11.0% |
| Stocks and contracts in progress | 3 | €149,601 | €161,475 | +€11,874 | +7.9% |
| Stocks | 30/36 | €149,601 | €161,475 | +€11,874 | +7.9% |
| Amounts receivable within one year | 40/41 | €89,342 | €181,791 | +€92,449 | +103% |
| Trade receivables | 40 | €77,182 | €126,542 | +€49,360 | +64.0% |
| Other amounts receivable | 41 | €12,160 | €55,249 | +€43,089 | +354% |
| Cash at bank and in hand | 54/58 | €224,296 | €171,012 | -€53,284 | -23.8% |
| Total equity and liabilities | 10/49 | €2,049,214 | €1,813,294 | -€235,920 | -11.5% |
| Equity | 10/15 | €698,397 | €641,897 | -€56,501 | -8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,418 | €64,561 | -€12,857 | -16.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,558 | €62,701 | -€12,857 | -17.0% |
| Profit (loss) carried forward | 14 | €602,380 | €558,736 | -€43,644 | -7.2% |
| Provisions and deferred taxes | 16 | €25,186 | €20,900 | -€4,286 | -17.0% |
| Deferred taxes | 168 | €25,186 | €20,900 | -€4,286 | -17.0% |
| Amounts payable | 17/49 | €1,325,631 | €1,150,497 | -€175,134 | -13.2% |
| Amounts payable after more than one year | 17 | €632,943 | €470,019 | -€162,924 | -25.7% |
| Financial debts | 170/4 | €632,943 | €470,019 | -€162,924 | -25.7% |
| Amounts payable within one year | 42/48 | €692,688 | €680,478 | -€12,210 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €184,433 | €162,924 | -€21,509 | -11.7% |
| Trade debts | 44 | €275,289 | €125,759 | -€149,530 | -54.3% |
| Suppliers | 440/4 | €275,289 | €125,759 | -€149,530 | -54.3% |
| Taxes, remuneration and social security | 45 | €53,759 | €4,742 | -€49,017 | -91.2% |
| Taxes | 450/3 | €44,667 | - | -€44,667 | |
| Remuneration and social security | 454/9 | €9,092 | €4,742 | -€4,350 | -47.8% |
| Other amounts payable | 47/48 | €179,207 | €387,053 | +€207,846 | +116% |
| Non-recurring operating income | 76A | €175,798 | €126,555 | -€49,243 | -28.0% |
| Remuneration, social security and pensions | 62 | €63,710 | €49,365 | -€14,345 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,938 | €240,690 | +€51,752 | +27.4% |
| Other operating charges | 640/8 | €16,073 | €18,940 | +€2,867 | +17.8% |
| Non-recurring operating charges | 66A | €45 | €49 | +€4 | +8.9% |
| Gross operating margin | 9900 | €330,277 | €282,393 | -€47,884 | -14.5% |
| Operating profit (loss) | 9901 | €61,511 | -€26,651 | -€88,162 | |
| Financial income | 75/76B | €4 | €211 | +€207 | +4,727% |
| Recurring financial income | 75 | €4 | €211 | +€207 | +4,727% |
| Financial charges | 65/66B | €22,664 | €34,346 | +€11,682 | +51.5% |
| Recurring financial charges | 65 | €22,664 | €34,346 | +€11,682 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €38,851 | -€60,786 | -€99,637 | |
| Transfer from deferred taxes | 780 | €4,286 | €4,286 | = | 0.0% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €43,137 | -€56,501 | -€99,637 | |
| Transfer from tax-exempt reserves | 789 | €12,857 | €12,857 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,994 | -€43,644 | -€99,637 |
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 17 October 2026 via checked.be.