RECYCAR: 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.
RECYCAR
Largest movements
- Tangible fixed assets +€394,443
up €394,443 (+178%), from €221,907 to €616,350
of which Leasing and similar rights: +€339,877
- Stocks and contracts -€225,340
down €225,340 (-60.2%), from €374,334 to €148,994
- Cash -€88,384
down €88,384 (-94.4%), from €93,623 to €5,240
mainly Investment in fixed assets (net) (-€535,829) and Net result for the year (-€277,523)
- Receivables within one year +€36,791
up €36,791 (+22.2%), from €165,563 to €202,355
of which Trade receivables: +€55,047
- Debts after one year +€344,118
up €344,118 (+292%), from €117,701 to €461,818
- Profit (loss) carried forward -€277,523
down €277,523 (-61.9%), from -€448,683 to -€726,206
- Short-term financial debts -€200,000
down €200,000 (-25.0%), from €800,000 to €600,000
- Other debts +€198,930
up €198,930 (+18,592%), from €1,070 to €200,000
- Current portion of long-term debt +€110,096
up €110,096 (+271%), from €40,584 to €150,681
- Gross operating margin -€149,761
down €149,761 (-29.7%), from €504,593 to €354,833
- Staff costs -€134,562
down €134,562 (-24.9%), from €540,087 to €405,525
- Depreciation +€39,898
up €39,898 (+39.3%), from €101,488 to €141,386
- Financial charges -€5,802
down €5,802 (-10.7%), from €54,153 to €48,352
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 | €881,059 | €1,000,874 | +€119,815 | +13.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €230,215 | €624,658 | +€394,443 | +171% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €221,907 | €616,350 | +€394,443 | +178% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €58,366 | €59,865 | +€1,499 | +2.6% |
| Furniture and vehicles | 24 | €21,032 | €74,098 | +€53,066 | +252% |
| Leasing and similar rights | 25 | €142,510 | €482,387 | +€339,877 | +238% |
| Financial fixed assets | 28 | €8,308 | €8,308 | = | 0.0% |
| Current assets | 29/58 | €650,843 | €376,216 | -€274,627 | -42.2% |
| Stocks and contracts in progress | 3 | €374,334 | €148,994 | -€225,340 | -60.2% |
| Stocks | 30/36 | €374,334 | €148,994 | -€225,340 | -60.2% |
| Amounts receivable within one year | 40/41 | €165,563 | €202,355 | +€36,791 | +22.2% |
| Trade receivables | 40 | €110,219 | €165,267 | +€55,047 | +49.9% |
| Other amounts receivable | 41 | €55,344 | €37,088 | -€18,256 | -33.0% |
| Cash at bank and in hand | 54/58 | €93,623 | €5,240 | -€88,384 | -94.4% |
| Deferred charges and accrued income | 490/1 | €17,322 | €19,628 | +€2,305 | +13.3% |
| Total equity and liabilities | 10/49 | €881,059 | €1,000,874 | +€119,815 | +13.6% |
| Equity | 10/15 | -€327,339 | -€604,862 | -€277,523 | -84.8% |
| Contributions | 10/11 | €110,313 | €110,313 | = | 0.0% |
| Capital | 10 | €110,313 | €110,313 | = | 0.0% |
| Issued capital | 100 | €110,313 | €110,313 | = | 0.0% |
| Reserves | 13 | €11,031 | €11,031 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,031 | €11,031 | = | 0.0% |
| Legal reserve | 130 | €11,031 | €11,031 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€448,683 | -€726,206 | -€277,523 | -61.9% |
| Amounts payable | 17/49 | €1,208,398 | €1,605,736 | +€397,338 | +32.9% |
| Amounts payable after more than one year | 17 | €117,701 | €461,818 | +€344,118 | +292% |
| Financial debts | 170/4 | €117,701 | €461,818 | +€344,118 | +292% |
| Amounts payable within one year | 42/48 | €1,081,668 | €1,142,319 | +€60,651 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €40,584 | €150,681 | +€110,096 | +271% |
| Financial debts | 43 | €800,000 | €600,000 | -€200,000 | -25.0% |
| Credit institutions | 430/8 | €800,000 | €600,000 | -€200,000 | -25.0% |
| Trade debts | 44 | €154,203 | €143,711 | -€10,492 | -6.8% |
| Suppliers | 440/4 | €154,203 | €143,711 | -€10,492 | -6.8% |
| Taxes, remuneration and social security | 45 | €85,811 | €47,928 | -€37,883 | -44.1% |
| Taxes | 450/3 | €5,332 | €4,101 | -€1,231 | -23.1% |
| Remuneration and social security | 454/9 | €80,478 | €43,826 | -€36,652 | -45.5% |
| Other amounts payable | 47/48 | €1,070 | €200,000 | +€198,930 | +18,592% |
| Accrued charges and deferred income | 492/3 | €9,029 | €1,598 | -€7,431 | -82.3% |
| Non-recurring operating income | 76A | €56,295 | €101,464 | +€45,170 | +80.2% |
| Remuneration, social security and pensions | 62 | €540,087 | €405,525 | -€134,562 | -24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,488 | €141,386 | +€39,898 | +39.3% |
| Other operating charges | 640/8 | €27,321 | €31,524 | +€4,203 | +15.4% |
| Non-recurring operating charges | 66A | €43,808 | €5,115 | -€38,693 | -88.3% |
| Gross operating margin | 9900 | €504,593 | €354,833 | -€149,761 | -29.7% |
| Operating profit (loss) | 9901 | -€208,111 | -€228,718 | -€20,607 | -9.9% |
| Financial charges | 65/66B | €54,153 | €48,352 | -€5,802 | -10.7% |
| Recurring financial charges | 65 | €54,153 | €48,352 | -€5,802 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€262,264 | -€277,070 | -€14,806 | -5.6% |
| Income taxes | 67/77 | €836 | €453 | -€383 | -45.8% |
| Profit (loss) for the period | 9904 | -€263,100 | -€277,523 | -€14,423 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€263,100 | -€277,523 | -€14,423 | -5.5% |
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 21 October 2026 via checked.be.