RECYCON: what changed
Two fiscal 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.
RECYCON
Largest movements
- Tangible fixed assets +€308,896
up €308,896 (+252.4%), from €122,404 to €431,300
of which Land and buildings: +€323,324
- Cash -€183,887
down €183,887 (-44.9%), from €409,583 to €225,696
mainly Investment in fixed assets (net) (-€365,351) and Contributions, distributions and other (-€94,043)
- Debts after one year +€117,835
up €117,835 (+165.0%), from €71,430 to €189,265
- Current portion of long-term debt +€13,824
up €13,824 (+116.4%), from €11,874 to €25,698
- Depreciation +€43,115
up €43,115 (+323.2%), from €13,340 to €56,455
- Taxes -€19,580
down €19,580 (-32.1%), from €60,930 to €41,349
- Gross operating margin -€18,399
down €18,399 (-8.5%), from €217,623 to €199,224
- Financial charges +€2,433
up €2,433 (+43.8%), from €5,559 to €7,991
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 | €1,217,259 | €1,333,607 | +€116,348 | +9.6% |
| Fixed assets | 21/28 | €122,404 | €431,300 | +€308,896 | +252.4% |
| Tangible fixed assets | 22/27 | €122,404 | €431,300 | +€308,896 | +252.4% |
| Land and buildings | 22 | - | €323,324 | +€323,324 | |
| Plant, machinery and equipment | 23 | €3,812 | €2,445 | -€1,367 | -35.9% |
| Furniture and vehicles | 24 | €528 | €0 | -€528 | -100.0% |
| Other tangible fixed assets | 26 | €118,064 | €105,530 | -€12,534 | -10.6% |
| Current assets | 29/58 | €1,094,855 | €902,307 | -€192,548 | -17.6% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €564,227 | €555,567 | -€8,661 | -1.5% |
| Trade receivables | 40 | €20,165 | €24,875 | +€4,710 | +23.4% |
| Other amounts receivable | 41 | €544,063 | €530,691 | -€13,371 | -2.5% |
| Cash at bank and in hand | 54/58 | €409,583 | €225,696 | -€183,887 | -44.9% |
| Deferred charges and accrued income | 490/1 | €1,045 | €1,045 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,217,259 | €1,333,607 | +€116,348 | +9.6% |
| Equity | 10/15 | €1,026,435 | €1,027,291 | +€856 | +0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,020,235 | €1,021,091 | +€856 | +0.1% |
| Distributable reserves | 133 | €1,020,235 | €1,021,091 | +€856 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €190,825 | €306,317 | +€115,492 | +60.5% |
| Amounts payable after more than one year | 17 | €71,430 | €189,265 | +€117,835 | +165.0% |
| Financial debts | 170/4 | €71,430 | €189,265 | +€117,835 | +165.0% |
| Amounts payable within one year | 42/48 | €119,395 | €116,414 | -€2,981 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €11,874 | €25,698 | +€13,824 | +116.4% |
| Trade debts | 44 | €6,532 | €8,109 | +€1,577 | +24.2% |
| Suppliers | 440/4 | €6,532 | €8,109 | +€1,577 | +24.2% |
| Taxes, remuneration and social security | 45 | €50,300 | €44,774 | -€5,526 | -11.0% |
| Taxes | 450/3 | €50,300 | €44,774 | -€5,526 | -11.0% |
| Other amounts payable | 47/48 | €50,689 | €37,833 | -€12,856 | -25.4% |
| Accrued charges and deferred income | 492/3 | - | €638 | +€638 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,340 | €56,455 | +€43,115 | +323.2% |
| Other operating charges | 640/8 | €3,383 | €3,464 | +€81 | +2.4% |
| Gross operating margin | 9900 | €217,623 | €199,224 | -€18,399 | -8.5% |
| Operating profit (loss) | 9901 | €200,899 | €139,305 | -€61,595 | -30.7% |
| Financial income | 75/76B | €5,513 | €4,934 | -€579 | -10.5% |
| Recurring financial income | 75 | €5,513 | €4,934 | -€579 | -10.5% |
| Financial charges | 65/66B | €5,559 | €7,991 | +€2,433 | +43.8% |
| Recurring financial charges | 65 | €5,559 | €7,991 | +€2,433 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €200,854 | €136,248 | -€64,606 | -32.2% |
| Income taxes | 67/77 | €60,930 | €41,349 | -€19,580 | -32.1% |
| Profit (loss) for the period | 9904 | €139,924 | €94,898 | -€45,026 | -32.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €139,924 | €94,898 | -€45,026 | -32.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.