RECYNAM: 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.
What changed
RECYNAM
NACE 38.330, Waste collection, recovery and disposal activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€155,454
2024 · €220,074-€64,620
Equity
€1.5m
2024 · €1.3m+€176,325
Cash
€734,234
2024 · €501,070+€233,164
Balance sheet total
€2.7m
2024 · €2.5m+€221,133
Largest movements
Assets
- Cash +€233,164
up €233,164 (+46.5%), from €501,070 to €734,234
mainly Trade debts (+€407,366) and Depreciation (+€312,114)
- Tangible fixed assets -€45,951
down €45,951 (-6.0%), from €767,843 to €721,892
of which Leasing and similar rights: -€102,810
- Stocks and contracts +€31,547
up €31,547 (+48.2%), from €65,400 to €96,947
Equity and liabilities
- Trade debts +€407,366
up €407,366 (+115.2%), from €353,553 to €760,918
of which Suppliers: +€405,958
- Provisions -€158,073
down €158,073 (-62.9%), from €251,376 to €93,302
of which Provisions for liabilities and charges: -€146,910
- Reserves +€150,454
up €150,454 (+17.5%), from €857,311 to €1.0m
of which Distributable reserves: +€183,945
- Debts after one year -€115,516
down €115,516 (-39.1%), from €295,130 to €179,614
- Other debts -€37,930
down €37,930 (-88.4%), from €42,930 to €5,000
Income statement
- Purchases and services +€566,844
up €566,844 (+33.5%), from €1.7m to €2.3m
- Turnover +€282,165
up €282,165 (+11.5%), from €2.5m to €2.7m
- Provisions -€205,063
down €205,063, from €58,153 to -€146,910
- Write-downs +€140,951
up €140,951, from -€34,645 to €106,307
- Gross operating margin -€106,541
down €106,541 (-13.8%), from €769,957 to €663,416
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.
Result 2024
€220,074
Gross operating margin
-€106,541
Staff costs
-€14,398
Depreciation
-€13,254
Write-downs
-€140,951
Provisions
+€205,063
Other operating charges
-€4,271
Other operating items
-€250
Financial income
-€3,776
Financial charges
+€74
Taxes
+€1,060
Deferred taxes and other
+€12,624
Result 2025
€155,454
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.
From operations
+€622,630
Investment
-€273,027
Financing
-€116,439
Cash 2024
€501,070
From operations (derived)
+€622,630
Net result for the year
+€155,454
Depreciation
+€312,114
Stocks and contracts
-€31,547
Receivables within one year
-€4,063
Deferred charges and accrued income
+€8,554
Provisions
-€158,073
Trade debts
+€407,366
Tax, wage and social debts
-€29,243
Other debts
-€37,930
Investment (derived)
-€273,027
Investment in fixed assets (net)
-€273,027
Current investments
+€0
Financing
-€116,439
Debts after one year
-€115,516
Current portion of long-term debt
-€21,795
Contributions, distributions and other
+€20,871
Cash 2025
€734,234
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,465,068 | €2,686,201 | +€221,133 | +9.0% |
| Fixed assets | 21/28 | €982,729 | €943,641 | -€39,087 | -4.0% |
| Intangible fixed assets | 21 | €7,538 | €5,442 | -€2,096 | -27.8% |
| Tangible fixed assets | 22/27 | €767,843 | €721,892 | -€45,951 | -6.0% |
| Land and buildings | 22 | €46,194 | €46,194 | = | 0.0% |
| Plant, machinery and equipment | 23 | €419,579 | €476,650 | +€57,070 | +13.6% |
| Furniture and vehicles | 24 | €481 | €270 | -€211 | -43.9% |
| Leasing and similar rights | 25 | €301,589 | €198,779 | -€102,810 | -34.1% |
| Financial fixed assets | 28 | €207,348 | €216,308 | +€8,960 | +4.3% |
| Current assets | 29/58 | €1,482,339 | €1,742,560 | +€260,220 | +17.6% |
| Stocks and contracts in progress | 3 | €65,400 | €96,947 | +€31,547 | +48.2% |
| Stocks | 30/36 | €65,400 | €96,947 | +€31,547 | +48.2% |
| Amounts receivable within one year | 40/41 | €644,801 | €648,864 | +€4,063 | +0.6% |
| Trade receivables | 40 | €640,623 | €616,916 | -€23,707 | -3.7% |
| Other amounts receivable | 41 | €4,178 | €31,948 | +€27,770 | +664.7% |
| Current investments | 50/53 | €244,999 | €244,999 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €501,070 | €734,234 | +€233,164 | +46.5% |
| Deferred charges and accrued income | 490/1 | €26,068 | €17,515 | -€8,554 | -32.8% |
| Total equity and liabilities | 10/49 | €2,465,068 | €2,686,201 | +€221,133 | +9.0% |
| Equity | 10/15 | €1,288,646 | €1,464,971 | +€176,325 | +13.7% |
| Contributions | 10/11 | €431,335 | €431,335 | = | 0.0% |
| Capital | 10 | €431,335 | €431,335 | = | 0.0% |
| Issued capital | 100 | €575,113 | €575,113 | = | 0.0% |
| Uncalled capital | 101 | €143,778 | €143,778 | = | 0.0% |
| Reserves | 13 | €857,311 | €1,007,765 | +€150,454 | +17.5% |
| Non-distributable reserves | 130/1 | €60,983 | €60,983 | = | 0.0% |
| Legal reserve | 130 | €60,983 | €60,983 | = | 0.0% |
| Tax-exempt reserves | 132 | €69,715 | €36,224 | -€33,491 | -48.0% |
| Distributable reserves | 133 | €726,613 | €910,558 | +€183,945 | +25.3% |
| Investment grants | 15 | - | €25,871 | +€25,871 | |
| Provisions and deferred taxes | 16 | €251,376 | €93,302 | -€158,073 | -62.9% |
| Provisions for liabilities and charges | 160/5 | €228,137 | €81,227 | -€146,910 | -64.4% |
| Other liabilities and charges | 164/5 | €228,137 | €81,227 | -€146,910 | -64.4% |
| Deferred taxes | 168 | €23,238 | €12,075 | -€11,164 | -48.0% |
| Amounts payable | 17/49 | €925,046 | €1,127,928 | +€202,882 | +21.9% |
| Amounts payable after more than one year | 17 | €295,130 | €179,614 | -€115,516 | -39.1% |
| Financial debts | 170/4 | €295,130 | €179,614 | -€115,516 | -39.1% |
| Amounts payable within one year | 42/48 | €629,916 | €948,314 | +€318,398 | +50.5% |
| Current portion of amounts payable after more than one year | 42 | €190,930 | €169,136 | -€21,795 | -11.4% |
| Trade debts | 44 | €353,553 | €760,918 | +€407,366 | +115.2% |
| Suppliers | 440/4 | €353,553 | €759,511 | +€405,958 | +114.8% |
| Bills of exchange payable | 441 | - | €1,407 | +€1,407 | |
| Taxes, remuneration and social security | 45 | €42,503 | €13,260 | -€29,243 | -68.8% |
| Taxes | 450/3 | €28,101 | €884 | -€27,217 | -96.9% |
| Remuneration and social security | 454/9 | €14,401 | €12,376 | -€2,026 | -14.1% |
| Other amounts payable | 47/48 | €42,930 | €5,000 | -€37,930 | -88.4% |
| Turnover | 70 | €2,463,656 | €2,745,820 | +€282,165 | +11.5% |
| Non-recurring operating income | 76A | €44,500 | - | -€44,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,690,224 | €2,257,068 | +€566,844 | +33.5% |
| Remuneration, social security and pensions | 62 | €201,683 | €216,081 | +€14,398 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €298,860 | €312,114 | +€13,254 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€34,645 | €106,307 | +€140,951 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €58,153 | -€146,910 | -€205,063 | |
| Other operating charges | 640/8 | €7,545 | €11,816 | +€4,271 | +56.6% |
| Non-recurring operating charges | 66A | - | €250 | +€250 | |
| Gross operating margin | 9900 | €769,957 | €663,416 | -€106,541 | -13.8% |
| Operating profit (loss) | 9901 | €238,359 | €163,757 | -€74,602 | -31.3% |
| Financial income | 75/76B | €15,148 | €11,372 | -€3,776 | -24.9% |
| Recurring financial income | 75 | €15,148 | €11,372 | -€3,776 | -24.9% |
| Financial charges | 65/66B | €31,065 | €30,991 | -€74 | -0.2% |
| Recurring financial charges | 65 | €31,065 | €30,991 | -€74 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €222,443 | €144,139 | -€78,304 | -35.2% |
| Transfer from deferred taxes | 780 | €9,664 | €11,164 | +€1,499 | +15.5% |
| Transfer to deferred taxes | 680 | €11,125 | - | -€11,125 | |
| Income taxes | 67/77 | €908 | -€151 | -€1,060 | |
| Profit (loss) for the period | 9904 | €220,074 | €155,454 | -€64,620 | -29.4% |
| Transfer from tax-exempt reserves | 789 | €28,993 | €33,491 | +€4,497 | +15.5% |
| Transfer to tax-exempt reserves | 689 | €33,375 | - | -€33,375 | |
| Profit (loss) for the period to be appropriated | 9905 | €215,692 | €188,945 | -€26,748 | -12.4% |
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 6 October 2026 via checked.be.