RECYPEL: 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.
RECYPEL
Largest movements
- Cash +€1.4m
up €1.4m (+220%), from €617,457 to €2.0m
mainly Net result for the year (+€1.7m) and Receivables within one year (+€879,168)
- Current investments +€982,262
up €982,262 (+48.7%), from €2.0m to €3.0m
- Receivables within one year -€879,168
down €879,168 (-60.8%), from €1.4m to €566,008
of which Trade receivables: -€963,905
- Tangible fixed assets -€136,673
down €136,673 (-12.3%), from €1.1m to €976,646
of which Plant, machinery and equipment: -€129,080
- Stocks and contracts +€105,350
up €105,350 (+177%), from €59,612 to €164,962
- Profit (loss) carried forward +€929,650
up €929,650 (+37.8%), from €2.5m to €3.4m
- Reserves +€720,907
up €720,907 (+47.6%), from €1.5m to €2.2m
of which Tax-exempt reserves: +€720,907
- Trade debts -€242,016
down €242,016 (-44.1%), from €548,614 to €306,598
- Other debts +€175,000
up €175,000, from €0 to €175,000
- Debts after one year -€85,858
down €85,858 (-14.2%), from €604,985 to €519,128
- Gross operating margin -€916,120
down €916,120 (-25.4%), from €3.6m to €2.7m
- Taxes -€250,934
down €250,934 (-32.3%), from €777,012 to €526,078
- Staff costs +€39,885
up €39,885 (+13.5%), from €295,822 to €335,707
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 | €5,545,807 | €6,975,600 | +€1.4m | +25.8% |
| Fixed assets | 21/28 | €1,394,568 | €1,257,896 | -€136,673 | -9.8% |
| Tangible fixed assets | 22/27 | €1,113,318 | €976,646 | -€136,673 | -12.3% |
| Plant, machinery and equipment | 23 | €1,105,194 | €976,114 | -€129,080 | -11.7% |
| Furniture and vehicles | 24 | €8,124 | €532 | -€7,592 | -93.5% |
| Financial fixed assets | 28 | €281,250 | €281,250 | = | 0.0% |
| Current assets | 29/58 | €4,151,239 | €5,717,705 | +€1.6m | +37.7% |
| Stocks and contracts in progress | 3 | €59,612 | €164,962 | +€105,350 | +177% |
| Stocks | 30/36 | €59,612 | €164,962 | +€105,350 | +177% |
| Amounts receivable within one year | 40/41 | €1,445,176 | €566,008 | -€879,168 | -60.8% |
| Trade receivables | 40 | €1,324,829 | €360,923 | -€963,905 | -72.8% |
| Other amounts receivable | 41 | €120,348 | €205,085 | +€84,738 | +70.4% |
| Current investments | 50/53 | €2,017,738 | €3,000,000 | +€982,262 | +48.7% |
| Cash at bank and in hand | 54/58 | €617,457 | €1,977,106 | +€1.4m | +220% |
| Deferred charges and accrued income | 490/1 | €11,256 | €9,628 | -€1,628 | -14.5% |
| Total equity and liabilities | 10/49 | €5,545,807 | €6,975,600 | +€1.4m | +25.8% |
| Equity | 10/15 | €4,136,479 | €5,787,037 | +€1.7m | +39.9% |
| Contributions | 10/11 | €162,400 | €162,400 | = | 0.0% |
| Reserves | 13 | €1,513,482 | €2,234,389 | +€720,907 | +47.6% |
| Tax-exempt reserves | 132 | €1,503,604 | €2,224,511 | +€720,907 | +47.9% |
| Distributable reserves | 133 | €9,877 | €9,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,460,598 | €3,390,248 | +€929,650 | +37.8% |
| Provisions and deferred taxes | 16 | €10,035 | €4,754 | -€5,281 | -52.6% |
| Deferred taxes | 168 | €10,035 | €4,754 | -€5,281 | -52.6% |
| Amounts payable | 17/49 | €1,399,293 | €1,183,810 | -€215,483 | -15.4% |
| Amounts payable after more than one year | 17 | €604,985 | €519,128 | -€85,858 | -14.2% |
| Financial debts | 170/4 | €604,985 | €519,128 | -€85,858 | -14.2% |
| Amounts payable within one year | 42/48 | €788,183 | €657,182 | -€131,001 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €140,943 | €85,858 | -€55,085 | -39.1% |
| Trade debts | 44 | €548,614 | €306,598 | -€242,016 | -44.1% |
| Suppliers | 440/4 | €548,614 | €306,598 | -€242,016 | -44.1% |
| Taxes, remuneration and social security | 45 | €98,626 | €89,726 | -€8,900 | -9.0% |
| Taxes | 450/3 | €63,597 | €49,076 | -€14,521 | -22.8% |
| Remuneration and social security | 454/9 | €35,029 | €40,650 | +€5,621 | +16.0% |
| Other amounts payable | 47/48 | €0 | €175,000 | +€175,000 | |
| Accrued charges and deferred income | 492/3 | €6,125 | €7,500 | +€1,375 | +22.5% |
| Non-recurring operating income | 76A | €33,122 | €0 | -€33,122 | -100% |
| Remuneration, social security and pensions | 62 | €295,822 | €335,707 | +€39,885 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,352 | €236,641 | +€31,289 | +15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,401 | €5,193 | +€791 | +18.0% |
| Gross operating margin | 9900 | €3,608,331 | €2,692,211 | -€916,120 | -25.4% |
| Operating profit (loss) | 9901 | €3,102,756 | €2,114,669 | -€988,086 | -31.8% |
| Financial income | 75/76B | €53,477 | €70,603 | +€17,126 | +32.0% |
| Recurring financial income | 75 | €53,477 | €70,603 | +€17,126 | +32.0% |
| Financial charges | 65/66B | €11,701 | €13,919 | +€2,217 | +19.0% |
| Recurring financial charges | 65 | €11,701 | €13,919 | +€2,217 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €3,144,532 | €2,171,354 | -€973,177 | -30.9% |
| Transfer from deferred taxes | 780 | €6,013 | €5,281 | -€732 | -12.2% |
| Income taxes | 67/77 | €777,012 | €526,078 | -€250,934 | -32.3% |
| Profit (loss) for the period | 9904 | €2,373,532 | €1,650,557 | -€722,975 | -30.5% |
| Transfer from tax-exempt reserves | 789 | €18,039 | €15,843 | -€2,196 | -12.2% |
| Transfer to tax-exempt reserves | 689 | €842,000 | €736,750 | -€105,250 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,549,571 | €929,650 | -€619,921 | -40.0% |
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 24 October 2026 via checked.be.