RECYSERAING: 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.
RECYSERAING
Largest movements
- Receivables within one year +€616,496
up €616,496 (+105.1%), from €586,742 to €1.2m
of which Trade receivables: +€540,354
- Tangible fixed assets -€224,142
down €224,142 (-90.6%), from €247,504 to €23,362
of which Furniture and vehicles: -€124,816
- Receivables after one year -€54,750
down €54,750 (-4.2%), from €1.3m to €1.3m
- Cash -€35,142
down €35,142 (-77.4%), from €45,424 to €10,282
mainly Receivables within one year (-€616,496) and Contributions, distributions and other (-€56,000)
- Stocks and contracts -€31,904
down €31,904 (-74.5%), from €42,820 to €10,915
- Provisions +€192,258
new in 2025: €192,258
- Other debts +€73,810
up €73,810 (+66.2%), from €111,415 to €185,225
- Profit (loss) carried forward +€66,782
up €66,782 (+7.8%), from €853,919 to €920,701
- Reserves -€56,000
down €56,000 (-11.5%), from €488,483 to €432,483
of which Tax-exempt reserves: -€56,000
- Current portion of long-term debt -€54,785
no longer reported in 2025 (was €54,785)
- Gross operating margin +€269,113
up €269,113 (+109.3%), from €246,267 to €515,380
- Other operating charges +€213,364
up €213,364 (+1076.4%), from €19,822 to €233,186
- Depreciation -€94,186
down €94,186 (-92.2%), from €102,183 to €7,997
- Staff costs +€15,766
up €15,766 (+8.8%), from €179,521 to €195,288
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 | €2,240,164 | €2,510,997 | +€270,833 | +12.1% |
| Fixed assets | 21/28 | €260,428 | €36,562 | -€223,866 | -86.0% |
| Tangible fixed assets | 22/27 | €247,504 | €23,362 | -€224,142 | -90.6% |
| Plant, machinery and equipment | 23 | €115,451 | €16,125 | -€99,326 | -86.0% |
| Furniture and vehicles | 24 | €132,053 | €7,237 | -€124,816 | -94.5% |
| Financial fixed assets | 28 | €12,925 | €13,200 | +€275 | +2.1% |
| Current assets | 29/58 | €1,979,736 | €2,474,435 | +€494,699 | +25.0% |
| Amounts receivable after more than one year | 29 | €1,304,750 | €1,250,000 | -€54,750 | -4.2% |
| Trade receivables | 290 | €1,304,750 | €1,250,000 | -€54,750 | -4.2% |
| Stocks and contracts in progress | 3 | €42,820 | €10,915 | -€31,904 | -74.5% |
| Contracts in progress | 37 | €42,820 | €10,915 | -€31,904 | -74.5% |
| Amounts receivable within one year | 40/41 | €586,742 | €1,203,238 | +€616,496 | +105.1% |
| Trade receivables | 40 | €560,634 | €1,100,988 | +€540,354 | +96.4% |
| Other amounts receivable | 41 | €26,108 | €102,250 | +€76,142 | +291.6% |
| Cash at bank and in hand | 54/58 | €45,424 | €10,282 | -€35,142 | -77.4% |
| Total equity and liabilities | 10/49 | €2,240,164 | €2,510,997 | +€270,833 | +12.1% |
| Equity | 10/15 | €1,360,994 | €1,371,776 | +€10,782 | +0.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €488,483 | €432,483 | -€56,000 | -11.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,000 | - | -€56,000 | |
| Distributable reserves | 133 | €430,624 | €430,624 | = | 0.0% |
| Profit (loss) carried forward | 14 | €853,919 | €920,701 | +€66,782 | +7.8% |
| Provisions and deferred taxes | 16 | - | €192,258 | +€192,258 | |
| Deferred taxes | 168 | - | €192,258 | +€192,258 | |
| Amounts payable | 17/49 | €879,170 | €946,963 | +€67,793 | +7.7% |
| Amounts payable after more than one year | 17 | €129,371 | €129,433 | +€62 | 0.0% |
| Financial debts | 170/4 | €129,371 | €129,433 | +€62 | 0.0% |
| Amounts payable within one year | 42/48 | €699,799 | €737,530 | +€37,731 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €54,785 | - | -€54,785 | |
| Trade debts | 44 | €515,549 | €497,546 | -€18,003 | -3.5% |
| Suppliers | 440/4 | €515,549 | €497,546 | -€18,003 | -3.5% |
| Taxes, remuneration and social security | 45 | €18,050 | €54,758 | +€36,709 | +203.4% |
| Taxes | 450/3 | €828 | €39,598 | +€38,770 | +4683.7% |
| Remuneration and social security | 454/9 | €17,222 | €15,161 | -€2,061 | -12.0% |
| Other amounts payable | 47/48 | €111,415 | €185,225 | +€73,810 | +66.2% |
| Accrued charges and deferred income | 492/3 | €50,000 | €80,000 | +€30,000 | +60.0% |
| Remuneration, social security and pensions | 62 | €179,521 | €195,288 | +€15,766 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,183 | €7,997 | -€94,186 | -92.2% |
| Other operating charges | 640/8 | €19,822 | €233,186 | +€213,364 | +1076.4% |
| Non-recurring operating charges | 66A | - | €35 | +€35 | |
| Gross operating margin | 9900 | €246,267 | €515,380 | +€269,113 | +109.3% |
| Operating profit (loss) | 9901 | -€55,260 | €78,875 | +€134,134 | |
| Financial charges | 65/66B | €4,722 | €4,088 | -€634 | -13.4% |
| Recurring financial charges | 65 | €4,722 | €4,088 | -€634 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€59,982 | €74,787 | +€134,768 | |
| Income taxes | 67/77 | €6,095 | €8,004 | +€1,909 | +31.3% |
| Profit (loss) for the period | 9904 | -€66,077 | €66,782 | +€132,859 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,077 | €66,782 | +€132,859 |
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 4 October 2026 via checked.be.