SJ RECREA: what changed
SJ RECREA
Largest movements
- Receivables after one year +€200,000
new in 2025: €200,000
- Current investments -€100,000
down €100,000 (-33.3%), from €300,000 to €200,000
- Cash -€22,927
down €22,927 (-29.4%), from €77,939 to €55,012
mainly Receivables after one year (-€200,000) and Contributions, distributions and other (-€45,852)
- Tangible fixed assets -€17,726
down €17,726 (-22.7%), from €78,226 to €60,500
of which Furniture and vehicles: -€13,451
- Receivables within one year +€10,332
up €10,332 (+4,252%), from €243 to €10,575
of which Other amounts receivable: +€9,383
- Other debts -€41,868
down €41,868 (-45.4%), from €92,233 to €50,365
- Debts after one year +€37,500
up €37,500 (+33.6%), from €111,500 to €149,000
- Profit (loss) carried forward +€34,926
up €34,926 (+12.4%), from €281,992 to €316,918
- Reserves +€29,148
up €29,148 (+12.5%), from €232,712 to €261,860
- Tax, wage and social debts +€9,316
up €9,316 (+29.0%), from €32,121 to €41,437
of which Taxes: +€5,487
- Gross operating margin +€42,548
up €42,548 (+15.8%), from €268,463 to €311,011
- Staff costs +€15,605
up €15,605 (+15.0%), from €104,253 to €119,858
- Taxes +€8,944
up €8,944 (+22.8%), from €39,267 to €48,211
- Financial income +€3,573
up €3,573 (+46.0%), from €7,765 to €11,338
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €791,616 | €860,799 | +€69,183 | +8.7% |
| Fixed assets | 21/28 | €405,762 | €388,036 | -€17,726 | -4.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €78,226 | €60,500 | -€17,726 | -22.7% |
| Land and buildings | 22 | €16,390 | €13,906 | -€2,483 | -15.2% |
| Plant, machinery and equipment | 23 | €19,110 | €17,318 | -€1,791 | -9.4% |
| Furniture and vehicles | 24 | €42,726 | €29,275 | -€13,451 | -31.5% |
| Financial fixed assets | 28 | €327,536 | €327,536 | = | 0.0% |
| Current assets | 29/58 | €385,854 | €472,763 | +€86,909 | +22.5% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Amounts receivable within one year | 40/41 | €243 | €10,575 | +€10,332 | +4,252% |
| Trade receivables | 40 | €243 | €1,192 | +€949 | +391% |
| Other amounts receivable | 41 | - | €9,383 | +€9,383 | |
| Current investments | 50/53 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €77,939 | €55,012 | -€22,927 | -29.4% |
| Deferred charges and accrued income | 490/1 | €7,672 | €7,176 | -€496 | -6.5% |
| Total equity and liabilities | 10/49 | €791,616 | €860,799 | +€69,183 | +8.7% |
| Equity | 10/15 | €533,304 | €597,378 | +€64,074 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €232,712 | €261,860 | +€29,148 | +12.5% |
| Distributable reserves | 133 | €232,712 | €261,860 | +€29,148 | +12.5% |
| Profit (loss) carried forward | 14 | €281,992 | €316,918 | +€34,926 | +12.4% |
| Amounts payable | 17/49 | €258,311 | €263,421 | +€5,109 | +2.0% |
| Amounts payable after more than one year | 17 | €111,500 | €149,000 | +€37,500 | +33.6% |
| Other amounts payable | 178/9 | €111,500 | €149,000 | +€37,500 | +33.6% |
| Amounts payable within one year | 42/48 | €129,153 | €97,753 | -€31,400 | -24.3% |
| Trade debts | 44 | €4,799 | €5,951 | +€1,152 | +24.0% |
| Suppliers | 440/4 | €4,799 | €5,951 | +€1,152 | +24.0% |
| Taxes, remuneration and social security | 45 | €32,121 | €41,437 | +€9,316 | +29.0% |
| Taxes | 450/3 | €19,613 | €25,100 | +€5,487 | +28.0% |
| Remuneration and social security | 454/9 | €12,508 | €16,338 | +€3,830 | +30.6% |
| Other amounts payable | 47/48 | €92,233 | €50,365 | -€41,868 | -45.4% |
| Accrued charges and deferred income | 492/3 | €17,659 | €16,667 | -€991 | -5.6% |
| Non-recurring operating income | 76A | €1,200 | €900 | -€300 | -25.0% |
| Remuneration, social security and pensions | 62 | €104,253 | €119,858 | +€15,605 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,644 | €31,343 | +€1,699 | +5.7% |
| Other operating charges | 640/8 | €1,160 | €903 | -€257 | -22.2% |
| Gross operating margin | 9900 | €268,463 | €311,011 | +€42,548 | +15.8% |
| Operating profit (loss) | 9901 | €133,406 | €158,907 | +€25,502 | +19.1% |
| Financial income | 75/76B | €7,765 | €11,338 | +€3,573 | +46.0% |
| Recurring financial income | 75 | €7,765 | €11,338 | +€3,573 | +46.0% |
| Financial charges | 65/66B | €13,135 | €12,108 | -€1,028 | -7.8% |
| Recurring financial charges | 65 | €13,135 | €12,108 | -€1,028 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €128,035 | €158,137 | +€30,102 | +23.5% |
| Income taxes | 67/77 | €39,267 | €48,211 | +€8,944 | +22.8% |
| Profit (loss) for the period | 9904 | €88,769 | €109,926 | +€21,158 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,769 | €109,926 | +€21,158 | +23.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.