E & S RECYCLING: 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.
What changed
E & S RECYCLING
NACE 38.330, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€131,606
2024 · €87,213+€44,393
Equity
€904,984
2024 · €1.8m-€918,394
Cash
€217,732
2024 · €83,997+€133,735
Balance sheet total
€8.0m
2024 · €2.8m+€5.2m
Largest movements
Assets
- Financial fixed assets +€5.1m
up €5.1m (+682%), from €750,000 to €5.9m
- Cash +€133,735
up €133,735 (+159%), from €83,997 to €217,732
mainly Debts after one year (+€4.9m) and Current portion of long-term debt (+€1.1m)
Equity and liabilities
- Debts after one year +€4.9m
up €4.9m (+609%), from €811,590 to €5.8m
- Current portion of long-term debt +€1.1m
up €1.1m (+901%), from €122,020 to €1.2m
- Reserves -€918,394
down €918,394 (-78.3%), from €1.2m to €254,984
Income statement
- Gross operating margin +€263,564
new in 2025: €263,564
- Turnover -€151,971
no longer reported in 2025 (was €151,971)
- Other operating income -€38,544
no longer reported in 2025 (was €38,544)
- Financial charges +€19,594
up €19,594 (+147%), from €13,366 to €32,960
- Taxes +€15,768
up €15,768 (+54.2%), from €29,071 to €44,839
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
€87,213
Turnover
-€151,971
Other operating income
-€38,544
Services and other goods
+€4,564
Depreciation
+€1,642
Other operating charges
-€240
Other operating items
+€263,564
Financial income
+€740
Financial charges
-€19,594
Taxes
-€15,768
Result 2025
€131,606
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€252,407
Investment
-€5.1m
Financing
+€5.0m
Cash 2024
€83,997
From operations (derived)
+€252,407
Net result for the year
+€131,606
Depreciation
+€46,368
Smaller working-capital items
+€24,721
Tax, wage and social debts
+€28,689
Accrued charges and deferred income
+€21,023
Investment (derived)
-€5.1m
Investment in fixed assets (net)
-€5.1m
Financing
+€5.0m
Debts after one year
+€4.9m
Current portion of long-term debt
+€1.1m
Contributions, distributions and other
-€1.1m
Cash 2025
€217,732
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,774,012 | €7,963,953 | +€5.2m | +187% |
| Fixed assets | 21/28 | €2,506,215 | €7,574,847 | +€5.1m | +202% |
| Tangible fixed assets | 22/27 | €1,756,215 | €1,709,847 | -€46,368 | -2.6% |
| Land and buildings | 22 | €1,753,360 | €1,709,685 | -€43,675 | -2.5% |
| Plant, machinery and equipment | 23 | €413 | - | -€413 | |
| Furniture and vehicles | 24 | €2,442 | €162 | -€2,280 | -93.4% |
| Financial fixed assets | 28 | €750,000 | €5,865,000 | +€5.1m | +682% |
| Affiliated companies | 280/1 | €750,000 | - | -€750,000 | |
| Amounts receivable | 281 | €750,000 | - | -€750,000 | |
| Current assets | 29/58 | €267,797 | €389,106 | +€121,309 | +45.3% |
| Amounts receivable within one year | 40/41 | €133,890 | €132,147 | -€1,743 | -1.3% |
| Trade receivables | 40 | €133,890 | €132,147 | -€1,743 | -1.3% |
| Cash at bank and in hand | 54/58 | €83,997 | €217,732 | +€133,735 | +159% |
| Deferred charges and accrued income | 490/1 | €49,910 | €39,227 | -€10,683 | -21.4% |
| Total equity and liabilities | 10/49 | €2,774,012 | €7,963,953 | +€5.2m | +187% |
| Equity | 10/15 | €1,823,378 | €904,984 | -€918,394 | -50.4% |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Reserves | 13 | €1,173,378 | €254,984 | -€918,394 | -78.3% |
| Distributable reserves | 133 | €1,173,378 | €254,984 | -€918,394 | -78.3% |
| Amounts payable | 17/49 | €950,634 | €7,058,969 | +€6.1m | +643% |
| Amounts payable after more than one year | 17 | €811,590 | €5,757,928 | +€4.9m | +609% |
| Financial debts | 170/4 | €811,590 | €5,757,928 | +€4.9m | +609% |
| Credit institutions | 173 | €811,590 | - | -€811,590 | |
| Amounts payable within one year | 42/48 | €138,672 | €1,279,646 | +€1.1m | +823% |
| Current portion of amounts payable after more than one year | 42 | €122,020 | €1,222,010 | +€1.1m | +901% |
| Trade debts | 44 | €771 | €13,066 | +€12,295 | +1,595% |
| Suppliers | 440/4 | €771 | €13,066 | +€12,295 | +1,595% |
| Taxes, remuneration and social security | 45 | €14,982 | €43,671 | +€28,689 | +191% |
| Taxes | 450/3 | €14,982 | €43,671 | +€28,689 | +191% |
| Other amounts payable | 47/48 | €899 | €899 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €372 | €21,395 | +€21,023 | +5,651% |
| Operating income | 70/76A | €190,515 | - | -€190,515 | |
| Turnover | 70 | €151,971 | - | -€151,971 | |
| Other operating income | 74 | €38,544 | - | -€38,544 | |
| Non-recurring operating income | 76A | - | €89,000 | +€89,000 | |
| Operating charges | 60/66A | €60,865 | - | -€60,865 | |
| Services and other goods | 61 | €4,564 | - | -€4,564 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,010 | €46,368 | -€1,642 | -3.4% |
| Other operating charges | 640/8 | €8,291 | €8,531 | +€240 | +2.9% |
| Gross operating margin | 9900 | - | €263,564 | +€263,564 | |
| Operating profit (loss) | 9901 | €129,650 | €208,665 | +€79,015 | +60.9% |
| Financial income | 75/76B | - | €740 | +€740 | |
| Recurring financial income | 75 | - | €740 | +€740 | |
| Financial charges | 65/66B | €13,366 | €32,960 | +€19,594 | +147% |
| Recurring financial charges | 65 | €13,366 | €32,960 | +€19,594 | +147% |
| Debt charges | 650 | €12,996 | - | -€12,996 | |
| Other financial charges | 652/9 | €370 | - | -€370 | |
| Profit (loss) for the period before taxes | 9903 | €116,284 | €176,445 | +€60,161 | +51.7% |
| Income taxes | 67/77 | €29,071 | €44,839 | +€15,768 | +54.2% |
| Taxes | 670/3 | €29,071 | - | -€29,071 | |
| Profit (loss) for the period | 9904 | €87,213 | €131,606 | +€44,393 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,213 | €131,606 | +€44,393 | +50.9% |
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 29 October 2026 via checked.be.