ES - GE: 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
ES - GE
NACE 25.530, Machining of metals
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43,611
2024 · €95,890-€52,279
Equity
€925,155
2024 · €1.1m-€164,486
Cash
€45,060
2024 · €42,306+€2,755
Balance sheet total
€1.4m
2024 · €1.6m-€273,726
Largest movements
Assets
- Receivables after one year -€153,455
down €153,455 (-25.7%), from €596,455 to €443,000
- Tangible fixed assets -€141,039
down €141,039 (-19.6%), from €721,394 to €580,355
of which Leasing and similar rights: -€91,330
- Receivables within one year +€18,882
up €18,882 (+7.2%), from €261,084 to €279,967
of which Other amounts receivable: +€29,770
Equity and liabilities
- Reserves -€164,486
down €164,486 (-15.2%), from €1.1m to €918,950
of which Distributable reserves: -€148,371
- Debts after one year -€70,012
down €70,012 (-43.4%), from €161,296 to €91,284
- Current portion of long-term debt -€21,385
down €21,385 (-20.1%), from €106,506 to €85,121
Income statement
- Staff costs +€48,402
up €48,402 (+16.3%), from €297,344 to €345,747
- Other operating charges -€37,033
down €37,033 (-63.5%), from €58,350 to €21,317
- Write-downs +€31,581
up €31,581, from -€31,581 to €0
- Depreciation +€18,553
up €18,553 (+15.0%), from €123,360 to €141,913
- Taxes -€11,521
down €11,521 (-28.9%), from €39,818 to €28,297
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
€95,890
Gross operating margin
-€4,662
Staff costs
-€48,402
Depreciation
-€18,553
Write-downs
-€31,581
Other operating charges
+€37,033
Financial charges
+€2,366
Taxes
+€11,521
Result 2025
€43,611
raises the resultlowers the result
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
+€303,124
Investment
-€875
Financing
-€299,494
Cash 2024
€42,306
From operations (derived)
+€303,124
Net result for the year
+€43,611
Depreciation
+€141,913
Receivables after one year
+€153,455
Receivables within one year
-€18,882
Deferred charges and accrued income
+€870
Provisions
-€6,029
Trade debts
-€9,977
Tax, wage and social debts
+€5,595
Accrued charges and deferred income
-€7,432
Investment (derived)
-€875
Investment in fixed assets (net)
-€875
Financing
-€299,494
Debts after one year
-€70,012
Current portion of long-term debt
-€21,385
Contributions, distributions and other
-€208,098
Cash 2025
€45,060
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,638,727 | €1,365,001 | -€273,726 | -16.7% |
| Fixed assets | 21/28 | €721,394 | €580,355 | -€141,039 | -19.6% |
| Tangible fixed assets | 22/27 | €721,394 | €580,355 | -€141,039 | -19.6% |
| Land and buildings | 22 | €411,362 | €374,020 | -€37,342 | -9.1% |
| Plant, machinery and equipment | 23 | €50,284 | €37,551 | -€12,734 | -25.3% |
| Furniture and vehicles | 24 | €4,328 | €4,262 | -€66 | -1.5% |
| Leasing and similar rights | 25 | €250,239 | €158,908 | -€91,330 | -36.5% |
| Other tangible fixed assets | 26 | €5,180 | €5,614 | +€434 | +8.4% |
| Current assets | 29/58 | €917,333 | €784,646 | -€132,687 | -14.5% |
| Amounts receivable after more than one year | 29 | €596,455 | €443,000 | -€153,455 | -25.7% |
| Other amounts receivable | 291 | €596,455 | €443,000 | -€153,455 | -25.7% |
| Amounts receivable within one year | 40/41 | €261,084 | €279,967 | +€18,882 | +7.2% |
| Trade receivables | 40 | €150,092 | €139,204 | -€10,888 | -7.3% |
| Other amounts receivable | 41 | €110,993 | €140,763 | +€29,770 | +26.8% |
| Cash at bank and in hand | 54/58 | €42,306 | €45,060 | +€2,755 | +6.5% |
| Deferred charges and accrued income | 490/1 | €17,489 | €16,619 | -€870 | -5.0% |
| Total equity and liabilities | 10/49 | €1,638,727 | €1,365,001 | -€273,726 | -16.7% |
| Equity | 10/15 | €1,089,642 | €925,155 | -€164,486 | -15.1% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,083,437 | €918,950 | -€164,486 | -15.2% |
| Tax-exempt reserves | 132 | €213,929 | €197,813 | -€16,115 | -7.5% |
| Distributable reserves | 133 | €869,508 | €721,137 | -€148,371 | -17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €55,482 | €49,453 | -€6,029 | -10.9% |
| Provisions for liabilities and charges | 160/5 | €2,000 | €0 | -€2,000 | -100% |
| Major repairs and maintenance | 162 | €2,000 | €0 | -€2,000 | -100% |
| Deferred taxes | 168 | €53,482 | €49,453 | -€4,029 | -7.5% |
| Amounts payable | 17/49 | €493,603 | €390,392 | -€103,210 | -20.9% |
| Amounts payable after more than one year | 17 | €161,296 | €91,284 | -€70,012 | -43.4% |
| Financial debts | 170/4 | €161,296 | €91,284 | -€70,012 | -43.4% |
| Amounts payable within one year | 42/48 | €322,749 | €296,983 | -€25,767 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €106,506 | €85,121 | -€21,385 | -20.1% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €25,495 | €15,519 | -€9,977 | -39.1% |
| Suppliers | 440/4 | €25,495 | €15,519 | -€9,977 | -39.1% |
| Taxes, remuneration and social security | 45 | €65,748 | €71,343 | +€5,595 | +8.5% |
| Taxes | 450/3 | €26,561 | €27,708 | +€1,146 | +4.3% |
| Remuneration and social security | 454/9 | €39,187 | €43,636 | +€4,449 | +11.4% |
| Accrued charges and deferred income | 492/3 | €9,558 | €2,126 | -€7,432 | -77.8% |
| Non-recurring operating income | 76A | €4,900 | €2,000 | -€2,900 | -59.2% |
| Remuneration, social security and pensions | 62 | €297,344 | €345,747 | +€48,402 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,360 | €141,913 | +€18,553 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€31,581 | €0 | +€31,581 | |
| Other operating charges | 640/8 | €58,350 | €21,317 | -€37,033 | -63.5% |
| Gross operating margin | 9900 | €597,775 | €593,113 | -€4,662 | -0.8% |
| Operating profit (loss) | 9901 | €150,302 | €84,136 | -€66,166 | -44.0% |
| Financial charges | 65/66B | €18,622 | €16,256 | -€2,366 | -12.7% |
| Recurring financial charges | 65 | €18,622 | €16,256 | -€2,366 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €131,680 | €67,880 | -€63,800 | -48.5% |
| Transfer from deferred taxes | 780 | €4,029 | €4,029 | = | 0.0% |
| Income taxes | 67/77 | €39,818 | €28,297 | -€11,521 | -28.9% |
| Profit (loss) for the period | 9904 | €95,890 | €43,611 | -€52,279 | -54.5% |
| Transfer from tax-exempt reserves | 789 | €16,115 | €16,115 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €112,006 | €59,727 | -€52,279 | -46.7% |
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 20 October 2026 via checked.be.