ES RECYCLE: 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.
ES RECYCLE
Largest movements
- Receivables within one year -€69,421
down €69,421 (-59.0%), from €117,631 to €48,210
of which Trade receivables: -€66,564
- Tangible fixed assets -€7,764
down €7,764 (-29.0%), from €26,730 to €18,966
of which Plant, machinery and equipment: -€3,937
- Trade debts -€61,089
down €61,089 (-38.3%), from €159,499 to €98,410
- Other debts -€13,527
down €13,527 (-48.3%), from €28,013 to €14,486
- Tax, wage and social debts -€3,026
down €3,026 (-16.5%), from €18,393 to €15,367
of which Taxes: -€3,026
- Other operating charges -€4,022
down €4,022 (-94.5%), from €4,256 to €234
- Gross operating margin +€4,016
up €4,016 (+94.5%), from €4,251 to €8,266
- Financial charges -€3,751
down €3,751 (-92.3%), from €4,062 to €311
- Depreciation +€2,390
up €2,390 (+37.5%), from €6,374 to €8,764
- Financial income +€991
up €991 (+982%), from €101 to €1,092
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 | €296,417 | €218,788 | -€77,629 | -26.2% |
| Fixed assets | 21/28 | €176,730 | €168,966 | -€7,764 | -4.4% |
| Tangible fixed assets | 22/27 | €26,730 | €18,966 | -€7,764 | -29.0% |
| Land and buildings | 22 | €2,200 | €2,200 | = | 0.0% |
| Plant, machinery and equipment | 23 | €13,365 | €9,428 | -€3,937 | -29.5% |
| Furniture and vehicles | 24 | €11,166 | €7,338 | -€3,827 | -34.3% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €119,687 | €49,822 | -€69,865 | -58.4% |
| Amounts receivable within one year | 40/41 | €117,631 | €48,210 | -€69,421 | -59.0% |
| Trade receivables | 40 | €114,712 | €48,148 | -€66,564 | -58.0% |
| Other amounts receivable | 41 | €2,919 | €62 | -€2,857 | -97.9% |
| Cash at bank and in hand | 54/58 | €692 | €435 | -€257 | -37.1% |
| Deferred charges and accrued income | 490/1 | €1,364 | €1,177 | -€187 | -13.7% |
| Total equity and liabilities | 10/49 | €296,417 | €218,788 | -€77,629 | -26.2% |
| Equity | 10/15 | €9,712 | €9,761 | +€49 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,125 | €13,125 | = | 0.0% |
| Distributable reserves | 133 | €13,125 | €13,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,014 | -€21,964 | +€49 | +0.2% |
| Amounts payable | 17/49 | €286,705 | €209,027 | -€77,678 | -27.1% |
| Amounts payable after more than one year | 17 | €80,000 | €80,000 | = | 0.0% |
| Financial debts | 170/4 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €206,705 | €129,027 | -€77,678 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €36 | - | -€36 | |
| Trade debts | 44 | €159,499 | €98,410 | -€61,089 | -38.3% |
| Suppliers | 440/4 | €159,499 | €98,410 | -€61,089 | -38.3% |
| Advances received on contracts in progress | 46 | €763 | €763 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €18,393 | €15,367 | -€3,026 | -16.5% |
| Taxes | 450/3 | €5,193 | €2,167 | -€3,026 | -58.3% |
| Remuneration and social security | 454/9 | €13,200 | €13,200 | = | 0.0% |
| Other amounts payable | 47/48 | €28,013 | €14,486 | -€13,527 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,374 | €8,764 | +€2,390 | +37.5% |
| Other operating charges | 640/8 | €4,256 | €234 | -€4,022 | -94.5% |
| Gross operating margin | 9900 | €4,251 | €8,266 | +€4,016 | +94.5% |
| Operating profit (loss) | 9901 | -€6,379 | -€732 | +€5,647 | +88.5% |
| Financial income | 75/76B | €101 | €1,092 | +€991 | +982% |
| Recurring financial income | 75 | €101 | €1,092 | +€991 | +982% |
| Financial charges | 65/66B | €4,062 | €311 | -€3,751 | -92.3% |
| Recurring financial charges | 65 | €4,062 | €311 | -€3,751 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,340 | €49 | +€10,389 | |
| Profit (loss) for the period | 9904 | -€10,340 | €49 | +€10,389 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,340 | €49 | +€10,389 |
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 23 October 2026 via checked.be.