GE CONSTRUCT: 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.
GE CONSTRUCT
Largest movements
- Financial fixed assets +€842,925
up €842,925 (+992.2%), from €84,959 to €927,884
- Receivables within one year -€268,151
down €268,151 (-26.5%), from €1.0m to €742,751
of which Trade receivables: -€340,438
- Cash -€137,050
down €137,050 (-96.6%), from €141,927 to €4,877
mainly Investment in fixed assets (net) (-€879,248) and Trade debts (-€264,207)
- Tangible fixed assets -€76,400
down €76,400 (-6.5%), from €1.2m to €1.1m
of which Land and buildings: -€69,831
- Debts after one year +€537,828
up €537,828 (+83.6%), from €643,075 to €1.2m
- Trade debts -€264,207
down €264,207 (-49.3%), from €536,443 to €272,236
- Reserves +€131,838
up €131,838 (+17.4%), from €755,744 to €887,582
- Tax, wage and social debts -€101,206
down €101,206 (-53.5%), from €189,016 to €87,810
of which Remuneration and social security: -€86,515
- Other debts +€32,279
up €32,279 (+53.8%), from €59,949 to €92,228
- Staff costs -€747,552
down €747,552 (-72.1%), from €1.0m to €289,310
- Gross operating margin -€656,912
down €656,912 (-49.1%), from €1.3m to €681,045
- Taxes +€37,894
up €37,894 (+102.2%), from €37,077 to €74,971
- Financial charges +€13,792
up €13,792 (+31.6%), from €43,618 to €57,410
of which Financial charges: +€13,582
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 | €2,430,991 | €2,795,785 | +€364,794 | +15.0% |
| Fixed assets | 21/28 | €1,254,330 | €2,020,854 | +€766,524 | +61.1% |
| Tangible fixed assets | 22/27 | €1,169,371 | €1,092,971 | -€76,400 | -6.5% |
| Land and buildings | 22 | €1,046,292 | €976,461 | -€69,831 | -6.7% |
| Plant, machinery and equipment | 23 | €25,002 | €38,919 | +€13,917 | +55.7% |
| Furniture and vehicles | 24 | €32,650 | €15,974 | -€16,676 | -51.1% |
| Leasing and similar rights | 25 | €61,867 | €28,050 | -€33,817 | -54.7% |
| Other tangible fixed assets | 26 | €3,560 | €33,567 | +€30,007 | +842.9% |
| Financial fixed assets | 28 | €84,959 | €927,884 | +€842,925 | +992.2% |
| Current assets | 29/58 | €1,176,661 | €774,931 | -€401,730 | -34.1% |
| Amounts receivable within one year | 40/41 | €1,010,902 | €742,751 | -€268,151 | -26.5% |
| Trade receivables | 40 | €991,783 | €651,345 | -€340,438 | -34.3% |
| Other amounts receivable | 41 | €19,119 | €91,406 | +€72,287 | +378.1% |
| Cash at bank and in hand | 54/58 | €141,927 | €4,877 | -€137,050 | -96.6% |
| Deferred charges and accrued income | 490/1 | €23,832 | €27,304 | +€3,472 | +14.6% |
| Total equity and liabilities | 10/49 | €2,430,991 | €2,795,785 | +€364,794 | +15.0% |
| Equity | 10/15 | €776,204 | €908,042 | +€131,838 | +17.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €755,744 | €887,582 | +€131,838 | +17.4% |
| Distributable reserves | 133 | €755,744 | €887,582 | +€131,838 | +17.4% |
| Amounts payable | 17/49 | €1,654,787 | €1,887,743 | +€232,956 | +14.1% |
| Amounts payable after more than one year | 17 | €643,075 | €1,180,903 | +€537,828 | +83.6% |
| Financial debts | 170/4 | €643,075 | €1,180,903 | +€537,828 | +83.6% |
| Amounts payable within one year | 42/48 | €1,011,712 | €706,841 | -€304,871 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €226,304 | €247,069 | +€20,765 | +9.2% |
| Financial debts | 43 | - | €7,497 | +€7,497 | |
| Credit institutions | 430/8 | - | €7,497 | +€7,497 | |
| Trade debts | 44 | €536,443 | €272,236 | -€264,207 | -49.3% |
| Suppliers | 440/4 | €536,443 | €272,236 | -€264,207 | -49.3% |
| Taxes, remuneration and social security | 45 | €189,016 | €87,810 | -€101,206 | -53.5% |
| Taxes | 450/3 | €78,964 | €64,273 | -€14,691 | -18.6% |
| Remuneration and social security | 454/9 | €110,052 | €23,537 | -€86,515 | -78.6% |
| Other amounts payable | 47/48 | €59,949 | €92,228 | +€32,279 | +53.8% |
| Non-recurring operating income | 76A | €854 | €2,693 | +€1,839 | +215.3% |
| Remuneration, social security and pensions | 62 | €1,036,862 | €289,310 | -€747,552 | -72.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,451 | €112,724 | +€2,273 | +2.1% |
| Other operating charges | 640/8 | €12,672 | €11,918 | -€754 | -6.0% |
| Non-recurring operating charges | 66A | - | €2,875 | +€2,875 | |
| Gross operating margin | 9900 | €1,337,957 | €681,045 | -€656,912 | -49.1% |
| Operating profit (loss) | 9901 | €177,972 | €264,218 | +€86,246 | +48.5% |
| Financial income | 75/76B | €23 | - | -€23 | |
| Recurring financial income | 75 | €23 | - | -€23 | |
| Financial charges | 65/66B | €43,618 | €57,410 | +€13,792 | +31.6% |
| Recurring financial charges | 65 | €42,751 | €56,333 | +€13,582 | +31.8% |
| Non-recurring financial charges | 66B | €867 | €1,077 | +€210 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €134,377 | €206,809 | +€72,432 | +53.9% |
| Income taxes | 67/77 | €37,077 | €74,971 | +€37,894 | +102.2% |
| Profit (loss) for the period | 9904 | €97,300 | €131,838 | +€34,538 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,300 | €131,838 | +€34,538 | +35.5% |
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 2 October 2026 via checked.be.