GES-GROUP: 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.
GES-GROUP
Largest movements
- Stocks and contracts +€91,761
up €91,761 (+53.3%), from €172,027 to €263,788
- Cash -€54,351
down €54,351 (-68.0%), from €79,947 to €25,596
mainly Stocks and contracts (-€91,761) and Investment in fixed assets (net) (-€37,521)
- Tangible fixed assets +€24,437
up €24,437 (+85.9%), from €28,456 to €52,892
of which Furniture and vehicles: +€29,404
- Trade debts +€43,802
up €43,802 (+30.2%), from €145,061 to €188,863
- Debts after one year +€20,663
up €20,663 (+106%), from €19,577 to €40,240
- Current portion of long-term debt +€7,395
up €7,395 (+163%), from €4,529 to €11,923
- Advances received -€6,640
no longer reported in 2025 (was €6,640)
- Tax, wage and social debts +€6,579
up €6,579 (+17.3%), from €38,130 to €44,710
of which Taxes: +€3,394
- Depreciation +€10,760
up €10,760 (+463%), from €2,325 to €13,084
- Other operating charges +€8,863
up €8,863 (+642%), from €1,379 to €10,242
- Gross operating margin -€7,383
down €7,383 (-6.1%), from €121,788 to €114,406
- Financial charges +€6,920
up €6,920 (+65.9%), from €10,500 to €17,419
of which Financial charges: +€7,458
- Taxes -€3,981
down €3,981 (-78.7%), from €5,056 to €1,075
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 | €505,101 | €566,075 | +€60,973 | +12.1% |
| Fixed assets | 21/28 | €28,456 | €52,892 | +€24,437 | +85.9% |
| Tangible fixed assets | 22/27 | €28,456 | €52,892 | +€24,437 | +85.9% |
| Plant, machinery and equipment | 23 | €822 | €897 | +€75 | +9.1% |
| Furniture and vehicles | 24 | €3,483 | €32,887 | +€29,404 | +844% |
| Leasing and similar rights | 25 | €24,151 | €19,109 | -€5,042 | -20.9% |
| Current assets | 29/58 | €476,646 | €513,182 | +€36,537 | +7.7% |
| Stocks and contracts in progress | 3 | €172,027 | €263,788 | +€91,761 | +53.3% |
| Stocks | 30/36 | €172,027 | €263,788 | +€91,761 | +53.3% |
| Amounts receivable within one year | 40/41 | €222,510 | €219,242 | -€3,267 | -1.5% |
| Trade receivables | 40 | €222,426 | €215,322 | -€7,104 | -3.2% |
| Other amounts receivable | 41 | €84 | €3,921 | +€3,837 | +4,576% |
| Cash at bank and in hand | 54/58 | €79,947 | €25,596 | -€54,351 | -68.0% |
| Deferred charges and accrued income | 490/1 | €2,162 | €4,556 | +€2,394 | +111% |
| Total equity and liabilities | 10/49 | €505,101 | €566,075 | +€60,973 | +12.1% |
| Equity | 10/15 | €145,494 | €140,826 | -€4,667 | -3.2% |
| Contributions | 10/11 | €65,800 | €65,800 | = | 0.0% |
| Reserves | 13 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €8,500 | €8,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,194 | €66,526 | -€4,667 | -6.6% |
| Amounts payable | 17/49 | €359,608 | €425,248 | +€65,641 | +18.3% |
| Amounts payable after more than one year | 17 | €19,577 | €40,240 | +€20,663 | +106% |
| Financial debts | 170/4 | €19,577 | €40,240 | +€20,663 | +106% |
| Amounts payable within one year | 42/48 | €340,031 | €385,009 | +€44,978 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €4,529 | €11,923 | +€7,395 | +163% |
| Financial debts | 43 | €95,000 | €90,000 | -€5,000 | -5.3% |
| Credit institutions | 430/8 | €95,000 | €90,000 | -€5,000 | -5.3% |
| Trade debts | 44 | €145,061 | €188,863 | +€43,802 | +30.2% |
| Suppliers | 440/4 | €145,061 | €188,863 | +€43,802 | +30.2% |
| Advances received on contracts in progress | 46 | €6,640 | - | -€6,640 | |
| Taxes, remuneration and social security | 45 | €38,130 | €44,710 | +€6,579 | +17.3% |
| Taxes | 450/3 | €18,247 | €21,641 | +€3,394 | +18.6% |
| Remuneration and social security | 454/9 | €19,883 | €23,069 | +€3,186 | +16.0% |
| Other amounts payable | 47/48 | €50,671 | €49,513 | -€1,158 | -2.3% |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Remuneration, social security and pensions | 62 | €75,111 | €78,399 | +€3,288 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,325 | €13,084 | +€10,760 | +463% |
| Other operating charges | 640/8 | €1,379 | €10,242 | +€8,863 | +642% |
| Gross operating margin | 9900 | €121,788 | €114,406 | -€7,383 | -6.1% |
| Operating profit (loss) | 9901 | €42,973 | €12,680 | -€30,293 | -70.5% |
| Financial income | 75/76B | €834 | €1,148 | +€314 | +37.6% |
| Recurring financial income | 75 | €834 | €10 | -€824 | -98.7% |
| Non-recurring financial income | 76B | - | €1,137 | +€1,137 | |
| Financial charges | 65/66B | €10,500 | €17,419 | +€6,920 | +65.9% |
| Recurring financial charges | 65 | €9,603 | €17,062 | +€7,458 | +77.7% |
| Non-recurring financial charges | 66B | €896 | €358 | -€539 | -60.1% |
| Profit (loss) for the period before taxes | 9903 | €33,307 | -€3,592 | -€36,899 | |
| Income taxes | 67/77 | €5,056 | €1,075 | -€3,981 | -78.7% |
| Profit (loss) for the period | 9904 | €28,251 | -€4,667 | -€32,918 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,251 | -€4,667 | -€32,918 |
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 15 October 2026 via checked.be.