GES RE: 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.
GES RE
Largest movements
- Tangible fixed assets -€55,039
down €55,039 (-4.3%), from €1.3m to €1.2m
- Stocks and contracts +€49,037
up €49,037 (+13.1%), from €374,735 to €423,771
- Receivables within one year +€27,704
up €27,704 (+14.8%), from €187,640 to €215,345
of which Trade receivables: +€21,095
- Profit (loss) carried forward +€195,763
up €195,763, from -€145,986 to €49,777
- Other debts -€109,507
down €109,507 (-14.6%), from €749,459 to €639,953
- Debts after one year -€78,235
down €78,235 (-6.4%), from €1.2m to €1.1m
of which Financial debts: -€78,235
- Gross operating margin +€156,908
up €156,908 (+105.7%), from €148,410 to €305,318
- Other operating charges +€19,052
up €19,052 (+207.8%), from €9,170 to €28,223
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 | €1,986,068 | €2,004,029 | +€17,961 | +0.9% |
| Fixed assets | 21/28 | €1,291,550 | €1,236,511 | -€55,039 | -4.3% |
| Tangible fixed assets | 22/27 | €1,291,550 | €1,236,511 | -€55,039 | -4.3% |
| Land and buildings | 22 | €1,291,550 | €1,236,511 | -€55,039 | -4.3% |
| Current assets | 29/58 | €694,519 | €767,519 | +€73,000 | +10.5% |
| Stocks and contracts in progress | 3 | €374,735 | €423,771 | +€49,037 | +13.1% |
| Stocks | 30/36 | €374,735 | €423,771 | +€49,037 | +13.1% |
| Amounts receivable within one year | 40/41 | €187,640 | €215,345 | +€27,704 | +14.8% |
| Trade receivables | 40 | €23,135 | €44,230 | +€21,095 | +91.2% |
| Other amounts receivable | 41 | €164,505 | €171,114 | +€6,609 | +4.0% |
| Cash at bank and in hand | 54/58 | €131,559 | €128,403 | -€3,156 | -2.4% |
| Deferred charges and accrued income | 490/1 | €585 | €0 | -€585 | -100.0% |
| Total equity and liabilities | 10/49 | €1,986,068 | €2,004,029 | +€17,961 | +0.9% |
| Equity | 10/15 | -€95,986 | €99,777 | +€195,763 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,986 | €49,777 | +€195,763 | |
| Amounts payable | 17/49 | €2,082,054 | €1,904,252 | -€177,802 | -8.5% |
| Amounts payable after more than one year | 17 | €1,223,520 | €1,145,285 | -€78,235 | -6.4% |
| Financial debts | 170/4 | €1,223,520 | €1,145,285 | -€78,235 | -6.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €840,033 | €732,717 | -€107,316 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €76,214 | €78,235 | +€2,021 | +2.7% |
| Trade debts | 44 | €585 | €635 | +€51 | +8.6% |
| Suppliers | 440/4 | €585 | €635 | +€51 | +8.6% |
| Taxes, remuneration and social security | 45 | €13,775 | €13,893 | +€119 | +0.9% |
| Taxes | 450/3 | €13,775 | €13,893 | +€119 | +0.9% |
| Other amounts payable | 47/48 | €749,459 | €639,953 | -€109,507 | -14.6% |
| Accrued charges and deferred income | 492/3 | €18,501 | €26,251 | +€7,750 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,197 | €23,197 | = | 0.0% |
| Other operating charges | 640/8 | €9,170 | €28,223 | +€19,052 | +207.8% |
| Gross operating margin | 9900 | €148,410 | €305,318 | +€156,908 | +105.7% |
| Operating profit (loss) | 9901 | €116,042 | €253,899 | +€137,856 | +118.8% |
| Financial income | 75/76B | €4,722 | €6,684 | +€1,961 | +41.5% |
| Recurring financial income | 75 | €4,722 | €6,684 | +€1,961 | +41.5% |
| Financial charges | 65/66B | €65,431 | €64,819 | -€612 | -0.9% |
| Recurring financial charges | 65 | €65,431 | €64,819 | -€612 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €55,334 | €195,763 | +€140,429 | +253.8% |
| Profit (loss) for the period | 9904 | €55,334 | €195,763 | +€140,429 | +253.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,334 | €195,763 | +€140,429 | +253.8% |
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 8 October 2026 via checked.be.