ANTWERP GATEWAY: 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
ANTWERP GATEWAY
NACE 52.241, Warehousing and support activities for transportation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€33.5m
2024 · €18.0m+€15.4m
Equity
€103.2m
2024 · €78.3m+€25.0m
Cash
€53.7m
2024 · €53.8m-€117,560
Balance sheet total
€422.8m
2024 · €412.4m+€10.5m
Largest movements
Assets
- Tangible fixed assets +€22.0m
up €22.0m (+7.4%), from €298.6m to €320.6m
of which Plant, machinery and equipment: +€20.1m
- Receivables within one year -€12.9m
down €12.9m (-29.8%), from €43.1m to €30.3m
of which Trade receivables: -€9.3m
Equity and liabilities
- Profit (loss) carried forward +€25.5m
up €25.5m (+79.0%), from €32.3m to €57.7m
- Trade debts -€6.7m
down €6.7m (-14.6%), from €45.9m to €39.2m
- Debts after one year -€6.0m
down €6.0m (-2.1%), from €280.8m to €274.8m
Income statement
- Turnover +€38.2m
up €38.2m (+21.3%), from €179.8m to €218.0m
- Services and other goods +€12.6m
up €12.6m (+9.8%), from €128.6m to €141.2m
- Depreciation +€3.6m
up €3.6m (+13.2%), from €26.9m to €30.5m
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
€18.0m
Turnover
+€38.2m
Other operating income
+€732,555
Goods and materials
-€14,137
Services and other goods
-€12.6m
Staff costs
-€21,304
Depreciation
-€3.6m
Write-downs
+€198,073
Provisions
+€283,552
Other operating charges
+€841,368
Other operating items
-€6.8m
Financial income
-€22,322
Financial charges
-€253,581
Taxes
-€1.5m
Deferred taxes and other
-€29,362
Result 2025
€33.5m
raises the resultlowers the resultnot broken down further in the accounts
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
+€65.9m
Investment
-€51.5m
Financing
-€14.5m
Cash 2024
€53.8m
From operations (derived)
+€65.9m
Net result for the year
+€33.5m
Depreciation
+€30.5m
Receivables after one year
-€1.1m
Stocks and contracts
-€945,253
Receivables within one year
+€12.9m
Deferred charges and accrued income
-€417,606
Provisions
-€215,060
Trade debts
-€6.7m
Tax, wage and social debts
-€201,211
Accrued charges and deferred income
-€1.3m
Investment (derived)
-€51.5m
Investment in fixed assets (net)
-€51.5m
Financing
-€14.5m
Debts after one year
-€6.0m
Contributions, distributions and other
-€8.5m
Cash 2025
€53.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €412,366,874 | €422,829,090 | +€10.5m | +2.5% |
| Formation expenses | 20 | €3,612,702 | €3,169,717 | -€442,985 | -12.3% |
| Fixed assets | 21/28 | €299,934,138 | €321,389,143 | +€21.5m | +7.2% |
| Intangible fixed assets | 21 | €1,274,447 | €746,274 | -€528,173 | -41.4% |
| Tangible fixed assets | 22/27 | €298,643,801 | €320,628,929 | +€22.0m | +7.4% |
| Land and buildings | 22 | €62,323,004 | €63,388,886 | +€1.1m | +1.7% |
| Plant, machinery and equipment | 23 | €181,506,777 | €201,641,779 | +€20.1m | +11.1% |
| Furniture and vehicles | 24 | €29,688,517 | €30,737,117 | +€1.0m | +3.5% |
| Assets under construction and advance payments | 27 | €25,125,503 | €24,861,147 | -€264,356 | -1.1% |
| Financial fixed assets | 28 | €15,890 | €13,940 | -€1,950 | -12.3% |
| Other financial fixed assets | 284/8 | €15,890 | €13,940 | -€1,950 | -12.3% |
| Shares | 284 | - | €400 | +€400 | |
| Amounts receivable and cash guarantees | 285/8 | €15,890 | €13,540 | -€2,350 | -14.8% |
| Current assets | 29/58 | €108,820,034 | €98,270,230 | -€10.5m | -9.7% |
| Amounts receivable after more than one year | 29 | €4,413,900 | €5,473,000 | +€1.1m | +24.0% |
| Trade receivables | 290 | €4,412,000 | €5,471,100 | +€1.1m | +24.0% |
| Other amounts receivable | 291 | €1,900 | €1,900 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,410,843 | €6,356,096 | +€945,253 | +17.5% |
| Stocks | 30/36 | €5,410,843 | €6,356,096 | +€945,253 | +17.5% |
| Raw materials and consumables | 30/31 | €5,410,843 | €6,356,096 | +€945,253 | +17.5% |
| Amounts receivable within one year | 40/41 | €43,149,223 | €30,295,020 | -€12.9m | -29.8% |
| Trade receivables | 40 | €36,346,592 | €27,003,348 | -€9.3m | -25.7% |
| Other amounts receivable | 41 | €6,802,631 | €3,291,672 | -€3.5m | -51.6% |
| Cash at bank and in hand | 54/58 | €53,838,626 | €53,721,066 | -€117,560 | -0.2% |
| Deferred charges and accrued income | 490/1 | €2,007,442 | €2,425,048 | +€417,606 | +20.8% |
| Total equity and liabilities | 10/49 | €412,366,874 | €422,829,090 | +€10.5m | +2.5% |
| Equity | 10/15 | €78,288,849 | €103,239,679 | +€25.0m | +31.9% |
| Contributions | 10/11 | €17,900,000 | €17,900,000 | = | 0.0% |
| Capital | 10 | €17,900,000 | €17,900,000 | = | 0.0% |
| Issued capital | 100 | €17,900,000 | €17,900,000 | = | 0.0% |
| Revaluation surpluses | 12 | €9,858,558 | €9,096,429 | -€762,129 | -7.7% |
| Reserves | 13 | €10,427,300 | €11,189,429 | +€762,129 | +7.3% |
| Non-distributable reserves | 130/1 | €1,790,000 | €1,790,000 | = | 0.0% |
| Legal reserve | 130 | €1,790,000 | €1,790,000 | = | 0.0% |
| Distributable reserves | 133 | €8,637,300 | €9,399,429 | +€762,129 | +8.8% |
| Profit (loss) carried forward | 14 | €32,260,947 | €57,731,347 | +€25.5m | +79.0% |
| Investment grants | 15 | €7,842,044 | €7,322,474 | -€519,570 | -6.6% |
| Provisions and deferred taxes | 16 | €2,868,198 | €2,653,138 | -€215,060 | -7.5% |
| Provisions for liabilities and charges | 160/5 | €546,755 | €467,802 | -€78,953 | -14.4% |
| Other liabilities and charges | 164/5 | €546,755 | €467,802 | -€78,953 | -14.4% |
| Deferred taxes | 168 | €2,321,443 | €2,185,336 | -€136,107 | -5.9% |
| Amounts payable | 17/49 | €331,209,827 | €316,936,273 | -€14.3m | -4.3% |
| Amounts payable after more than one year | 17 | €280,792,293 | €274,765,183 | -€6.0m | -2.1% |
| Financial debts | 170/4 | €280,792,293 | €274,765,183 | -€6.0m | -2.1% |
| Subordinated loans | 170 | €38,292,293 | €32,265,183 | -€6.0m | -15.7% |
| Unsubordinated bonds | 171 | €164,000,000 | €164,000,000 | = | 0.0% |
| Credit institutions | 173 | €78,500,000 | €78,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €48,481,181 | €41,583,560 | -€6.9m | -14.2% |
| Trade debts | 44 | €45,889,860 | €39,193,450 | -€6.7m | -14.6% |
| Suppliers | 440/4 | €45,889,860 | €39,193,450 | -€6.7m | -14.6% |
| Taxes, remuneration and social security | 45 | €591,321 | €390,110 | -€201,211 | -34.0% |
| Taxes | 450/3 | €591,321 | €390,110 | -€201,211 | -34.0% |
| Other amounts payable | 47/48 | €2,000,000 | €2,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,936,353 | €587,530 | -€1.3m | -69.7% |
| Operating income | 70/76A | €190,416,340 | €221,930,538 | +€31.5m | +16.6% |
| Turnover | 70 | €179,771,603 | €218,021,324 | +€38.2m | +21.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €264,295 | - | -€264,295 | |
| Other operating income | 74 | €870,333 | €1,602,888 | +€732,555 | +84.2% |
| Non-recurring operating income | 76A | €9,510,109 | €2,306,326 | -€7.2m | -75.7% |
| Operating charges | 60/66A | €160,684,474 | €174,934,721 | +€14.3m | +8.9% |
| Goods for resale, raw materials and consumables | 60 | - | €14,137 | +€14,137 | |
| Change in stocks: decrease (increase) | 609 | - | €14,137 | +€14,137 | |
| Services and other goods | 61 | €128,582,265 | €141,196,984 | +€12.6m | +9.8% |
| Remuneration, social security and pensions | 62 | €6,175 | €27,479 | +€21,304 | +345% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,933,114 | €30,489,751 | +€3.6m | +13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €152,728 | -€45,345 | -€198,073 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €204,600 | -€78,952 | -€283,552 | |
| Other operating charges | 640/8 | €3,859,319 | €3,017,951 | -€841,368 | -21.8% |
| Non-recurring operating charges | 66A | €946,273 | €312,716 | -€633,557 | -67.0% |
| Operating profit (loss) | 9901 | €29,731,866 | €46,995,817 | +€17.3m | +58.1% |
| Financial income | 75/76B | €1,216,897 | €1,194,575 | -€22,322 | -1.8% |
| Recurring financial income | 75 | €1,216,897 | €1,194,575 | -€22,322 | -1.8% |
| Income from current assets | 751 | €621,163 | €650,634 | +€29,471 | +4.7% |
| Other financial income | 752/9 | €595,734 | €543,941 | -€51,793 | -8.7% |
| Financial charges | 65/66B | €6,965,288 | €7,218,869 | +€253,581 | +3.6% |
| Recurring financial charges | 65 | €6,957,517 | €7,212,891 | +€255,374 | +3.7% |
| Debt charges | 650 | €6,884,630 | €7,098,460 | +€213,830 | +3.1% |
| Other financial charges | 652/9 | €72,887 | €114,431 | +€41,544 | +57.0% |
| Non-recurring financial charges | 66B | €7,771 | €5,978 | -€1,793 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €23,983,475 | €40,971,523 | +€17.0m | +70.8% |
| Transfer from deferred taxes | 780 | €165,469 | €136,107 | -€29,362 | -17.7% |
| Income taxes | 67/77 | €6,106,715 | €7,637,230 | +€1.5m | +25.1% |
| Taxes | 670/3 | €6,106,715 | €10,085,071 | +€4.0m | +65.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €2,447,841 | +€2.4m | |
| Profit (loss) for the period | 9904 | €18,042,229 | €33,470,400 | +€15.4m | +85.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,042,229 | €33,470,400 | +€15.4m | +85.5% |
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 1 November 2026 via checked.be.