ASSOCIATED TERMINAL OPERATORS: 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
ASSOCIATED TERMINAL OPERATORS
NACE 52.241, Warehousing and support activities for transportation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€976,497
2024 · €1.2m-€180,387
Equity
€8.8m
2024 · €11.1m-€2.2m
Cash
€2.3m
2024 · €1.1m+€1.3m
Balance sheet total
€14.6m
2024 · €16.5m-€1.9m
Largest movements
Assets
- Current investments -€3.0m
down €3.0m (-66.7%), from €4.5m to €1.5m
- Cash +€1.3m
up €1.3m (+120%), from €1.1m to €2.3m
mainly Current investments (+€3.0m) and Depreciation (+€1.0m)
- Receivables within one year -€899,123
down €899,123 (-22.0%), from €4.1m to €3.2m
of which Trade receivables: -€722,555
- Tangible fixed assets +€806,805
up €806,805 (+13.3%), from €6.1m to €6.9m
of which Assets under construction and advance payments: +€1.2m
Equity and liabilities
- Profit (loss) carried forward -€2.2m
down €2.2m (-24.0%), from €9.2m to €7.0m
- Trade debts +€970,394
up €970,394 (+49.4%), from €2.0m to €2.9m
- Tax, wage and social debts -€344,356
down €344,356 (-19.0%), from €1.8m to €1.5m
of which Remuneration and social security: -€306,877
- Debts after one year -€322,630
down €322,630 (-28.6%), from €1.1m to €803,650
Income statement
- Services and other goods -€725,985
down €725,985 (-4.5%), from €16.3m to €15.6m
- Turnover -€371,017
down €371,017 (-1.7%), from €21.7m to €21.3m
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
€1.2m
Turnover
-€371,017
Other operating income
-€34,614
Goods and materials
-€46,842
Services and other goods
+€725,985
Staff costs
-€114,567
Depreciation
-€64,959
Other operating charges
+€8,513
Other operating items
-€191,889
Financial income
-€215,727
Financial charges
+€3,688
Taxes
+€121,042
Result 2025
€976,497
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
+€3.6m
Investment
+€1.2m
Financing
-€3.5m
Cash 2024
€1.1m
From operations (derived)
+€3.6m
Net result for the year
+€976,497
Depreciation
+€1.0m
Smaller working-capital items
+€8,040
Receivables within one year
+€899,123
Deferred charges and accrued income
+€74,033
Trade debts
+€970,394
Tax, wage and social debts
-€344,356
Other debts
-€36,078
Investment (derived)
+€1.2m
Investment in fixed assets (net)
-€1.8m
Current investments
+€3.0m
Financing
-€3.5m
Debts after one year
-€322,630
Current portion of long-term debt
+€6,815
Contributions, distributions and other
-€3.2m
Cash 2025
€2.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,507,163 | €14,562,506 | -€1.9m | -11.8% |
| Fixed assets | 21/28 | €6,459,599 | €7,224,640 | +€765,041 | +11.8% |
| Intangible fixed assets | 21 | €211,112 | €145,748 | -€65,364 | -31.0% |
| Tangible fixed assets | 22/27 | €6,084,713 | €6,891,518 | +€806,805 | +13.3% |
| Land and buildings | 22 | €377,640 | €388,235 | +€10,595 | +2.8% |
| Plant, machinery and equipment | 23 | €258 | €81,653 | +€81,395 | +31,548% |
| Furniture and vehicles | 24 | €52,990 | €53,037 | +€47 | +0.1% |
| Leasing and similar rights | 25 | €191,461 | €144,549 | -€46,912 | -24.5% |
| Other tangible fixed assets | 26 | €5,263,038 | €4,849,743 | -€413,295 | -7.9% |
| Assets under construction and advance payments | 27 | €199,326 | €1,374,301 | +€1.2m | +589% |
| Financial fixed assets | 28 | €163,774 | €187,374 | +€23,600 | +14.4% |
| Other financial fixed assets | 284/8 | €163,774 | €187,374 | +€23,600 | +14.4% |
| Amounts receivable and cash guarantees | 285/8 | €163,774 | €187,374 | +€23,600 | +14.4% |
| Current assets | 29/58 | €10,047,564 | €7,337,866 | -€2.7m | -27.0% |
| Amounts receivable after more than one year | 29 | €1,544 | €78 | -€1,466 | -94.9% |
| Trade receivables | 290 | €1,544 | €78 | -€1,466 | -94.9% |
| Stocks and contracts in progress | 3 | €35,590 | €29,016 | -€6,574 | -18.5% |
| Stocks | 30/36 | €35,590 | €29,016 | -€6,574 | -18.5% |
| Raw materials and consumables | 30/31 | €35,590 | €29,016 | -€6,574 | -18.5% |
| Amounts receivable within one year | 40/41 | €4,085,362 | €3,186,239 | -€899,123 | -22.0% |
| Trade receivables | 40 | €3,542,090 | €2,819,535 | -€722,555 | -20.4% |
| Other amounts receivable | 41 | €543,272 | €366,704 | -€176,568 | -32.5% |
| Current investments | 50/53 | €4,500,000 | €1,500,000 | -€3.0m | -66.7% |
| Other investments | 51/53 | €4,500,000 | €1,500,000 | -€3.0m | -66.7% |
| Cash at bank and in hand | 54/58 | €1,060,295 | €2,331,793 | +€1.3m | +120% |
| Deferred charges and accrued income | 490/1 | €364,773 | €290,740 | -€74,033 | -20.3% |
| Total equity and liabilities | 10/49 | €16,507,163 | €14,562,506 | -€1.9m | -11.8% |
| Equity | 10/15 | €11,058,162 | €8,839,360 | -€2.2m | -20.1% |
| Contributions | 10/11 | €1,650,000 | €1,650,000 | = | 0.0% |
| Capital | 10 | €1,650,000 | €1,650,000 | = | 0.0% |
| Issued capital | 100 | €1,650,000 | €1,650,000 | = | 0.0% |
| Reserves | 13 | €165,000 | €165,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €165,000 | €165,000 | = | 0.0% |
| Legal reserve | 130 | €165,000 | €165,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,243,162 | €7,024,360 | -€2.2m | -24.0% |
| Amounts payable | 17/49 | €5,449,001 | €5,723,146 | +€274,145 | +5.0% |
| Amounts payable after more than one year | 17 | €1,126,280 | €803,650 | -€322,630 | -28.6% |
| Financial debts | 170/4 | €1,126,280 | €803,650 | -€322,630 | -28.6% |
| Leasing and similar obligations | 172 | €59,988 | €23,076 | -€36,912 | -61.5% |
| Credit institutions | 173 | €1,066,292 | €780,574 | -€285,718 | -26.8% |
| Amounts payable within one year | 42/48 | €4,322,721 | €4,919,496 | +€596,775 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €318,891 | €325,706 | +€6,815 | +2.1% |
| Trade debts | 44 | €1,963,828 | €2,934,222 | +€970,394 | +49.4% |
| Suppliers | 440/4 | €1,963,828 | €2,934,222 | +€970,394 | +49.4% |
| Taxes, remuneration and social security | 45 | €1,808,625 | €1,464,269 | -€344,356 | -19.0% |
| Taxes | 450/3 | €37,479 | - | -€37,479 | |
| Remuneration and social security | 454/9 | €1,771,146 | €1,464,269 | -€306,877 | -17.3% |
| Other amounts payable | 47/48 | €231,377 | €195,299 | -€36,078 | -15.6% |
| Operating income | 70/76A | €22,064,546 | €21,842,026 | -€222,520 | -1.0% |
| Turnover | 70 | €21,658,351 | €21,287,334 | -€371,017 | -1.7% |
| Other operating income | 74 | €205,316 | €170,702 | -€34,614 | -16.9% |
| Non-recurring operating income | 76A | €200,879 | €383,990 | +€183,111 | +91.2% |
| Operating charges | 60/66A | €20,685,553 | €20,552,423 | -€133,130 | -0.6% |
| Goods for resale, raw materials and consumables | 60 | €187,250 | €234,092 | +€46,842 | +25.0% |
| Purchases | 600/8 | €198,881 | €227,518 | +€28,637 | +14.4% |
| Change in stocks: decrease (increase) | 609 | -€11,631 | €6,574 | +€18,205 | |
| Services and other goods | 61 | €16,309,700 | €15,583,715 | -€725,985 | -4.5% |
| Remuneration, social security and pensions | 62 | €3,098,769 | €3,213,336 | +€114,567 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €972,437 | €1,037,396 | +€64,959 | +6.7% |
| Other operating charges | 640/8 | €117,397 | €108,884 | -€8,513 | -7.3% |
| Non-recurring operating charges | 66A | - | €375,000 | +€375,000 | |
| Operating profit (loss) | 9901 | €1,378,993 | €1,289,603 | -€89,390 | -6.5% |
| Financial income | 75/76B | €257,268 | €41,541 | -€215,727 | -83.9% |
| Recurring financial income | 75 | €18,057 | €41,541 | +€23,484 | +130% |
| Income from financial fixed assets | 750 | €13,252 | €40,055 | +€26,803 | +202% |
| Other financial income | 752/9 | €4,805 | €1,486 | -€3,319 | -69.1% |
| Non-recurring financial income | 76B | €239,211 | - | -€239,211 | |
| Financial charges | 65/66B | €26,114 | €22,426 | -€3,688 | -14.1% |
| Recurring financial charges | 65 | €26,114 | €22,426 | -€3,688 | -14.1% |
| Debt charges | 650 | €19,762 | €16,072 | -€3,690 | -18.7% |
| Other financial charges | 652/9 | €6,352 | €6,354 | +€2 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €1,610,147 | €1,308,718 | -€301,429 | -18.7% |
| Income taxes | 67/77 | €453,263 | €332,221 | -€121,042 | -26.7% |
| Taxes | 670/3 | €453,263 | €375,638 | -€77,625 | -17.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €43,417 | +€43,417 | |
| Profit (loss) for the period | 9904 | €1,156,884 | €976,497 | -€180,387 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,156,884 | €976,497 | -€180,387 | -15.6% |
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 29 October 2026 via checked.be.