BEL LOGISTIC: 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.
BEL LOGISTIC
Largest movements
- Receivables within one year -€93,724
down €93,724 (-46.0%), from €203,840 to €110,116
of which Trade receivables: -€54,814
- Cash -€73,419
down €73,419 (-45.3%), from €162,218 to €88,799
mainly Contributions, distributions and other (-€180,000) and Trade debts (-€29,052)
- Tangible fixed assets -€4,682
down €4,682 (-93.3%), from €5,019 to €337
- Profit (loss) carried forward -€157,848
down €157,848 (-63.5%), from €248,578 to €90,730
- Other debts +€43,000
up €43,000 (+12356.3%), from €348 to €43,348
- Trade debts -€29,052
down €29,052 (-49.6%), from €58,549 to €29,497
- Tax, wage and social debts -€27,927
down €27,927 (-43.6%), from €64,102 to €36,175
- Turnover +€274,380
new in 2025: €274,380
- Purchases and services +€239,117
new in 2025: €239,117
- Other operating charges -€135,390
down €135,390 (-99.4%), from €136,150 to €760
- Gross operating margin -€133,551
down €133,551 (-78.2%), from €170,840 to €37,289
- Staff costs -€11,583
down €11,583 (-99.2%), from €11,677 to €94
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 | €371,577 | €199,751 | -€171,826 | -46.2% |
| Fixed assets | 21/28 | €5,519 | €837 | -€4,682 | -84.8% |
| Tangible fixed assets | 22/27 | €5,019 | €337 | -€4,682 | -93.3% |
| Furniture and vehicles | 24 | €5,019 | €337 | -€4,682 | -93.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €366,058 | €198,915 | -€167,143 | -45.7% |
| Amounts receivable within one year | 40/41 | €203,840 | €110,116 | -€93,724 | -46.0% |
| Trade receivables | 40 | €156,605 | €101,791 | -€54,814 | -35.0% |
| Other amounts receivable | 41 | €47,235 | €8,325 | -€38,910 | -82.4% |
| Cash at bank and in hand | 54/58 | €162,218 | €88,799 | -€73,419 | -45.3% |
| Total equity and liabilities | 10/49 | €371,577 | €199,751 | -€171,826 | -46.2% |
| Equity | 10/15 | €248,578 | €90,730 | -€157,848 | -63.5% |
| Contributions | 10/11 | - | €0 | = | |
| Capital | 10 | - | €0 | = | |
| Issued capital | 100 | - | €2,500 | +€2,500 | |
| Uncalled capital | 101 | - | €2,500 | +€2,500 | |
| Profit (loss) carried forward | 14 | €248,578 | €90,730 | -€157,848 | -63.5% |
| Amounts payable | 17/49 | €122,999 | €109,021 | -€13,978 | -11.4% |
| Amounts payable within one year | 42/48 | €122,999 | €109,021 | -€13,978 | -11.4% |
| Trade debts | 44 | €58,549 | €29,497 | -€29,052 | -49.6% |
| Suppliers | 440/4 | €58,549 | €29,497 | -€29,052 | -49.6% |
| Taxes, remuneration and social security | 45 | €64,102 | €36,175 | -€27,927 | -43.6% |
| Taxes | 450/3 | €64,102 | €36,175 | -€27,927 | -43.6% |
| Other amounts payable | 47/48 | €348 | €43,348 | +€43,000 | +12356.3% |
| Turnover | 70 | - | €274,380 | +€274,380 | |
| Non-recurring operating income | 76A | - | €2,026 | +€2,026 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €239,117 | +€239,117 | |
| Remuneration, social security and pensions | 62 | €11,677 | €94 | -€11,583 | -99.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,720 | €4,682 | -€1,038 | -18.1% |
| Other operating charges | 640/8 | €136,150 | €760 | -€135,390 | -99.4% |
| Gross operating margin | 9900 | €170,840 | €37,289 | -€133,551 | -78.2% |
| Operating profit (loss) | 9901 | €17,293 | €31,752 | +€14,459 | +83.6% |
| Financial income | 75/76B | €2,671 | - | -€2,671 | |
| Recurring financial income | 75 | €141 | - | -€141 | |
| Non-recurring financial income | 76B | €2,530 | - | -€2,530 | |
| Financial charges | 65/66B | €3,142 | €425 | -€2,717 | -86.5% |
| Recurring financial charges | 65 | €3,142 | €425 | -€2,717 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | €16,822 | €31,328 | +€14,506 | +86.2% |
| Income taxes | 67/77 | €3,000 | €9,175 | +€6,175 | +205.8% |
| Profit (loss) for the period | 9904 | €13,822 | €22,152 | +€8,330 | +60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,822 | €22,152 | +€8,330 | +60.3% |
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 3 October 2026 via checked.be.