BELFOR LOGISTICS: 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.
BELFOR LOGISTICS
Largest movements
- Cash -€96,537
down €96,537 (-16.9%), from €570,845 to €474,309
mainly Trade debts (-€90,525) and Tax, wage and social debts (-€11,934)
- Trade debts -€90,525
down €90,525 (-89.5%), from €101,093 to €10,569
- Tax, wage and social debts -€11,934
down €11,934 (-41.4%), from €28,831 to €16,898
of which Taxes: -€12,393
- Gross operating margin -€134,177
down €134,177 (-44.2%), from €303,661 to €169,484
- Taxes -€39,864
down €39,864 (-90.5%), from €44,060 to €4,196
- Financial charges -€4,264
down €4,264 (-76.7%), from €5,559 to €1,295
- Staff costs +€3,057
up €3,057 (+1.9%), from €160,885 to €163,943
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 | €734,032 | €634,825 | -€99,208 | -13.5% |
| Fixed assets | 21/28 | €11,395 | €9,881 | -€1,515 | -13.3% |
| Tangible fixed assets | 22/27 | €9,295 | €7,781 | -€1,515 | -16.3% |
| Plant, machinery and equipment | 23 | €7,121 | €6,301 | -€821 | -11.5% |
| Furniture and vehicles | 24 | €2,174 | €1,480 | -€694 | -31.9% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €722,637 | €624,944 | -€97,693 | -13.5% |
| Amounts receivable within one year | 40/41 | €151,669 | €150,635 | -€1,034 | -0.7% |
| Trade receivables | 40 | €66,572 | €62,105 | -€4,467 | -6.7% |
| Other amounts receivable | 41 | €85,097 | €88,530 | +€3,433 | +4.0% |
| Cash at bank and in hand | 54/58 | €570,845 | €474,309 | -€96,537 | -16.9% |
| Deferred charges and accrued income | 490/1 | €123 | €0 | -€123 | -100.0% |
| Total equity and liabilities | 10/49 | €734,032 | €634,825 | -€99,208 | -13.5% |
| Equity | 10/15 | €604,108 | €607,358 | +€3,251 | +0.5% |
| Contributions | 10/11 | €69,000 | €69,000 | = | 0.0% |
| Capital | 10 | €69,000 | €69,000 | = | 0.0% |
| Issued capital | 100 | €69,000 | €69,000 | = | 0.0% |
| Reserves | 13 | €535,108 | €538,358 | +€3,251 | +0.6% |
| Non-distributable reserves | 130/1 | €6,900 | €6,900 | = | 0.0% |
| Legal reserve | 130 | €6,900 | €6,900 | = | 0.0% |
| Distributable reserves | 133 | €528,208 | €531,458 | +€3,251 | +0.6% |
| Amounts payable | 17/49 | €129,925 | €27,466 | -€102,458 | -78.9% |
| Amounts payable within one year | 42/48 | €129,925 | €27,466 | -€102,458 | -78.9% |
| Trade debts | 44 | €101,093 | €10,569 | -€90,525 | -89.5% |
| Suppliers | 440/4 | €101,093 | €10,569 | -€90,525 | -89.5% |
| Taxes, remuneration and social security | 45 | €28,831 | €16,898 | -€11,934 | -41.4% |
| Taxes | 450/3 | €12,713 | €320 | -€12,393 | -97.5% |
| Remuneration and social security | 454/9 | €16,119 | €16,578 | +€459 | +2.8% |
| Remuneration, social security and pensions | 62 | €160,885 | €163,943 | +€3,057 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,294 | €1,515 | +€220 | +17.0% |
| Other operating charges | 640/8 | €474 | €1,446 | +€972 | +205.2% |
| Gross operating margin | 9900 | €303,661 | €169,484 | -€134,177 | -44.2% |
| Operating profit (loss) | 9901 | €141,007 | €2,580 | -€138,427 | -98.2% |
| Financial income | 75/76B | €3,538 | €6,162 | +€2,624 | +74.2% |
| Recurring financial income | 75 | €3,538 | €6,162 | +€2,624 | +74.2% |
| Financial charges | 65/66B | €5,559 | €1,295 | -€4,264 | -76.7% |
| Recurring financial charges | 65 | €5,559 | €1,295 | -€4,264 | -76.7% |
| Profit (loss) for the period before taxes | 9903 | €138,986 | €7,447 | -€131,539 | -94.6% |
| Income taxes | 67/77 | €44,060 | €4,196 | -€39,864 | -90.5% |
| Profit (loss) for the period | 9904 | €94,926 | €3,251 | -€91,675 | -96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €94,926 | €3,251 | -€91,675 | -96.6% |
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 5 October 2026 via checked.be.