BELGIAN MAIL SERVICE: 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.
BELGIAN MAIL SERVICE
Largest movements
- Tangible fixed assets +€113,970
up €113,970 (+16.2%), from €705,346 to €819,316
of which Land and buildings: +€127,069
- Financial fixed assets -€82,420
down €82,420 (-37.8%), from €217,800 to €135,380
- Receivables within one year -€77,173
down €77,173 (-32.9%), from €234,320 to €157,147
of which Other amounts receivable: -€39,473
- Cash -€30,384
down €30,384 (-6.7%), from €454,284 to €423,900
mainly Investment in fixed assets (net) (-€86,564) and Debts after one year (-€61,187)
- Debts after one year -€61,187
down €61,187 (-27.7%), from €221,122 to €159,935
- Trade debts +€53,408
up €53,408 (+102%), from €52,114 to €105,523
- Tax, wage and social debts -€47,445
down €47,445 (-100%), from €47,445 to €0
of which Remuneration and social security: -€39,045
- Gross operating margin -€363,059
down €363,059 (-82.9%), from €437,691 to €74,632
- Staff costs -€166,364
down €166,364 (-93.2%), from €178,560 to €12,196
- Taxes -€42,942
down €42,942, from €42,887 to -€55
- Financial charges -€12,012
down €12,012 (-57.1%), from €21,018 to €9,006
of which Financial charges: -€12,012
- Financial income -€7,734
down €7,734 (-57.3%), from €13,490 to €5,756
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,614,370 | €1,547,030 | -€67,340 | -4.2% |
| Fixed assets | 21/28 | €923,146 | €954,696 | +€31,550 | +3.4% |
| Tangible fixed assets | 22/27 | €705,346 | €819,316 | +€113,970 | +16.2% |
| Land and buildings | 22 | €665,535 | €792,604 | +€127,069 | +19.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €5,945 | €3,670 | -€2,275 | -38.3% |
| Leasing and similar rights | 25 | €33,866 | €23,042 | -€10,824 | -32.0% |
| Financial fixed assets | 28 | €217,800 | €135,380 | -€82,420 | -37.8% |
| Current assets | 29/58 | €691,224 | €592,334 | -€98,890 | -14.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €234,320 | €157,147 | -€77,173 | -32.9% |
| Trade receivables | 40 | €64,684 | €26,984 | -€37,700 | -58.3% |
| Other amounts receivable | 41 | €169,636 | €130,163 | -€39,473 | -23.3% |
| Cash at bank and in hand | 54/58 | €454,284 | €423,900 | -€30,384 | -6.7% |
| Deferred charges and accrued income | 490/1 | €2,620 | €11,288 | +€8,667 | +331% |
| Total equity and liabilities | 10/49 | €1,614,370 | €1,547,030 | -€67,340 | -4.2% |
| Equity | 10/15 | €1,143,991 | €1,132,807 | -€11,184 | -1.0% |
| Contributions | 10/11 | €336,000 | €336,000 | = | 0.0% |
| Capital | 10 | €336,000 | €336,000 | = | 0.0% |
| Issued capital | 100 | €336,000 | €336,000 | = | 0.0% |
| Reserves | 13 | €807,991 | €796,807 | -€11,184 | -1.4% |
| Non-distributable reserves | 130/1 | €33,600 | €33,600 | = | 0.0% |
| Legal reserve | 130 | €33,600 | €33,600 | = | 0.0% |
| Distributable reserves | 133 | €774,391 | €763,207 | -€11,184 | -1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €470,379 | €414,223 | -€56,156 | -11.9% |
| Amounts payable after more than one year | 17 | €221,122 | €159,935 | -€61,187 | -27.7% |
| Financial debts | 170/4 | €221,122 | €159,935 | -€61,187 | -27.7% |
| Amounts payable within one year | 42/48 | €173,687 | €187,396 | +€13,709 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €60,117 | €61,187 | +€1,070 | +1.8% |
| Trade debts | 44 | €52,114 | €105,523 | +€53,408 | +102% |
| Suppliers | 440/4 | €52,114 | €105,523 | +€53,408 | +102% |
| Taxes, remuneration and social security | 45 | €47,445 | €0 | -€47,445 | -100% |
| Taxes | 450/3 | €8,400 | €0 | -€8,400 | -100% |
| Remuneration and social security | 454/9 | €39,045 | €0 | -€39,045 | -100% |
| Other amounts payable | 47/48 | €14,011 | €20,686 | +€6,675 | +47.6% |
| Accrued charges and deferred income | 492/3 | €75,570 | €66,892 | -€8,678 | -11.5% |
| Remuneration, social security and pensions | 62 | €178,560 | €12,196 | -€166,364 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,491 | €55,015 | +€2,524 | +4.8% |
| Other operating charges | 640/8 | €15,525 | €14,576 | -€949 | -6.1% |
| Gross operating margin | 9900 | €437,691 | €74,632 | -€363,059 | -82.9% |
| Operating profit (loss) | 9901 | €191,115 | -€7,155 | -€198,270 | |
| Financial income | 75/76B | €13,490 | €5,756 | -€7,734 | -57.3% |
| Recurring financial income | 75 | €13,490 | €5,756 | -€7,734 | -57.3% |
| Financial charges | 65/66B | €21,018 | €9,006 | -€12,012 | -57.1% |
| Recurring financial charges | 65 | €21,018 | €9,006 | -€12,012 | -57.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €183,587 | -€10,405 | -€193,992 | |
| Income taxes | 67/77 | €42,887 | -€55 | -€42,942 | |
| Profit (loss) for the period | 9904 | €140,700 | -€10,351 | -€151,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €140,700 | -€10,351 | -€151,050 |
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 31 October 2026 via checked.be.