bpost: 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.
What changed
bpost
NACE 53.100, Postal and courier activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · -€234.1m+€237.7m
Equity
€657.6m
2024 · €654.0m+€3.6m
Cash
€475.4m
2024 · €451.3m+€24.1m
Balance sheet total
€4.27bn
2024 · €3.81bn+€459.2m
Largest movements
Assets
- Current investments +€493.6m
up €493.6m (+375.9%), from €131.3m to €624.9m
- Financial fixed assets -€60.5m
down €60.5m (-2.7%), from €2.27bn to €2.21bn
of which Affiliated companies: -€60.5m
Equity and liabilities
- Current portion of long-term debt +€469.5m
up €469.5m (+683.4%), from €68.7m to €538.2m
- Debts after one year +€100.8m
up €100.8m (+6.1%), from €1.65bn to €1.75bn
- Other debts -€54.6m
down €54.6m (-19.4%), from €281.4m to €226.8m
- Trade debts -€52.2m
down €52.2m (-19.1%), from €273.4m to €221.2m
Income statement
- Financial charges -€282.2m
down €282.2m (-64.2%), from €439.9m to €157.7m
of which Non-recurring financial charges: -€343.8m
- Turnover -€109.5m
down €109.5m (-4.8%), from €2.30bn to €2.19bn
- Services and other goods -€49.2m
down €49.2m (-6.3%), from €786.8m to €737.6m
- Financial income -€26.5m
down €26.5m (-20.7%), from €128.4m to €101.8m
of which Financial income: -€26.5m
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
-€234.1m
Turnover
-€109.5m
Other operating income
+€10.9m
Goods and materials
+€247,817
Services and other goods
+€49.2m
Staff costs
+€12.0m
Depreciation
-€346,707
Write-downs
+€1.5m
Provisions
-€8.2m
Other operating charges
+€10.0m
Other operating items
+€2.5m
Financial income
-€26.5m
Financial charges
+€282.2m
Taxes
+€13.9m
Deferred taxes and other
-€275,151
Result 2025
€3.6m
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.
From operations
-€18.5m
Investment
-€527.7m
Financing
+€570.3m
Cash 2024
€451.3m
From operations (derived)
-€18.5m
Net result for the year
+€3.6m
Depreciation
+€84.2m
Smaller working-capital items
+€257,935
Receivables within one year
+€5.4m
Deferred charges and accrued income
+€2.2m
Provisions
+€3.2m
Trade debts
-€52.2m
Tax, wage and social debts
-€5.2m
Other debts
-€54.6m
Accrued charges and deferred income
-€5.4m
Investment (derived)
-€527.7m
Investment in fixed assets (net)
-€34.1m
Current investments
-€493.6m
Financing
+€570.3m
Debts after one year
+€100.8m
Current portion of long-term debt
+€469.5m
Cash 2025
€475.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,808,007,432 | €4,267,183,506 | +€459.2m | +12.1% |
| Formation expenses | 20 | €4,894,039 | €6,629,535 | +€1.7m | +35.5% |
| Fixed assets | 21/28 | €2,745,291,187 | €2,693,386,674 | -€51.9m | -1.9% |
| Intangible fixed assets | 21 | €20,879,271 | €17,171,483 | -€3.7m | -17.8% |
| Tangible fixed assets | 22/27 | €456,373,919 | €468,668,822 | +€12.3m | +2.7% |
| Land and buildings | 22 | €173,060,516 | €163,737,942 | -€9.3m | -5.4% |
| Plant, machinery and equipment | 23 | €85,922,023 | €104,647,184 | +€18.7m | +21.8% |
| Furniture and vehicles | 24 | €57,264,396 | €54,234,939 | -€3.0m | -5.3% |
| Other tangible fixed assets | 26 | €139,488,644 | €146,048,757 | +€6.6m | +4.7% |
| Assets under construction and advance payments | 27 | €638,341 | €0 | -€638,341 | -100.0% |
| Financial fixed assets | 28 | €2,268,037,997 | €2,207,546,369 | -€60.5m | -2.7% |
| Affiliated companies | 280/1 | €2,267,589,770 | €2,207,104,720 | -€60.5m | -2.7% |
| Participating interests | 280 | €1,559,010,677 | €1,529,981,736 | -€29.0m | -1.9% |
| Amounts receivable | 281 | €708,579,093 | €677,122,984 | -€31.5m | -4.4% |
| Other financial fixed assets | 284/8 | €448,226 | €441,648 | -€6,578 | -1.5% |
| Shares | 284 | €13,951 | €13,951 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €434,275 | €427,697 | -€6,578 | -1.5% |
| Current assets | 29/58 | €1,057,822,206 | €1,567,167,297 | +€509.3m | +48.2% |
| Amounts receivable after more than one year | 29 | €666,666 | - | -€666,666 | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €666,666 | - | -€666,666 | |
| Stocks and contracts in progress | 3 | €8,181,855 | €8,086,534 | -€95,322 | -1.2% |
| Stocks | 30/36 | €8,181,855 | €8,086,534 | -€95,322 | -1.2% |
| Raw materials and consumables | 30/31 | €4,877,265 | €4,894,458 | +€17,193 | +0.4% |
| Finished goods | 33 | €2,110,288 | €2,167,431 | +€57,143 | +2.7% |
| Goods purchased for resale | 34 | €925,396 | €754,756 | -€170,640 | -18.4% |
| Property held for sale | 35 | €268,906 | €269,889 | +€982 | +0.4% |
| Amounts receivable within one year | 40/41 | €418,312,387 | €412,909,566 | -€5.4m | -1.3% |
| Trade receivables | 40 | €384,772,683 | €377,917,208 | -€6.9m | -1.8% |
| Other amounts receivable | 41 | €33,539,704 | €34,992,358 | +€1.5m | +4.3% |
| Current investments | 50/53 | €131,323,217 | €624,910,723 | +€493.6m | +375.9% |
| Other investments | 51/53 | €131,323,217 | €624,910,723 | +€493.6m | +375.9% |
| Cash at bank and in hand | 54/58 | €451,259,607 | €475,378,819 | +€24.1m | +5.3% |
| Deferred charges and accrued income | 490/1 | €48,078,474 | €45,881,656 | -€2.2m | -4.6% |
| Total equity and liabilities | 10/49 | €3,808,007,432 | €4,267,183,506 | +€459.2m | +12.1% |
| Equity | 10/15 | €654,042,779 | €657,633,872 | +€3.6m | +0.5% |
| Contributions | 10/11 | €363,980,448 | €363,980,448 | = | 0.0% |
| Capital | 10 | €363,980,448 | €363,980,448 | = | 0.0% |
| Issued capital | 100 | €363,980,448 | €363,980,448 | = | 0.0% |
| Revaluation surpluses | 12 | €76,040 | €76,040 | = | 0.0% |
| Reserves | 13 | €63,713,696 | €60,365,075 | -€3.3m | -5.3% |
| Non-distributable reserves | 130/1 | €50,846,958 | €50,846,958 | = | 0.0% |
| Legal reserve | 130 | €50,846,958 | €50,846,958 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,866,736 | €9,518,116 | -€3.3m | -26.0% |
| Distributable reserves | 133 | €2 | €2 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,272,595 | €233,212,308 | +€6.9m | +3.1% |
| Provisions and deferred taxes | 16 | €238,247,444 | €241,429,271 | +€3.2m | +1.3% |
| Provisions for liabilities and charges | 160/5 | €233,958,532 | €238,256,566 | +€4.3m | +1.8% |
| Pensions and similar obligations | 160 | €29,379,467 | €27,099,115 | -€2.3m | -7.8% |
| Major repairs and maintenance | 162 | €167,392 | €1 | -€167,391 | -100.0% |
| Other liabilities and charges | 164/5 | €204,411,673 | €211,157,450 | +€6.7m | +3.3% |
| Deferred taxes | 168 | €4,288,912 | €3,172,705 | -€1.1m | -26.0% |
| Amounts payable | 17/49 | €2,915,717,209 | €3,368,120,363 | +€452.4m | +15.5% |
| Amounts payable after more than one year | 17 | €1,648,870,454 | €1,749,715,286 | +€100.8m | +6.1% |
| Financial debts | 170/4 | €1,648,870,454 | €1,749,715,286 | +€100.8m | +6.1% |
| Unsubordinated bonds | 171 | €1,648,870,454 | €1,749,715,286 | +€100.8m | +6.1% |
| Amounts payable within one year | 42/48 | €1,091,385,145 | €1,448,358,376 | +€357.0m | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €68,693,477 | €538,163,411 | +€469.5m | +683.4% |
| Trade debts | 44 | €273,422,933 | €221,189,597 | -€52.2m | -19.1% |
| Suppliers | 440/4 | €273,422,933 | €221,189,597 | -€52.2m | -19.1% |
| Advances received on contracts in progress | 46 | €28,528,877 | €28,024,824 | -€504,053 | -1.8% |
| Taxes, remuneration and social security | 45 | €439,331,861 | €434,163,857 | -€5.2m | -1.2% |
| Taxes | 450/3 | €26,657,498 | €22,710,048 | -€3.9m | -14.8% |
| Remuneration and social security | 454/9 | €412,674,363 | €411,453,810 | -€1.2m | -0.3% |
| Other amounts payable | 47/48 | €281,407,996 | €226,816,686 | -€54.6m | -19.4% |
| Accrued charges and deferred income | 492/3 | €175,461,611 | €170,046,701 | -€5.4m | -3.1% |
| Operating income | 70/76A | €2,341,769,065 | €2,245,456,054 | -€96.3m | -4.1% |
| Turnover | 70 | €2,299,789,508 | €2,190,311,258 | -€109.5m | -4.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€930,508 | -€33,930 | +€896,577 | +96.4% |
| Own construction capitalised | 72 | €3,679,774 | €5,094,431 | +€1.4m | +38.4% |
| Other operating income | 74 | €39,230,290 | €50,084,296 | +€10.9m | +27.7% |
| Operating charges | 60/66A | €2,232,533,227 | €2,167,851,417 | -€64.7m | -2.9% |
| Goods for resale, raw materials and consumables | 60 | €5,888,700 | €5,640,883 | -€247,817 | -4.2% |
| Purchases | 600/8 | €5,734,000 | €5,740,533 | +€6,532 | +0.1% |
| Change in stocks: decrease (increase) | 609 | €154,700 | -€99,649 | -€254,349 | |
| Services and other goods | 61 | €786,812,655 | €737,569,920 | -€49.2m | -6.3% |
| Remuneration, social security and pensions | 62 | €1,333,096,769 | €1,321,102,486 | -€12.0m | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,889,862 | €84,236,569 | +€346,707 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €841,417 | -€707,028 | -€1.5m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,893,485 | €4,298,034 | +€8.2m | |
| Other operating charges | 640/8 | €25,584,035 | €15,559,687 | -€10.0m | -39.2% |
| Non-recurring operating charges | 66A | €313,272 | €150,866 | -€162,407 | -51.8% |
| Operating profit (loss) | 9901 | €109,235,837 | €77,604,637 | -€31.6m | -29.0% |
| Financial income | 75/76B | €128,389,607 | €101,845,355 | -€26.5m | -20.7% |
| Recurring financial income | 75 | €128,389,607 | €101,845,355 | -€26.5m | -20.7% |
| Income from financial fixed assets | 750 | €84,446,368 | €42,665,756 | -€41.8m | -49.5% |
| Income from current assets | 751 | €37,534,033 | €52,836,004 | +€15.3m | +40.8% |
| Other financial income | 752/9 | €6,409,206 | €6,343,594 | -€65,611 | -1.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €439,947,195 | €157,709,027 | -€282.2m | -64.2% |
| Recurring financial charges | 65 | €43,647,195 | €105,237,688 | +€61.6m | +141.1% |
| Debt charges | 650 | €33,926,838 | €68,332,216 | +€34.4m | +101.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €14,947 | €6,612 | -€8,335 | -55.8% |
| Other financial charges | 652/9 | €9,705,411 | €36,898,860 | +€27.2m | +280.2% |
| Non-recurring financial charges | 66B | €396,300,000 | €52,471,340 | -€343.8m | -86.8% |
| Profit (loss) for the period before taxes | 9903 | -€202,321,752 | €21,740,964 | +€224.1m | |
| Transfer from deferred taxes | 780 | €1,391,357 | €1,116,207 | -€275,151 | -19.8% |
| Income taxes | 67/77 | €33,211,230 | €19,266,077 | -€13.9m | -42.0% |
| Taxes | 670/3 | €35,585,863 | €19,266,077 | -€16.3m | -45.9% |
| Tax adjustments and reversals of tax provisions | 77 | €2,374,634 | €0 | -€2.4m | -100.0% |
| Profit (loss) for the period | 9904 | -€234,141,624 | €3,591,093 | +€237.7m | |
| Transfer from tax-exempt reserves | 789 | €4,174,072 | €3,348,620 | -€825,452 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€229,967,552 | €6,939,713 | +€236.9m |
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.