Calsa Logistics: 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.
Calsa Logistics
Largest movements
- Tangible fixed assets +€518,171
up €518,171 (+79.9%), from €648,180 to €1.2m
of which Land and buildings: +€656,550
- Receivables within one year -€164,846
down €164,846 (-46.1%), from €357,918 to €193,072
of which Trade receivables: -€211,838
- Cash -€90,228
down €90,228 (-52.4%), from €172,155 to €81,927
mainly Investment in fixed assets (net) (-€804,286) and Trade debts (-€24,010)
- Profit (loss) carried forward +€190,213
up €190,213 (+47.2%), from -€402,858 to -€212,645
- Debts after one year +€79,166
up €79,166 (+7.0%), from €1.1m to €1.2m
- Trade debts -€24,010
down €24,010 (-31.7%), from €75,771 to €51,762
- Current portion of long-term debt +€17,213
up €17,213 (+15.1%), from €113,919 to €131,132
- Depreciation +€63,083
up €63,083 (+28.3%), from €223,033 to €286,115
- Gross operating margin +€52,112
up €52,112 (+5.8%), from €893,587 to €945,699
- Staff costs -€15,447
down €15,447 (-3.6%), from €430,365 to €414,918
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 | €1,225,679 | €1,493,605 | +€267,926 | +21.9% |
| Fixed assets | 21/28 | €664,680 | €1,182,851 | +€518,171 | +78.0% |
| Tangible fixed assets | 22/27 | €648,180 | €1,166,351 | +€518,171 | +79.9% |
| Land and buildings | 22 | - | €656,550 | +€656,550 | |
| Furniture and vehicles | 24 | €152,192 | €114,118 | -€38,074 | -25.0% |
| Leasing and similar rights | 25 | €444,740 | €390,416 | -€54,324 | -12.2% |
| Other tangible fixed assets | 26 | €51,247 | €5,266 | -€45,981 | -89.7% |
| Financial fixed assets | 28 | €16,500 | €16,500 | = | 0.0% |
| Current assets | 29/58 | €560,999 | €310,755 | -€250,244 | -44.6% |
| Amounts receivable within one year | 40/41 | €357,918 | €193,072 | -€164,846 | -46.1% |
| Trade receivables | 40 | €304,978 | €93,139 | -€211,838 | -69.5% |
| Other amounts receivable | 41 | €52,941 | €99,932 | +€46,992 | +88.8% |
| Cash at bank and in hand | 54/58 | €172,155 | €81,927 | -€90,228 | -52.4% |
| Deferred charges and accrued income | 490/1 | €30,926 | €35,756 | +€4,830 | +15.6% |
| Total equity and liabilities | 10/49 | €1,225,679 | €1,493,605 | +€267,926 | +21.9% |
| Equity | 10/15 | -€182,858 | €7,355 | +€190,213 | |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€402,858 | -€212,645 | +€190,213 | +47.2% |
| Amounts payable | 17/49 | €1,408,537 | €1,486,251 | +€77,713 | +5.5% |
| Amounts payable after more than one year | 17 | €1,129,170 | €1,208,336 | +€79,166 | +7.0% |
| Financial debts | 170/4 | €1,129,170 | €1,208,336 | +€79,166 | +7.0% |
| Amounts payable within one year | 42/48 | €279,367 | €277,915 | -€1,452 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €113,919 | €131,132 | +€17,213 | +15.1% |
| Trade debts | 44 | €75,771 | €51,762 | -€24,010 | -31.7% |
| Suppliers | 440/4 | €75,771 | €51,762 | -€24,010 | -31.7% |
| Taxes, remuneration and social security | 45 | €89,677 | €94,239 | +€4,562 | +5.1% |
| Taxes | 450/3 | €36,905 | €48,136 | +€11,231 | +30.4% |
| Remuneration and social security | 454/9 | €52,772 | €46,103 | -€6,669 | -12.6% |
| Other amounts payable | 47/48 | - | €782 | +€782 | |
| Remuneration, social security and pensions | 62 | €430,365 | €414,918 | -€15,447 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223,033 | €286,115 | +€63,083 | +28.3% |
| Other operating charges | 640/8 | €13,505 | €16,579 | +€3,074 | +22.8% |
| Gross operating margin | 9900 | €893,587 | €945,699 | +€52,112 | +5.8% |
| Operating profit (loss) | 9901 | €226,685 | €228,087 | +€1,402 | +0.6% |
| Financial income | 75/76B | €474 | €1 | -€473 | -99.9% |
| Recurring financial income | 75 | €474 | €1 | -€473 | -99.9% |
| Financial charges | 65/66B | €41,328 | €37,875 | -€3,453 | -8.4% |
| Recurring financial charges | 65 | €41,328 | €37,875 | -€3,453 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €185,830 | €190,213 | +€4,383 | +2.4% |
| Profit (loss) for the period | 9904 | €185,830 | €190,213 | +€4,383 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €185,830 | €190,213 | +€4,383 | +2.4% |
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 9 October 2026 via checked.be.