D&O 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.
D&O LOGISTICS
Largest movements
- Tangible fixed assets +€293,007
up €293,007 (+16,271%), from €1,801 to €294,808
of which Land and buildings: +€285,787
- Cash -€48,918
down €48,918 (-37.2%), from €131,484 to €82,566
mainly Investment in fixed assets (net) (-€310,594) and Contributions, distributions and other (-€111,024)
- Receivables within one year -€19,835
down €19,835 (-76.3%), from €26,000 to €6,165
of which Trade receivables: -€24,924
- Debts after one year +€257,552
new in 2025: €257,552
- Reserves -€52,197
down €52,197 (-47.0%), from €111,024 to €58,827
- Current portion of long-term debt +€10,112
new in 2025: €10,112
- Tax, wage and social debts +€6,145
up €6,145 (+59.0%), from €10,413 to €16,558
- Depreciation +€15,537
up €15,537 (+758%), from €2,049 to €17,586
- Gross operating margin +€14,947
up €14,947 (+17.3%), from €86,325 to €101,272
- Financial charges +€5,384
up €5,384 (+129%), from €4,160 to €9,544
- Taxes -€2,368
down €2,368 (-13.5%), from €17,482 to €15,114
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 | €161,160 | €384,037 | +€222,876 | +138% |
| Fixed assets | 21/28 | €1,801 | €294,808 | +€293,007 | +16,271% |
| Tangible fixed assets | 22/27 | €1,801 | €294,808 | +€293,007 | +16,271% |
| Land and buildings | 22 | - | €285,787 | +€285,787 | |
| Plant, machinery and equipment | 23 | €1,384 | €196 | -€1,187 | -85.8% |
| Furniture and vehicles | 24 | €417 | €8,825 | +€8,408 | +2,015% |
| Current assets | 29/58 | €159,360 | €89,228 | -€70,131 | -44.0% |
| Amounts receivable within one year | 40/41 | €26,000 | €6,165 | -€19,835 | -76.3% |
| Trade receivables | 40 | €26,000 | €1,076 | -€24,924 | -95.9% |
| Other amounts receivable | 41 | - | €5,089 | +€5,089 | |
| Cash at bank and in hand | 54/58 | €131,484 | €82,566 | -€48,918 | -37.2% |
| Deferred charges and accrued income | 490/1 | €1,876 | €497 | -€1,379 | -73.5% |
| Total equity and liabilities | 10/49 | €161,160 | €384,037 | +€222,876 | +138% |
| Equity | 10/15 | €129,624 | €77,427 | -€52,197 | -40.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,024 | €58,827 | -€52,197 | -47.0% |
| Distributable reserves | 133 | €111,024 | €58,827 | -€52,197 | -47.0% |
| Amounts payable | 17/49 | €31,536 | €306,610 | +€275,073 | +872% |
| Amounts payable after more than one year | 17 | - | €257,552 | +€257,552 | |
| Financial debts | 170/4 | - | €257,552 | +€257,552 | |
| Amounts payable within one year | 42/48 | €31,536 | €49,057 | +€17,521 | +55.6% |
| Current portion of amounts payable after more than one year | 42 | - | €10,112 | +€10,112 | |
| Financial debts | 43 | €8,395 | €10,095 | +€1,700 | +20.3% |
| Other loans | 439 | €8,395 | €10,095 | +€1,700 | +20.3% |
| Trade debts | 44 | €560 | €2,156 | +€1,597 | +285% |
| Suppliers | 440/4 | €560 | €2,156 | +€1,597 | +285% |
| Taxes, remuneration and social security | 45 | €10,413 | €16,558 | +€6,145 | +59.0% |
| Taxes | 450/3 | €10,413 | €16,558 | +€6,145 | +59.0% |
| Other amounts payable | 47/48 | €12,169 | €10,136 | -€2,033 | -16.7% |
| Non-recurring operating income | 76A | €11,800 | €16,483 | +€4,683 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,049 | €17,586 | +€15,537 | +758% |
| Other operating charges | 640/8 | €577 | €878 | +€302 | +52.3% |
| Gross operating margin | 9900 | €86,325 | €101,272 | +€14,947 | +17.3% |
| Operating profit (loss) | 9901 | €83,699 | €82,807 | -€892 | -1.1% |
| Financial income | 75/76B | €1,320 | €678 | -€642 | -48.6% |
| Recurring financial income | 75 | €1,320 | €678 | -€642 | -48.6% |
| Financial charges | 65/66B | €4,160 | €9,544 | +€5,384 | +129% |
| Recurring financial charges | 65 | €4,160 | €9,544 | +€5,384 | +129% |
| Profit (loss) for the period before taxes | 9903 | €80,859 | €73,941 | -€6,917 | -8.6% |
| Income taxes | 67/77 | €17,482 | €15,114 | -€2,368 | -13.5% |
| Profit (loss) for the period | 9904 | €63,377 | €58,827 | -€4,550 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,377 | €58,827 | -€4,550 | -7.2% |
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 16 October 2026 via checked.be.