EFFICIENT LOGISTICS SERVICES: 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.
EFFICIENT LOGISTICS SERVICES
Largest movements
- Receivables within one year -€250,840
down €250,840 (-25.0%), from €1.0m to €754,130
of which Trade receivables: -€195,969
- Tangible fixed assets -€232,448
down €232,448 (-28.0%), from €831,252 to €598,804
of which Leasing and similar rights: -€208,191
- Cash +€79,543
new in 2025: €79,543
mainly Depreciation (+€356,586) and Receivables within one year (+€250,840)
- Deferred charges and accrued income -€33,205
down €33,205 (-26.4%), from €125,562 to €92,357
- Intangible fixed assets -€24,771
down €24,771 (-19.9%), from €124,320 to €99,549
- Tax, wage and social debts -€373,130
down €373,130 (-62.9%), from €593,546 to €220,416
of which Remuneration and social security: -€233,035
- Profit (loss) carried forward +€191,813
up €191,813 (+72.6%), from -€264,108 to -€72,295
- Debts after one year -€166,220
down €166,220 (-25.5%), from €651,450 to €485,230
- Current portion of long-term debt -€80,842
down €80,842 (-26.4%), from €305,969 to €225,127
- Short-term financial debts -€48,233
down €48,233 (-26.6%), from €181,412 to €133,179
of which Credit institutions: -€181,412
- Gross operating margin -€277,102
down €277,102 (-13.0%), from €2.1m to €1.9m
- Other operating charges -€107,104
down €107,104 (-83.4%), from €128,493 to €21,389
- Depreciation +€72,779
up €72,779 (+25.6%), from €283,807 to €356,586
- Staff costs +€44,396
up €44,396 (+4.0%), from €1.1m to €1.1m
- Taxes +€41,309
up €41,309 (+21627.7%), from €191 to €41,500
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 | €2,148,387 | €1,688,391 | -€459,996 | -21.4% |
| Formation expenses | 20 | €325 | €0 | -€325 | -100.0% |
| Fixed assets | 21/28 | €1,017,530 | €762,361 | -€255,169 | -25.1% |
| Intangible fixed assets | 21 | €124,320 | €99,549 | -€24,771 | -19.9% |
| Tangible fixed assets | 22/27 | €831,252 | €598,804 | -€232,448 | -28.0% |
| Plant, machinery and equipment | 23 | €14,938 | €11,926 | -€3,012 | -20.2% |
| Furniture and vehicles | 24 | €48,985 | €18,899 | -€30,086 | -61.4% |
| Leasing and similar rights | 25 | €734,065 | €525,874 | -€208,191 | -28.4% |
| Other tangible fixed assets | 26 | €33,264 | €42,105 | +€8,841 | +26.6% |
| Financial fixed assets | 28 | €61,958 | €64,008 | +€2,050 | +3.3% |
| Current assets | 29/58 | €1,130,532 | €926,030 | -€204,502 | -18.1% |
| Amounts receivable within one year | 40/41 | €1,004,970 | €754,130 | -€250,840 | -25.0% |
| Trade receivables | 40 | €945,743 | €749,774 | -€195,969 | -20.7% |
| Other amounts receivable | 41 | €59,227 | €4,356 | -€54,871 | -92.6% |
| Cash at bank and in hand | 54/58 | - | €79,543 | +€79,543 | |
| Deferred charges and accrued income | 490/1 | €125,562 | €92,357 | -€33,205 | -26.4% |
| Total equity and liabilities | 10/49 | €2,148,387 | €1,688,391 | -€459,996 | -21.4% |
| Equity | 10/15 | €111,492 | €303,305 | +€191,813 | +172.0% |
| Contributions | 10/11 | €375,600 | €375,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€264,108 | -€72,295 | +€191,813 | +72.6% |
| Amounts payable | 17/49 | €2,036,895 | €1,385,086 | -€651,809 | -32.0% |
| Amounts payable after more than one year | 17 | €651,450 | €485,230 | -€166,220 | -25.5% |
| Financial debts | 170/4 | €651,450 | €485,230 | -€166,220 | -25.5% |
| Amounts payable within one year | 42/48 | €1,385,445 | €899,856 | -€485,589 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €305,969 | €225,127 | -€80,842 | -26.4% |
| Financial debts | 43 | €181,412 | €133,179 | -€48,233 | -26.6% |
| Credit institutions | 430/8 | €181,412 | - | -€181,412 | |
| Other loans | 439 | - | €133,179 | +€133,179 | |
| Trade debts | 44 | €288,553 | €289,893 | +€1,340 | +0.5% |
| Suppliers | 440/4 | €288,553 | €289,893 | +€1,340 | +0.5% |
| Taxes, remuneration and social security | 45 | €593,546 | €220,416 | -€373,130 | -62.9% |
| Taxes | 450/3 | €218,254 | €78,159 | -€140,095 | -64.2% |
| Remuneration and social security | 454/9 | €375,292 | €142,257 | -€233,035 | -62.1% |
| Other amounts payable | 47/48 | €15,965 | €31,241 | +€15,276 | +95.7% |
| Non-recurring operating income | 76A | €4,127 | €0 | -€4,127 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,100,357 | €1,144,753 | +€44,396 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,807 | €356,586 | +€72,779 | +25.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,516 | €992 | -€11,524 | -92.1% |
| Other operating charges | 640/8 | €128,493 | €21,389 | -€107,104 | -83.4% |
| Non-recurring operating charges | 66A | - | €36,799 | +€36,799 | |
| Gross operating margin | 9900 | €2,136,295 | €1,859,193 | -€277,102 | -13.0% |
| Operating profit (loss) | 9901 | €611,122 | €298,674 | -€312,448 | -51.1% |
| Financial income | 75/76B | €157 | €75 | -€82 | -52.2% |
| Recurring financial income | 75 | €157 | €75 | -€82 | -52.2% |
| Financial charges | 65/66B | €95,302 | €65,436 | -€29,866 | -31.3% |
| Recurring financial charges | 65 | €95,302 | €65,436 | -€29,866 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €515,977 | €233,313 | -€282,664 | -54.8% |
| Income taxes | 67/77 | €191 | €41,500 | +€41,309 | +21627.7% |
| Profit (loss) for the period | 9904 | €515,786 | €191,813 | -€323,973 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €515,786 | €191,813 | -€323,973 | -62.8% |
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 30 September 2026 via checked.be.