From 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.
From Logistics
Largest movements
- Tangible fixed assets +€422,206
up €422,206 (+307.2%), from €137,435 to €559,641
of which Leasing and similar rights: +€430,426
- Receivables within one year -€70,946
down €70,946 (-25.7%), from €276,373 to €205,428
of which Trade receivables: -€74,206
- Current investments +€14,832
up €14,832 (+77.7%), from €19,093 to €33,924
- Debts after one year +€368,040
new in 2025: €368,040
- Other debts -€155,000
down €155,000 (-44.6%), from €347,177 to €192,177
- Current portion of long-term debt +€83,897
up €83,897 (+380.0%), from €22,077 to €105,973
- Profit (loss) carried forward +€68,244
up €68,244 (+47.6%), from -€143,421 to -€75,177
- Gross operating margin -€112,395
down €112,395 (-15.2%), from €740,299 to €627,903
- Staff costs -€69,643
down €69,643 (-15.9%), from €438,202 to €368,558
- Depreciation -€28,182
down €28,182 (-18.1%), from €155,353 to €127,171
- Other operating charges -€18,322
down €18,322 (-27.6%), from €66,464 to €48,142
- Financial charges +€12,079
up €12,079 (+325.7%), from €3,708 to €15,787
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €447,678 | €808,389 | +€360,711 | +80.6% |
| Fixed assets | 21/28 | €138,245 | €560,451 | +€422,206 | +305.4% |
| Tangible fixed assets | 22/27 | €137,435 | €559,641 | +€422,206 | +307.2% |
| Furniture and vehicles | 24 | €78,781 | €70,561 | -€8,220 | -10.4% |
| Leasing and similar rights | 25 | €58,654 | €489,080 | +€430,426 | +733.8% |
| Financial fixed assets | 28 | €810 | €810 | = | 0.0% |
| Current assets | 29/58 | €309,433 | €247,938 | -€61,495 | -19.9% |
| Amounts receivable within one year | 40/41 | €276,373 | €205,428 | -€70,946 | -25.7% |
| Trade receivables | 40 | €266,456 | €192,251 | -€74,206 | -27.8% |
| Other amounts receivable | 41 | €9,917 | €13,177 | +€3,260 | +32.9% |
| Current investments | 50/53 | €19,093 | €33,924 | +€14,832 | +77.7% |
| Deferred charges and accrued income | 490/1 | €13,967 | €8,586 | -€5,381 | -38.5% |
| Total equity and liabilities | 10/49 | €447,678 | €808,389 | +€360,711 | +80.6% |
| Equity | 10/15 | -€59,561 | €8,683 | +€68,244 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €77,660 | €77,660 | = | 0.0% |
| Distributable reserves | 133 | €77,660 | €77,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€143,421 | -€75,177 | +€68,244 | +47.6% |
| Amounts payable | 17/49 | €507,239 | €799,706 | +€292,467 | +57.7% |
| Amounts payable after more than one year | 17 | - | €368,040 | +€368,040 | |
| Financial debts | 170/4 | - | €368,040 | +€368,040 | |
| Amounts payable within one year | 42/48 | €507,239 | €431,665 | -€75,573 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €22,077 | €105,973 | +€83,897 | +380.0% |
| Financial debts | 43 | €12,889 | €12,805 | -€84 | -0.7% |
| Credit institutions | 430/8 | €12,889 | €12,805 | -€84 | -0.7% |
| Trade debts | 44 | €75,874 | €74,264 | -€1,610 | -2.1% |
| Suppliers | 440/4 | €75,874 | €74,264 | -€1,610 | -2.1% |
| Taxes, remuneration and social security | 45 | €49,221 | €46,446 | -€2,775 | -5.6% |
| Taxes | 450/3 | €2,479 | €3,297 | +€818 | +33.0% |
| Remuneration and social security | 454/9 | €46,742 | €43,149 | -€3,593 | -7.7% |
| Other amounts payable | 47/48 | €347,177 | €192,177 | -€155,000 | -44.6% |
| Remuneration, social security and pensions | 62 | €438,202 | €368,558 | -€69,643 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,353 | €127,171 | -€28,182 | -18.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €950 | - | -€950 | |
| Other operating charges | 640/8 | €66,464 | €48,142 | -€18,322 | -27.6% |
| Gross operating margin | 9900 | €740,299 | €627,903 | -€112,395 | -15.2% |
| Operating profit (loss) | 9901 | €79,330 | €84,032 | +€4,702 | +5.9% |
| Financial charges | 65/66B | €3,708 | €15,787 | +€12,079 | +325.7% |
| Recurring financial charges | 65 | €3,708 | €15,787 | +€12,079 | +325.7% |
| Profit (loss) for the period before taxes | 9903 | €75,621 | €68,244 | -€7,377 | -9.8% |
| Profit (loss) for the period | 9904 | €75,621 | €68,244 | -€7,377 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,621 | €68,244 | -€7,377 | -9.8% |
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 11 October 2026 via checked.be.