HSH WORLD LOGISTICS: 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.
HSH WORLD LOGISTICS
Largest movements
- Cash +€2.0m
new in 2025: €2.0m
mainly Trade debts (+€3.6m) and Current investments (+€194,862)
- Receivables within one year +€1.3m
up €1.3m (+283.6%), from €466,226 to €1.8m
of which Trade receivables: +€1.0m
- Current investments -€194,862
down €194,862 (-39.6%), from €491,542 to €296,680
- Trade debts +€3.6m
up €3.6m (+616.7%), from €585,855 to €4.2m
- Profit (loss) carried forward -€413,598
down €413,598, from €6,504 to -€407,094
- Tax, wage and social debts +€124,711
up €124,711 (+40.3%), from €309,142 to €433,854
of which Taxes: +€103,665
- Accrued charges and deferred income -€107,380
no longer reported in 2025 (was €107,380)
- Short-term financial debts -€95,317
down €95,317 (-97.6%), from €97,696 to €2,379
of which Other loans: -€97,696
- Gross operating margin -€765,871
down €765,871 (-31.0%), from €2.5m to €1.7m
- Staff costs -€349,864
down €349,864 (-14.3%), from €2.4m to €2.1m
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 | €1,446,578 | €4,577,929 | +€3.1m | +216.5% |
| Fixed assets | 21/28 | €488,810 | €508,970 | +€20,160 | +4.1% |
| Tangible fixed assets | 22/27 | €38,880 | €32,078 | -€6,802 | -17.5% |
| Land and buildings | 22 | €10,082 | €14,410 | +€4,328 | +42.9% |
| Furniture and vehicles | 24 | €28,798 | €17,668 | -€11,130 | -38.6% |
| Financial fixed assets | 28 | €449,930 | €476,891 | +€26,961 | +6.0% |
| Current assets | 29/58 | €957,768 | €4,068,959 | +€3.1m | +324.8% |
| Amounts receivable within one year | 40/41 | €466,226 | €1,788,483 | +€1.3m | +283.6% |
| Trade receivables | 40 | €135,501 | €1,178,368 | +€1.0m | +769.6% |
| Other amounts receivable | 41 | €330,724 | €610,116 | +€279,391 | +84.5% |
| Current investments | 50/53 | €491,542 | €296,680 | -€194,862 | -39.6% |
| Cash at bank and in hand | 54/58 | - | €1,983,208 | +€2.0m | |
| Deferred charges and accrued income | 490/1 | - | €588 | +€588 | |
| Total equity and liabilities | 10/49 | €1,446,578 | €4,577,929 | +€3.1m | +216.5% |
| Equity | 10/15 | €336,504 | -€77,094 | -€413,598 | |
| Contributions | 10/11 | €330,000 | €330,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,504 | -€407,094 | -€413,598 | |
| Amounts payable | 17/49 | €1,110,074 | €4,655,023 | +€3.5m | +319.3% |
| Amounts payable within one year | 42/48 | €1,002,694 | €4,655,023 | +€3.7m | +364.3% |
| Financial debts | 43 | €97,696 | €2,379 | -€95,317 | -97.6% |
| Credit institutions | 430/8 | - | €2,379 | +€2,379 | |
| Other loans | 439 | €97,696 | - | -€97,696 | |
| Trade debts | 44 | €585,855 | €4,198,938 | +€3.6m | +616.7% |
| Suppliers | 440/4 | €585,855 | €4,198,938 | +€3.6m | +616.7% |
| Taxes, remuneration and social security | 45 | €309,142 | €433,854 | +€124,711 | +40.3% |
| Taxes | 450/3 | €93 | €103,757 | +€103,665 | +112070.0% |
| Remuneration and social security | 454/9 | €309,050 | €330,097 | +€21,047 | +6.8% |
| Other amounts payable | 47/48 | €10,000 | €19,852 | +€9,852 | +98.5% |
| Accrued charges and deferred income | 492/3 | €107,380 | - | -€107,380 | |
| Remuneration, social security and pensions | 62 | €2,441,838 | €2,091,974 | -€349,864 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,141 | €12,734 | +€4,593 | +56.4% |
| Other operating charges | 640/8 | €12,632 | €11,256 | -€1,376 | -10.9% |
| Gross operating margin | 9900 | €2,469,139 | €1,703,268 | -€765,871 | -31.0% |
| Operating profit (loss) | 9901 | €6,528 | -€412,696 | -€419,224 | |
| Financial income | 75/76B | €310 | €628 | +€318 | +102.8% |
| Recurring financial income | 75 | €310 | €628 | +€318 | +102.8% |
| Financial charges | 65/66B | €334 | €1,530 | +€1,196 | +358.0% |
| Recurring financial charges | 65 | €334 | €1,530 | +€1,196 | +358.0% |
| Profit (loss) for the period before taxes | 9903 | €6,504 | -€413,598 | -€420,102 | |
| Profit (loss) for the period | 9904 | €6,504 | -€413,598 | -€420,102 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,504 | -€413,598 | -€420,102 |
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 2 October 2026 via checked.be.