INDUSTRIAL AND LOGISTICS DEVELOPMENTS: 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.
INDUSTRIAL AND LOGISTICS DEVELOPMENTS
Largest movements
- Receivables within one year -€384,643
down €384,643 (-35.4%), from €1.1m to €701,795
of which Trade receivables: -€575,702
- Cash +€211,683
up €211,683 (+351%), from €60,286 to €271,969
mainly Contributions, distributions and other (+€2.1m) and Receivables within one year (+€384,643)
- Deferred charges and accrued income -€29,575
down €29,575 (-23.5%), from €126,109 to €96,534
- Contributions +€2.1m
up €2.1m (+126%), from €1.7m to €3.7m
- Other debts -€1.9m
down €1.9m (-76.3%), from €2.5m to €593,695
- Profit (loss) carried forward -€317,200
down €317,200 (-10.2%), from -€3.1m to -€3.4m
- Accrued charges and deferred income -€96,075
down €96,075 (-55.8%), from €172,267 to €76,191
- Trade debts +€30,727
up €30,727 (+52.6%), from €58,437 to €89,164
- Gross operating margin +€412,009
up €412,009 (+65.9%), from -€624,938 to -€212,930
- Financial income +€194,527
up €194,527 (+272%), from €71,536 to €266,063
- Financial charges -€157,106
down €157,106 (-47.7%), from €329,474 to €172,368
of which Financial charges: -€151,428
- Staff costs -€44,835
down €44,835 (-27.9%), from €160,510 to €115,675
- Other operating charges -€7,917
down €7,917 (-34.2%), from €23,184 to €15,267
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 | €1,797,831 | €1,589,661 | -€208,171 | -11.6% |
| Fixed assets | 21/28 | €524,997 | €519,363 | -€5,634 | -1.1% |
| Tangible fixed assets | 22/27 | €889 | €254 | -€634 | -71.4% |
| Furniture and vehicles | 24 | €889 | €254 | -€634 | -71.4% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €524,109 | €519,109 | -€5,000 | -1.0% |
| Current assets | 29/58 | €1,272,834 | €1,070,298 | -€202,536 | -15.9% |
| Amounts receivable within one year | 40/41 | €1,086,439 | €701,795 | -€384,643 | -35.4% |
| Trade receivables | 40 | €590,560 | €14,858 | -€575,702 | -97.5% |
| Other amounts receivable | 41 | €495,879 | €686,937 | +€191,058 | +38.5% |
| Cash at bank and in hand | 54/58 | €60,286 | €271,969 | +€211,683 | +351% |
| Deferred charges and accrued income | 490/1 | €126,109 | €96,534 | -€29,575 | -23.5% |
| Total equity and liabilities | 10/49 | €1,797,831 | €1,589,661 | -€208,171 | -11.6% |
| Equity | 10/15 | -€1,449,401 | €312,251 | +€1.8m | |
| Contributions | 10/11 | €1,650,000 | €3,728,852 | +€2.1m | +126% |
| Capital | 10 | €1,650,000 | €3,728,852 | +€2.1m | +126% |
| Issued capital | 100 | €1,650,000 | €3,728,852 | +€2.1m | +126% |
| Reserves | 13 | €6,104 | €6,104 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,104 | €6,104 | = | 0.0% |
| Legal reserve | 130 | €6,104 | €6,104 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,105,505 | -€3,422,705 | -€317,200 | -10.2% |
| Amounts payable | 17/49 | €3,247,233 | €1,277,410 | -€2.0m | -60.7% |
| Amounts payable within one year | 42/48 | €3,074,966 | €1,201,219 | -€1.9m | -60.9% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €58,437 | €89,164 | +€30,727 | +52.6% |
| Suppliers | 440/4 | €58,437 | €89,164 | +€30,727 | +52.6% |
| Taxes, remuneration and social security | 45 | €9,985 | €18,360 | +€8,374 | +83.9% |
| Taxes | 450/3 | €0 | €3,892 | +€3,892 | |
| Remuneration and social security | 454/9 | €9,985 | €14,467 | +€4,482 | +44.9% |
| Other amounts payable | 47/48 | €2,506,544 | €593,695 | -€1.9m | -76.3% |
| Accrued charges and deferred income | 492/3 | €172,267 | €76,191 | -€96,075 | -55.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €160,510 | €115,675 | -€44,835 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,611 | €340 | -€1,272 | -78.9% |
| Other operating charges | 640/8 | €23,184 | €15,267 | -€7,917 | -34.2% |
| Non-recurring operating charges | 66A | €4,720 | €66,684 | +€61,964 | +1,313% |
| Gross operating margin | 9900 | -€624,938 | -€212,930 | +€412,009 | +65.9% |
| Operating profit (loss) | 9901 | -€814,964 | -€410,895 | +€404,069 | +49.6% |
| Financial income | 75/76B | €71,536 | €266,063 | +€194,527 | +272% |
| Recurring financial income | 75 | €71,536 | €266,063 | +€194,527 | +272% |
| Financial charges | 65/66B | €329,474 | €172,368 | -€157,106 | -47.7% |
| Recurring financial charges | 65 | €321,973 | €170,545 | -€151,428 | -47.0% |
| Non-recurring financial charges | 66B | €7,501 | €1,822 | -€5,678 | -75.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,072,902 | -€317,200 | +€755,701 | +70.4% |
| Income taxes | 67/77 | €1,441 | €0 | -€1,441 | -100% |
| Profit (loss) for the period | 9904 | -€1,074,342 | -€317,200 | +€757,142 | +70.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,074,342 | -€317,200 | +€757,142 | +70.5% |
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 14 October 2026 via checked.be.