LIEGE CARGO SHUTTLE: 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.
LIEGE CARGO SHUTTLE
Largest movements
- Receivables within one year +€113,086
up €113,086 (+26.5%), from €427,494 to €540,580
of which Trade receivables: +€118,893
- Tangible fixed assets +€83,735
up €83,735 (+24.8%), from €338,279 to €422,014
- Deferred charges and accrued income -€45,099
no longer reported in 2025 (was €45,099)
- Trade debts +€136,044
up €136,044 (+53.0%), from €256,511 to €392,555
- Tax, wage and social debts -€76,252
down €76,252 (-61.6%), from €123,692 to €47,440
of which Taxes: -€53,691
- Other debts +€72,032
up €72,032 (+96.1%), from €74,968 to €147,000
- Gross operating margin +€277,799
up €277,799 (+64.6%), from €429,994 to €707,794
- Staff costs +€62,580
up €62,580 (+20.6%), from €303,418 to €365,998
- Other operating charges +€38,605
up €38,605 (+172%), from €22,481 to €61,086
- Taxes +€38,196
up €38,196 (+5,518%), from €692 to €38,888
- Depreciation +€24,780
up €24,780 (+28.8%), from €85,910 to €110,690
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 | €883,729 | €1,027,496 | +€143,767 | +16.3% |
| Fixed assets | 21/28 | €395,459 | €479,194 | +€83,735 | +21.2% |
| Tangible fixed assets | 22/27 | €338,279 | €422,014 | +€83,735 | +24.8% |
| Furniture and vehicles | 24 | €338,279 | €422,014 | +€83,735 | +24.8% |
| Financial fixed assets | 28 | €57,180 | €57,180 | = | 0.0% |
| Current assets | 29/58 | €488,271 | €548,302 | +€60,031 | +12.3% |
| Amounts receivable within one year | 40/41 | €427,494 | €540,580 | +€113,086 | +26.5% |
| Trade receivables | 40 | €412,257 | €531,150 | +€118,893 | +28.8% |
| Other amounts receivable | 41 | €15,238 | €9,430 | -€5,807 | -38.1% |
| Cash at bank and in hand | 54/58 | €15,677 | €7,722 | -€7,955 | -50.7% |
| Deferred charges and accrued income | 490/1 | €45,099 | - | -€45,099 | |
| Total equity and liabilities | 10/49 | €883,729 | €1,027,496 | +€143,767 | +16.3% |
| Equity | 10/15 | €201,906 | €202,226 | +€320 | +0.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €170,000 | €170,000 | = | 0.0% |
| Distributable reserves | 133 | €170,000 | €170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,906 | €22,226 | +€320 | +1.5% |
| Amounts payable | 17/49 | €681,824 | €825,271 | +€143,447 | +21.0% |
| Amounts payable after more than one year | 17 | €142,212 | €149,224 | +€7,012 | +4.9% |
| Financial debts | 170/4 | €142,212 | €149,224 | +€7,012 | +4.9% |
| Amounts payable within one year | 42/48 | €539,612 | €676,046 | +€136,435 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €84,440 | €89,052 | +€4,611 | +5.5% |
| Trade debts | 44 | €256,511 | €392,555 | +€136,044 | +53.0% |
| Suppliers | 440/4 | €256,511 | €392,555 | +€136,044 | +53.0% |
| Taxes, remuneration and social security | 45 | €123,692 | €47,440 | -€76,252 | -61.6% |
| Taxes | 450/3 | €80,617 | €26,926 | -€53,691 | -66.6% |
| Remuneration and social security | 454/9 | €43,075 | €20,514 | -€22,561 | -52.4% |
| Other amounts payable | 47/48 | €74,968 | €147,000 | +€72,032 | +96.1% |
| Remuneration, social security and pensions | 62 | €303,418 | €365,998 | +€62,580 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,910 | €110,690 | +€24,780 | +28.8% |
| Other operating charges | 640/8 | €22,481 | €61,086 | +€38,605 | +172% |
| Gross operating margin | 9900 | €429,994 | €707,794 | +€277,799 | +64.6% |
| Operating profit (loss) | 9901 | €18,185 | €170,019 | +€151,834 | +835% |
| Financial charges | 65/66B | €7,647 | €8,810 | +€1,163 | +15.2% |
| Recurring financial charges | 65 | €7,647 | €8,810 | +€1,163 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €10,538 | €161,208 | +€150,671 | +1,430% |
| Income taxes | 67/77 | €692 | €38,888 | +€38,196 | +5,518% |
| Profit (loss) for the period | 9904 | €9,846 | €122,320 | +€112,474 | +1,142% |
| Profit (loss) for the period to be appropriated | 9905 | €9,846 | €122,320 | +€112,474 | +1,142% |
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 26 October 2026 via checked.be.