LOGISTICS & MANAGEMENT: 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.
LOGISTICS & MANAGEMENT
Largest movements
- Current investments -€800,000
no longer reported in 2025 (was €800,000)
- Tangible fixed assets +€614,645
up €614,645 (+12.9%), from €4.8m to €5.4m
of which Land and buildings: +€4.7m
- Cash +€368,046
up €368,046 (+119%), from €309,580 to €677,627
mainly Current investments (+€800,000) and Net result for the year (+€564,781)
- Accrued charges and deferred income -€667,434
down €667,434 (-73.7%), from €905,209 to €237,774
- Profit (loss) carried forward +€364,781
up €364,781 (+44.6%), from €817,003 to €1.2m
- Debts after one year +€277,510
up €277,510 (+6.8%), from €4.1m to €4.4m
- Current portion of long-term debt +€159,831
new in 2025: €159,831
- Tax, wage and social debts +€66,643
up €66,643 (+1,111%), from €6,001 to €72,644
- Gross operating margin +€1.1m
up €1.1m (+469%), from €237,548 to €1.4m
- Turnover -€479,446
no longer reported in 2025 (was €479,446)
- Purchases and services -€241,898
no longer reported in 2025 (was €241,898)
- Financial charges +€202,406
up €202,406 (+1,091%), from €18,546 to €220,952
- Taxes +€179,120
up €179,120, from -€6,894 to €172,227
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 | €5,898,991 | €6,081,741 | +€182,750 | +3.1% |
| Fixed assets | 21/28 | €4,765,667 | €5,380,312 | +€614,645 | +12.9% |
| Tangible fixed assets | 22/27 | €4,765,667 | €5,380,312 | +€614,645 | +12.9% |
| Land and buildings | 22 | €677,094 | €5,380,312 | +€4.7m | +695% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €4,088,573 | €0 | -€4.1m | -100% |
| Current assets | 29/58 | €1,133,324 | €701,429 | -€431,895 | -38.1% |
| Amounts receivable within one year | 40/41 | €23,743 | €23,803 | +€59 | +0.2% |
| Trade receivables | 40 | €1,966 | €23,803 | +€21,836 | +1,111% |
| Other amounts receivable | 41 | €21,777 | - | -€21,777 | |
| Current investments | 50/53 | €800,000 | - | -€800,000 | |
| Cash at bank and in hand | 54/58 | €309,580 | €677,627 | +€368,046 | +119% |
| Total equity and liabilities | 10/49 | €5,898,991 | €6,081,741 | +€182,750 | +3.1% |
| Equity | 10/15 | €904,124 | €1,249,983 | +€345,859 | +38.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €817,003 | €1,181,783 | +€364,781 | +44.6% |
| Investment grants | 15 | €18,922 | €0 | -€18,922 | -100% |
| Amounts payable | 17/49 | €4,994,867 | €4,831,758 | -€163,109 | -3.3% |
| Amounts payable after more than one year | 17 | €4,083,272 | €4,360,782 | +€277,510 | +6.8% |
| Financial debts | 170/4 | €4,083,272 | €4,360,782 | +€277,510 | +6.8% |
| Amounts payable within one year | 42/48 | €6,387 | €233,202 | +€226,815 | +3,551% |
| Current portion of amounts payable after more than one year | 42 | - | €159,831 | +€159,831 | |
| Trade debts | 44 | €386 | €726 | +€340 | +88.3% |
| Suppliers | 440/4 | €386 | €726 | +€340 | +88.3% |
| Taxes, remuneration and social security | 45 | €6,001 | €72,644 | +€66,643 | +1,111% |
| Taxes | 450/3 | €6,001 | €72,644 | +€66,643 | +1,111% |
| Accrued charges and deferred income | 492/3 | €905,209 | €237,774 | -€667,434 | -73.7% |
| Turnover | 70 | €479,446 | - | -€479,446 | |
| Goods, raw materials, services and sundry goods | 60/61 | €241,898 | - | -€241,898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,169 | €368,342 | +€118,173 | +47.2% |
| Other operating charges | 640/8 | €46,860 | €57,529 | +€10,669 | +22.8% |
| Gross operating margin | 9900 | €237,548 | €1,351,524 | +€1.1m | +469% |
| Operating profit (loss) | 9901 | -€59,481 | €925,653 | +€985,134 | |
| Financial income | 75/76B | €44,769 | €32,307 | -€12,462 | -27.8% |
| Recurring financial income | 75 | €44,769 | €32,307 | -€12,462 | -27.8% |
| Financial charges | 65/66B | €18,546 | €220,952 | +€202,406 | +1,091% |
| Recurring financial charges | 65 | €18,546 | €220,952 | +€202,406 | +1,091% |
| Profit (loss) for the period before taxes | 9903 | -€33,258 | €737,008 | +€770,266 | |
| Income taxes | 67/77 | -€6,894 | €172,227 | +€179,120 | |
| Profit (loss) for the period | 9904 | -€26,364 | €564,781 | +€591,145 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,364 | €564,781 | +€591,145 |
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.