LOGISTICS & SERVICES 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 & SERVICES MANAGEMENT
Largest movements
- Receivables within one year -€119,419
down €119,419 (-21.6%), from €553,048 to €433,629
of which Trade receivables: -€125,016
- Tangible fixed assets +€86,560
up €86,560 (+13.8%), from €626,730 to €713,291
of which Plant, machinery and equipment: +€63,294
- Cash +€63,264
up €63,264 (+263%), from €24,093 to €87,357
mainly Receivables within one year (+€119,419) and Net result for the year (+€62,275)
- Other debts +€46,750
new in 2025: €46,750
- Debts after one year -€39,351
down €39,351 (-8.8%), from €445,691 to €406,340
- Taxes -€20,742
down €20,742 (-28.0%), from €74,198 to €53,456
- Financial income -€20,428
down €20,428 (-58.4%), from €35,001 to €14,574
- Gross operating margin -€6,576
down €6,576 (-3.6%), from €180,255 to €173,678
- Depreciation +€5,877
up €5,877 (+12.3%), from €47,710 to €53,588
- Financial charges -€2,407
down €2,407 (-16.1%), from €14,915 to €12,508
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 | €1,710,804 | €1,737,710 | +€26,906 | +1.6% |
| Fixed assets | 21/28 | €686,730 | €773,291 | +€86,560 | +12.6% |
| Tangible fixed assets | 22/27 | €626,730 | €713,291 | +€86,560 | +13.8% |
| Land and buildings | 22 | €556,317 | €528,553 | -€27,764 | -5.0% |
| Plant, machinery and equipment | 23 | €20,417 | €83,711 | +€63,294 | +310% |
| Furniture and vehicles | 24 | €49,997 | €101,027 | +€51,030 | +102% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €1,024,074 | €964,419 | -€59,655 | -5.8% |
| Amounts receivable after more than one year | 29 | €446,934 | €443,434 | -€3,500 | -0.8% |
| Trade receivables | 290 | €3,500 | €0 | -€3,500 | -100% |
| Other amounts receivable | 291 | €443,434 | €443,434 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €553,048 | €433,629 | -€119,419 | -21.6% |
| Trade receivables | 40 | €251,140 | €126,124 | -€125,016 | -49.8% |
| Other amounts receivable | 41 | €301,908 | €307,504 | +€5,597 | +1.9% |
| Cash at bank and in hand | 54/58 | €24,093 | €87,357 | +€63,264 | +263% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,710,804 | €1,737,710 | +€26,906 | +1.6% |
| Equity | 10/15 | €887,009 | €899,284 | +€12,275 | +1.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €874,609 | €886,884 | +€12,275 | +1.4% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €491,307 | €472,751 | -€18,556 | -3.8% |
| Distributable reserves | 133 | €381,441 | €414,133 | +€32,692 | +8.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €122,595 | €117,956 | -€4,639 | -3.8% |
| Deferred taxes | 168 | €122,595 | €117,956 | -€4,639 | -3.8% |
| Amounts payable | 17/49 | €701,201 | €720,470 | +€19,269 | +2.7% |
| Amounts payable after more than one year | 17 | €445,691 | €406,340 | -€39,351 | -8.8% |
| Financial debts | 170/4 | €445,691 | €406,340 | -€39,351 | -8.8% |
| Amounts payable within one year | 42/48 | €255,511 | €314,131 | +€58,620 | +22.9% |
| Current portion of amounts payable after more than one year | 42 | €45,118 | €42,112 | -€3,006 | -6.7% |
| Trade debts | 44 | €72,624 | €82,796 | +€10,173 | +14.0% |
| Suppliers | 440/4 | €72,624 | €82,796 | +€10,173 | +14.0% |
| Advances received on contracts in progress | 46 | €20,449 | €20,449 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €117,320 | €122,023 | +€4,703 | +4.0% |
| Taxes | 450/3 | €117,320 | €122,023 | +€4,703 | +4.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €46,750 | +€46,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,710 | €53,588 | +€5,877 | +12.3% |
| Other operating charges | 640/8 | €9,784 | €11,064 | +€1,280 | +13.1% |
| Gross operating margin | 9900 | €180,255 | €173,678 | -€6,576 | -3.6% |
| Operating profit (loss) | 9901 | €122,760 | €109,026 | -€13,733 | -11.2% |
| Financial income | 75/76B | €35,001 | €14,574 | -€20,428 | -58.4% |
| Recurring financial income | 75 | €35,001 | €14,574 | -€20,428 | -58.4% |
| Financial charges | 65/66B | €14,915 | €12,508 | -€2,407 | -16.1% |
| Recurring financial charges | 65 | €14,915 | €12,508 | -€2,407 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €142,847 | €111,092 | -€31,754 | -22.2% |
| Transfer from deferred taxes | 780 | €4,639 | €4,639 | = | 0.0% |
| Income taxes | 67/77 | €74,198 | €53,456 | -€20,742 | -28.0% |
| Profit (loss) for the period | 9904 | €73,288 | €62,275 | -€11,012 | -15.0% |
| Transfer from tax-exempt reserves | 789 | €18,556 | €18,556 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,844 | €80,832 | -€11,012 | -12.0% |
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.