LOGIVESDRE: 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.
What changed
LOGIVESDRE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.6m
2024 · €4.3m+€1.3m
Equity
€77.0m
2024 · €63.8m+€13.2m
Cash
€25.7m
2024 · €13.2m+€12.5m
Balance sheet total
€172.5m
2024 · €166.0m+€6.5m
Largest movements
Assets
- Cash +€12.5m
up €12.5m (+94.3%), from €13.2m to €25.7m
mainly Receivables within one year (+€8.3m) and Contributions, distributions and other (+€7.6m)
- Receivables within one year -€8.3m
down €8.3m (-43.8%), from €19.0m to €10.7m
of which Other amounts receivable: -€7.5m
- Tangible fixed assets +€4.5m
up €4.5m (+3.7%), from €121.7m to €126.2m
of which Land and buildings: +€2.6m
- Receivables after one year -€2.1m
down €2.1m (-19.9%), from €10.6m to €8.5m
Equity and liabilities
- Investment grants +€7.6m
up €7.6m (+14.0%), from €54.7m to €62.3m
- Profit (loss) carried forward +€5.6m
up €5.6m (+117%), from €4.8m to €10.3m
- Accrued charges and deferred income -€4.6m
down €4.6m (-95.8%), from €4.8m to €201,358
- Debts after one year -€4.4m
down €4.4m (-5.2%), from €84.3m to €79.9m
of which Financial debts: -€4.4m
- Short-term financial debts +€1.8m
new in 2025: €1.8m
Income statement
- Staff costs +€844,154
up €844,154 (+24.4%), from €3.5m to €4.3m
- Other operating income +€811,468
up €811,468 (+16.9%), from €4.8m to €5.6m
- Provisions -€665,010
down €665,010, from €332,505 to -€332,505
- Turnover +€462,844
up €462,844 (+3.0%), from €15.5m to €15.9m
- Services and other goods -€231,668
down €231,668 (-4.6%), from €5.0m to €4.8m
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.
Result 2024
€4.3m
Turnover
+€462,844
Other operating income
+€811,468
Goods and materials
-€35,020
Services and other goods
+€231,668
Staff costs
-€844,154
Depreciation
-€84,418
Write-downs
-€44,677
Provisions
+€665,010
Other operating charges
+€88,311
Other operating items
-€151,603
Financial income
+€80,829
Financial charges
+€190,378
Taxes
-€47,537
Deferred taxes and other
+€4,431
Result 2025
€5.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€16.0m
Investment
-€8.7m
Financing
+€5.2m
Cash 2024
€13.2m
From operations (derived)
+€16.0m
Net result for the year
+€5.6m
Depreciation
+€4.2m
Receivables after one year
+€2.1m
Stocks and contracts
+€28,988
Receivables within one year
+€8.3m
Deferred charges and accrued income
+€15,056
Provisions
+€69,091
Trade debts
-€152,646
Tax, wage and social debts
+€246,054
Other debts
+€157,353
Accrued charges and deferred income
-€4.6m
Investment (derived)
-€8.7m
Investment in fixed assets (net)
-€8.7m
Financing
+€5.2m
Debts after one year
-€4.4m
Current portion of long-term debt
+€150,656
Short-term financial debts
+€1.8m
Contributions, distributions and other
+€7.6m
Cash 2025
€25.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,979,305 | €172,479,689 | +€6.5m | +3.9% |
| Fixed assets | 21/28 | €121,737,146 | €126,215,578 | +€4.5m | +3.7% |
| Intangible fixed assets | 21 | €34,840 | €18,760 | -€16,080 | -46.2% |
| Tangible fixed assets | 22/27 | €121,693,181 | €126,162,693 | +€4.5m | +3.7% |
| Land and buildings | 22 | €104,392,251 | €106,965,840 | +€2.6m | +2.5% |
| Plant, machinery and equipment | 23 | €30,627 | €12,194 | -€18,433 | -60.2% |
| Furniture and vehicles | 24 | €115,760 | €73,168 | -€42,592 | -36.8% |
| Other tangible fixed assets | 26 | €52,396 | €43,956 | -€8,440 | -16.1% |
| Assets under construction and advance payments | 27 | €17,102,147 | €19,067,535 | +€2.0m | +11.5% |
| Financial fixed assets | 28 | €9,126 | €34,126 | +€25,000 | +274% |
| Companies linked by participating interests | 282/3 | €6,405 | €6,405 | = | 0.0% |
| Participating interests | 282 | €6,405 | €6,405 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,721 | €27,721 | +€25,000 | +919% |
| Shares | 284 | €25 | €25 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,696 | €27,696 | +€25,000 | +927% |
| Current assets | 29/58 | €44,242,158 | €46,264,110 | +€2.0m | +4.6% |
| Amounts receivable after more than one year | 29 | €10,557,225 | €8,458,743 | -€2.1m | -19.9% |
| Other amounts receivable | 291 | €10,557,225 | €8,458,743 | -€2.1m | -19.9% |
| Stocks and contracts in progress | 3 | €224,435 | €195,447 | -€28,988 | -12.9% |
| Stocks | 30/36 | €224,435 | €195,447 | -€28,988 | -12.9% |
| Raw materials and consumables | 30/31 | €224,435 | €195,447 | -€28,988 | -12.9% |
| Amounts receivable within one year | 40/41 | €19,033,017 | €10,704,798 | -€8.3m | -43.8% |
| Trade receivables | 40 | €1,209,125 | €383,805 | -€825,320 | -68.3% |
| Other amounts receivable | 41 | €17,823,893 | €10,320,993 | -€7.5m | -42.1% |
| Cash at bank and in hand | 54/58 | €13,242,662 | €25,735,358 | +€12.5m | +94.3% |
| Deferred charges and accrued income | 490/1 | €1,184,819 | €1,169,764 | -€15,056 | -1.3% |
| Total equity and liabilities | 10/49 | €165,979,305 | €172,479,689 | +€6.5m | +3.9% |
| Equity | 10/15 | €63,796,646 | €77,005,274 | +€13.2m | +20.7% |
| Contributions | 10/11 | €77,193 | €77,193 | = | 0.0% |
| Revaluation surpluses | 12 | €1,598,366 | €1,598,366 | = | 0.0% |
| Reserves | 13 | €2,677,115 | €2,677,115 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,677,115 | €2,677,115 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,752,260 | €10,330,565 | +€5.6m | +117% |
| Investment grants | 15 | €54,691,712 | €62,322,035 | +€7.6m | +14.0% |
| Provisions and deferred taxes | 16 | €3,211,015 | €3,280,106 | +€69,091 | +2.2% |
| Provisions for liabilities and charges | 160/5 | €332,505 | - | -€332,505 | |
| Environmental obligations | 163 | €332,505 | - | -€332,505 | |
| Deferred taxes | 168 | €2,878,511 | €3,280,106 | +€401,596 | +14.0% |
| Amounts payable | 17/49 | €98,971,643 | €92,194,308 | -€6.8m | -6.8% |
| Amounts payable after more than one year | 17 | €84,320,382 | €79,929,574 | -€4.4m | -5.2% |
| Financial debts | 170/4 | €84,317,943 | €79,926,101 | -€4.4m | -5.2% |
| Credit institutions | 173 | €84,317,943 | €79,926,101 | -€4.4m | -5.2% |
| Other amounts payable | 178/9 | €2,440 | €3,473 | +€1,033 | +42.3% |
| Amounts payable within one year | 42/48 | €9,870,245 | €12,063,376 | +€2.2m | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €6,124,356 | €6,275,012 | +€150,656 | +2.5% |
| Financial debts | 43 | - | €1,791,714 | +€1.8m | |
| Credit institutions | 430/8 | - | €1,791,714 | +€1.8m | |
| Trade debts | 44 | €2,215,581 | €2,062,935 | -€152,646 | -6.9% |
| Suppliers | 440/4 | €2,215,581 | €2,062,935 | -€152,646 | -6.9% |
| Taxes, remuneration and social security | 45 | €693,658 | €939,712 | +€246,054 | +35.5% |
| Taxes | 450/3 | €262,172 | €326,823 | +€64,651 | +24.7% |
| Remuneration and social security | 454/9 | €431,486 | €612,889 | +€181,403 | +42.0% |
| Other amounts payable | 47/48 | €836,649 | €994,002 | +€157,353 | +18.8% |
| Accrued charges and deferred income | 492/3 | €4,781,016 | €201,358 | -€4.6m | -95.8% |
| Operating income | 70/76A | €20,444,690 | €21,667,278 | +€1.2m | +6.0% |
| Turnover | 70 | €15,463,432 | €15,926,276 | +€462,844 | +3.0% |
| Own construction capitalised | 72 | €192,754 | €141,030 | -€51,724 | -26.8% |
| Other operating income | 74 | €4,788,504 | €5,599,972 | +€811,468 | +16.9% |
| Operating charges | 60/66A | €15,394,232 | €15,517,391 | +€123,159 | +0.8% |
| Goods for resale, raw materials and consumables | 60 | €280,382 | €315,402 | +€35,020 | +12.5% |
| Purchases | 600/8 | €256,434 | €286,414 | +€29,980 | +11.7% |
| Change in stocks: decrease (increase) | 609 | €23,948 | €28,988 | +€5,040 | +21.0% |
| Services and other goods | 61 | €5,018,182 | €4,786,514 | -€231,668 | -4.6% |
| Remuneration, social security and pensions | 62 | €3,461,622 | €4,305,776 | +€844,154 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,109,567 | €4,193,985 | +€84,418 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€45,603 | -€926 | +€44,677 | +98.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €332,505 | -€332,505 | -€665,010 | |
| Other operating charges | 640/8 | €2,234,929 | €2,146,618 | -€88,311 | -4.0% |
| Non-recurring operating charges | 66A | €2,649 | €102,528 | +€99,879 | +3,770% |
| Operating profit (loss) | 9901 | €5,050,458 | €6,149,887 | +€1.1m | +21.8% |
| Financial income | 75/76B | €1,649,887 | €1,730,716 | +€80,829 | +4.9% |
| Recurring financial income | 75 | €1,649,887 | €1,730,716 | +€80,829 | +4.9% |
| Income from current assets | 751 | €11,478 | €70,068 | +€58,591 | +510% |
| Other financial income | 752/9 | €1,638,410 | €1,660,648 | +€22,239 | +1.4% |
| Financial charges | 65/66B | €2,294,247 | €2,103,870 | -€190,378 | -8.3% |
| Recurring financial charges | 65 | €2,294,247 | €2,103,870 | -€190,378 | -8.3% |
| Debt charges | 650 | €2,290,873 | €2,099,983 | -€190,889 | -8.3% |
| Other financial charges | 652/9 | €3,375 | €3,887 | +€512 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €4,406,098 | €5,776,734 | +€1.4m | +31.1% |
| Transfer from deferred taxes | 780 | €63,320 | €67,752 | +€4,431 | +7.0% |
| Income taxes | 67/77 | €218,645 | €266,181 | +€47,537 | +21.7% |
| Taxes | 670/3 | €218,645 | €266,181 | +€47,537 | +21.7% |
| Profit (loss) for the period | 9904 | €4,250,774 | €5,578,304 | +€1.3m | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,250,774 | €5,578,304 | +€1.3m | +31.2% |
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 15 October 2026 via checked.be.