LOGOS: 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
LOGOS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,461
2024 · €17,094-€2,632
Equity
€983,320
2024 · €968,858+€14,461
Cash
€7,638
2024 · €3,195+€4,443
Balance sheet total
€1.8m
2024 · €1.9m-€162,733
Largest movements
Assets
- Current investments -€257,446
down €257,446 (-59.7%), from €431,262 to €173,816
- Tangible fixed assets +€119,328
up €119,328 (+12.4%), from €965,676 to €1.1m
of which Other tangible fixed assets: +€144,684
- Receivables after one year -€25,674
down €25,674 (-29.7%), from €86,533 to €60,859
Equity and liabilities
- Other debts -€87,768
down €87,768 (-74.9%), from €117,244 to €29,476
- Debts after one year -€45,507
down €45,507 (-8.2%), from €552,411 to €506,904
of which Financial debts: -€45,507
- Accrued charges and deferred income -€44,416
down €44,416 (-52.8%), from €84,081 to €39,665
Income statement
- Gross operating margin -€7,221
down €7,221 (-18.6%), from €38,785 to €31,563
- Financial income +€6,784
up €6,784 (+18.0%), from €37,635 to €44,419
- Depreciation +€1,804
up €1,804 (+4.4%), from €41,195 to €43,000
- Other operating charges +€1,541
up €1,541 (+51.1%), from €3,019 to €4,560
- Taxes -€635
down €635 (-20.0%), from €3,180 to €2,546
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
€17,094
Gross operating margin
-€7,221
Depreciation
-€1,804
Other operating charges
-€1,541
Financial income
+€6,784
Financial charges
+€516
Taxes
+€635
Result 2025
€14,461
raises the resultlowers the result
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
-€48,545
Investment
+€95,118
Financing
-€42,130
Cash 2024
€3,195
From operations (derived)
-€48,545
Net result for the year
+€14,461
Depreciation
+€43,000
Receivables after one year
+€25,674
Smaller working-capital items
+€155
Deferred charges and accrued income
+€2,931
Provisions
-€3,946
Tax, wage and social debts
+€1,363
Other debts
-€87,768
Accrued charges and deferred income
-€44,416
Investment (derived)
+€95,118
Investment in fixed assets (net)
-€162,328
Current investments
+€257,446
Financing
-€42,130
Debts after one year
-€45,507
Current portion of long-term debt
+€3,377
Cash 2025
€7,638
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,913,989 | €1,751,256 | -€162,733 | -8.5% |
| Fixed assets | 21/28 | €1,359,419 | €1,478,747 | +€119,328 | +8.8% |
| Tangible fixed assets | 22/27 | €965,676 | €1,085,004 | +€119,328 | +12.4% |
| Land and buildings | 22 | €891,281 | €869,875 | -€21,406 | -2.4% |
| Plant, machinery and equipment | 23 | €1,935 | €990 | -€945 | -48.8% |
| Furniture and vehicles | 24 | €20,936 | €17,930 | -€3,006 | -14.4% |
| Other tangible fixed assets | 26 | €51,524 | €196,208 | +€144,684 | +281% |
| Financial fixed assets | 28 | €393,743 | €393,743 | = | 0.0% |
| Current assets | 29/58 | €554,570 | €272,509 | -€282,061 | -50.9% |
| Amounts receivable after more than one year | 29 | €86,533 | €60,859 | -€25,674 | -29.7% |
| Other amounts receivable | 291 | €86,533 | €60,859 | -€25,674 | -29.7% |
| Amounts receivable within one year | 40/41 | €26,127 | €25,674 | -€453 | -1.7% |
| Trade receivables | 40 | €434 | - | -€434 | |
| Other amounts receivable | 41 | €25,693 | €25,674 | -€19 | -0.1% |
| Current investments | 50/53 | €431,262 | €173,816 | -€257,446 | -59.7% |
| Cash at bank and in hand | 54/58 | €3,195 | €7,638 | +€4,443 | +139% |
| Deferred charges and accrued income | 490/1 | €7,454 | €4,522 | -€2,931 | -39.3% |
| Total equity and liabilities | 10/49 | €1,913,989 | €1,751,256 | -€162,733 | -8.5% |
| Equity | 10/15 | €968,858 | €983,320 | +€14,461 | +1.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €866,876 | €879,637 | +€12,761 | +1.5% |
| Non-distributable reserves | 130/1 | €6,400 | €10,000 | +€3,600 | +56.3% |
| Legal reserve | 130 | €6,400 | €10,000 | +€3,600 | +56.3% |
| Tax-exempt reserves | 132 | €370,976 | €359,137 | -€11,839 | -3.2% |
| Distributable reserves | 133 | €489,500 | €510,500 | +€21,000 | +4.3% |
| Profit (loss) carried forward | 14 | €1,982 | €3,683 | +€1,701 | +85.8% |
| Provisions and deferred taxes | 16 | €123,659 | €119,712 | -€3,946 | -3.2% |
| Deferred taxes | 168 | €123,659 | €119,712 | -€3,946 | -3.2% |
| Amounts payable | 17/49 | €821,472 | €648,224 | -€173,248 | -21.1% |
| Amounts payable after more than one year | 17 | €552,411 | €506,904 | -€45,507 | -8.2% |
| Financial debts | 170/4 | €546,011 | €500,504 | -€45,507 | -8.3% |
| Other amounts payable | 178/9 | €6,400 | €6,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €184,981 | €101,656 | -€83,325 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €61,298 | €64,675 | +€3,377 | +5.5% |
| Trade debts | 44 | €4,896 | €4,598 | -€298 | -6.1% |
| Suppliers | 440/4 | €4,896 | €4,598 | -€298 | -6.1% |
| Taxes, remuneration and social security | 45 | €1,544 | €2,907 | +€1,363 | +88.3% |
| Taxes | 450/3 | €1,544 | €2,907 | +€1,363 | +88.3% |
| Other amounts payable | 47/48 | €117,244 | €29,476 | -€87,768 | -74.9% |
| Accrued charges and deferred income | 492/3 | €84,081 | €39,665 | -€44,416 | -52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,195 | €43,000 | +€1,804 | +4.4% |
| Other operating charges | 640/8 | €3,019 | €4,560 | +€1,541 | +51.1% |
| Gross operating margin | 9900 | €38,785 | €31,563 | -€7,221 | -18.6% |
| Operating profit (loss) | 9901 | -€5,429 | -€15,997 | -€10,567 | -195% |
| Financial income | 75/76B | €37,635 | €44,419 | +€6,784 | +18.0% |
| Recurring financial income | 75 | €37,635 | €44,419 | +€6,784 | +18.0% |
| Financial charges | 65/66B | €15,878 | €15,362 | -€516 | -3.2% |
| Recurring financial charges | 65 | €15,878 | €15,362 | -€516 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €16,327 | €13,060 | -€3,267 | -20.0% |
| Transfer from deferred taxes | 780 | €3,946 | €3,946 | = | 0.0% |
| Income taxes | 67/77 | €3,180 | €2,546 | -€635 | -20.0% |
| Profit (loss) for the period | 9904 | €17,094 | €14,461 | -€2,632 | -15.4% |
| Transfer from tax-exempt reserves | 789 | €11,839 | €11,839 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,933 | €26,301 | -€2,632 | -9.1% |
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 30 October 2026 via checked.be.