M&D LOGISTICS: what changed
Two fiscal 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.
M&D LOGISTICS
Largest movements
- Current investments -€210,411
down €210,411 (-29.4%), from €715,000 to €504,589
- Receivables within one year +€79,414
up €79,414 (+2791.8%), from €2,845 to €82,258
of which Trade receivables: +€81,187
- Tangible fixed assets -€18,202
down €18,202 (-24.9%), from €72,990 to €54,788
of which Leasing and similar rights: -€13,431
- Cash -€14,936
down €14,936 (-14.5%), from €103,169 to €88,233
mainly Provisions (-€95,556) and Receivables within one year (-€79,414)
- Provisions -€95,556
down €95,556 (-100.0%), from €95,556 to €0
- Tax, wage and social debts -€30,900
down €30,900 (-27.9%), from €110,801 to €79,901
of which Taxes: -€47,850
- Debts after one year -€19,563
down €19,563 (-56.3%), from €34,760 to €15,197
- Reserves -€18,368
down €18,368 (-4.7%), from €391,268 to €372,900
of which Tax-exempt reserves: -€286,668
- Gross operating margin -€160,770
down €160,770 (-80.8%), from €199,019 to €38,249
- Taxes +€81,558
up €81,558 (+149.8%), from €54,429 to €135,988
- Depreciation +€3,512
up €3,512 (+23.9%), from €14,690 to €18,202
- Financial income +€2,237
up €2,237 (+31.0%), from €7,208 to €9,445
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.
Cash bridge derived
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 | €897,099 | €732,907 | -€164,192 | -18.3% |
| Fixed assets | 21/28 | €73,148 | €54,946 | -€18,202 | -24.9% |
| Tangible fixed assets | 22/27 | €72,990 | €54,788 | -€18,202 | -24.9% |
| Furniture and vehicles | 24 | €4,819 | €2,915 | -€1,903 | -39.5% |
| Leasing and similar rights | 25 | €57,332 | €43,901 | -€13,431 | -23.4% |
| Other tangible fixed assets | 26 | €10,839 | €7,972 | -€2,867 | -26.5% |
| Financial fixed assets | 28 | €157 | €157 | = | 0.0% |
| Current assets | 29/58 | €823,951 | €677,961 | -€145,990 | -17.7% |
| Amounts receivable within one year | 40/41 | €2,845 | €82,258 | +€79,414 | +2791.8% |
| Trade receivables | 40 | - | €81,187 | +€81,187 | |
| Other amounts receivable | 41 | €2,845 | €1,071 | -€1,773 | -62.3% |
| Current investments | 50/53 | €715,000 | €504,589 | -€210,411 | -29.4% |
| Cash at bank and in hand | 54/58 | €103,169 | €88,233 | -€14,936 | -14.5% |
| Deferred charges and accrued income | 490/1 | €2,937 | €2,881 | -€57 | -1.9% |
| Total equity and liabilities | 10/49 | €897,099 | €732,907 | -€164,192 | -18.3% |
| Equity | 10/15 | €633,427 | €615,060 | -€18,367 | -2.9% |
| Contributions | 10/11 | €242,000 | €242,000 | = | 0.0% |
| Reserves | 13 | €391,268 | €372,900 | -€18,368 | -4.7% |
| Tax-exempt reserves | 132 | €286,668 | €0 | -€286,668 | -100.0% |
| Distributable reserves | 133 | €104,600 | €372,900 | +€268,300 | +256.5% |
| Profit (loss) carried forward | 14 | €159 | €160 | +€0 | +0.2% |
| Provisions and deferred taxes | 16 | €95,556 | €0 | -€95,556 | -100.0% |
| Deferred taxes | 168 | €95,556 | €0 | -€95,556 | -100.0% |
| Amounts payable | 17/49 | €168,116 | €117,847 | -€50,269 | -29.9% |
| Amounts payable after more than one year | 17 | €34,760 | €15,197 | -€19,563 | -56.3% |
| Financial debts | 170/4 | €34,760 | €15,197 | -€19,563 | -56.3% |
| Amounts payable within one year | 42/48 | €133,356 | €102,650 | -€30,706 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €18,791 | €19,563 | +€771 | +4.1% |
| Trade debts | 44 | €3,763 | €3,186 | -€577 | -15.3% |
| Suppliers | 440/4 | €3,763 | €3,186 | -€577 | -15.3% |
| Taxes, remuneration and social security | 45 | €110,801 | €79,901 | -€30,900 | -27.9% |
| Taxes | 450/3 | €107,525 | €59,674 | -€47,850 | -44.5% |
| Remuneration and social security | 454/9 | €3,277 | €20,227 | +€16,950 | +517.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,690 | €18,202 | +€3,512 | +23.9% |
| Other operating charges | 640/8 | €519 | €2,493 | +€1,974 | +380.6% |
| Gross operating margin | 9900 | €199,019 | €38,249 | -€160,770 | -80.8% |
| Operating profit (loss) | 9901 | €183,811 | €17,555 | -€166,256 | -90.4% |
| Financial income | 75/76B | €7,208 | €9,445 | +€2,237 | +31.0% |
| Recurring financial income | 75 | €7,208 | €9,445 | +€2,237 | +31.0% |
| Financial charges | 65/66B | €6,115 | €4,935 | -€1,180 | -19.3% |
| Recurring financial charges | 65 | €6,115 | €4,935 | -€1,180 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €184,904 | €22,065 | -€162,839 | -88.1% |
| Transfer from deferred taxes | 780 | - | €95,556 | +€95,556 | |
| Income taxes | 67/77 | €54,429 | €135,988 | +€81,558 | +149.8% |
| Profit (loss) for the period | 9904 | €130,474 | -€18,367 | -€148,841 | |
| Transfer from tax-exempt reserves | 789 | - | €286,668 | +€286,668 | |
| Profit (loss) for the period to be appropriated | 9905 | €130,474 | €268,300 | +€137,826 | +105.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.