M LOGISTIC: 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 LOGISTIC
Largest movements
- Tangible fixed assets -€18,260
down €18,260 (-24.2%), from €75,388 to €57,128
- Receivables within one year +€12,539
up €12,539 (+61.4%), from €20,429 to €32,968
- Cash -€8,058
down €8,058 (-77.5%), from €10,396 to €2,338
mainly Receivables within one year (-€12,539) and Debts after one year (-€8,539)
- Debts after one year -€8,539
down €8,539 (-26.2%), from €32,591 to €24,052
- Tax, wage and social debts -€5,073
down €5,073 (-58.4%), from €8,682 to €3,609
of which Taxes: -€5,082
- Trade debts -€1,883
down €1,883 (-22.0%), from €8,571 to €6,688
- Profit (loss) carried forward +€1,484
up €1,484 (+5.3%), from €27,891 to €29,375
- Depreciation +€9,615
up €9,615 (+111.2%), from €8,645 to €18,260
- Taxes +€3,759
new in 2025: €3,759
- Gross operating margin -€1,029
down €1,029 (-3.3%), from €31,146 to €30,117
- Financial charges +€808
up €808 (+51.5%), from €1,570 to €2,378
- Other operating charges +€710
up €710 (+24.2%), from €2,931 to €3,641
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 | €106,253 | €92,644 | -€13,609 | -12.8% |
| Fixed assets | 21/28 | €75,428 | €57,338 | -€18,090 | -24.0% |
| Tangible fixed assets | 22/27 | €75,388 | €57,128 | -€18,260 | -24.2% |
| Furniture and vehicles | 24 | €75,388 | €57,128 | -€18,260 | -24.2% |
| Financial fixed assets | 28 | €40 | €210 | +€170 | +425.0% |
| Current assets | 29/58 | €30,825 | €35,306 | +€4,481 | +14.5% |
| Amounts receivable within one year | 40/41 | €20,429 | €32,968 | +€12,539 | +61.4% |
| Trade receivables | 40 | €20,429 | €32,968 | +€12,539 | +61.4% |
| Cash at bank and in hand | 54/58 | €10,396 | €2,338 | -€8,058 | -77.5% |
| Total equity and liabilities | 10/49 | €106,253 | €92,644 | -€13,609 | -12.8% |
| Equity | 10/15 | €48,275 | €49,759 | +€1,484 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,784 | €1,784 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,784 | €1,784 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,784 | €1,784 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,891 | €29,375 | +€1,484 | +5.3% |
| Amounts payable | 17/49 | €57,978 | €42,885 | -€15,093 | -26.0% |
| Amounts payable after more than one year | 17 | €32,591 | €24,052 | -€8,539 | -26.2% |
| Financial debts | 170/4 | €32,591 | €24,052 | -€8,539 | -26.2% |
| Amounts payable within one year | 42/48 | €25,387 | €18,833 | -€6,554 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €8,134 | €8,536 | +€402 | +4.9% |
| Trade debts | 44 | €8,571 | €6,688 | -€1,883 | -22.0% |
| Suppliers | 440/4 | €8,571 | €6,688 | -€1,883 | -22.0% |
| Taxes, remuneration and social security | 45 | €8,682 | €3,609 | -€5,073 | -58.4% |
| Taxes | 450/3 | €8,682 | €3,600 | -€5,082 | -58.5% |
| Remuneration and social security | 454/9 | - | €9 | +€9 | |
| Remuneration, social security and pensions | 62 | - | €121 | +€121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,645 | €18,260 | +€9,615 | +111.2% |
| Other operating charges | 640/8 | €2,931 | €3,641 | +€710 | +24.2% |
| Non-recurring operating charges | 66A | €10,566 | €847 | -€9,719 | -92.0% |
| Gross operating margin | 9900 | €31,146 | €30,117 | -€1,029 | -3.3% |
| Operating profit (loss) | 9901 | €9,004 | €7,248 | -€1,756 | -19.5% |
| Financial income | 75/76B | - | €373 | +€373 | |
| Recurring financial income | 75 | - | €373 | +€373 | |
| Financial charges | 65/66B | €1,570 | €2,378 | +€808 | +51.5% |
| Recurring financial charges | 65 | €1,570 | €2,378 | +€808 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €7,434 | €5,243 | -€2,191 | -29.5% |
| Income taxes | 67/77 | - | €3,759 | +€3,759 | |
| Profit (loss) for the period | 9904 | €7,434 | €1,484 | -€5,950 | -80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,434 | €1,484 | -€5,950 | -80.0% |
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 6 October 2026 via checked.be.