MD 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.
MD LOGISTICS
Largest movements
- Financial fixed assets +€3.7m
up €3.7m (+77.2%), from €4.8m to €8.4m
- Receivables within one year +€1.9m
up €1.9m (+52.2%), from €3.7m to €5.7m
of which Other amounts receivable: +€1.9m
- Tangible fixed assets -€346,540
down €346,540 (-6.9%), from €5.0m to €4.7m
of which Land and buildings: -€206,660
- Debts after one year +€5.0m
up €5.0m (+132.5%), from €3.8m to €8.7m
of which Other amounts payable: +€3.7m
- Financial income -€279,417
down €279,417 (-44.4%), from €629,423 to €350,007
of which Financial income: -€254,923
- Turnover +€65,281
up €65,281 (+11.3%), from €576,531 to €641,812
- Purchases and services +€52,726
up €52,726 (+33.8%), from €155,801 to €208,527
- Financial charges -€23,248
down €23,248 (-11.5%), from €202,521 to €179,273
- Gross operating margin +€12,646
up €12,646 (+3.0%), from €420,946 to €433,592
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 | €13,864,461 | €18,961,271 | +€5.1m | +36.8% |
| Fixed assets | 21/28 | €9,785,614 | €13,111,674 | +€3.3m | +34.0% |
| Tangible fixed assets | 22/27 | €5,030,564 | €4,684,025 | -€346,540 | -6.9% |
| Land and buildings | 22 | €4,129,522 | €3,922,863 | -€206,660 | -5.0% |
| Plant, machinery and equipment | 23 | €522,541 | €428,462 | -€94,079 | -18.0% |
| Other tangible fixed assets | 26 | €378,501 | €332,700 | -€45,801 | -12.1% |
| Financial fixed assets | 28 | €4,755,050 | €8,427,649 | +€3.7m | +77.2% |
| Current assets | 29/58 | €4,078,847 | €5,849,598 | +€1.8m | +43.4% |
| Amounts receivable within one year | 40/41 | €3,718,507 | €5,659,309 | +€1.9m | +52.2% |
| Trade receivables | 40 | €19,811 | €11,096 | -€8,715 | -44.0% |
| Other amounts receivable | 41 | €3,698,697 | €5,648,213 | +€1.9m | +52.7% |
| Current investments | 50/53 | €2,500 | €2,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €357,840 | €187,788 | -€170,052 | -47.5% |
| Total equity and liabilities | 10/49 | €13,864,461 | €18,961,271 | +€5.1m | +36.8% |
| Equity | 10/15 | €8,924,798 | €9,016,957 | +€92,159 | +1.0% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,078,758 | €2,078,758 | = | 0.0% |
| Reserves | 13 | €1,846,040 | €1,938,199 | +€92,159 | +5.0% |
| Non-distributable reserves | 130/1 | €500,000 | €500,000 | = | 0.0% |
| Legal reserve | 130 | €500,000 | €500,000 | = | 0.0% |
| Distributable reserves | 133 | €1,346,040 | €1,438,199 | +€92,159 | +6.8% |
| Amounts payable | 17/49 | €4,939,663 | €9,944,314 | +€5.0m | +101.3% |
| Amounts payable after more than one year | 17 | €3,762,045 | €8,747,265 | +€5.0m | +132.5% |
| Financial debts | 170/4 | €3,760,005 | €5,086,601 | +€1.3m | +35.3% |
| Other amounts payable | 178/9 | €2,040 | €3,660,664 | +€3.7m | +179370.7% |
| Amounts payable within one year | 42/48 | €517,308 | €597,049 | +€79,741 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €333,332 | €427,538 | +€94,206 | +28.3% |
| Trade debts | 44 | €177,669 | €123,891 | -€53,779 | -30.3% |
| Suppliers | 440/4 | €177,669 | €123,891 | -€53,779 | -30.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,306 | €45,621 | +€39,314 | +623.4% |
| Taxes | 450/3 | - | €40,261 | +€40,261 | |
| Remuneration and social security | 454/9 | €6,306 | €5,360 | -€947 | -15.0% |
| Accrued charges and deferred income | 492/3 | €660,311 | €600,000 | -€60,311 | -9.1% |
| Turnover | 70 | €576,531 | €641,812 | +€65,281 | +11.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €155,801 | €208,527 | +€52,726 | +33.8% |
| Remuneration, social security and pensions | 62 | €49,942 | €43,741 | -€6,201 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €367,013 | €370,472 | +€3,459 | +0.9% |
| Other operating charges | 640/8 | €62,039 | €63,676 | +€1,636 | +2.6% |
| Gross operating margin | 9900 | €420,946 | €433,592 | +€12,646 | +3.0% |
| Operating profit (loss) | 9901 | -€58,048 | -€44,297 | +€13,751 | +23.7% |
| Financial income | 75/76B | €629,423 | €350,007 | -€279,417 | -44.4% |
| Recurring financial income | 75 | €604,930 | €350,007 | -€254,923 | -42.1% |
| Non-recurring financial income | 76B | €24,494 | €0 | -€24,494 | -100.0% |
| Financial charges | 65/66B | €202,521 | €179,273 | -€23,248 | -11.5% |
| Recurring financial charges | 65 | €202,521 | €179,273 | -€23,248 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €368,854 | €126,437 | -€242,417 | -65.7% |
| Income taxes | 67/77 | €36,870 | €34,278 | -€2,592 | -7.0% |
| Profit (loss) for the period | 9904 | €331,984 | €92,159 | -€239,825 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €331,984 | €92,159 | -€239,825 | -72.2% |
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 1 October 2026 via checked.be.