MH LOGISTICS: 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
MH LOGISTICS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€47,248
2024 · -€282,103+€234,854
Equity
-€512,491
2024 · -€249,243-€263,248
Cash
€140,985
2024 · €128,621+€12,364
Balance sheet total
€5.8m
2024 · €5.9m-€76,383
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Investment grants -€216,000
no longer reported in 2025 (was €216,000)
- Short-term financial debts +€203,800
up €203,800 (+3.4%), from €6.0m to €6.2m
- Trade debts -€64,182
down €64,182 (-55.0%), from €116,614 to €52,431
Income statement
- Gross operating margin +€274,266
up €274,266 (+98.5%), from €278,415 to €552,681
- Depreciation +€73,788
up €73,788 (+27.0%), from €273,432 to €347,221
- Financial charges -€34,563
down €34,563 (-13.0%), from €266,620 to €232,057
- Write-downs +€5,682
no longer reported in 2025 (was -€5,682)
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
-€282,103
Gross operating margin
+€274,266
Staff costs
+€1,231
Depreciation
-€73,788
Write-downs
-€5,682
Other operating charges
+€2,424
Financial income
+€2,044
Financial charges
+€34,563
Taxes
-€203
Result 2025
-€47,248
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.
From operations
+€317,564
Investment
-€315,174
Financing
+€9,974
Cash 2024
€128,621
From operations (derived)
+€317,564
Net result for the year
-€47,248
Depreciation
+€347,221
Receivables within one year
+€58,941
Deferred charges and accrued income
-€2,240
Trade debts
-€64,182
Tax, wage and social debts
+€21,885
Advances received
-€3,894
Other debts
+€19,333
Accrued charges and deferred income
-€12,251
Investment (derived)
-€315,174
Investment in fixed assets (net)
-€315,174
Financing
+€9,974
Debts after one year
+€21,937
Current portion of long-term debt
+€237
Short-term financial debts
+€203,800
Contributions, distributions and other
-€216,000
Cash 2025
€140,985
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,923,730 | €5,847,347 | -€76,383 | -1.3% |
| Fixed assets | 21/28 | €5,462,454 | €5,430,408 | -€32,047 | -0.6% |
| Intangible fixed assets | 21 | €5,613 | €5,013 | -€600 | -10.7% |
| Tangible fixed assets | 22/27 | €5,431,842 | €5,400,395 | -€31,447 | -0.6% |
| Land and buildings | 22 | €5,361,719 | €5,340,612 | -€21,108 | -0.4% |
| Plant, machinery and equipment | 23 | €41,053 | €38,533 | -€2,520 | -6.1% |
| Furniture and vehicles | 24 | €14,141 | €12,119 | -€2,022 | -14.3% |
| Leasing and similar rights | 25 | €14,929 | €9,132 | -€5,797 | -38.8% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €461,275 | €416,939 | -€44,337 | -9.6% |
| Amounts receivable within one year | 40/41 | €328,073 | €269,132 | -€58,941 | -18.0% |
| Trade receivables | 40 | €74,295 | €132,427 | +€58,132 | +78.2% |
| Other amounts receivable | 41 | €253,777 | €136,705 | -€117,073 | -46.1% |
| Cash at bank and in hand | 54/58 | €128,621 | €140,985 | +€12,364 | +9.6% |
| Deferred charges and accrued income | 490/1 | €4,582 | €6,822 | +€2,240 | +48.9% |
| Total equity and liabilities | 10/49 | €5,923,730 | €5,847,347 | -€76,383 | -1.3% |
| Equity | 10/15 | -€249,243 | -€512,491 | -€263,248 | -105.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€526,743 | -€573,991 | -€47,248 | -9.0% |
| Investment grants | 15 | €216,000 | - | -€216,000 | |
| Amounts payable | 17/49 | €6,172,973 | €6,359,838 | +€186,865 | +3.0% |
| Amounts payable after more than one year | 17 | €61,159 | €83,096 | +€21,937 | +35.9% |
| Financial debts | 170/4 | €8,024 | €2,411 | -€5,613 | -70.0% |
| Other amounts payable | 178/9 | €53,135 | €80,685 | +€27,550 | +51.8% |
| Amounts payable within one year | 42/48 | €6,099,422 | €6,276,601 | +€177,179 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €5,376 | €5,613 | +€237 | +4.4% |
| Financial debts | 43 | €5,972,200 | €6,176,000 | +€203,800 | +3.4% |
| Credit institutions | 430/8 | €5,972,200 | €6,176,000 | +€203,800 | +3.4% |
| Trade debts | 44 | €116,614 | €52,431 | -€64,182 | -55.0% |
| Suppliers | 440/4 | €116,614 | €52,431 | -€64,182 | -55.0% |
| Advances received on contracts in progress | 46 | €3,894 | - | -€3,894 | |
| Taxes, remuneration and social security | 45 | - | €21,885 | +€21,885 | |
| Taxes | 450/3 | - | €21,885 | +€21,885 | |
| Other amounts payable | 47/48 | €1,338 | €20,671 | +€19,333 | +1444.5% |
| Accrued charges and deferred income | 492/3 | €12,392 | €140 | -€12,251 | -98.9% |
| Remuneration, social security and pensions | 62 | €1,231 | - | -€1,231 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €273,432 | €347,221 | +€73,788 | +27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,682 | - | +€5,682 | |
| Other operating charges | 640/8 | €26,236 | €23,812 | -€2,424 | -9.2% |
| Gross operating margin | 9900 | €278,415 | €552,681 | +€274,266 | +98.5% |
| Operating profit (loss) | 9901 | -€16,803 | €181,648 | +€198,451 | |
| Financial income | 75/76B | €1,320 | €3,364 | +€2,044 | +154.8% |
| Recurring financial income | 75 | €1,320 | €3,364 | +€2,044 | +154.8% |
| Financial charges | 65/66B | €266,620 | €232,057 | -€34,563 | -13.0% |
| Recurring financial charges | 65 | €266,620 | €232,057 | -€34,563 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€282,103 | -€47,045 | +€235,057 | +83.3% |
| Income taxes | 67/77 | - | €203 | +€203 | |
| Profit (loss) for the period | 9904 | -€282,103 | -€47,248 | +€234,854 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€282,103 | -€47,248 | +€234,854 | +83.3% |
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 10 October 2026 via checked.be.