MIDDLEGATE EUROPE: 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
MIDDLEGATE EUROPE
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€567,594
2024 · €506,025+€61,569
Equity
€1.2m
2024 · €1.1m+€167,594
Cash
€710,950
2024 · €703,849+€7,101
Balance sheet total
€4.8m
2024 · €3.0m+€1.9m
Largest movements
Assets
- Financial fixed assets +€1.3m
new in 2025: €1.3m
- Tangible fixed assets +€446,068
up €446,068 (+102%), from €439,188 to €885,256
of which Leasing and similar rights: +€397,199
- Receivables within one year +€260,730
up €260,730 (+25.6%), from €1.0m to €1.3m
of which Trade receivables: +€255,938
- Deferred charges and accrued income -€71,653
down €71,653 (-40.0%), from €179,016 to €107,362
Equity and liabilities
- Debts after one year +€1.2m
up €1.2m (+622%), from €189,849 to €1.4m
of which Financial debts: +€1.1m
- Current portion of long-term debt +€211,777
up €211,777 (+105%), from €201,060 to €412,837
- Trade debts +€187,648
up €187,648 (+31.8%), from €590,121 to €777,769
- Reserves +€167,594
up €167,594 (+16.5%), from €1.0m to €1.2m
of which Distributable reserves: +€167,594
- Short-term financial debts +€128,230
up €128,230 (+483%), from €26,522 to €154,752
Income statement
- Gross operating margin +€360,708
up €360,708 (+11.3%), from €3.2m to €3.5m
- Staff costs +€288,227
up €288,227 (+15.1%), from €1.9m to €2.2m
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
€506,025
Gross operating margin
+€360,708
Staff costs
-€288,227
Depreciation
-€21,256
Write-downs
+€295
Other operating charges
-€24,237
Other operating items
+€57,821
Financial income
+€24,245
Financial charges
-€22,808
Taxes
-€24,972
Result 2025
€567,594
raises the resultlowers the resultnot broken down further in the accounts
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
+€860,632
Investment
-€2.0m
Financing
+€1.1m
Cash 2024
€703,849
From operations (derived)
+€860,632
Net result for the year
+€567,594
Depreciation
+€319,104
Receivables within one year
-€260,730
Deferred charges and accrued income
+€71,653
Trade debts
+€187,648
Tax, wage and social debts
+€77,693
Other debts
+€699
Accrued charges and deferred income
-€103,030
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€1.1m
Debts after one year
+€1.2m
Current portion of long-term debt
+€211,777
Short-term financial debts
+€128,230
Contributions, distributions and other
-€400,000
Cash 2025
€710,950
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,951,920 | €4,804,003 | +€1.9m | +62.7% |
| Fixed assets | 21/28 | €636,023 | €2,291,928 | +€1.7m | +260% |
| Intangible fixed assets | 21 | €196,835 | €156,671 | -€40,163 | -20.4% |
| Tangible fixed assets | 22/27 | €439,188 | €885,256 | +€446,068 | +102% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €44,447 | €80,110 | +€35,664 | +80.2% |
| Furniture and vehicles | 24 | €37,305 | €44,337 | +€7,033 | +18.9% |
| Leasing and similar rights | 25 | €319,125 | €716,323 | +€397,199 | +124% |
| Other tangible fixed assets | 26 | €38,312 | €44,486 | +€6,173 | +16.1% |
| Financial fixed assets | 28 | - | €1,250,000 | +€1.3m | |
| Current assets | 29/58 | €2,315,897 | €2,512,075 | +€196,178 | +8.5% |
| Amounts receivable after more than one year | 29 | €415,000 | €415,000 | = | 0.0% |
| Other amounts receivable | 291 | €415,000 | €415,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,018,032 | €1,278,762 | +€260,730 | +25.6% |
| Trade receivables | 40 | €989,393 | €1,245,331 | +€255,938 | +25.9% |
| Other amounts receivable | 41 | €28,639 | €33,431 | +€4,792 | +16.7% |
| Cash at bank and in hand | 54/58 | €703,849 | €710,950 | +€7,101 | +1.0% |
| Deferred charges and accrued income | 490/1 | €179,016 | €107,362 | -€71,653 | -40.0% |
| Total equity and liabilities | 10/49 | €2,951,920 | €4,804,003 | +€1.9m | +62.7% |
| Equity | 10/15 | €1,077,266 | €1,244,860 | +€167,594 | +15.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,015,266 | €1,182,860 | +€167,594 | +16.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,739 | €31,739 | = | 0.0% |
| Distributable reserves | 133 | €977,327 | €1,144,921 | +€167,594 | +17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,874,653 | €3,559,143 | +€1.7m | +89.9% |
| Amounts payable after more than one year | 17 | €189,849 | €1,371,322 | +€1.2m | +622% |
| Financial debts | 170/4 | €189,849 | €1,287,989 | +€1.1m | +578% |
| Other amounts payable | 178/9 | - | €83,333 | +€83,333 | |
| Amounts payable within one year | 42/48 | €1,543,080 | €2,149,126 | +€606,046 | +39.3% |
| Current portion of amounts payable after more than one year | 42 | €201,060 | €412,837 | +€211,777 | +105% |
| Financial debts | 43 | €26,522 | €154,752 | +€128,230 | +483% |
| Credit institutions | 430/8 | €26,522 | €154,752 | +€128,230 | +483% |
| Trade debts | 44 | €590,121 | €777,769 | +€187,648 | +31.8% |
| Suppliers | 440/4 | €590,121 | €777,769 | +€187,648 | +31.8% |
| Taxes, remuneration and social security | 45 | €267,597 | €345,290 | +€77,693 | +29.0% |
| Taxes | 450/3 | €52,820 | €31,423 | -€21,397 | -40.5% |
| Remuneration and social security | 454/9 | €214,777 | €313,867 | +€99,090 | +46.1% |
| Other amounts payable | 47/48 | €457,780 | €458,478 | +€699 | +0.2% |
| Accrued charges and deferred income | 492/3 | €141,724 | €38,694 | -€103,030 | -72.7% |
| Non-recurring operating income | 76A | - | €105,750 | +€105,750 | |
| Remuneration, social security and pensions | 62 | €1,911,988 | €2,200,215 | +€288,227 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,848 | €319,104 | +€21,256 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,255 | -€1,550 | -€295 | -23.5% |
| Other operating charges | 640/8 | €203,243 | €227,480 | +€24,237 | +11.9% |
| Non-recurring operating charges | 66A | €64,992 | €7,171 | -€57,821 | -89.0% |
| Gross operating margin | 9900 | €3,180,026 | €3,540,734 | +€360,708 | +11.3% |
| Operating profit (loss) | 9901 | €703,211 | €788,314 | +€85,103 | +12.1% |
| Financial income | 75/76B | €11,952 | €36,197 | +€24,245 | +203% |
| Recurring financial income | 75 | €11,952 | €36,197 | +€24,245 | +203% |
| Financial charges | 65/66B | €31,742 | €54,550 | +€22,808 | +71.9% |
| Recurring financial charges | 65 | €31,742 | €54,550 | +€22,808 | +71.9% |
| Profit (loss) for the period before taxes | 9903 | €683,420 | €769,961 | +€86,541 | +12.7% |
| Income taxes | 67/77 | €177,396 | €202,367 | +€24,972 | +14.1% |
| Profit (loss) for the period | 9904 | €506,025 | €567,594 | +€61,569 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €506,025 | €567,594 | +€61,569 | +12.2% |
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 19 October 2026 via checked.be.