MSD 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.
MSD Logistics
Largest movements
- Deferred charges and accrued income +€523,039
up €523,039 (+55,081%), from €950 to €523,989
- Receivables within one year +€97,208
up €97,208 (+131%), from €74,091 to €171,299
of which Trade receivables: +€74,262
- Tangible fixed assets +€73,855
up €73,855 (+260%), from €28,454 to €102,309
- Cash -€36,950
down €36,950 (-27.8%), from €133,102 to €96,152
mainly Deferred charges and accrued income (-€523,039) and Receivables within one year (-€97,208)
- Trade debts +€633,921
up €633,921 (+861%), from €73,622 to €707,544
- Debts after one year +€49,988
up €49,988 (+210%), from €23,774 to €73,762
- Profit (loss) carried forward -€36,212
down €36,212, from €770 to -€35,441
- Current portion of long-term debt +€19,128
up €19,128 (+319%), from €5,987 to €25,115
- Purchases and services +€283,666
up €283,666 (+10.5%), from €2.7m to €3.0m
- Turnover +€239,377
up €239,377 (+8.4%), from €2.8m to €3.1m
- Gross operating margin -€43,994
down €43,994 (-32.4%), from €135,983 to €91,989
From the 2023 result to the 2024 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.
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €243,151 | €900,304 | +€657,153 | +270% |
| Fixed assets | 21/28 | €35,009 | €108,864 | +€73,855 | +211% |
| Tangible fixed assets | 22/27 | €28,454 | €102,309 | +€73,855 | +260% |
| Furniture and vehicles | 24 | €28,454 | €102,309 | +€73,855 | +260% |
| Financial fixed assets | 28 | €6,555 | €6,555 | = | 0.0% |
| Current assets | 29/58 | €208,142 | €791,440 | +€583,298 | +280% |
| Amounts receivable within one year | 40/41 | €74,091 | €171,299 | +€97,208 | +131% |
| Trade receivables | 40 | €52,136 | €126,398 | +€74,262 | +142% |
| Other amounts receivable | 41 | €21,955 | €44,901 | +€22,946 | +105% |
| Cash at bank and in hand | 54/58 | €133,102 | €96,152 | -€36,950 | -27.8% |
| Deferred charges and accrued income | 490/1 | €950 | €523,989 | +€523,039 | +55,081% |
| Total equity and liabilities | 10/49 | €243,151 | €900,304 | +€657,153 | +270% |
| Equity | 10/15 | €114,694 | €78,482 | -€36,212 | -31.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €63,923 | €63,923 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,923 | €3,923 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,923 | €3,923 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €770 | -€35,441 | -€36,212 | |
| Amounts payable | 17/49 | €128,457 | €821,822 | +€693,365 | +540% |
| Amounts payable after more than one year | 17 | €23,774 | €73,762 | +€49,988 | +210% |
| Financial debts | 170/4 | €23,774 | €73,762 | +€49,988 | +210% |
| Amounts payable within one year | 42/48 | €104,683 | €748,060 | +€643,377 | +615% |
| Current portion of amounts payable after more than one year | 42 | €5,987 | €25,115 | +€19,128 | +319% |
| Financial debts | 43 | €1,655 | €1,655 | = | 0.0% |
| Credit institutions | 430/8 | €1,655 | €1,655 | = | 0.0% |
| Trade debts | 44 | €73,622 | €707,544 | +€633,921 | +861% |
| Suppliers | 440/4 | €73,622 | €707,544 | +€633,921 | +861% |
| Advances received on contracts in progress | 46 | €7,325 | - | -€7,325 | |
| Taxes, remuneration and social security | 45 | €16,093 | €13,746 | -€2,348 | -14.6% |
| Taxes | 450/3 | €16,093 | - | -€16,093 | |
| Remuneration and social security | 454/9 | - | €13,746 | +€13,746 | |
| Turnover | 70 | €2,847,648 | €3,087,025 | +€239,377 | +8.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,711,664 | €2,995,331 | +€283,666 | +10.5% |
| Remuneration, social security and pensions | 62 | €113,818 | €94,742 | -€19,076 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,687 | €14,389 | -€1,298 | -8.3% |
| Other operating charges | 640/8 | €2,498 | €1,895 | -€603 | -24.1% |
| Non-recurring operating charges | 66A | €1,158 | €1,958 | +€800 | +69.1% |
| Gross operating margin | 9900 | €135,983 | €91,989 | -€43,994 | -32.4% |
| Operating profit (loss) | 9901 | €2,822 | -€20,995 | -€23,818 | |
| Financial income | 75/76B | €9 | €53 | +€44 | +507% |
| Recurring financial income | 75 | €9 | €53 | +€44 | +507% |
| Financial charges | 65/66B | €689 | €509 | -€180 | -26.1% |
| Recurring financial charges | 65 | €689 | €509 | -€180 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €2,142 | -€21,452 | -€23,594 | |
| Income taxes | 67/77 | €4,918 | €14,760 | +€9,842 | +200% |
| Profit (loss) for the period | 9904 | -€2,776 | -€36,212 | -€33,436 | -1,204% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,776 | -€36,212 | -€33,436 | -1,204% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.