MSE 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.
MSE LOGISTICS
Largest movements
- Receivables within one year +€128,418
up €128,418 (+31.7%), from €404,732 to €533,150
of which Trade receivables: +€159,616
- Cash -€99,320
down €99,320 (-12.7%), from €779,852 to €680,532
mainly Contributions, distributions and other (-€531,681) and Receivables within one year (-€128,418)
- Receivables after one year -€40,000
down €40,000 (-50.0%), from €80,000 to €40,000
- Tangible fixed assets -€32,029
down €32,029 (-23.2%), from €138,168 to €106,138
of which Furniture and vehicles: -€36,656
- Reserves -€265,909
down €265,909 (-29.4%), from €905,324 to €639,415
- Other debts +€246,883
up €246,883 (+152%), from €162,631 to €409,514
- Trade debts -€21,208
down €21,208 (-7.0%), from €301,307 to €280,099
- Gross operating margin +€98,187
up €98,187 (+24.7%), from €397,443 to €495,630
- Taxes +€26,591
up €26,591 (+47.7%), from €55,709 to €82,300
- Staff costs -€14,138
down €14,138 (-13.5%), from €104,774 to €90,636
- Financial charges +€13,443
up €13,443 (+150%), from €8,984 to €22,427
- Financial income -€7,471
down €7,471 (-64.8%), from €11,529 to €4,058
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,428,730 | €1,379,150 | -€49,580 | -3.5% |
| Fixed assets | 21/28 | €140,405 | €107,255 | -€33,149 | -23.6% |
| Intangible fixed assets | 21 | €2,237 | €1,117 | -€1,120 | -50.1% |
| Tangible fixed assets | 22/27 | €138,168 | €106,138 | -€32,029 | -23.2% |
| Plant, machinery and equipment | 23 | €4,926 | €15,432 | +€10,506 | +213% |
| Furniture and vehicles | 24 | €97,378 | €60,722 | -€36,656 | -37.6% |
| Other tangible fixed assets | 26 | €35,864 | €29,985 | -€5,879 | -16.4% |
| Current assets | 29/58 | €1,288,325 | €1,271,895 | -€16,430 | -1.3% |
| Amounts receivable after more than one year | 29 | €80,000 | €40,000 | -€40,000 | -50.0% |
| Other amounts receivable | 291 | €80,000 | €40,000 | -€40,000 | -50.0% |
| Stocks and contracts in progress | 3 | €6,225 | €4,150 | -€2,075 | -33.3% |
| Stocks | 30/36 | €6,225 | €4,150 | -€2,075 | -33.3% |
| Amounts receivable within one year | 40/41 | €404,732 | €533,150 | +€128,418 | +31.7% |
| Trade receivables | 40 | €315,708 | €475,324 | +€159,616 | +50.6% |
| Other amounts receivable | 41 | €89,024 | €57,826 | -€31,198 | -35.0% |
| Current investments | 50/53 | €7,850 | €7,850 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €779,852 | €680,532 | -€99,320 | -12.7% |
| Deferred charges and accrued income | 490/1 | €9,667 | €6,214 | -€3,453 | -35.7% |
| Total equity and liabilities | 10/49 | €1,428,730 | €1,379,150 | -€49,580 | -3.5% |
| Equity | 10/15 | €906,324 | €640,415 | -€265,909 | -29.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €905,324 | €639,415 | -€265,909 | -29.4% |
| Distributable reserves | 133 | €905,324 | €639,415 | -€265,909 | -29.4% |
| Provisions and deferred taxes | 16 | €34,079 | €33,708 | -€371 | -1.1% |
| Provisions for liabilities and charges | 160/5 | €34,079 | €33,708 | -€371 | -1.1% |
| Other liabilities and charges | 164/5 | €34,079 | €33,708 | -€371 | -1.1% |
| Amounts payable | 17/49 | €488,327 | €705,027 | +€216,700 | +44.4% |
| Amounts payable within one year | 42/48 | €487,761 | €705,027 | +€217,267 | +44.5% |
| Trade debts | 44 | €301,307 | €280,099 | -€21,208 | -7.0% |
| Suppliers | 440/4 | €301,307 | €280,099 | -€21,208 | -7.0% |
| Taxes, remuneration and social security | 45 | €23,823 | €15,415 | -€8,408 | -35.3% |
| Taxes | 450/3 | €18,686 | €2,645 | -€16,041 | -85.8% |
| Remuneration and social security | 454/9 | €5,137 | €12,770 | +€7,633 | +149% |
| Other amounts payable | 47/48 | €162,631 | €409,514 | +€246,883 | +152% |
| Accrued charges and deferred income | 492/3 | €567 | - | -€567 | |
| Remuneration, social security and pensions | 62 | €104,774 | €90,636 | -€14,138 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,311 | €34,347 | +€2,036 | +6.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,104 | -€371 | +€733 | +66.4% |
| Other operating charges | 640/8 | €2,840 | €4,577 | +€1,737 | +61.2% |
| Gross operating margin | 9900 | €397,443 | €495,630 | +€98,187 | +24.7% |
| Operating profit (loss) | 9901 | €258,622 | €366,441 | +€107,818 | +41.7% |
| Financial income | 75/76B | €11,529 | €4,058 | -€7,471 | -64.8% |
| Recurring financial income | 75 | €11,529 | €4,058 | -€7,471 | -64.8% |
| Financial charges | 65/66B | €8,984 | €22,427 | +€13,443 | +150% |
| Recurring financial charges | 65 | €8,984 | €22,427 | +€13,443 | +150% |
| Profit (loss) for the period before taxes | 9903 | €261,167 | €348,072 | +€86,905 | +33.3% |
| Income taxes | 67/77 | €55,709 | €82,300 | +€26,591 | +47.7% |
| Profit (loss) for the period | 9904 | €205,458 | €265,772 | +€60,314 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €205,458 | €265,772 | +€60,314 | +29.4% |
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 13 October 2026 via checked.be.