MSK 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.
MSK Logistics
Largest movements
- Receivables within one year +€56,881
up €56,881 (+41.6%), from €136,860 to €193,741
of which Trade receivables: +€94,995
- Tangible fixed assets -€19,315
down €19,315 (-40.1%), from €48,194 to €28,879
of which Furniture and vehicles: -€15,150
- Trade debts +€173,978
new in 2025: €173,978
- Profit (loss) carried forward -€104,915
down €104,915, from €13,660 to -€91,255
- Other debts -€38,109
down €38,109 (-40.0%), from €95,277 to €57,167
- Current portion of long-term debt +€12,741
up €12,741 (+101.4%), from €12,565 to €25,306
- Short-term financial debts -€5,666
no longer reported in 2025 (was €5,666)
- Gross operating margin -€78,610
down €78,610, from €26,012 to -€52,598
- Other operating charges +€9,057
up €9,057 (+100.3%), from €9,033 to €18,090
- Depreciation +€4,802
up €4,802 (+33.1%), from €14,514 to €19,315
- Taxes -€2,575
no longer reported in 2025 (was €2,575)
- Financial income -€1,702
no longer reported in 2025 (was €1,702)
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 | €186,180 | €225,145 | +€38,966 | +20.9% |
| Fixed assets | 21/28 | €48,194 | €28,879 | -€19,315 | -40.1% |
| Tangible fixed assets | 22/27 | €48,194 | €28,879 | -€19,315 | -40.1% |
| Furniture and vehicles | 24 | €35,106 | €19,956 | -€15,150 | -43.2% |
| Leasing and similar rights | 25 | €13,088 | €8,922 | -€4,165 | -31.8% |
| Current assets | 29/58 | €137,986 | €196,267 | +€58,281 | +42.2% |
| Amounts receivable within one year | 40/41 | €136,860 | €193,741 | +€56,881 | +41.6% |
| Trade receivables | 40 | €98,746 | €193,741 | +€94,995 | +96.2% |
| Other amounts receivable | 41 | €38,114 | - | -€38,114 | |
| Cash at bank and in hand | 54/58 | - | €1,929 | +€1,929 | |
| Deferred charges and accrued income | 490/1 | €1,126 | €597 | -€529 | -47.0% |
| Total equity and liabilities | 10/49 | €186,180 | €225,145 | +€38,966 | +20.9% |
| Equity | 10/15 | €15,660 | -€89,255 | -€104,915 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,660 | -€91,255 | -€104,915 | |
| Amounts payable | 17/49 | €170,520 | €314,401 | +€143,881 | +84.4% |
| Amounts payable after more than one year | 17 | €50,578 | €50,600 | +€21 | 0.0% |
| Financial debts | 170/4 | €50,578 | €50,600 | +€21 | 0.0% |
| Amounts payable within one year | 42/48 | €119,941 | €263,801 | +€143,860 | +119.9% |
| Current portion of amounts payable after more than one year | 42 | €12,565 | €25,306 | +€12,741 | +101.4% |
| Financial debts | 43 | €5,666 | - | -€5,666 | |
| Credit institutions | 430/8 | €5,666 | - | -€5,666 | |
| Trade debts | 44 | - | €173,978 | +€173,978 | |
| Suppliers | 440/4 | - | €173,978 | +€173,978 | |
| Taxes, remuneration and social security | 45 | €6,434 | €7,350 | +€916 | +14.2% |
| Taxes | 450/3 | €6,434 | €7,350 | +€916 | +14.2% |
| Other amounts payable | 47/48 | €95,277 | €57,167 | -€38,109 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,514 | €19,315 | +€4,802 | +33.1% |
| Other operating charges | 640/8 | €9,033 | €18,090 | +€9,057 | +100.3% |
| Gross operating margin | 9900 | €26,012 | -€52,598 | -€78,610 | |
| Operating profit (loss) | 9901 | €2,465 | -€90,003 | -€92,468 | |
| Financial income | 75/76B | €1,702 | - | -€1,702 | |
| Recurring financial income | 75 | €1,702 | - | -€1,702 | |
| Financial charges | 65/66B | €13,268 | €14,912 | +€1,645 | +12.4% |
| Recurring financial charges | 65 | €13,268 | €14,912 | +€1,645 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | -€9,100 | -€104,915 | -€95,815 | -1052.9% |
| Income taxes | 67/77 | €2,575 | - | -€2,575 | |
| Profit (loss) for the period | 9904 | -€11,675 | -€104,915 | -€93,241 | -798.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,675 | -€104,915 | -€93,241 | -798.7% |
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 6 October 2026 via checked.be.