MSR 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.
MSR Logistics
Largest movements
- Receivables within one year +€41,268
up €41,268 (+107%), from €38,602 to €79,870
of which Trade receivables: +€34,044
- Cash -€10,995
down €10,995 (-71.8%), from €15,317 to €4,322
mainly Receivables within one year (-€41,268) and Net result for the year (-€3,845)
- Tangible fixed assets -€3,481
down €3,481 (-33.5%), from €10,400 to €6,919
of which Furniture and vehicles: -€3,102
- Deferred charges and accrued income +€1,563
new in 2025: €1,563
- Short-term financial debts +€25,000
new in 2025: €25,000
- Trade debts +€5,895
up €5,895 (+51.4%), from €11,470 to €17,365
- Tax, wage and social debts +€4,240
up €4,240 (+16.0%), from €26,469 to €30,709
of which Taxes: +€3,096
- Profit (loss) carried forward -€3,845
new in 2025: -€3,845
- Current portion of long-term debt -€3,203
no longer reported in 2025 (was €3,203)
- Staff costs +€146,720
up €146,720 (+125%), from €116,992 to €263,712
- Gross operating margin +€127,979
up €127,979 (+87.9%), from €145,543 to €273,522
- Taxes -€7,147
down €7,147, from €6,151 to -€996
- Financial charges +€6,838
up €6,838 (+272%), from €2,512 to €9,350
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 | €71,319 | €98,974 | +€27,655 | +38.8% |
| Fixed assets | 21/28 | €17,400 | €13,219 | -€4,181 | -24.0% |
| Tangible fixed assets | 22/27 | €10,400 | €6,919 | -€3,481 | -33.5% |
| Plant, machinery and equipment | 23 | €1,134 | €755 | -€379 | -33.4% |
| Furniture and vehicles | 24 | €9,266 | €6,164 | -€3,102 | -33.5% |
| Financial fixed assets | 28 | €7,000 | €6,300 | -€700 | -10.0% |
| Current assets | 29/58 | €53,919 | €85,755 | +€31,836 | +59.0% |
| Amounts receivable within one year | 40/41 | €38,602 | €79,870 | +€41,268 | +107% |
| Trade receivables | 40 | €38,602 | €72,646 | +€34,044 | +88.2% |
| Other amounts receivable | 41 | - | €7,224 | +€7,224 | |
| Cash at bank and in hand | 54/58 | €15,317 | €4,322 | -€10,995 | -71.8% |
| Deferred charges and accrued income | 490/1 | - | €1,563 | +€1,563 | |
| Total equity and liabilities | 10/49 | €71,319 | €98,974 | +€27,655 | +38.8% |
| Equity | 10/15 | €12,701 | €8,856 | -€3,845 | -30.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €11,701 | €11,701 | = | 0.0% |
| Distributable reserves | 133 | €11,701 | €11,701 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,845 | -€3,845 | |
| Amounts payable | 17/49 | €58,618 | €90,118 | +€31,500 | +53.7% |
| Amounts payable within one year | 42/48 | €58,618 | €90,118 | +€31,500 | +53.7% |
| Current portion of amounts payable after more than one year | 42 | €3,203 | - | -€3,203 | |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €11,470 | €17,365 | +€5,895 | +51.4% |
| Suppliers | 440/4 | €11,470 | €17,365 | +€5,895 | +51.4% |
| Taxes, remuneration and social security | 45 | €26,469 | €30,709 | +€4,240 | +16.0% |
| Taxes | 450/3 | €18,383 | €21,479 | +€3,096 | +16.8% |
| Remuneration and social security | 454/9 | €8,086 | €9,230 | +€1,144 | +14.1% |
| Other amounts payable | 47/48 | €17,476 | €17,044 | -€432 | -2.5% |
| Remuneration, social security and pensions | 62 | €116,992 | €263,712 | +€146,720 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,790 | €3,481 | +€691 | +24.8% |
| Other operating charges | 640/8 | €1,433 | €1,829 | +€396 | +27.6% |
| Gross operating margin | 9900 | €145,543 | €273,522 | +€127,979 | +87.9% |
| Operating profit (loss) | 9901 | €24,328 | €4,500 | -€19,828 | -81.5% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €2,512 | €9,350 | +€6,838 | +272% |
| Recurring financial charges | 65 | €2,512 | €9,350 | +€6,838 | +272% |
| Profit (loss) for the period before taxes | 9903 | €21,816 | -€4,841 | -€26,657 | |
| Income taxes | 67/77 | €6,151 | -€996 | -€7,147 | |
| Profit (loss) for the period | 9904 | €15,665 | -€3,845 | -€19,510 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,665 | -€3,845 | -€19,510 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.