Mukden 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.
Mukden Logistics
Largest movements
- Receivables within one year +€471,728
new in 2025: €471,728
of which Trade receivables: +€471,574
- Cash -€351,092
down €351,092 (-46.6%), from €753,437 to €402,346
mainly Receivables within one year (-€471,728)
- Trade debts +€82,850
up €82,850 (+11.7%), from €708,000 to €790,850
- Reserves +€26,526
up €26,526 (+2,653%), from €1,000 to €27,526
of which Distributable reserves: +€26,526
- Profit (loss) carried forward -€14,188
no longer reported in 2025 (was €14,188)
- Other debts +€11,715
up €11,715 (+4.2%), from €279,863 to €291,578
- Other operating charges -€3,602
down €3,602 (-87.8%), from €4,103 to €502
- Gross operating margin +€3,343
up €3,343 (+15.7%), from €21,346 to €24,689
- Depreciation +€2,494
up €2,494 (+64.4%), from €3,872 to €6,367
- Taxes +€1,332
up €1,332 (+39.2%), from €3,394 to €4,726
- Financial charges -€1,115
down €1,115 (-59.6%), from €1,872 to €757
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 | €1,013,051 | €1,124,679 | +€111,628 | +11.0% |
| Fixed assets | 21/28 | €254,828 | €248,461 | -€6,367 | -2.5% |
| Tangible fixed assets | 22/27 | €123,465 | €117,098 | -€6,367 | -5.2% |
| Land and buildings | 22 | €123,465 | €117,098 | -€6,367 | -5.2% |
| Financial fixed assets | 28 | €131,363 | €131,363 | = | 0.0% |
| Current assets | 29/58 | €758,223 | €876,218 | +€117,995 | +15.6% |
| Amounts receivable within one year | 40/41 | - | €471,728 | +€471,728 | |
| Trade receivables | 40 | - | €471,574 | +€471,574 | |
| Other amounts receivable | 41 | - | €154 | +€154 | |
| Current investments | 50/53 | €4,785 | €2,145 | -€2,641 | -55.2% |
| Cash at bank and in hand | 54/58 | €753,437 | €402,346 | -€351,092 | -46.6% |
| Total equity and liabilities | 10/49 | €1,013,051 | €1,124,679 | +€111,628 | +11.0% |
| Equity | 10/15 | €25,188 | €37,526 | +€12,338 | +49.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,000 | €27,526 | +€26,526 | +2,653% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | - | €26,526 | +€26,526 | |
| Profit (loss) carried forward | 14 | €14,188 | - | -€14,188 | |
| Amounts payable | 17/49 | €987,863 | €1,087,153 | +€99,290 | +10.1% |
| Amounts payable within one year | 42/48 | €987,863 | €1,087,153 | +€99,290 | +10.1% |
| Trade debts | 44 | €708,000 | €790,850 | +€82,850 | +11.7% |
| Suppliers | 440/4 | €708,000 | €790,850 | +€82,850 | +11.7% |
| Taxes, remuneration and social security | 45 | - | €4,726 | +€4,726 | |
| Taxes | 450/3 | - | €4,726 | +€4,726 | |
| Other amounts payable | 47/48 | €279,863 | €291,578 | +€11,715 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,872 | €6,367 | +€2,494 | +64.4% |
| Other operating charges | 640/8 | €4,103 | €502 | -€3,602 | -87.8% |
| Gross operating margin | 9900 | €21,346 | €24,689 | +€3,343 | +15.7% |
| Operating profit (loss) | 9901 | €13,370 | €17,821 | +€4,451 | +33.3% |
| Financial charges | 65/66B | €1,872 | €757 | -€1,115 | -59.6% |
| Recurring financial charges | 65 | €1,872 | €757 | -€1,115 | -59.6% |
| Profit (loss) for the period before taxes | 9903 | €11,498 | €17,064 | +€5,566 | +48.4% |
| Income taxes | 67/77 | €3,394 | €4,726 | +€1,332 | +39.2% |
| Profit (loss) for the period | 9904 | €8,104 | €12,338 | +€4,234 | +52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,104 | €12,338 | +€4,234 | +52.3% |
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 22 October 2026 via checked.be.