MULTI 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.
What changed
MULTI LOGISTICS
NACE 82.100, Office administrative and support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€226,003
2024 · -€215,373-€10,630
Equity
€4.3m
2024 · €4.5m-€226,003
Cash
€1.2m
2024 · €786,834+€390,833
Balance sheet total
€15.1m
2024 · €13.6m+€1.5m
Largest movements
Assets
- Tangible fixed assets +€1.7m
up €1.7m (+20.1%), from €8.4m to €10.0m
- Intangible fixed assets -€471,095
down €471,095 (-11.1%), from €4.2m to €3.8m
- Cash +€390,833
up €390,833 (+49.7%), from €786,834 to €1.2m
mainly Debts after one year (+€1.6m) and Depreciation (+€815,207)
Equity and liabilities
- Debts after one year +€1.6m
up €1.6m (+22.9%), from €7.1m to €8.7m
- Reserves -€226,003
down €226,003 (-5.1%), from €4.5m to €4.2m
of which Tax-exempt reserves: -€156,006
- Current portion of long-term debt +€201,989
up €201,989 (+23.3%), from €868,541 to €1.1m
Income statement
- Financial income -€50,235
down €50,235 (-77.7%), from €64,677 to €14,442
of which Financial income: -€50,235
- Gross operating margin +€47,248
up €47,248 (+5.0%), from €941,041 to €988,288
- Taxes -€42,785
down €42,785 (-24.2%), from €176,533 to €133,747
- Financial charges +€32,662
up €32,662 (+17.4%), from €187,252 to €219,914
- Other operating charges -€21,853
down €21,853 (-23.8%), from €91,904 to €70,051
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.
Result 2024
-€215,373
Gross operating margin
+€47,248
Staff costs
-€6,186
Depreciation
+€1,405
Other operating charges
+€21,853
Financial income
-€50,235
Financial charges
-€32,662
Taxes
+€42,785
Deferred taxes and other
-€34,839
Result 2025
-€226,003
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.
From operations
+€630,063
Investment
-€2.1m
Financing
+€1.8m
Cash 2024
€786,834
From operations (derived)
+€630,063
Net result for the year
-€226,003
Depreciation
+€815,207
Receivables within one year
+€117,276
Smaller working-capital items
+€5,836
Provisions
-€52,002
Trade debts
-€18,804
Tax, wage and social debts
-€11,447
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.0m
Current investments
-€47,617
Financing
+€1.8m
Debts after one year
+€1.6m
Current portion of long-term debt
+€201,989
Short-term financial debts
+€13,448
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,609,728 | €15,135,109 | +€1.5m | +11.2% |
| Fixed assets | 21/28 | €12,611,237 | €13,818,104 | +€1.2m | +9.6% |
| Intangible fixed assets | 21 | €4,239,773 | €3,768,678 | -€471,095 | -11.1% |
| Tangible fixed assets | 22/27 | €8,365,964 | €10,044,426 | +€1.7m | +20.1% |
| Land and buildings | 22 | €8,365,964 | €10,044,426 | +€1.7m | +20.1% |
| Financial fixed assets | 28 | €5,500 | €5,000 | -€500 | -9.1% |
| Current assets | 29/58 | €998,491 | €1,317,004 | +€318,514 | +31.9% |
| Amounts receivable within one year | 40/41 | €205,140 | €87,865 | -€117,276 | -57.2% |
| Trade receivables | 40 | €38,949 | €87,083 | +€48,134 | +123.6% |
| Other amounts receivable | 41 | €166,191 | €781 | -€165,409 | -99.5% |
| Current investments | 50/53 | - | €47,617 | +€47,617 | |
| Cash at bank and in hand | 54/58 | €786,834 | €1,177,667 | +€390,833 | +49.7% |
| Deferred charges and accrued income | 490/1 | €6,517 | €3,855 | -€2,661 | -40.8% |
| Total equity and liabilities | 10/49 | €13,609,728 | €15,135,109 | +€1.5m | +11.2% |
| Equity | 10/15 | €4,515,977 | €4,289,974 | -€226,003 | -5.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,453,977 | €4,227,974 | -€226,003 | -5.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,086,117 | €1,930,111 | -€156,006 | -7.5% |
| Distributable reserves | 133 | €2,361,659 | €2,291,662 | -€69,997 | -3.0% |
| Provisions and deferred taxes | 16 | €695,372 | €643,370 | -€52,002 | -7.5% |
| Deferred taxes | 168 | €695,372 | €643,370 | -€52,002 | -7.5% |
| Amounts payable | 17/49 | €8,398,379 | €10,201,765 | +€1.8m | +21.5% |
| Amounts payable after more than one year | 17 | €7,057,891 | €8,672,916 | +€1.6m | +22.9% |
| Financial debts | 170/4 | €7,057,891 | €8,672,916 | +€1.6m | +22.9% |
| Amounts payable within one year | 42/48 | €1,337,344 | €1,525,674 | +€188,330 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €868,541 | €1,070,530 | +€201,989 | +23.3% |
| Financial debts | 43 | €20,192 | €33,640 | +€13,448 | +66.6% |
| Credit institutions | 430/8 | €20,192 | €33,640 | +€13,448 | +66.6% |
| Trade debts | 44 | €26,735 | €7,932 | -€18,804 | -70.3% |
| Suppliers | 440/4 | €26,735 | €7,932 | -€18,804 | -70.3% |
| Taxes, remuneration and social security | 45 | €106,111 | €94,664 | -€11,447 | -10.8% |
| Taxes | 450/3 | €98,036 | €85,606 | -€12,431 | -12.7% |
| Remuneration and social security | 454/9 | €8,074 | €9,059 | +€984 | +12.2% |
| Other amounts payable | 47/48 | €315,764 | €318,908 | +€3,143 | +1.0% |
| Accrued charges and deferred income | 492/3 | €3,143 | €3,175 | +€31 | +1.0% |
| Remuneration, social security and pensions | 62 | €35,631 | €41,817 | +€6,186 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €816,611 | €815,207 | -€1,405 | -0.2% |
| Other operating charges | 640/8 | €91,904 | €70,051 | -€21,853 | -23.8% |
| Gross operating margin | 9900 | €941,041 | €988,288 | +€47,248 | +5.0% |
| Operating profit (loss) | 9901 | -€3,106 | €61,214 | +€64,320 | |
| Financial income | 75/76B | €64,677 | €14,442 | -€50,235 | -77.7% |
| Recurring financial income | 75 | €64,677 | €14,442 | -€50,235 | -77.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €187,252 | €219,914 | +€32,662 | +17.4% |
| Recurring financial charges | 65 | €187,252 | €219,914 | +€32,662 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | -€125,681 | -€144,258 | -€18,577 | -14.8% |
| Transfer from deferred taxes | 780 | €86,841 | €52,002 | -€34,839 | -40.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €176,533 | €133,747 | -€42,785 | -24.2% |
| Profit (loss) for the period | 9904 | -€215,373 | -€226,003 | -€10,630 | -4.9% |
| Transfer from tax-exempt reserves | 789 | €260,523 | €156,006 | -€104,517 | -40.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €45,150 | -€69,997 | -€115,147 |
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.