PORTMADE: 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.
What changed
PORTMADE
NACE 52.250, Logistics services
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · €1.9m+€1.8m
Equity
€4.6m
2024 · €962,476+€3.6m
Cash
€1.9m
2024 · €36.6m-€34.7m
Balance sheet total
€20.2m
2024 · €42.9m-€22.7m
Largest movements
Assets
- Cash -€34.7m
down €34.7m (-94.8%), from €36.6m to €1.9m
mainly Trade debts (-€25.5m) and Receivables within one year (-€11.2m)
- Receivables within one year +€11.2m
up €11.2m (+263.9%), from €4.2m to €15.5m
of which Trade receivables: +€11.4m
- Receivables after one year +€750,000
up €750,000 (+37.5%), from €2.0m to €2.8m
Equity and liabilities
- Trade debts -€25.5m
down €25.5m (-66.7%), from €38.2m to €12.7m
- Reserves +€3.6m
up €3.6m (+2968.0%), from €122,476 to €3.8m
of which Distributable reserves: +€3.6m
- Tax, wage and social debts +€1.4m
up €1.4m (+131.8%), from €1.0m to €2.4m
of which Taxes: +€1.4m
- Other debts -€1.4m
down €1.4m (-72.4%), from €1.9m to €515,000
- Provisions -€860,933
no longer reported in 2025 (was €860,933)
Income statement
- Turnover +€2.2m
up €2.2m (+18.6%), from €11.8m to €14.1m
- Other operating income -€1.1m
down €1.1m (-90.8%), from €1.2m to €107,467
- Provisions -€805,537
down €805,537 (-1454.1%), from -€55,396 to -€860,933
- Taxes +€633,378
up €633,378 (+87.9%), from €720,930 to €1.4m
- Services and other goods -€398,669
down €398,669 (-4.7%), from €8.5m to €8.1m
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
€1.9m
Turnover
+€2.2m
Other operating income
-€1.1m
Goods and materials
+€29,335
Services and other goods
+€398,669
Staff costs
-€20,397
Depreciation
+€5,358
Provisions
+€805,537
Other operating charges
-€12,153
Other operating items
+€53
Financial income
+€110,567
Financial charges
-€47,689
Taxes
-€633,378
Result 2025
€3.6m
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
-€34.7m
Investment
€0
Financing
€0
Cash 2024
€36.6m
From operations (derived)
-€34.7m
Net result for the year
+€3.6m
Depreciation
+€11,549
Receivables after one year
-€750,000
Receivables within one year
-€11.2m
Smaller working-capital items
+€10,445
Provisions
-€860,933
Trade debts
-€25.5m
Tax, wage and social debts
+€1.4m
Other debts
-€1.4m
Cash 2025
€1.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,939,784 | €20,216,019 | -€22.7m | -52.9% |
| Fixed assets | 21/28 | €53,612 | €42,062 | -€11,549 | -21.5% |
| Intangible fixed assets | 21 | €6,907 | €5,499 | -€1,408 | -20.4% |
| Tangible fixed assets | 22/27 | €31,035 | €20,893 | -€10,142 | -32.7% |
| Plant, machinery and equipment | 23 | €4,596 | €2,932 | -€1,664 | -36.2% |
| Furniture and vehicles | 24 | €26,439 | €17,961 | -€8,477 | -32.1% |
| Financial fixed assets | 28 | €15,670 | €15,670 | = | 0.0% |
| Other financial fixed assets | 284/8 | €15,670 | €15,670 | = | 0.0% |
| Shares | 284 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €10,670 | €10,670 | = | 0.0% |
| Current assets | 29/58 | €42,886,172 | €20,173,957 | -€22.7m | -53.0% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,750,000 | +€750,000 | +37.5% |
| Other amounts receivable | 291 | €2,000,000 | €2,750,000 | +€750,000 | +37.5% |
| Amounts receivable within one year | 40/41 | €4,248,271 | €15,460,639 | +€11.2m | +263.9% |
| Trade receivables | 40 | €4,086,309 | €15,460,639 | +€11.4m | +278.4% |
| Other amounts receivable | 41 | €161,962 | - | -€161,962 | |
| Cash at bank and in hand | 54/58 | €36,583,459 | €1,919,963 | -€34.7m | -94.8% |
| Deferred charges and accrued income | 490/1 | €54,442 | €43,355 | -€11,087 | -20.4% |
| Total equity and liabilities | 10/49 | €42,939,784 | €20,216,019 | -€22.7m | -52.9% |
| Equity | 10/15 | €962,476 | €4,597,611 | +€3.6m | +377.7% |
| Contributions | 10/11 | €840,000 | €840,000 | = | 0.0% |
| Capital | 10 | €840,000 | €840,000 | = | 0.0% |
| Issued capital | 100 | €840,000 | €840,000 | = | 0.0% |
| Reserves | 13 | €122,476 | €3,757,611 | +€3.6m | +2968.0% |
| Non-distributable reserves | 130/1 | €114,000 | €114,000 | = | 0.0% |
| Legal reserve | 130 | €114,000 | €114,000 | = | 0.0% |
| Distributable reserves | 133 | €8,476 | €3,643,611 | +€3.6m | +42887.5% |
| Provisions and deferred taxes | 16 | €860,933 | - | -€860,933 | |
| Provisions for liabilities and charges | 160/5 | €860,933 | - | -€860,933 | |
| Other liabilities and charges | 164/5 | €860,933 | - | -€860,933 | |
| Amounts payable | 17/49 | €41,116,375 | €15,618,408 | -€25.5m | -62.0% |
| Amounts payable within one year | 42/48 | €41,115,733 | €15,618,408 | -€25.5m | -62.0% |
| Trade debts | 44 | €38,223,472 | €12,721,891 | -€25.5m | -66.7% |
| Suppliers | 440/4 | €38,223,472 | €12,721,891 | -€25.5m | -66.7% |
| Taxes, remuneration and social security | 45 | €1,027,261 | €2,381,517 | +€1.4m | +131.8% |
| Taxes | 450/3 | €795,721 | €2,157,025 | +€1.4m | +171.1% |
| Remuneration and social security | 454/9 | €231,541 | €224,491 | -€7,049 | -3.0% |
| Other amounts payable | 47/48 | €1,865,000 | €515,000 | -€1.4m | -72.4% |
| Accrued charges and deferred income | 492/3 | €642 | - | -€642 | |
| Operating income | 70/76A | €13,022,473 | €14,162,829 | +€1.1m | +8.8% |
| Turnover | 70 | €11,849,296 | €14,055,359 | +€2.2m | +18.6% |
| Other operating income | 74 | €1,173,177 | €107,467 | -€1.1m | -90.8% |
| Non-recurring operating income | 76A | - | €3 | +€3 | |
| Operating charges | 60/66A | €10,413,330 | €9,206,930 | -€1.2m | -11.6% |
| Goods for resale, raw materials and consumables | 60 | €173,266 | €143,931 | -€29,335 | -16.9% |
| Purchases | 600/8 | €173,266 | €143,931 | -€29,335 | -16.9% |
| Services and other goods | 61 | €8,503,414 | €8,104,745 | -€398,669 | -4.7% |
| Remuneration, social security and pensions | 62 | €1,773,096 | €1,793,493 | +€20,397 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,907 | €11,549 | -€5,358 | -31.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€55,396 | -€860,933 | -€805,537 | -1454.1% |
| Other operating charges | 640/8 | €1,993 | €14,146 | +€12,153 | +609.8% |
| Non-recurring operating charges | 66A | €50 | - | -€50 | |
| Operating profit (loss) | 9901 | €2,609,143 | €4,955,899 | +€2.3m | +89.9% |
| Financial income | 75/76B | €26,360 | €136,927 | +€110,567 | +419.4% |
| Recurring financial income | 75 | €26,360 | €136,927 | +€110,567 | +419.4% |
| Income from current assets | 751 | €11,152 | €123,803 | +€112,652 | +1010.2% |
| Other financial income | 752/9 | €15,208 | €13,124 | -€2,084 | -13.7% |
| Financial charges | 65/66B | €55,694 | €103,383 | +€47,689 | +85.6% |
| Recurring financial charges | 65 | €55,694 | €103,383 | +€47,689 | +85.6% |
| Debt charges | 650 | €2,388 | €4,439 | +€2,051 | +85.9% |
| Other financial charges | 652/9 | €53,306 | €98,943 | +€45,637 | +85.6% |
| Profit (loss) for the period before taxes | 9903 | €2,579,809 | €4,989,444 | +€2.4m | +93.4% |
| Income taxes | 67/77 | €720,930 | €1,354,308 | +€633,378 | +87.9% |
| Taxes | 670/3 | €720,930 | €1,354,308 | +€633,378 | +87.9% |
| Profit (loss) for the period | 9904 | €1,858,878 | €3,635,135 | +€1.8m | +95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,858,878 | €3,635,135 | +€1.8m | +95.6% |
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 11 October 2026 via checked.be.