Prologis Belgium X: 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
Prologis Belgium X
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.6m
2024 · -€2.0m+€392,044
Equity
-€5.4m
2024 · -€3.9m-€1.6m
Cash
€5,006
2024 · €55,227-€50,221
Balance sheet total
€42.6m
2024 · €43.8m-€1.2m
Largest movements
Assets
- Tangible fixed assets -€981,548
down €981,548 (-2.3%), from €42.5m to €41.5m
of which Land and buildings: -€874,932
Equity and liabilities
- Profit (loss) carried forward -€1.6m
down €1.6m (-17.9%), from -€8.9m to -€10.5m
Income statement
- Financial charges -€540,889
down €540,889 (-23.4%), from €2.3m to €1.8m
- Depreciation +€268,024
up €268,024 (+34.0%), from €788,716 to €1.1m
- Gross operating margin +€219,347
up €219,347 (+19.1%), from €1.2m to €1.4m
- Other operating charges +€100,167
up €100,167 (+402%), from €24,888 to €125,056
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
-€2.0m
Gross operating margin
+€219,347
Depreciation
-€268,024
Other operating charges
-€100,167
Financial charges
+€540,889
Result 2025
-€1.6m
raises the resultlowers the result
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.
From operations
-€165,129
Investment
-€75,192
Financing
+€190,100
Cash 2024
€55,227
From operations (derived)
-€165,129
Net result for the year
-€1.6m
Depreciation
+€1.1m
Receivables within one year
+€83,960
Deferred charges and accrued income
+€85,769
Trade debts
+€215,684
Tax, wage and social debts
-€9,511
Accrued charges and deferred income
-€11,337
Investment (derived)
-€75,192
Investment in fixed assets (net)
-€75,192
Financing
+€190,100
Debts after one year
+€190,100
Cash 2025
€5,006
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,828,403 | €42,626,905 | -€1.2m | -2.7% |
| Fixed assets | 21/28 | €42,525,801 | €41,544,253 | -€981,548 | -2.3% |
| Tangible fixed assets | 22/27 | €42,525,801 | €41,544,253 | -€981,548 | -2.3% |
| Land and buildings | 22 | €42,419,186 | €41,544,253 | -€874,932 | -2.1% |
| Assets under construction and advance payments | 27 | €106,615 | €0 | -€106,615 | -100% |
| Current assets | 29/58 | €1,302,602 | €1,082,652 | -€219,951 | -16.9% |
| Amounts receivable within one year | 40/41 | €600,135 | €516,175 | -€83,960 | -14.0% |
| Trade receivables | 40 | €416,520 | €516,175 | +€99,655 | +23.9% |
| Other amounts receivable | 41 | €183,615 | €0 | -€183,615 | -100% |
| Cash at bank and in hand | 54/58 | €55,227 | €5,006 | -€50,221 | -90.9% |
| Deferred charges and accrued income | 490/1 | €647,240 | €561,470 | -€85,769 | -13.3% |
| Total equity and liabilities | 10/49 | €43,828,403 | €42,626,905 | -€1.2m | -2.7% |
| Equity | 10/15 | -€3,857,537 | -€5,443,972 | -€1.6m | -41.1% |
| Contributions | 10/11 | €5,020,000 | €5,020,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,877,537 | -€10,463,972 | -€1.6m | -17.9% |
| Amounts payable | 17/49 | €47,685,941 | €48,070,877 | +€384,936 | +0.8% |
| Amounts payable after more than one year | 17 | €47,005,740 | €47,195,841 | +€190,100 | +0.4% |
| Financial debts | 170/4 | €47,005,740 | €47,195,841 | +€190,100 | +0.4% |
| Amounts payable within one year | 42/48 | €324,648 | €530,821 | +€206,173 | +63.5% |
| Trade debts | 44 | €229,700 | €445,384 | +€215,684 | +93.9% |
| Suppliers | 440/4 | €229,700 | €445,384 | +€215,684 | +93.9% |
| Taxes, remuneration and social security | 45 | €94,948 | €85,437 | -€9,511 | -10.0% |
| Taxes | 450/3 | €94,948 | €85,437 | -€9,511 | -10.0% |
| Accrued charges and deferred income | 492/3 | €355,553 | €344,215 | -€11,337 | -3.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €788,716 | €1,056,740 | +€268,024 | +34.0% |
| Other operating charges | 640/8 | €24,888 | €125,056 | +€100,167 | +402% |
| Gross operating margin | 9900 | €1,151,221 | €1,370,568 | +€219,347 | +19.1% |
| Operating profit (loss) | 9901 | €337,617 | €188,772 | -€148,845 | -44.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,316,096 | €1,775,207 | -€540,889 | -23.4% |
| Recurring financial charges | 65 | €2,316,096 | €1,775,207 | -€540,889 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,978,478 | -€1,586,435 | +€392,044 | +19.8% |
| Profit (loss) for the period | 9904 | -€1,978,478 | -€1,586,435 | +€392,044 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,978,478 | -€1,586,435 | +€392,044 | +19.8% |
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 29 October 2026 via checked.be.