PROLOGIS KL: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Largest movements
- Tangible fixed assets -€485,782
down €485,782 (-74.8%), from €649,245 to €163,463
of which Land and buildings: -€345,633
- Receivables within one year +€43,874
up €43,874 (+34.8%), from €126,252 to €170,126
of which Trade receivables: +€33,084
- Debts after one year -€423,546
no longer reported in 2025 (was €423,546)
- Short-term financial debts -€35,560
down €35,560 (-75.5%), from €47,100 to €11,540
- Profit (loss) carried forward -€22,158
down €22,158 (-487%), from -€4,546 to -€26,704
- Current portion of long-term debt +€18,756
up €18,756 (+25.6%), from €73,209 to €91,965
- Trade debts -€16,719
down €16,719 (-9.7%), from €172,581 to €155,862
- Depreciation -€69,228
down €69,228 (-69.7%), from €99,360 to €30,132
- Financial income +€24,883
up €24,883 (+1,621%), from €1,535 to €26,417
- Gross operating margin +€23,237
up €23,237 (+21.4%), from €108,591 to €131,828
- Staff costs +€21,623
up €21,623 (+28.4%), from €76,045 to €97,668
- Provisions +€16,531
new in 2025: €16,531
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €787,092 | €345,085 | -€442,006 | -56.2% |
| Fixed assets | 21/28 | €649,633 | €163,851 | -€485,782 | -74.8% |
| Tangible fixed assets | 22/27 | €649,245 | €163,463 | -€485,782 | -74.8% |
| Land and buildings | 22 | €482,712 | €137,078 | -€345,633 | -71.6% |
| Plant, machinery and equipment | 23 | €7,882 | €1,732 | -€6,149 | -78.0% |
| Furniture and vehicles | 24 | €78,865 | €23,731 | -€55,135 | -69.9% |
| Leasing and similar rights | 25 | €79,786 | €921 | -€78,865 | -98.8% |
| Financial fixed assets | 28 | €388 | €388 | = | 0.0% |
| Current assets | 29/58 | €137,458 | €181,234 | +€43,776 | +31.8% |
| Amounts receivable within one year | 40/41 | €126,252 | €170,126 | +€43,874 | +34.8% |
| Trade receivables | 40 | €102,170 | €135,253 | +€33,084 | +32.4% |
| Other amounts receivable | 41 | €24,082 | €34,872 | +€10,790 | +44.8% |
| Deferred charges and accrued income | 490/1 | €11,207 | €11,109 | -€98 | -0.9% |
| Total equity and liabilities | 10/49 | €787,092 | €345,085 | -€442,006 | -56.2% |
| Equity | 10/15 | €40,016 | €14,988 | -€25,028 | -62.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €35,451 | €35,491 | +€40 | +0.1% |
| Tax-exempt reserves | 132 | - | €40 | +€40 | |
| Distributable reserves | 133 | €35,451 | €35,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,546 | -€26,704 | -€22,158 | -487% |
| Investment grants | 15 | €2,910 | - | -€2,910 | |
| Provisions and deferred taxes | 16 | - | €16,531 | +€16,531 | |
| Provisions for liabilities and charges | 160/5 | - | €16,531 | +€16,531 | |
| Other liabilities and charges | 164/5 | - | €16,531 | +€16,531 | |
| Amounts payable | 17/49 | €747,076 | €313,567 | -€433,509 | -58.0% |
| Amounts payable after more than one year | 17 | €423,546 | - | -€423,546 | |
| Financial debts | 170/4 | €423,546 | - | -€423,546 | |
| Amounts payable within one year | 42/48 | €323,217 | €313,054 | -€10,163 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €73,209 | €91,965 | +€18,756 | +25.6% |
| Financial debts | 43 | €47,100 | €11,540 | -€35,560 | -75.5% |
| Credit institutions | 430/8 | €47,100 | €11,540 | -€35,560 | -75.5% |
| Trade debts | 44 | €172,581 | €155,862 | -€16,719 | -9.7% |
| Suppliers | 440/4 | €172,581 | €155,862 | -€16,719 | -9.7% |
| Taxes, remuneration and social security | 45 | €11,857 | €25,522 | +€13,665 | +115% |
| Taxes | 450/3 | €5,286 | €16,211 | +€10,925 | +207% |
| Remuneration and social security | 454/9 | €6,571 | €9,310 | +€2,740 | +41.7% |
| Other amounts payable | 47/48 | €18,471 | €28,166 | +€9,695 | +52.5% |
| Accrued charges and deferred income | 492/3 | €313 | €513 | +€200 | +64.0% |
| Remuneration, social security and pensions | 62 | €76,045 | €97,668 | +€21,623 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,360 | €30,132 | -€69,228 | -69.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €16,531 | +€16,531 | |
| Other operating charges | 640/8 | €11,243 | €19,244 | +€8,001 | +71.2% |
| Non-recurring operating charges | 66A | €6,125 | €2,604 | -€3,522 | -57.5% |
| Gross operating margin | 9900 | €108,591 | €131,828 | +€23,237 | +21.4% |
| Operating profit (loss) | 9901 | -€84,183 | -€34,351 | +€49,832 | +59.2% |
| Financial income | 75/76B | €1,535 | €26,417 | +€24,883 | +1,621% |
| Recurring financial income | 75 | €1,535 | €26,417 | +€24,883 | +1,621% |
| Financial charges | 65/66B | €11,081 | €14,184 | +€3,103 | +28.0% |
| Recurring financial charges | 65 | €11,081 | €14,184 | +€3,103 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | -€93,730 | -€22,118 | +€71,612 | +76.4% |
| Profit (loss) for the period | 9904 | -€93,730 | -€22,118 | +€71,612 | +76.4% |
| Transfer to tax-exempt reserves | 689 | - | €40 | +€40 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,730 | -€22,158 | +€71,572 | +76.4% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €14,988 · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €14,988
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €14,988
Capitalised earnings
- 2025
- -€22,118
- excluding non-recurring income and charges
- -€19,515
- 2024
- -€93,730
- excluding non-recurring income and charges
- -€87,605
- 2023
- €29,168
- 2022
- €54,655
- 2021
- -€23,877
- Average result, excluding non-recurring income and charges
- -€25,984
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -€4,219
- Net financial debt
- €103,505
- Your multiple
- -
- Value with your multiple
- -
These accounts do not break down the debts after one year. They count in full as financial debt.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 10 November 2026 via checked.be.