SAX 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.
SAX LOGISTICS
Largest movements
- Cash +€484,776
up €484,776 (+554.4%), from €87,449 to €572,225
mainly Net result for the year (+€384,713) and Depreciation (+€161,244)
- Tangible fixed assets -€161,244
down €161,244 (-6.0%), from €2.7m to €2.5m
- Reserves +€385,000
up €385,000 (+16.1%), from €2.4m to €2.8m
of which Distributable reserves: +€385,000
- Trade debts -€35,102
down €35,102 (-48.3%), from €72,688 to €37,585
- Financial charges -€23,508
down €23,508 (-95.8%), from €24,526 to €1,019
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,127,265 | €3,472,922 | +€345,657 | +11.1% |
| Fixed assets | 21/28 | €2,699,770 | €2,538,526 | -€161,244 | -6.0% |
| Tangible fixed assets | 22/27 | €2,697,701 | €2,536,457 | -€161,244 | -6.0% |
| Land and buildings | 22 | €2,697,701 | €2,536,457 | -€161,244 | -6.0% |
| Financial fixed assets | 28 | €2,069 | €2,069 | = | 0.0% |
| Current assets | 29/58 | €427,494 | €934,396 | +€506,901 | +118.6% |
| Amounts receivable within one year | 40/41 | €325,980 | €347,598 | +€21,618 | +6.6% |
| Trade receivables | 40 | €75,980 | €257,598 | +€181,618 | +239.0% |
| Other amounts receivable | 41 | €250,000 | €90,000 | -€160,000 | -64.0% |
| Cash at bank and in hand | 54/58 | €87,449 | €572,225 | +€484,776 | +554.4% |
| Deferred charges and accrued income | 490/1 | €14,065 | €14,572 | +€507 | +3.6% |
| Total equity and liabilities | 10/49 | €3,127,265 | €3,472,922 | +€345,657 | +11.1% |
| Equity | 10/15 | €2,995,657 | €3,380,370 | +€384,713 | +12.8% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €2,395,365 | €2,780,365 | +€385,000 | +16.1% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,675 | €37,675 | = | 0.0% |
| Distributable reserves | 133 | €2,297,690 | €2,682,690 | +€385,000 | +16.8% |
| Profit (loss) carried forward | 14 | €293 | €6 | -€287 | -98.1% |
| Amounts payable | 17/49 | €131,607 | €92,552 | -€39,056 | -29.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €107,511 | €92,552 | -€14,959 | -13.9% |
| Trade debts | 44 | €72,688 | €37,585 | -€35,102 | -48.3% |
| Suppliers | 440/4 | €72,688 | €37,585 | -€35,102 | -48.3% |
| Taxes, remuneration and social security | 45 | €33,506 | €53,649 | +€20,143 | +60.1% |
| Taxes | 450/3 | €33,506 | €53,649 | +€20,143 | +60.1% |
| Other amounts payable | 47/48 | €1,317 | €1,317 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €24,096 | €0 | -€24,096 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,867 | €161,244 | +€377 | +0.2% |
| Other operating charges | 640/8 | €77,518 | €79,887 | +€2,369 | +3.1% |
| Gross operating margin | 9900 | €748,988 | €755,182 | +€6,194 | +0.8% |
| Operating profit (loss) | 9901 | €510,603 | €514,051 | +€3,448 | +0.7% |
| Financial charges | 65/66B | €24,526 | €1,019 | -€23,508 | -95.8% |
| Recurring financial charges | 65 | €24,526 | €1,019 | -€23,508 | -95.8% |
| Profit (loss) for the period before taxes | 9903 | €486,076 | €513,032 | +€26,956 | +5.5% |
| Income taxes | 67/77 | €121,470 | €128,319 | +€6,849 | +5.6% |
| Profit (loss) for the period | 9904 | €364,606 | €384,713 | +€20,107 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €364,606 | €384,713 | +€20,107 | +5.5% |
Source: filed annual accounts (NBB), financial years ended 29 December 2024 and 29 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.