Select 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.
Select Logistics
Largest movements
- Cash -€82,651
down €82,651 (-27.5%), from €300,260 to €217,609
mainly Contributions, distributions and other (-€62,296) and Receivables within one year (-€49,988)
- Receivables within one year +€49,988
up €49,988 (+21.0%), from €237,989 to €287,977
of which Trade receivables: +€50,899
- Trade debts -€11,729
down €11,729 (-6.3%), from €187,389 to €175,660
- Current portion of long-term debt -€9,463
down €9,463 (-100.0%), from €9,463 to €0
- Reserves -€9,021
down €9,021 (-3.2%), from €284,002 to €274,982
- Gross operating margin +€47,496
up €47,496 (+45.8%), from €103,780 to €151,276
- Taxes +€13,657
up €13,657 (+207.5%), from €6,580 to €20,238
- Write-downs +€3,881
new in 2025: €3,881
- Depreciation +€2,707
up €2,707 (+11.2%), from €24,070 to €26,777
- Other operating charges -€2,057
down €2,057 (-36.3%), from €5,668 to €3,610
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 | €617,028 | €588,488 | -€28,541 | -4.6% |
| Fixed assets | 21/28 | €68,070 | €72,022 | +€3,952 | +5.8% |
| Tangible fixed assets | 22/27 | €68,070 | €72,022 | +€3,952 | +5.8% |
| Furniture and vehicles | 24 | €65,115 | €69,711 | +€4,596 | +7.1% |
| Other tangible fixed assets | 26 | €2,955 | €2,311 | -€644 | -21.8% |
| Current assets | 29/58 | €548,959 | €516,465 | -€32,493 | -5.9% |
| Amounts receivable within one year | 40/41 | €237,989 | €287,977 | +€49,988 | +21.0% |
| Trade receivables | 40 | €223,397 | €274,296 | +€50,899 | +22.8% |
| Other amounts receivable | 41 | €14,592 | €13,681 | -€910 | -6.2% |
| Cash at bank and in hand | 54/58 | €300,260 | €217,609 | -€82,651 | -27.5% |
| Deferred charges and accrued income | 490/1 | €10,709 | €10,879 | +€169 | +1.6% |
| Total equity and liabilities | 10/49 | €617,028 | €588,488 | -€28,541 | -4.6% |
| Equity | 10/15 | €401,703 | €392,682 | -€9,021 | -2.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €284,002 | €274,982 | -€9,021 | -3.2% |
| Distributable reserves | 133 | €284,002 | €274,982 | -€9,021 | -3.2% |
| Profit (loss) carried forward | 14 | €99,150 | €99,150 | = | 0.0% |
| Amounts payable | 17/49 | €215,326 | €195,806 | -€19,520 | -9.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €215,326 | €195,806 | -€19,520 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €9,463 | €0 | -€9,463 | -100.0% |
| Financial debts | 43 | €6,283 | €6,351 | +€68 | +1.1% |
| Credit institutions | 430/8 | €6,283 | €6,351 | +€68 | +1.1% |
| Trade debts | 44 | €187,389 | €175,660 | -€11,729 | -6.3% |
| Suppliers | 440/4 | €187,389 | €175,660 | -€11,729 | -6.3% |
| Taxes, remuneration and social security | 45 | €5,873 | €9,503 | +€3,630 | +61.8% |
| Taxes | 450/3 | €1,356 | €5,146 | +€3,790 | +279.4% |
| Remuneration and social security | 454/9 | €4,517 | €4,357 | -€160 | -3.5% |
| Other amounts payable | 47/48 | €6,318 | €4,292 | -€2,026 | -32.1% |
| Non-recurring operating income | 76A | €16,678 | €13,723 | -€2,956 | -17.7% |
| Remuneration, social security and pensions | 62 | €41,093 | €41,748 | +€655 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,070 | €26,777 | +€2,707 | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,881 | +€3,881 | |
| Other operating charges | 640/8 | €5,668 | €3,610 | -€2,057 | -36.3% |
| Non-recurring operating charges | 66A | €8,161 | €0 | -€8,161 | -100.0% |
| Gross operating margin | 9900 | €103,780 | €151,276 | +€47,496 | +45.8% |
| Operating profit (loss) | 9901 | €24,788 | €75,260 | +€50,472 | +203.6% |
| Financial income | 75/76B | €300 | €454 | +€154 | +51.3% |
| Recurring financial income | 75 | €300 | €454 | +€154 | +51.3% |
| Financial charges | 65/66B | €3,109 | €2,201 | -€908 | -29.2% |
| Recurring financial charges | 65 | €3,109 | €2,201 | -€908 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €21,979 | €73,513 | +€51,534 | +234.5% |
| Income taxes | 67/77 | €6,580 | €20,238 | +€13,657 | +207.5% |
| Profit (loss) for the period | 9904 | €15,399 | €53,275 | +€37,877 | +246.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,399 | €53,275 | +€37,877 | +246.0% |
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 5 October 2026 via checked.be.