Westhoek 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.
Westhoek Logistics
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+1,216%), from €89,572 to €1.2m
of which Land and buildings: +€1.1m
- Cash -€72,376
down €72,376 (-72.1%), from €100,332 to €27,956
mainly Investment in fixed assets (net) (-€1.2m) and Net result for the year (-€64,311)
- Intangible fixed assets -€18,000
down €18,000 (-52.3%), from €34,422 to €16,422
- Debts after one year +€1.1m
up €1.1m (+2,377%), from €44,531 to €1.1m
- Reserves -€64,311
down €64,311 (-59.0%), from €109,092 to €44,781
- Current portion of long-term debt +€41,561
up €41,561 (+250%), from €16,653 to €58,214
- Other debts -€19,748
down €19,748 (-28.6%), from €68,998 to €49,250
- Depreciation +€81,755
up €81,755 (+196%), from €41,624 to €123,379
- Financial charges +€25,183
up €25,183 (+894%), from €2,817 to €28,000
- Taxes -€8,404
down €8,404 (-100%), from €8,404 to €0
- Gross operating margin -€2,991
down €2,991 (-3.1%), from €95,411 to €92,420
- Other operating charges -€2,815
down €2,815 (-33.8%), from €8,320 to €5,505
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €301,296 | €1,298,875 | +€997,579 | +331% |
| Fixed assets | 21/28 | €138,831 | €1,202,858 | +€1.1m | +766% |
| Intangible fixed assets | 21 | €34,422 | €16,422 | -€18,000 | -52.3% |
| Tangible fixed assets | 22/27 | €89,572 | €1,178,386 | +€1.1m | +1,216% |
| Land and buildings | 22 | - | €1,117,844 | +€1.1m | |
| Plant, machinery and equipment | 23 | €15,392 | €14,870 | -€522 | -3.4% |
| Furniture and vehicles | 24 | €63,972 | €45,672 | -€18,300 | -28.6% |
| Other tangible fixed assets | 26 | €10,207 | €0 | -€10,207 | -100% |
| Financial fixed assets | 28 | €14,837 | €8,050 | -€6,787 | -45.7% |
| Current assets | 29/58 | €162,465 | €96,017 | -€66,448 | -40.9% |
| Amounts receivable within one year | 40/41 | €60,933 | €64,339 | +€3,406 | +5.6% |
| Trade receivables | 40 | €55,802 | €64,248 | +€8,446 | +15.1% |
| Other amounts receivable | 41 | €5,131 | €91 | -€5,039 | -98.2% |
| Cash at bank and in hand | 54/58 | €100,332 | €27,956 | -€72,376 | -72.1% |
| Deferred charges and accrued income | 490/1 | €1,201 | €3,722 | +€2,521 | +210% |
| Total equity and liabilities | 10/49 | €301,296 | €1,298,875 | +€997,579 | +331% |
| Equity | 10/15 | €115,092 | €50,781 | -€64,311 | -55.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €109,092 | €44,781 | -€64,311 | -59.0% |
| Distributable reserves | 133 | €109,092 | €44,781 | -€64,311 | -59.0% |
| Amounts payable | 17/49 | €186,204 | €1,248,094 | +€1.1m | +570% |
| Amounts payable after more than one year | 17 | €44,531 | €1,103,104 | +€1.1m | +2,377% |
| Financial debts | 170/4 | €44,531 | €1,103,104 | +€1.1m | +2,377% |
| Amounts payable within one year | 42/48 | €139,918 | €144,990 | +€5,073 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €16,653 | €58,214 | +€41,561 | +250% |
| Trade debts | 44 | €31,695 | €23,665 | -€8,030 | -25.3% |
| Suppliers | 440/4 | €31,695 | €23,665 | -€8,030 | -25.3% |
| Taxes, remuneration and social security | 45 | €22,571 | €13,860 | -€8,710 | -38.6% |
| Taxes | 450/3 | €22,571 | €13,860 | -€8,710 | -38.6% |
| Other amounts payable | 47/48 | €68,998 | €49,250 | -€19,748 | -28.6% |
| Accrued charges and deferred income | 492/3 | €1,755 | €0 | -€1,755 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,624 | €123,379 | +€81,755 | +196% |
| Other operating charges | 640/8 | €8,320 | €5,505 | -€2,815 | -33.8% |
| Gross operating margin | 9900 | €95,411 | €92,420 | -€2,991 | -3.1% |
| Operating profit (loss) | 9901 | €45,467 | -€36,465 | -€81,931 | |
| Financial income | 75/76B | €26 | €154 | +€127 | +482% |
| Recurring financial income | 75 | €26 | €154 | +€127 | +482% |
| Financial charges | 65/66B | €2,817 | €28,000 | +€25,183 | +894% |
| Recurring financial charges | 65 | €2,817 | €28,000 | +€25,183 | +894% |
| Profit (loss) for the period before taxes | 9903 | €42,676 | -€64,311 | -€106,987 | |
| Income taxes | 67/77 | €8,404 | €0 | -€8,404 | -100% |
| Profit (loss) for the period | 9904 | €34,272 | -€64,311 | -€98,583 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,272 | -€64,311 | -€98,583 |
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 19 October 2026 via checked.be.