Flagship: what changed
What changed
Flagship
NACE 52.250, Logistics services
filed annual accounts (NBB)
Net result for the year
€390,296
2024 · €368,238+€22,058
Equity
€1.1m
2024 · €791,643+€272,649
Cash
€33,353
2024 · €31,378+€1,975
Balance sheet total
€1.5m
2024 · €1.6m-€17,114
Largest movements
Assets
- Tangible fixed assets -€16,949
down €16,949 (-22.4%), from €75,690 to €58,741
of which Furniture and vehicles: -€12,038
Equity and liabilities
- Debts after one year -€273,704
down €273,704 (-54.9%), from €498,787 to €225,083
- Profit (loss) carried forward +€272,649
up €272,649 (+74.0%), from €368,238 to €640,887
- Accrued charges and deferred income -€36,884
down €36,884 (-100%), from €36,884 to €0
- Current portion of long-term debt +€28,074
up €28,074 (+13.0%), from €216,205 to €244,279
Income statement
- Gross operating margin -€95,778
down €95,778 (-58.6%), from €163,442 to €67,664
- Financial income +€91,752
up €91,752 (+29.0%), from €316,393 to €408,144
- Taxes -€19,956
down €19,956 (-90.2%), from €22,128 to €2,172
- Financial charges -€9,484
down €9,484 (-26.6%), from €35,624 to €26,139
- Staff costs +€1,749
up €1,749 (+4.2%), from €41,563 to €43,311
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.
Result 2024
€368,238
Gross operating margin
-€95,778
Staff costs
-€1,749
Depreciation
-€474
Other operating charges
-€1,133
Financial income
+€91,752
Financial charges
+€9,484
Taxes
+€19,956
Result 2025
€390,296
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€372,637
Investment
-€7,385
Financing
-€363,277
Cash 2024
€31,378
From operations (derived)
+€372,637
Net result for the year
+€390,296
Depreciation
+€11,834
Receivables within one year
+€14,578
Smaller working-capital items
+€292
Trade debts
-€7,478
Accrued charges and deferred income
-€36,884
Investment (derived)
-€7,385
Investment in fixed assets (net)
+€5,115
Current investments
-€12,500
Financing
-€363,277
Debts after one year
-€273,704
Current portion of long-term debt
+€28,074
Contributions, distributions and other
-€117,647
Cash 2025
€33,353
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,562,425 | €1,545,311 | -€17,114 | -1.1% |
| Fixed assets | 21/28 | €1,307,388 | €1,290,439 | -€16,949 | -1.3% |
| Tangible fixed assets | 22/27 | €75,690 | €58,741 | -€16,949 | -22.4% |
| Land and buildings | 22 | €34,308 | €30,670 | -€3,638 | -10.6% |
| Plant, machinery and equipment | 23 | €817 | €544 | -€272 | -33.3% |
| Furniture and vehicles | 24 | €38,456 | €26,417 | -€12,038 | -31.3% |
| Other tangible fixed assets | 26 | €2,110 | €1,110 | -€1,000 | -47.4% |
| Financial fixed assets | 28 | €1,231,697 | €1,231,697 | = | 0.0% |
| Current assets | 29/58 | €255,037 | €254,872 | -€165 | -0.1% |
| Amounts receivable within one year | 40/41 | €222,547 | €207,970 | -€14,578 | -6.6% |
| Trade receivables | 40 | €100,424 | €64,788 | -€35,636 | -35.5% |
| Other amounts receivable | 41 | €122,124 | €143,182 | +€21,059 | +17.2% |
| Current investments | 50/53 | - | €12,500 | +€12,500 | |
| Cash at bank and in hand | 54/58 | €31,378 | €33,353 | +€1,975 | +6.3% |
| Deferred charges and accrued income | 490/1 | €1,112 | €1,050 | -€62 | -5.6% |
| Total equity and liabilities | 10/49 | €1,562,425 | €1,545,311 | -€17,114 | -1.1% |
| Equity | 10/15 | €791,643 | €1,064,292 | +€272,649 | +34.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €423,305 | €423,305 | = | 0.0% |
| Distributable reserves | 133 | €423,305 | €423,305 | = | 0.0% |
| Profit (loss) carried forward | 14 | €368,238 | €640,887 | +€272,649 | +74.0% |
| Amounts payable | 17/49 | €770,782 | €481,019 | -€289,763 | -37.6% |
| Amounts payable after more than one year | 17 | €498,787 | €225,083 | -€273,704 | -54.9% |
| Financial debts | 170/4 | €498,787 | €225,083 | -€273,704 | -54.9% |
| Amounts payable within one year | 42/48 | €235,111 | €255,936 | +€20,825 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €216,205 | €244,279 | +€28,074 | +13.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €13,081 | €5,603 | -€7,478 | -57.2% |
| Suppliers | 440/4 | €13,081 | €5,603 | -€7,478 | -57.2% |
| Taxes, remuneration and social security | 45 | €5,824 | €6,054 | +€229 | +3.9% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €5,824 | €6,054 | +€229 | +3.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €36,884 | €0 | -€36,884 | -100% |
| Non-recurring operating income | 76A | - | €7,327 | +€7,327 | |
| Remuneration, social security and pensions | 62 | €41,563 | €43,311 | +€1,749 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,360 | €11,834 | +€474 | +4.2% |
| Other operating charges | 640/8 | €922 | €2,055 | +€1,133 | +123% |
| Gross operating margin | 9900 | €163,442 | €67,664 | -€95,778 | -58.6% |
| Operating profit (loss) | 9901 | €109,597 | €10,463 | -€99,133 | -90.5% |
| Financial income | 75/76B | €316,393 | €408,144 | +€91,752 | +29.0% |
| Recurring financial income | 75 | €316,393 | €408,144 | +€91,752 | +29.0% |
| Financial charges | 65/66B | €35,624 | €26,139 | -€9,484 | -26.6% |
| Recurring financial charges | 65 | €35,624 | €26,139 | -€9,484 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €390,365 | €392,468 | +€2,102 | +0.5% |
| Income taxes | 67/77 | €22,128 | €2,172 | -€19,956 | -90.2% |
| Profit (loss) for the period | 9904 | €368,238 | €390,296 | +€22,058 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €368,238 | €390,296 | +€22,058 | +6.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.