BF-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.
What changed
BF-LOGISTICS
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1,217
2024 · €6,883-€5,666
Equity
€1.3m
2024 · €1.4m-€63,783
Cash
€1,364
2024 · €24,513-€23,148
Balance sheet total
€3.3m
2024 · €3.7m-€435,923
Largest movements
Assets
- Receivables within one year -€227,711
down €227,711 (-16.0%), from €1.4m to €1.2m
of which Other amounts receivable: -€229,722
- Tangible fixed assets -€188,068
down €188,068 (-8.6%), from €2.2m to €2.0m
of which Leasing and similar rights: -€139,120
Equity and liabilities
- Debts after one year -€369,556
down €369,556 (-20.1%), from €1.8m to €1.5m
of which Financial debts: -€232,198
- Reserves -€66,325
down €66,325 (-19.4%), from €341,868 to €275,543
of which Tax-exempt reserves: -€71,351
Income statement
- Gross operating margin +€6,096
up €6,096 (+2.5%), from €239,339 to €245,435
- Financial income -€5,628
down €5,628 (-12.0%), from €46,841 to €41,212
- Depreciation +€4,365
up €4,365 (+2.2%), from €195,911 to €200,276
- Financial charges -€2,994
down €2,994 (-7.0%), from €42,586 to €39,592
- Taxes +€2,886
up €2,886 (+9.9%), from €29,234 to €32,120
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.
Result 2024
€6,883
Gross operating margin
+€6,096
Depreciation
-€4,365
Write-downs
-€1,220
Other operating charges
-€784
Financial income
-€5,628
Financial charges
+€2,994
Taxes
-€2,886
Deferred taxes and other
+€127
Result 2025
€1,217
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€415,741
Investment
-€12,208
Financing
-€426,681
Cash 2024
€24,513
From operations (derived)
+€415,741
Net result for the year
+€1,217
Depreciation
+€200,276
Receivables within one year
+€227,711
Deferred charges and accrued income
-€3,004
Provisions
-€23,784
Trade debts
+€8,267
Tax, wage and social debts
+€5,057
Investment (derived)
-€12,208
Investment in fixed assets (net)
-€12,208
Financing
-€426,681
Debts after one year
-€369,556
Current portion of long-term debt
+€7,875
Contributions, distributions and other
-€65,000
Cash 2025
€1,364
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,739,229 | €3,303,306 | -€435,923 | -11.7% |
| Fixed assets | 21/28 | €2,184,432 | €1,996,364 | -€188,068 | -8.6% |
| Tangible fixed assets | 22/27 | €2,184,432 | €1,996,364 | -€188,068 | -8.6% |
| Land and buildings | 22 | €1,609,999 | €1,570,306 | -€39,694 | -2.5% |
| Plant, machinery and equipment | 23 | €49,810 | €40,555 | -€9,254 | -18.6% |
| Leasing and similar rights | 25 | €524,623 | €385,503 | -€139,120 | -26.5% |
| Current assets | 29/58 | €1,554,797 | €1,306,942 | -€247,855 | -15.9% |
| Amounts receivable after more than one year | 29 | €104,941 | €104,941 | = | 0.0% |
| Trade receivables | 290 | €104,941 | €104,941 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,422,737 | €1,195,026 | -€227,711 | -16.0% |
| Trade receivables | 40 | €2,776 | €4,787 | +€2,011 | +72.5% |
| Other amounts receivable | 41 | €1,419,961 | €1,190,239 | -€229,722 | -16.2% |
| Cash at bank and in hand | 54/58 | €24,513 | €1,364 | -€23,148 | -94.4% |
| Deferred charges and accrued income | 490/1 | €2,606 | €5,610 | +€3,004 | +115% |
| Total equity and liabilities | 10/49 | €3,739,229 | €3,303,306 | -€435,923 | -11.7% |
| Equity | 10/15 | €1,397,726 | €1,333,944 | -€63,783 | -4.6% |
| Contributions | 10/11 | €109,432 | €109,432 | = | 0.0% |
| Capital | 10 | €109,432 | €109,432 | = | 0.0% |
| Issued capital | 100 | €109,432 | €109,432 | = | 0.0% |
| Revaluation surpluses | 12 | €862,942 | €862,942 | = | 0.0% |
| Reserves | 13 | €341,868 | €275,543 | -€66,325 | -19.4% |
| Non-distributable reserves | 130/1 | €4,743 | €9,769 | +€5,025 | +106% |
| Legal reserve | 130 | €4,743 | €9,769 | +€5,025 | +106% |
| Tax-exempt reserves | 132 | €337,125 | €265,774 | -€71,351 | -21.2% |
| Profit (loss) carried forward | 14 | €71,115 | €73,657 | +€2,542 | +3.6% |
| Investment grants | 15 | €12,369 | €12,369 | = | 0.0% |
| Provisions and deferred taxes | 16 | €111,001 | €87,217 | -€23,784 | -21.4% |
| Deferred taxes | 168 | €111,001 | €87,217 | -€23,784 | -21.4% |
| Amounts payable | 17/49 | €2,230,502 | €1,882,145 | -€348,357 | -15.6% |
| Amounts payable after more than one year | 17 | €1,840,406 | €1,470,850 | -€369,556 | -20.1% |
| Financial debts | 170/4 | €1,438,348 | €1,206,149 | -€232,198 | -16.1% |
| Trade debts | 175 | €402,058 | €264,700 | -€137,358 | -34.2% |
| Amounts payable within one year | 42/48 | €390,096 | €411,296 | +€21,200 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €361,681 | €369,556 | +€7,875 | +2.2% |
| Trade debts | 44 | €3,415 | €11,682 | +€8,267 | +242% |
| Suppliers | 440/4 | €3,415 | €11,682 | +€8,267 | +242% |
| Taxes, remuneration and social security | 45 | €25,000 | €30,057 | +€5,057 | +20.2% |
| Taxes | 450/3 | €25,000 | €30,057 | +€5,057 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,911 | €200,276 | +€4,365 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,220 | €0 | +€1,220 | |
| Other operating charges | 640/8 | €36,442 | €37,226 | +€784 | +2.2% |
| Gross operating margin | 9900 | €239,339 | €245,435 | +€6,096 | +2.5% |
| Operating profit (loss) | 9901 | €8,206 | €7,933 | -€273 | -3.3% |
| Financial income | 75/76B | €46,841 | €41,212 | -€5,628 | -12.0% |
| Recurring financial income | 75 | €46,841 | €41,212 | -€5,628 | -12.0% |
| Financial charges | 65/66B | €42,586 | €39,592 | -€2,994 | -7.0% |
| Recurring financial charges | 65 | €42,586 | €39,592 | -€2,994 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €12,461 | €9,553 | -€2,907 | -23.3% |
| Transfer from deferred taxes | 780 | €23,657 | €23,784 | +€127 | +0.5% |
| Income taxes | 67/77 | €29,234 | €32,120 | +€2,886 | +9.9% |
| Profit (loss) for the period | 9904 | €6,883 | €1,217 | -€5,666 | -82.3% |
| Transfer from tax-exempt reserves | 789 | €70,970 | €71,351 | +€381 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €77,853 | €72,568 | -€5,286 | -6.8% |
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 26 October 2026 via checked.be.