As in the previous year, 2025 was a challenging financial year for the logistics industry. The economic downturn, the slow rise in transport volumes and the overall difficult market arena created a difficult business environment (see SCI Verkehr, SCI Logistics Barometer, December 2025).
Report on assets, liabilities, financial position and profit or loss
In the reporting year, BLG AG received liability remuneration (EUR 1,191 thousand; previous year: EUR 1,097 thousand) and management remuneration (EUR 2,500 thousand; previous year: EUR 2,500 thousand) from BLG KG. Due to the continued high income from investments based on the commercial results of BLG KG, management remuneration again reached the maximum possible level in the reporting year. As a result, total remuneration was slightly above the level of the previous year.
Remuneration paid to the members of the Board of Management and the Supervisory Board is reimbursed in full by BLG KG and are recognized under other operating income.
In the reporting year, BLG AG received liability remuneration (EUR 1,191 thousand; previous year: EUR 1,097 thousand) and management remuneration (EUR 2,500 thousand; previous year: EUR 2,500 thousand) from BLG KG. Due to the continued high income from investments based on the commercial results of BLG KG, management remuneration again reached the maximum possible level in the reporting year. As a result, total remuneration was slightly above the level of the previous year.
Remuneration paid to the members of the Board of Management and the Supervisory Board is reimbursed in full by BLG KG and are recognized under other operating income.
Personnel expenses, which include both ongoing salary payments and pension costs, decreased significantly compared with the previous year. This was primarily due to the fact that no new pension commitments were granted in the reporting year. By contrast, ongoing salaries increased slightly as a result of salary adjustments.
In accordance with its corporate function, BLG AG lent all financial resources available to it to BLG KG for proportionate financing of the working capital required for the provision of its services. This lending is primarily conducted through the central cash management function of BLG KG, in which BLG AG is included. Interest was charged on funds provided under the same conditions as previously, although the conditions for cash management are variable above a minimum interest rate and were adjusted downwards once in the reporting year. Due to lower interest rates compared with the previous year and the lower interest charged on cash management balances as a result, interest income decreased here significantly by EUR 293 thousand compared to the previous year.
Earnings per share of EUR 0.77 (Commercial law; closing according to § 315e HGB: EUR 0.75)
Earnings per share are calculated by dividing the net income for the year by the average number of shares outstanding during the financial year. As in the previous year, there were 3,840,000 registered shares outstanding during the 2025 financial year.
Comparison of financial performance in the 2025 financial year against the forecast
In the Outlook as of December 31, 2024, earnings before taxes (EBT) for the 2025 financial year were projected to come in significantly below the figures in the 2024 financial year.
In the interim report as of June 30, 2025, earnings before taxes (EBT) were projected to be at the level of the 2024 financial year.
Furthermore, in the ad hoc report of August 20, 2025, the Board of Management continued to assume that earnings before taxes (EBT) for the 2025 financial year would be at the level of the 2024 financial year or slightly below due to declining net interest income.
Earnings before taxes in the 2025 financial year declined slightly by EUR 264 thousand (commercial law: EUR 202 thousand) compared with the previous year. As previously explained, this was primarily due to lower interest income from cash management compared with the previous year.
Refinancing for pensions/market valuation
Pension commitments for members of the Board of Management are secured by insolvency-protected reinsurance policies. Upon granting a pension commitment, a one-time payment equal to the calculated present value of the obligation is made into a contribution account, which is used to finance the annual insurance premiums. As of December 31, 2025, the carrying amount of this contribution account declined slightly despite positive market valuation and additions during the year, due to withdrawals to cover 2025 premiums. On the income side, this did not lead to additional or reduced income for BLG AG, as all expenses and income from this are assumed by BLG KG.
The measurement of pension provisions as of December 31, 2025, resulted in the netted value of the pension obligation and the asset value being reported under assets, as in the previous year. There are differences in the measurements according to HGB and IFRS due to differences in interest rates. The recognized settlement amount (obligation) owed to BLG KG was subsequently adjusted in accordance with Section 315e HGB to reflect the measurement differences between HGB and IFRS.
Provisions for variable remuneration
The remuneration system for members of the Board of Management includes both short-term and long-term variable components in line with the requirements of ARUG II. The multi-year build-up of the long-term performance components led to a significant increase in provisions in the reporting year.
On the basis of the revaluation as of December 31, 2025, the existing provisions for long-term variable remuneration for the financial years 2022 to 2024 were adjusted based on the current discount rate and the currently expected level of target achievement. Furthermore, on the basis of the target figures achieved to date, provisions of EUR 2,203 thousand (under German commercial law EUR 2,253 thousand) were newly recognized or increased for variable remuneration components for the 2025 financial year. Valuation differences between HGB and IFRS are recognized as a settlement amount (liabilities) due to BLG KG and result in differences in earnings.
There were no other significant changes in assets, liabilities, financial performance and profit or loss compared with the previous year.