V&D 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.
V&D LOGISTICS
Largest movements
- Receivables after one year -€55,000
down €55,000 (-42.3%), from €130,000 to €75,000
- Cash +€50,963
up €50,963 (+190%), from €26,842 to €77,805
mainly Receivables after one year (+€55,000) and Depreciation (+€25,320)
- Tangible fixed assets -€25,320
down €25,320 (-21.6%), from €117,386 to €92,066
of which Furniture and vehicles: -€17,976
- Profit (loss) carried forward -€20,349
down €20,349 (-8.6%), from €235,701 to €215,352
- Current portion of long-term debt -€16,784
down €16,784 (-100%), from €16,784 to €0
- Trade debts +€6,104
up €6,104 (+225%), from €2,717 to €8,821
- Tax, wage and social debts -€5,847
down €5,847 (-50.9%), from €11,479 to €5,632
of which Remuneration and social security: -€4,382
- Debts after one year +€4,500
up €4,500, from €0 to €4,500
of which Other amounts payable: +€4,500
- Financial income -€177,700
down €177,700 (-94.1%), from €188,906 to €11,206
- Gross operating margin +€31,704
up €31,704, from -€30,689 to €1,015
- Taxes -€10,349
down €10,349 (-91.1%), from €11,357 to €1,008
- Other operating charges -€6,420
down €6,420 (-57.7%), from €11,122 to €4,701
- Depreciation -€2,657
down €2,657 (-9.5%), from €27,977 to €25,320
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 | €432,919 | €401,351 | -€31,568 | -7.3% |
| Fixed assets | 21/28 | €117,386 | €92,066 | -€25,320 | -21.6% |
| Tangible fixed assets | 22/27 | €117,386 | €92,066 | -€25,320 | -21.6% |
| Land and buildings | 22 | €60,964 | €55,410 | -€5,554 | -9.1% |
| Plant, machinery and equipment | 23 | €1,122 | €0 | -€1,122 | -100% |
| Furniture and vehicles | 24 | €52,880 | €34,904 | -€17,976 | -34.0% |
| Other tangible fixed assets | 26 | €2,421 | €1,752 | -€669 | -27.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €315,533 | €309,285 | -€6,248 | -2.0% |
| Amounts receivable after more than one year | 29 | €130,000 | €75,000 | -€55,000 | -42.3% |
| Other amounts receivable | 291 | €130,000 | €75,000 | -€55,000 | -42.3% |
| Amounts receivable within one year | 40/41 | €150,358 | €150,776 | +€418 | +0.3% |
| Trade receivables | 40 | €49,353 | €46,525 | -€2,828 | -5.7% |
| Other amounts receivable | 41 | €101,005 | €104,251 | +€3,246 | +3.2% |
| Cash at bank and in hand | 54/58 | €26,842 | €77,805 | +€50,963 | +190% |
| Deferred charges and accrued income | 490/1 | €8,333 | €5,705 | -€2,629 | -31.5% |
| Total equity and liabilities | 10/49 | €432,919 | €401,351 | -€31,568 | -7.3% |
| Equity | 10/15 | €398,719 | €378,369 | -€20,349 | -5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,418 | €144,418 | = | 0.0% |
| Distributable reserves | 133 | €144,418 | €144,418 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,701 | €215,352 | -€20,349 | -8.6% |
| Amounts payable | 17/49 | €34,200 | €22,982 | -€11,219 | -32.8% |
| Amounts payable after more than one year | 17 | €0 | €4,500 | +€4,500 | |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | €4,500 | +€4,500 | |
| Amounts payable within one year | 42/48 | €34,200 | €18,482 | -€15,719 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €16,784 | €0 | -€16,784 | -100% |
| Trade debts | 44 | €2,717 | €8,821 | +€6,104 | +225% |
| Suppliers | 440/4 | €2,717 | €8,821 | +€6,104 | +225% |
| Taxes, remuneration and social security | 45 | €11,479 | €5,632 | -€5,847 | -50.9% |
| Taxes | 450/3 | €7,097 | €5,632 | -€1,465 | -20.6% |
| Remuneration and social security | 454/9 | €4,382 | €0 | -€4,382 | -100% |
| Other amounts payable | 47/48 | €3,221 | €4,029 | +€809 | +25.1% |
| Remuneration, social security and pensions | 62 | €19 | €0 | -€19 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,977 | €25,320 | -€2,657 | -9.5% |
| Other operating charges | 640/8 | €11,122 | €4,701 | -€6,420 | -57.7% |
| Gross operating margin | 9900 | -€30,689 | €1,015 | +€31,704 | |
| Operating profit (loss) | 9901 | -€69,807 | -€29,006 | +€40,800 | +58.4% |
| Financial income | 75/76B | €188,906 | €11,206 | -€177,700 | -94.1% |
| Recurring financial income | 75 | €188,906 | €11,206 | -€177,700 | -94.1% |
| Financial charges | 65/66B | €1,976 | €1,541 | -€435 | -22.0% |
| Recurring financial charges | 65 | €1,976 | €1,541 | -€435 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €117,124 | -€19,341 | -€136,465 | |
| Income taxes | 67/77 | €11,357 | €1,008 | -€10,349 | -91.1% |
| Profit (loss) for the period | 9904 | €105,767 | -€20,349 | -€126,116 | |
| Profit (loss) for the period to be appropriated | 9905 | €105,767 | -€20,349 | -€126,116 |
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 15 October 2026 via checked.be.