V.H. 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.H. LOGISTICS
Largest movements
- Receivables within one year +€4,356
up €4,356 (+1.9%), from €227,885 to €232,241
of which Trade receivables: +€4,356
- Profit (loss) carried forward -€10,233
down €10,233 (-5.7%), from -€178,196 to -€188,429
- Tax, wage and social debts +€7,611
up €7,611 (+283%), from €2,685 to €10,296
- Other debts +€6,810
up €6,810 (+4.8%), from €140,945 to €147,755
- Financial income -€267,678
no longer reported in 2025 (was €267,678)
of which Financial income: -€267,678
- Taxes -€41,905
down €41,905 (-83.7%), from €50,075 to €8,170
- Gross operating margin -€10,938
down €10,938 (-25.4%), from €43,091 to €32,153
- Other operating charges +€806
up €806 (+62.8%), from €1,283 to €2,090
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 | €345,741 | €349,929 | +€4,188 | +1.2% |
| Fixed assets | 21/28 | €102,002 | €101,610 | -€392 | -0.4% |
| Tangible fixed assets | 22/27 | €2,102 | €1,710 | -€392 | -18.7% |
| Furniture and vehicles | 24 | €2,102 | €1,710 | -€392 | -18.7% |
| Financial fixed assets | 28 | €99,900 | €99,900 | = | 0.0% |
| Current assets | 29/58 | €243,739 | €248,319 | +€4,581 | +1.9% |
| Amounts receivable within one year | 40/41 | €227,885 | €232,241 | +€4,356 | +1.9% |
| Trade receivables | 40 | €40,535 | €44,891 | +€4,356 | +10.7% |
| Other amounts receivable | 41 | €187,350 | €187,350 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84 | €308 | +€225 | +269% |
| Deferred charges and accrued income | 490/1 | €15,770 | €15,770 | = | 0.0% |
| Total equity and liabilities | 10/49 | €345,741 | €349,929 | +€4,188 | +1.2% |
| Equity | 10/15 | €202,110 | €191,877 | -€10,233 | -5.1% |
| Contributions | 10/11 | €345,733 | €345,733 | = | 0.0% |
| Reserves | 13 | €34,573 | €34,573 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,573 | €34,573 | = | 0.0% |
| Reserves not available under the articles | 1311 | €34,573 | €34,573 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,196 | -€188,429 | -€10,233 | -5.7% |
| Amounts payable | 17/49 | €143,631 | €158,052 | +€14,421 | +10.0% |
| Amounts payable within one year | 42/48 | €143,631 | €158,052 | +€14,421 | +10.0% |
| Taxes, remuneration and social security | 45 | €2,685 | €10,296 | +€7,611 | +283% |
| Taxes | 450/3 | €2,685 | €10,296 | +€7,611 | +283% |
| Other amounts payable | 47/48 | €140,945 | €147,755 | +€6,810 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,026 | €1,212 | +€187 | +18.2% |
| Other operating charges | 640/8 | €1,283 | €2,090 | +€806 | +62.8% |
| Gross operating margin | 9900 | €43,091 | €32,153 | -€10,938 | -25.4% |
| Operating profit (loss) | 9901 | €40,782 | €28,851 | -€11,931 | -29.3% |
| Financial income | 75/76B | €267,678 | - | -€267,678 | |
| Recurring financial income | 75 | €267,678 | - | -€267,678 | |
| Non-recurring financial income | 76B | €267,678 | - | -€267,678 | |
| Financial charges | 65/66B | €261 | €286 | +€25 | +9.5% |
| Recurring financial charges | 65 | €261 | €286 | +€25 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €308,199 | €28,565 | -€279,634 | -90.7% |
| Income taxes | 67/77 | €50,075 | €8,170 | -€41,905 | -83.7% |
| Profit (loss) for the period | 9904 | €258,124 | €20,395 | -€237,729 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €258,124 | €20,395 | -€237,729 | -92.1% |
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 17 October 2026 via checked.be.