V.M.S.B.: 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
V.M.S.B.
NACE 52.250, Logistics services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€481,000
2024 · €17,385+€463,615
Equity
€36.8m
2024 · €2.4m+€34.4m
Cash
€1.7m
2024 · €19,945+€1.7m
Balance sheet total
€68.4m
2024 · €2.7m+€65.8m
Largest movements
Assets
- Tangible fixed assets +€48.2m
new in 2025: €48.2m
of which Land and buildings: +€38.6m
- Receivables within one year +€17.1m
up €17.1m (+7,344%), from €232,804 to €17.3m
of which Trade receivables: +€15.3m
- Financial fixed assets -€2.1m
down €2.1m (-87.5%), from €2.4m to €302,000
of which Affiliated companies: -€2.4m
- Cash +€1.7m
up €1.7m (+8,594%), from €19,945 to €1.7m
mainly Total equity and liabilities (+€65.8m) and Depreciation (+€5.6m)
Equity and liabilities
- Total equity and liabilities +€65.8m
up €65.8m (+2,471%), from €2.7m to €68.4m
of which Equity: +€34.4m
Income statement
- Turnover +€91.4m
up €91.4m (+14,164%), from €645,513 to €92.1m
- Services and other goods +€54.6m
up €54.6m (+26,208%), from €208,439 to €54.8m
- Staff costs +€33.1m
up €33.1m (+8,147%), from €406,164 to €33.5m
- Depreciation +€5.6m
new in 2025: €5.6m
- Other operating income +€4.4m
up €4.4m (+51,871%), from €8,524 to €4.4m
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
€17,385
Turnover
+€91.4m
Other operating income
+€4.4m
Services and other goods
-€54.6m
Staff costs
-€33.1m
Depreciation
-€5.6m
Write-downs
-€5,000
Other operating charges
-€1.7m
Other operating items
-€84,000
Financial income
+€273,000
Financial charges
-€222,254
Taxes
-€340,997
Result 2025
€481,000
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
+€54.2m
Investment
-€52.0m
Financing
-€481,000
Cash 2024
€19,945
From operations (derived)
+€54.2m
Net result for the year
+€481,000
Depreciation
+€5.6m
Receivables after one year
-€196,000
Stocks and contracts
-€122,000
Receivables within one year
-€17.1m
Deferred charges and accrued income
-€246,000
Total equity and liabilities
+€65.8m
Investment (derived)
-€52.0m
Investment in fixed assets (net)
-€51.9m
Current investments
-€152,000
Financing
-€481,000
Contributions, distributions and other
-€481,000
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,661,631 | €68,441,000 | +€65.8m | +2,471% |
| Fixed assets | 21/28 | €2,408,881 | €48,660,000 | +€46.3m | +1,920% |
| Intangible fixed assets | 21 | - | €129,000 | +€129,000 | |
| Tangible fixed assets | 22/27 | - | €48,229,000 | +€48.2m | |
| Land and buildings | 22 | - | €38,564,000 | +€38.6m | |
| Plant, machinery and equipment | 23 | - | €1,209,000 | +€1.2m | |
| Furniture and vehicles | 24 | - | €8,333,000 | +€8.3m | |
| Other tangible fixed assets | 26 | - | €124,000 | +€124,000 | |
| Financial fixed assets | 28 | €2,408,881 | €302,000 | -€2.1m | -87.5% |
| Affiliated companies | 280/1 | €2,408,881 | - | -€2.4m | |
| Participating interests | 280 | €2,408,881 | - | -€2.4m | |
| Other financial fixed assets | 284/8 | - | €302,000 | +€302,000 | |
| Shares | 284 | - | €67,000 | +€67,000 | |
| Amounts receivable and cash guarantees | 285/8 | - | €235,000 | +€235,000 | |
| Current assets | 29/58 | €252,750 | €19,781,000 | +€19.5m | +7,726% |
| Amounts receivable after more than one year | 29 | - | €196,000 | +€196,000 | |
| Other amounts receivable | 291 | - | €196,000 | +€196,000 | |
| Stocks and contracts in progress | 3 | - | €122,000 | +€122,000 | |
| Stocks | 30/36 | - | €122,000 | +€122,000 | |
| Goods purchased for resale | 34 | - | €122,000 | +€122,000 | |
| Amounts receivable within one year | 40/41 | €232,804 | €17,331,000 | +€17.1m | +7,344% |
| Trade receivables | 40 | €232,766 | €15,568,000 | +€15.3m | +6,588% |
| Other amounts receivable | 41 | €39 | €1,764,000 | +€1.8m | +4,565,117% |
| Current investments | 50/53 | - | €152,000 | +€152,000 | |
| Other investments | 51/53 | - | €152,000 | +€152,000 | |
| Cash at bank and in hand | 54/58 | €19,945 | €1,734,000 | +€1.7m | +8,594% |
| Deferred charges and accrued income | 490/1 | - | €246,000 | +€246,000 | |
| Total equity and liabilities | 10/49 | €2,661,631 | €68,441,000 | +€65.8m | +2,471% |
| Equity | 10/15 | €2,447,370 | €36,826,000 | +€34.4m | +1,405% |
| Contributions | 10/11 | €1,929,753 | €8,664,000 | +€6.7m | +349% |
| Capital | 10 | €1,929,753 | €8,664,000 | +€6.7m | +349% |
| Issued capital | 100 | €1,929,753 | €8,664,000 | +€6.7m | +349% |
| Reserves | 13 | €66,259 | - | -€66,259 | |
| Non-distributable reserves | 130/1 | €24,771 | - | -€24,771 | |
| Legal reserve | 130 | €24,771 | - | -€24,771 | |
| Distributable reserves | 133 | €41,488 | - | -€41,488 | |
| Profit (loss) carried forward | 14 | €451,359 | - | -€451,359 | |
| Investment grants | 15 | - | €1,317,000 | +€1.3m | |
| Provisions and deferred taxes | 16 | - | €654,000 | +€654,000 | |
| Provisions for liabilities and charges | 160/5 | - | €585,000 | +€585,000 | |
| Pensions and similar obligations | 160 | - | €510,000 | +€510,000 | |
| Other liabilities and charges | 164/5 | - | €75,000 | +€75,000 | |
| Deferred taxes | 168 | - | €69,000 | +€69,000 | |
| Amounts payable | 17/49 | €214,260 | €30,773,000 | +€30.6m | +14,262% |
| Amounts payable after more than one year | 17 | - | €7,041,000 | +€7.0m | |
| Financial debts | 170/4 | - | €7,041,000 | +€7.0m | |
| Credit institutions | 173 | - | €7,041,000 | +€7.0m | |
| Amounts payable within one year | 42/48 | €214,260 | €22,922,000 | +€22.7m | +10,598% |
| Current portion of amounts payable after more than one year | 42 | - | €1,826,000 | +€1.8m | |
| Financial debts | 43 | - | €294,000 | +€294,000 | |
| Other loans | 439 | - | €294,000 | +€294,000 | |
| Trade debts | 44 | €49,976 | €12,746,000 | +€12.7m | +25,404% |
| Suppliers | 440/4 | €49,976 | €12,746,000 | +€12.7m | +25,404% |
| Advances received on contracts in progress | 46 | - | €28,000 | +€28,000 | |
| Taxes, remuneration and social security | 45 | €131,975 | €6,675,000 | +€6.5m | +4,958% |
| Taxes | 450/3 | €70,364 | €2,292,000 | +€2.2m | +3,157% |
| Remuneration and social security | 454/9 | €61,612 | €4,383,000 | +€4.3m | +7,014% |
| Other amounts payable | 47/48 | €32,309 | €1,353,000 | +€1.3m | +4,088% |
| Accrued charges and deferred income | 492/3 | - | €810,000 | +€810,000 | |
| Operating income | 70/76A | €654,037 | €96,503,000 | +€95.8m | +14,655% |
| Turnover | 70 | €645,513 | €92,073,000 | +€91.4m | +14,164% |
| Other operating income | 74 | €8,524 | €4,430,000 | +€4.4m | +51,871% |
| Operating charges | 60/66A | €616,903 | €95,712,000 | +€95.1m | +15,415% |
| Services and other goods | 61 | €208,439 | €54,837,000 | +€54.6m | +26,208% |
| Remuneration, social security and pensions | 62 | €406,164 | €33,498,000 | +€33.1m | +8,147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,603,000 | +€5.6m | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,000 | +€5,000 | |
| Other operating charges | 640/8 | €2,300 | €1,685,000 | +€1.7m | +73,146% |
| Non-recurring operating charges | 66A | - | €84,000 | +€84,000 | |
| Operating profit (loss) | 9901 | €37,133 | €791,000 | +€753,867 | +2,030% |
| Financial income | 75/76B | - | €273,000 | +€273,000 | |
| Recurring financial income | 75 | - | €273,000 | +€273,000 | |
| Income from financial fixed assets | 750 | - | €62,000 | +€62,000 | |
| Income from current assets | 751 | - | €4,000 | +€4,000 | |
| Other financial income | 752/9 | - | €207,000 | +€207,000 | |
| Financial charges | 65/66B | €10,746 | €233,000 | +€222,254 | +2,068% |
| Recurring financial charges | 65 | €433 | €233,000 | +€232,567 | +53,696% |
| Debt charges | 650 | - | €195,000 | +€195,000 | |
| Other financial charges | 652/9 | €433 | €38,000 | +€37,567 | +8,674% |
| Non-recurring financial charges | 66B | €10,312 | - | -€10,312 | |
| Profit (loss) for the period before taxes | 9903 | €26,388 | €831,000 | +€804,612 | +3,049% |
| Income taxes | 67/77 | €9,003 | €350,000 | +€340,997 | +3,788% |
| Taxes | 670/3 | €9,003 | €350,000 | +€340,997 | +3,788% |
| Profit (loss) for the period | 9904 | €17,385 | €481,000 | +€463,615 | +2,667% |
| Profit (loss) for the period to be appropriated | 9905 | €17,385 | - | -€17,385 |
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 25 October 2026 via checked.be.