VAES LOGISTICS: what changed
Two fiscal 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.
VAES LOGISTICS
Largest movements
- Tangible fixed assets -€56,290
down €56,290 (-13.0%), from €433,438 to €377,148
of which Leasing and similar rights: -€51,840
- Receivables within one year +€16,704
up €16,704 (+17.2%), from €97,160 to €113,864
of which Trade receivables: +€17,231
- Cash -€15,102
down €15,102 (-23.0%), from €65,607 to €50,506
mainly Debts after one year (-€58,928) and Investment in fixed assets (net) (-€54,999)
- Debts after one year -€58,928
down €58,928 (-22.4%), from €262,793 to €203,865
- Trade debts +€14,090
up €14,090 (+40.7%), from €34,579 to €48,669
- Profit (loss) carried forward -€7,548
new in 2025: -€7,548
- Depreciation +€35,013
up €35,013 (+45.9%), from €76,276 to €111,289
- Staff costs +€29,947
up €29,947 (+72.8%), from €41,123 to €71,069
- Gross operating margin +€12,810
up €12,810 (+6.5%), from €197,174 to €209,984
- Taxes -€8,565
down €8,565 (-92.6%), from €9,253 to €689
- Other operating charges +€2,437
up €2,437 (+18.1%), from €13,433 to €15,870
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.
Cash bridge derived
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 | €601,431 | €547,572 | -€53,859 | -9.0% |
| Fixed assets | 21/28 | €433,438 | €377,148 | -€56,290 | -13.0% |
| Tangible fixed assets | 22/27 | €433,438 | €377,148 | -€56,290 | -13.0% |
| Land and buildings | 22 | €23,473 | €54,467 | +€30,993 | +132.0% |
| Plant, machinery and equipment | 23 | €55,258 | €40,815 | -€14,444 | -26.1% |
| Furniture and vehicles | 24 | €120,574 | €99,574 | -€21,000 | -17.4% |
| Leasing and similar rights | 25 | €234,132 | €182,292 | -€51,840 | -22.1% |
| Current assets | 29/58 | €167,993 | €170,425 | +€2,432 | +1.4% |
| Amounts receivable within one year | 40/41 | €97,160 | €113,864 | +€16,704 | +17.2% |
| Trade receivables | 40 | €70,000 | €87,231 | +€17,231 | +24.6% |
| Other amounts receivable | 41 | €27,161 | €26,633 | -€527 | -1.9% |
| Cash at bank and in hand | 54/58 | €65,607 | €50,506 | -€15,102 | -23.0% |
| Deferred charges and accrued income | 490/1 | €5,225 | €6,055 | +€830 | +15.9% |
| Total equity and liabilities | 10/49 | €601,431 | €547,572 | -€53,859 | -9.0% |
| Equity | 10/15 | €78,612 | €71,063 | -€7,548 | -9.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €75,612 | €75,612 | = | 0.0% |
| Distributable reserves | 133 | €75,612 | €75,612 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€7,548 | -€7,548 | |
| Amounts payable | 17/49 | €522,819 | €476,509 | -€46,310 | -8.9% |
| Amounts payable after more than one year | 17 | €262,793 | €203,865 | -€58,928 | -22.4% |
| Financial debts | 170/4 | €262,793 | €203,865 | -€58,928 | -22.4% |
| Amounts payable within one year | 42/48 | €260,026 | €272,643 | +€12,617 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €97,989 | €100,466 | +€2,477 | +2.5% |
| Trade debts | 44 | €34,579 | €48,669 | +€14,090 | +40.7% |
| Suppliers | 440/4 | €34,579 | €48,669 | +€14,090 | +40.7% |
| Taxes, remuneration and social security | 45 | €38,267 | €33,628 | -€4,639 | -12.1% |
| Taxes | 450/3 | €31,016 | €24,936 | -€6,080 | -19.6% |
| Remuneration and social security | 454/9 | €7,251 | €8,692 | +€1,441 | +19.9% |
| Other amounts payable | 47/48 | €89,191 | €89,881 | +€690 | +0.8% |
| Remuneration, social security and pensions | 62 | €41,123 | €71,069 | +€29,947 | +72.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,276 | €111,289 | +€35,013 | +45.9% |
| Other operating charges | 640/8 | €13,433 | €15,870 | +€2,437 | +18.1% |
| Gross operating margin | 9900 | €197,174 | €209,984 | +€12,810 | +6.5% |
| Operating profit (loss) | 9901 | €66,342 | €11,755 | -€54,586 | -82.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €20,953 | €18,615 | -€2,337 | -11.2% |
| Recurring financial charges | 65 | €20,953 | €18,615 | -€2,337 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €45,390 | -€6,860 | -€52,250 | |
| Income taxes | 67/77 | €9,253 | €689 | -€8,565 | -92.6% |
| Profit (loss) for the period | 9904 | €36,137 | -€7,548 | -€43,686 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,137 | -€7,548 | -€43,686 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.