VB-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.
VB-LOGISTICS
Largest movements
- Tangible fixed assets -€11,931
down €11,931 (-37.3%), from €32,015 to €20,084
of which Furniture and vehicles: -€5,983
- Cash +€5,168
up €5,168 (+40.6%), from €12,738 to €17,905
mainly Depreciation (+€11,931) and Net result for the year (+€4,967)
- Deferred charges and accrued income +€4,729
up €4,729 (+134%), from €3,517 to €8,246
- Receivables within one year +€2,227
up €2,227 (+1.8%), from €126,061 to €128,288
of which Trade receivables: +€2,873
- Debts after one year -€6,111
no longer reported in 2025 (was €6,111)
- Reserves +€4,967
up €4,967 (+9.0%), from €55,031 to €59,998
- Tax, wage and social debts +€2,244
up €2,244 (+4.5%), from €50,347 to €52,590
of which Remuneration and social security: +€2,704
- Staff costs +€49,473
up €49,473 (+28.4%), from €173,904 to €223,377
- Gross operating margin +€26,887
up €26,887 (+12.3%), from €219,327 to €246,214
- Depreciation -€9,259
down €9,259 (-43.7%), from €21,190 to €11,931
- Taxes -€6,027
down €6,027 (-66.2%), from €9,105 to €3,078
- Financial income -€3,294
down €3,294 (-85.5%), from €3,854 to €561
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 | €174,870 | €175,063 | +€193 | +0.1% |
| Fixed assets | 21/28 | €32,555 | €20,624 | -€11,931 | -36.6% |
| Tangible fixed assets | 22/27 | €32,015 | €20,084 | -€11,931 | -37.3% |
| Furniture and vehicles | 24 | €19,956 | €13,973 | -€5,983 | -30.0% |
| Leasing and similar rights | 25 | €12,059 | €6,111 | -€5,948 | -49.3% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €142,316 | €154,439 | +€12,124 | +8.5% |
| Amounts receivable within one year | 40/41 | €126,061 | €128,288 | +€2,227 | +1.8% |
| Trade receivables | 40 | €125,415 | €128,288 | +€2,873 | +2.3% |
| Other amounts receivable | 41 | €646 | - | -€646 | |
| Cash at bank and in hand | 54/58 | €12,738 | €17,905 | +€5,168 | +40.6% |
| Deferred charges and accrued income | 490/1 | €3,517 | €8,246 | +€4,729 | +134% |
| Total equity and liabilities | 10/49 | €174,870 | €175,063 | +€193 | +0.1% |
| Equity | 10/15 | €75,031 | €79,998 | +€4,967 | +6.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €55,031 | €59,998 | +€4,967 | +9.0% |
| Distributable reserves | 133 | €55,031 | €59,998 | +€4,967 | +9.0% |
| Amounts payable | 17/49 | €99,840 | €95,065 | -€4,774 | -4.8% |
| Amounts payable after more than one year | 17 | €6,111 | - | -€6,111 | |
| Financial debts | 170/4 | €6,111 | - | -€6,111 | |
| Amounts payable within one year | 42/48 | €93,405 | €94,608 | +€1,203 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €6,028 | €6,111 | +€83 | +1.4% |
| Trade debts | 44 | €37,030 | €35,906 | -€1,123 | -3.0% |
| Suppliers | 440/4 | €37,030 | €35,906 | -€1,123 | -3.0% |
| Taxes, remuneration and social security | 45 | €50,347 | €52,590 | +€2,244 | +4.5% |
| Taxes | 450/3 | €29,550 | €29,089 | -€461 | -1.6% |
| Remuneration and social security | 454/9 | €20,797 | €23,501 | +€2,704 | +13.0% |
| Accrued charges and deferred income | 492/3 | €324 | €458 | +€134 | +41.3% |
| Remuneration, social security and pensions | 62 | €173,904 | €223,377 | +€49,473 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,190 | €11,931 | -€9,259 | -43.7% |
| Other operating charges | 640/8 | €1,222 | €2,820 | +€1,598 | +131% |
| Gross operating margin | 9900 | €219,327 | €246,214 | +€26,887 | +12.3% |
| Operating profit (loss) | 9901 | €23,012 | €8,086 | -€14,926 | -64.9% |
| Financial income | 75/76B | €3,854 | €561 | -€3,294 | -85.5% |
| Recurring financial income | 75 | €3,854 | €561 | -€3,294 | -85.5% |
| Financial charges | 65/66B | €829 | €601 | -€228 | -27.5% |
| Recurring financial charges | 65 | €829 | €601 | -€228 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €26,037 | €8,046 | -€17,991 | -69.1% |
| Income taxes | 67/77 | €9,105 | €3,078 | -€6,027 | -66.2% |
| Profit (loss) for the period | 9904 | €16,932 | €4,967 | -€11,965 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,932 | €4,967 | -€11,965 | -70.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.