VDH Forwarding: 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.
VDH Forwarding
Largest movements
- Receivables within one year +€511,809
up €511,809 (+51.9%), from €986,110 to €1.5m
of which Trade receivables: +€500,199
- Cash -€40,964
down €40,964 (-15.8%), from €259,207 to €218,243
mainly Receivables within one year (-€511,809) and Other debts (-€18,000)
- Trade debts +€271,466
up €271,466 (+100.4%), from €270,464 to €541,930
- Reserves +€216,945
up €216,945 (+22.8%), from €950,003 to €1.2m
- Other debts -€18,000
no longer reported in 2025 (was €18,000)
- Gross operating margin +€180,947
up €180,947 (+168.3%), from €107,525 to €288,472
- Taxes +€48,670
up €48,670 (+254.2%), from €19,145 to €67,815
- Other operating charges +€48,358
up €48,358 (+4454.9%), from €1,086 to €49,444
- Write-downs -€44,936
down €44,936, from €9,829 to -€35,107
- Financial charges +€6,919
up €6,919 (+184.3%), from €3,754 to €10,673
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 | €1,245,317 | €1,716,163 | +€470,845 | +37.8% |
| Current assets | 29/58 | €1,245,317 | €1,716,163 | +€470,845 | +37.8% |
| Amounts receivable within one year | 40/41 | €986,110 | €1,497,920 | +€511,809 | +51.9% |
| Trade receivables | 40 | €899,090 | €1,399,289 | +€500,199 | +55.6% |
| Other amounts receivable | 41 | €87,021 | €98,631 | +€11,610 | +13.3% |
| Cash at bank and in hand | 54/58 | €259,207 | €218,243 | -€40,964 | -15.8% |
| Total equity and liabilities | 10/49 | €1,245,317 | €1,716,163 | +€470,845 | +37.8% |
| Equity | 10/15 | €956,203 | €1,173,148 | +€216,945 | +22.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €950,003 | €1,166,948 | +€216,945 | +22.8% |
| Distributable reserves | 133 | €950,003 | €1,166,948 | +€216,945 | +22.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €289,114 | €543,015 | +€253,901 | +87.8% |
| Amounts payable within one year | 42/48 | €289,114 | €543,015 | +€253,901 | +87.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €270,464 | €541,930 | +€271,466 | +100.4% |
| Suppliers | 440/4 | €270,464 | €541,930 | +€271,466 | +100.4% |
| Advances received on contracts in progress | 46 | €650 | €650 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €0 | €435 | +€435 | |
| Taxes | 450/3 | €0 | €435 | +€435 | |
| Other amounts payable | 47/48 | €18,000 | - | -€18,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,829 | -€35,107 | -€44,936 | |
| Other operating charges | 640/8 | €1,086 | €49,444 | +€48,358 | +4454.9% |
| Gross operating margin | 9900 | €107,525 | €288,472 | +€180,947 | +168.3% |
| Operating profit (loss) | 9901 | €96,611 | €274,135 | +€177,524 | +183.8% |
| Financial income | 75/76B | €1,721 | €7,798 | +€6,077 | +353.0% |
| Recurring financial income | 75 | €1,721 | €7,798 | +€6,077 | +353.0% |
| Financial charges | 65/66B | €3,754 | €10,673 | +€6,919 | +184.3% |
| Recurring financial charges | 65 | €3,754 | €10,673 | +€6,919 | +184.3% |
| Profit (loss) for the period before taxes | 9903 | €94,578 | €271,260 | +€176,681 | +186.8% |
| Income taxes | 67/77 | €19,145 | €67,815 | +€48,670 | +254.2% |
| Profit (loss) for the period | 9904 | €75,434 | €203,445 | +€128,011 | +169.7% |
| Profit (loss) for the period to be appropriated | 9905 | €75,434 | €203,445 | +€128,011 | +169.7% |
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 12 October 2026 via checked.be.