VdH Logistics: what changed
What changed
VdH Logistics
NACE 52.250, Logistics services
filed annual accounts (NBB)
Net result for the year
€214,264
2024 · €237,958-€23,694
Equity
€901,761
2024 · €823,582+€78,180
Cash
€585,329
2024 · €292,888+€292,441
Balance sheet total
€1.6m
2024 · €1.6m-€2,955
Largest movements
Assets
- Current investments -€356,750
down €356,750 (-96.2%), from €371,000 to €14,250
- Cash +€292,441
up €292,441 (+99.8%), from €292,888 to €585,329
mainly Current investments (+€356,750) and Net result for the year (+€214,264)
- Receivables within one year +€122,620
up €122,620 (+15.0%), from €816,221 to €938,840
of which Trade receivables: +€148,097
- Deferred charges and accrued income -€32,519
down €32,519 (-43.6%), from €74,530 to €42,011
- Tangible fixed assets -€25,362
down €25,362 (-32.2%), from €78,852 to €53,490
of which Furniture and vehicles: -€16,914
Equity and liabilities
- Reserves +€85,380
up €85,380 (+16.5%), from €516,382 to €601,761
of which Distributable reserves: +€85,380
- Trade debts -€19,008
down €19,008 (-3.7%), from €508,448 to €489,440
Income statement
- Gross operating margin -€25,505
down €25,505 (-2.5%), from €1.0m to €1.0m
- Taxes +€20,580
up €20,580 (+29.0%), from €70,945 to €91,525
- Depreciation -€15,487
down €15,487 (-29.3%), from €52,923 to €37,436
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€237,958
Gross operating margin
-€25,505
Staff costs
+€8,735
Depreciation
+€15,487
Other operating charges
-€800
Financial income
-€3,321
Financial charges
+€2,290
Taxes
-€20,580
Result 2025
€214,264
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€108,742
Investment
+€348,061
Financing
-€164,362
Cash 2024
€292,888
From operations (derived)
+€108,742
Net result for the year
+€214,264
Depreciation
+€37,436
Receivables within one year
-€122,620
Deferred charges and accrued income
+€32,519
Trade debts
-€19,008
Tax, wage and social debts
-€4,642
Other debts
-€14,856
Accrued charges and deferred income
-€14,351
Investment (derived)
+€348,061
Investment in fixed assets (net)
-€8,689
Current investments
+€356,750
Financing
-€164,362
Debts after one year
-€11,462
Current portion of long-term debt
-€13,482
Short-term financial debts
-€3,333
Contributions, distributions and other
-€136,084
Cash 2025
€585,329
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,642,210 | €1,639,255 | -€2,955 | -0.2% |
| Fixed assets | 21/28 | €87,571 | €58,824 | -€28,747 | -32.8% |
| Intangible fixed assets | 21 | €5,669 | €2,284 | -€3,385 | -59.7% |
| Tangible fixed assets | 22/27 | €78,852 | €53,490 | -€25,362 | -32.2% |
| Plant, machinery and equipment | 23 | €18,012 | €9,563 | -€8,449 | -46.9% |
| Furniture and vehicles | 24 | €60,840 | €43,927 | -€16,914 | -27.8% |
| Financial fixed assets | 28 | €3,050 | €3,050 | = | 0.0% |
| Current assets | 29/58 | €1,554,639 | €1,580,431 | +€25,792 | +1.7% |
| Amounts receivable within one year | 40/41 | €816,221 | €938,840 | +€122,620 | +15.0% |
| Trade receivables | 40 | €754,502 | €902,600 | +€148,097 | +19.6% |
| Other amounts receivable | 41 | €61,718 | €36,241 | -€25,478 | -41.3% |
| Current investments | 50/53 | €371,000 | €14,250 | -€356,750 | -96.2% |
| Cash at bank and in hand | 54/58 | €292,888 | €585,329 | +€292,441 | +99.8% |
| Deferred charges and accrued income | 490/1 | €74,530 | €42,011 | -€32,519 | -43.6% |
| Total equity and liabilities | 10/49 | €1,642,210 | €1,639,255 | -€2,955 | -0.2% |
| Equity | 10/15 | €823,582 | €901,761 | +€78,180 | +9.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €516,382 | €601,761 | +€85,380 | +16.5% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €432,182 | €517,561 | +€85,380 | +19.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €7,200 | €0 | -€7,200 | -100% |
| Amounts payable | 17/49 | €818,628 | €737,494 | -€81,135 | -9.9% |
| Amounts payable after more than one year | 17 | €19,285 | €7,823 | -€11,462 | -59.4% |
| Financial debts | 170/4 | €19,285 | €7,823 | -€11,462 | -59.4% |
| Amounts payable within one year | 42/48 | €770,742 | €715,421 | -€55,321 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €24,944 | €11,462 | -€13,482 | -54.0% |
| Financial debts | 43 | €13,333 | €10,000 | -€3,333 | -25.0% |
| Credit institutions | 430/8 | €13,333 | €10,000 | -€3,333 | -25.0% |
| Trade debts | 44 | €508,448 | €489,440 | -€19,008 | -3.7% |
| Suppliers | 440/4 | €508,448 | €489,440 | -€19,008 | -3.7% |
| Taxes, remuneration and social security | 45 | €79,407 | €74,765 | -€4,642 | -5.8% |
| Taxes | 450/3 | €6,288 | €1,426 | -€4,863 | -77.3% |
| Remuneration and social security | 454/9 | €73,119 | €73,340 | +€221 | +0.3% |
| Other amounts payable | 47/48 | €144,609 | €129,753 | -€14,856 | -10.3% |
| Accrued charges and deferred income | 492/3 | €28,601 | €14,250 | -€14,351 | -50.2% |
| Remuneration, social security and pensions | 62 | €634,393 | €625,659 | -€8,735 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,923 | €37,436 | -€15,487 | -29.3% |
| Other operating charges | 640/8 | €47,401 | €48,200 | +€800 | +1.7% |
| Gross operating margin | 9900 | €1,034,425 | €1,008,920 | -€25,505 | -2.5% |
| Operating profit (loss) | 9901 | €299,708 | €297,625 | -€2,083 | -0.7% |
| Financial income | 75/76B | €16,241 | €12,920 | -€3,321 | -20.4% |
| Recurring financial income | 75 | €16,241 | €12,920 | -€3,321 | -20.4% |
| Financial charges | 65/66B | €7,046 | €4,756 | -€2,290 | -32.5% |
| Recurring financial charges | 65 | €7,046 | €4,756 | -€2,290 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €308,903 | €305,789 | -€3,114 | -1.0% |
| Income taxes | 67/77 | €70,945 | €91,525 | +€20,580 | +29.0% |
| Profit (loss) for the period | 9904 | €237,958 | €214,264 | -€23,694 | -10.0% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €153,758 | €214,264 | +€60,506 | +39.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.