VDS 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.
VDS LOGISTICS
Largest movements
- Tangible fixed assets +€394,047
up €394,047 (+10.2%), from €3.8m to €4.2m
of which Plant, machinery and equipment: +€410,425
- Cash -€132,417
down €132,417 (-28.6%), from €463,081 to €330,664
mainly Investment in fixed assets (net) (-€1.4m) and Trade debts (-€552,471)
- Debts after one year +€618,013
up €618,013 (+32.7%), from €1.9m to €2.5m
- Trade debts -€552,471
down €552,471 (-85.0%), from €649,614 to €97,144
- Current portion of long-term debt +€174,205
up €174,205 (+29.7%), from €586,845 to €761,050
- Depreciation +€126,261
up €126,261 (+15.0%), from €843,250 to €969,511
- Taxes -€30,677
down €30,677 (-98.7%), from €31,079 to €402
- Gross operating margin +€12,658
up €12,658 (+1.2%), from €1.0m to €1.0m
- Financial charges +€10,332
up €10,332 (+21.6%), from €47,932 to €58,264
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 | €4,484,253 | €4,720,687 | +€236,433 | +5.3% |
| Fixed assets | 21/28 | €3,845,757 | €4,239,804 | +€394,047 | +10.2% |
| Tangible fixed assets | 22/27 | €3,845,757 | €4,239,804 | +€394,047 | +10.2% |
| Land and buildings | 22 | €626,552 | €610,175 | -€16,377 | -2.6% |
| Plant, machinery and equipment | 23 | €3,219,205 | €3,629,629 | +€410,425 | +12.7% |
| Current assets | 29/58 | €638,496 | €480,882 | -€157,614 | -24.7% |
| Amounts receivable within one year | 40/41 | €175,415 | €150,218 | -€25,196 | -14.4% |
| Trade receivables | 40 | €56,233 | €2,452 | -€53,781 | -95.6% |
| Other amounts receivable | 41 | €119,182 | €147,766 | +€28,585 | +24.0% |
| Cash at bank and in hand | 54/58 | €463,081 | €330,664 | -€132,417 | -28.6% |
| Total equity and liabilities | 10/49 | €4,484,253 | €4,720,687 | +€236,433 | +5.3% |
| Equity | 10/15 | €1,346,053 | €1,347,258 | +€1,205 | +0.1% |
| Contributions | 10/11 | €908,231 | €908,231 | = | 0.0% |
| Capital | 10 | €908,231 | €908,231 | = | 0.0% |
| Issued capital | 100 | €947,894 | €947,894 | = | 0.0% |
| Uncalled capital | 101 | €39,663 | €39,663 | = | 0.0% |
| Reserves | 13 | €437,822 | €439,027 | +€1,205 | +0.3% |
| Non-distributable reserves | 130/1 | €39,525 | €39,525 | = | 0.0% |
| Legal reserve | 130 | €39,525 | €39,525 | = | 0.0% |
| Distributable reserves | 133 | €398,297 | €399,502 | +€1,205 | +0.3% |
| Amounts payable | 17/49 | €3,138,200 | €3,373,429 | +€235,229 | +7.5% |
| Amounts payable after more than one year | 17 | €1,891,143 | €2,509,156 | +€618,013 | +32.7% |
| Financial debts | 170/4 | €1,891,143 | €2,509,156 | +€618,013 | +32.7% |
| Amounts payable within one year | 42/48 | €1,247,057 | €864,273 | -€382,785 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €586,845 | €761,050 | +€174,205 | +29.7% |
| Trade debts | 44 | €649,614 | €97,144 | -€552,471 | -85.0% |
| Suppliers | 440/4 | €649,614 | €97,144 | -€552,471 | -85.0% |
| Taxes, remuneration and social security | 45 | €10,598 | €6,079 | -€4,519 | -42.6% |
| Taxes | 450/3 | €10,598 | €6,079 | -€4,519 | -42.6% |
| Non-recurring operating income | 76A | €69 | €618 | +€548 | +791% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €843,250 | €969,511 | +€126,261 | +15.0% |
| Other operating charges | 640/8 | €1,117 | €1,126 | +€9 | +0.8% |
| Non-recurring operating charges | 66A | €131 | - | -€131 | |
| Gross operating margin | 9900 | €1,014,658 | €1,027,317 | +€12,658 | +1.2% |
| Operating profit (loss) | 9901 | €170,160 | €56,680 | -€113,480 | -66.7% |
| Financial income | 75/76B | €1,731 | €3,190 | +€1,459 | +84.3% |
| Recurring financial income | 75 | €1,731 | €3,190 | +€1,459 | +84.3% |
| Financial charges | 65/66B | €47,932 | €58,264 | +€10,332 | +21.6% |
| Recurring financial charges | 65 | €47,932 | €58,264 | +€10,332 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €123,959 | €1,606 | -€122,353 | -98.7% |
| Income taxes | 67/77 | €31,079 | €402 | -€30,677 | -98.7% |
| Profit (loss) for the period | 9904 | €92,880 | €1,205 | -€91,676 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €92,880 | €1,205 | -€91,676 | -98.7% |
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 16 October 2026 via checked.be.