VDW TRANS: 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.
What changed
VDW TRANS
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€89,163
2024 · €408,147-€318,984
Equity
€3.2m
2024 · €3.1m+€60,738
Cash
€481,240
2024 · €609,529-€128,289
Balance sheet total
€10.6m
2024 · €10.8m-€197,623
Largest movements
Assets
- Tangible fixed assets +€193,247
up €193,247 (+2.4%), from €8.1m to €8.3m
of which Leasing and similar rights: +€218,624
- Receivables within one year -€140,069
down €140,069 (-7.6%), from €1.8m to €1.7m
of which Trade receivables: -€197,100
- Cash -€128,289
down €128,289 (-21.0%), from €609,529 to €481,240
mainly Investment in fixed assets (net) (-€1.2m) and Debts after one year (-€234,102)
- Deferred charges and accrued income -€125,836
down €125,836 (-73.2%), from €171,871 to €46,035
Equity and liabilities
- Debts after one year -€234,102
down €234,102 (-4.8%), from €4.9m to €4.7m
- Profit (loss) carried forward +€114,872
up €114,872 (+5.4%), from €2.1m to €2.2m
Income statement
- Turnover +€340,038
up €340,038 (+3.3%), from €10.4m to €10.7m
- Staff costs +€328,485
up €328,485 (+9.2%), from €3.6m to €3.9m
- Goods and materials +€187,301
up €187,301 (+4.6%), from €4.1m to €4.3m
of which Purchases: +€175,976
- Services and other goods +€151,672
up €151,672 (+9.8%), from €1.6m to €1.7m
- Depreciation +€112,731
up €112,731 (+12.4%), from €906,082 to €1.0m
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.
Result 2024
€408,147
Turnover
+€340,038
Other operating income
+€11,484
Goods and materials
-€187,301
Services and other goods
-€151,672
Staff costs
-€328,485
Depreciation
-€112,731
Write-downs
+€2,314
Other operating charges
-€3,934
Financial income
+€11,839
Financial charges
-€2,119
Taxes
+€101,809
Deferred taxes and other
-€226
Result 2025
€89,163
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.3m
Investment
-€1.2m
Financing
-€179,141
Cash 2024
€609,529
From operations (derived)
+€1.3m
Net result for the year
+€89,163
Depreciation
+€1.0m
Stocks and contracts
-€3,324
Receivables within one year
+€140,069
Deferred charges and accrued income
+€125,836
Provisions
-€8,569
Trade debts
-€67,770
Tax, wage and social debts
+€35,568
Other debts
-€66,874
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
-€179,141
Debts after one year
-€234,102
Current portion of long-term debt
+€80,539
Short-term financial debts
+€2,847
Contributions, distributions and other
-€28,425
Cash 2025
€481,240
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,785,634 | €10,588,011 | -€197,623 | -1.8% |
| Fixed assets | 21/28 | €8,093,780 | €8,287,027 | +€193,247 | +2.4% |
| Tangible fixed assets | 22/27 | €8,091,510 | €8,284,757 | +€193,247 | +2.4% |
| Land and buildings | 22 | €4,427,620 | €4,267,733 | -€159,887 | -3.6% |
| Plant, machinery and equipment | 23 | €465,365 | €511,093 | +€45,728 | +9.8% |
| Furniture and vehicles | 24 | €1,382,039 | €1,461,868 | +€79,829 | +5.8% |
| Leasing and similar rights | 25 | €1,791,806 | €2,010,430 | +€218,624 | +12.2% |
| Other tangible fixed assets | 26 | €24,680 | €33,633 | +€8,953 | +36.3% |
| Financial fixed assets | 28 | €2,270 | €2,270 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,270 | €2,270 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,270 | €2,270 | = | 0.0% |
| Current assets | 29/58 | €2,691,854 | €2,300,984 | -€390,870 | -14.5% |
| Stocks and contracts in progress | 3 | €73,644 | €76,968 | +€3,324 | +4.5% |
| Stocks | 30/36 | €73,644 | €76,968 | +€3,324 | +4.5% |
| Raw materials and consumables | 30/31 | €73,644 | €76,968 | +€3,324 | +4.5% |
| Amounts receivable within one year | 40/41 | €1,831,423 | €1,691,354 | -€140,069 | -7.6% |
| Trade receivables | 40 | €1,771,132 | €1,574,032 | -€197,100 | -11.1% |
| Other amounts receivable | 41 | €60,291 | €117,322 | +€57,031 | +94.6% |
| Current investments | 50/53 | €5,387 | €5,387 | = | 0.0% |
| Other investments | 51/53 | €5,387 | €5,387 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €609,529 | €481,240 | -€128,289 | -21.0% |
| Deferred charges and accrued income | 490/1 | €171,871 | €46,035 | -€125,836 | -73.2% |
| Total equity and liabilities | 10/49 | €10,785,634 | €10,588,011 | -€197,623 | -1.8% |
| Equity | 10/15 | €3,099,006 | €3,159,744 | +€60,738 | +2.0% |
| Contributions | 10/11 | €132,000 | €132,000 | = | 0.0% |
| Reserves | 13 | €423,339 | €397,630 | -€25,709 | -6.1% |
| Tax-exempt reserves | 132 | €116,851 | €91,142 | -€25,709 | -22.0% |
| Distributable reserves | 133 | €306,488 | €306,488 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,126,922 | €2,241,794 | +€114,872 | +5.4% |
| Investment grants | 15 | €416,745 | €388,320 | -€28,425 | -6.8% |
| Provisions and deferred taxes | 16 | €118,950 | €110,381 | -€8,569 | -7.2% |
| Provisions for liabilities and charges | 160/5 | €80,000 | €80,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €80,000 | €80,000 | = | 0.0% |
| Deferred taxes | 168 | €38,950 | €30,381 | -€8,569 | -22.0% |
| Amounts payable | 17/49 | €7,567,678 | €7,317,886 | -€249,792 | -3.3% |
| Amounts payable after more than one year | 17 | €4,906,798 | €4,672,696 | -€234,102 | -4.8% |
| Financial debts | 170/4 | €4,906,798 | €4,672,696 | -€234,102 | -4.8% |
| Leasing and similar obligations | 172 | €767,303 | €691,806 | -€75,497 | -9.8% |
| Credit institutions | 173 | €4,139,495 | €3,980,890 | -€158,605 | -3.8% |
| Amounts payable within one year | 42/48 | €2,660,880 | €2,645,190 | -€15,690 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €1,037,329 | €1,117,868 | +€80,539 | +7.8% |
| Financial debts | 43 | €67,540 | €70,387 | +€2,847 | +4.2% |
| Credit institutions | 430/8 | €67,540 | €70,387 | +€2,847 | +4.2% |
| Trade debts | 44 | €903,939 | €836,169 | -€67,770 | -7.5% |
| Suppliers | 440/4 | €903,939 | €836,169 | -€67,770 | -7.5% |
| Taxes, remuneration and social security | 45 | €581,195 | €616,763 | +€35,568 | +6.1% |
| Taxes | 450/3 | €130,525 | €123,030 | -€7,495 | -5.7% |
| Remuneration and social security | 454/9 | €450,670 | €493,733 | +€43,063 | +9.6% |
| Other amounts payable | 47/48 | €70,877 | €4,003 | -€66,874 | -94.4% |
| Operating income | 70/76A | €10,806,701 | €11,158,223 | +€351,522 | +3.3% |
| Turnover | 70 | €10,391,171 | €10,731,209 | +€340,038 | +3.3% |
| Other operating income | 74 | €415,530 | €427,014 | +€11,484 | +2.8% |
| Operating charges | 60/66A | €10,145,479 | €10,927,288 | +€781,809 | +7.7% |
| Goods for resale, raw materials and consumables | 60 | €4,076,026 | €4,263,327 | +€187,301 | +4.6% |
| Purchases | 600/8 | €4,090,675 | €4,266,651 | +€175,976 | +4.3% |
| Change in stocks: decrease (increase) | 609 | -€14,649 | -€3,324 | +€11,325 | +77.3% |
| Services and other goods | 61 | €1,555,462 | €1,707,134 | +€151,672 | +9.8% |
| Remuneration, social security and pensions | 62 | €3,563,446 | €3,891,931 | +€328,485 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €906,082 | €1,018,813 | +€112,731 | +12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,314 | - | -€2,314 | |
| Other operating charges | 640/8 | €42,149 | €46,083 | +€3,934 | +9.3% |
| Operating profit (loss) | 9901 | €661,222 | €230,935 | -€430,287 | -65.1% |
| Financial income | 75/76B | €19,964 | €31,803 | +€11,839 | +59.3% |
| Recurring financial income | 75 | €19,964 | €31,803 | +€11,839 | +59.3% |
| Other financial income | 752/9 | €19,964 | €31,803 | +€11,839 | +59.3% |
| Financial charges | 65/66B | €136,206 | €138,325 | +€2,119 | +1.6% |
| Recurring financial charges | 65 | €136,206 | €138,325 | +€2,119 | +1.6% |
| Debt charges | 650 | €136,206 | €138,325 | +€2,119 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €544,980 | €124,413 | -€420,567 | -77.2% |
| Transfer from deferred taxes | 780 | €8,795 | €8,569 | -€226 | -2.6% |
| Income taxes | 67/77 | €145,628 | €43,819 | -€101,809 | -69.9% |
| Taxes | 670/3 | €145,628 | €43,819 | -€101,809 | -69.9% |
| Profit (loss) for the period | 9904 | €408,147 | €89,163 | -€318,984 | -78.2% |
| Transfer from tax-exempt reserves | 789 | €28,635 | €25,709 | -€2,926 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €436,782 | €114,872 | -€321,910 | -73.7% |
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 19 October 2026 via checked.be.