VE-LOGISTICS: what changed
Two fiscal 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.
VE-LOGISTICS
Largest movements
- Receivables within one year +€35,863
up €35,863 (+49.8%), from €72,040 to €107,904
of which Trade receivables: +€26,434
- Tangible fixed assets -€6,112
down €6,112 (-16.5%), from €37,148 to €31,036
of which Furniture and vehicles: -€8,273
- Cash -€5,703
down €5,703 (-20.8%), from €27,379 to €21,676
mainly Receivables within one year (-€35,863) and Tax, wage and social debts (-€22,077)
- Reserves +€33,150
up €33,150 (+36.2%), from €91,539 to €124,689
- Tax, wage and social debts -€22,077
down €22,077 (-50.5%), from €43,759 to €21,682
of which Taxes: -€21,277
- Trade debts +€18,830
up €18,830 (+1151.9%), from €1,635 to €20,465
- Debts after one year -€4,133
no longer reported in 2025 (was €4,133)
- Current portion of long-term debt -€2,990
down €2,990 (-42.7%), from €6,994 to €4,005
- Gross operating margin -€12,698
down €12,698 (-16.2%), from €78,233 to €65,535
- Depreciation +€1,017
up €1,017 (+8.0%), from €12,671 to €13,688
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 | €166,660 | €189,440 | +€22,781 | +13.7% |
| Fixed assets | 21/28 | €38,448 | €32,336 | -€6,112 | -15.9% |
| Tangible fixed assets | 22/27 | €37,148 | €31,036 | -€6,112 | -16.5% |
| Land and buildings | 22 | - | €3,790 | +€3,790 | |
| Plant, machinery and equipment | 23 | €8,434 | €7,231 | -€1,202 | -14.3% |
| Furniture and vehicles | 24 | €26,814 | €18,541 | -€8,273 | -30.9% |
| Other tangible fixed assets | 26 | €1,900 | €1,474 | -€427 | -22.4% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €128,212 | €157,105 | +€28,892 | +22.5% |
| Amounts receivable after more than one year | 29 | €26,000 | €26,000 | = | 0.0% |
| Trade receivables | 290 | €26,000 | €26,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €72,040 | €107,904 | +€35,863 | +49.8% |
| Trade receivables | 40 | €67,671 | €94,105 | +€26,434 | +39.1% |
| Other amounts receivable | 41 | €4,369 | €13,798 | +€9,429 | +215.8% |
| Cash at bank and in hand | 54/58 | €27,379 | €21,676 | -€5,703 | -20.8% |
| Deferred charges and accrued income | 490/1 | €2,793 | €1,525 | -€1,268 | -45.4% |
| Total equity and liabilities | 10/49 | €166,660 | €189,440 | +€22,781 | +13.7% |
| Equity | 10/15 | €110,139 | €143,289 | +€33,150 | +30.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,539 | €124,689 | +€33,150 | +36.2% |
| Distributable reserves | 133 | €91,539 | €124,689 | +€33,150 | +36.2% |
| Amounts payable | 17/49 | €56,521 | €46,152 | -€10,369 | -18.3% |
| Amounts payable after more than one year | 17 | €4,133 | - | -€4,133 | |
| Financial debts | 170/4 | €4,133 | - | -€4,133 | |
| Amounts payable within one year | 42/48 | €52,389 | €46,152 | -€6,237 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €6,994 | €4,005 | -€2,990 | -42.7% |
| Trade debts | 44 | €1,635 | €20,465 | +€18,830 | +1151.9% |
| Suppliers | 440/4 | €1,635 | €20,465 | +€18,830 | +1151.9% |
| Taxes, remuneration and social security | 45 | €43,759 | €21,682 | -€22,077 | -50.5% |
| Taxes | 450/3 | €42,959 | €21,682 | -€21,277 | -49.5% |
| Remuneration and social security | 454/9 | €800 | - | -€800 | |
| Remuneration, social security and pensions | 62 | €227 | - | -€227 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,671 | €13,688 | +€1,017 | +8.0% |
| Other operating charges | 640/8 | €2,329 | €1,697 | -€632 | -27.1% |
| Gross operating margin | 9900 | €78,233 | €65,535 | -€12,698 | -16.2% |
| Operating profit (loss) | 9901 | €63,006 | €50,150 | -€12,856 | -20.4% |
| Financial income | 75/76B | €436 | - | -€436 | |
| Recurring financial income | 75 | €436 | - | -€436 | |
| Financial charges | 65/66B | €1,419 | €710 | -€710 | -50.0% |
| Recurring financial charges | 65 | €1,419 | €710 | -€710 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €62,022 | €49,441 | -€12,581 | -20.3% |
| Income taxes | 67/77 | €15,802 | €16,291 | +€488 | +3.1% |
| Profit (loss) for the period | 9904 | €46,220 | €33,150 | -€13,070 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,220 | €33,150 | -€13,070 | -28.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.