VG 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.
What changed
VG LOGISTICS
NACE 52.249, Warehousing and support activities for transportation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€166,237
2024 · €269,611-€103,374
Equity
€2.4m
2024 · €2.2m+€166,237
Cash
€483,718
2024 · €532,395-€48,677
Balance sheet total
€3.6m
2024 · €3.6m+€55,892
Largest movements
Assets
- Receivables within one year +€140,784
up €140,784 (+22.3%), from €631,584 to €772,368
of which Other amounts receivable: +€79,724
- Receivables after one year -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Current investments +€67,708
up €67,708 (+9.1%), from €740,666 to €808,374
- Cash -€48,677
down €48,677 (-9.1%), from €532,395 to €483,718
mainly Investment in fixed assets (net) (-€503,576) and Receivables within one year (-€140,784)
Equity and liabilities
- Reserves +€166,237
up €166,237 (+8.0%), from €2.1m to €2.2m
of which Distributable reserves: +€144,237
- Debts after one year -€103,644
down €103,644 (-18.7%), from €554,162 to €450,518
Income statement
- Staff costs +€58,913
up €58,913 (+3.3%), from €1.8m to €1.9m
- Depreciation +€40,754
up €40,754 (+8.7%), from €465,974 to €506,728
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
€269,611
Gross operating margin
+€13,139
Staff costs
-€58,913
Depreciation
-€40,754
Write-downs
-€2,658
Other operating charges
-€16,068
Financial income
-€14,092
Financial charges
-€8,743
Taxes
+€24,714
Result 2025
€166,237
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.
From operations
+€638,683
Investment
-€571,284
Financing
-€116,075
Cash 2024
€532,395
From operations (derived)
+€638,683
Net result for the year
+€166,237
Depreciation
+€506,728
Receivables after one year
+€75,000
Receivables within one year
-€140,784
Deferred charges and accrued income
+€25,772
Trade debts
-€11,392
Tax, wage and social debts
+€28,081
Other debts
-€7,070
Accrued charges and deferred income
-€3,889
Investment (derived)
-€571,284
Investment in fixed assets (net)
-€503,576
Current investments
-€67,708
Financing
-€116,075
Debts after one year
-€103,644
Current portion of long-term debt
-€12,432
Cash 2025
€483,718
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,578,363 | €3,634,255 | +€55,892 | +1.6% |
| Fixed assets | 21/28 | €1,543,164 | €1,540,011 | -€3,152 | -0.2% |
| Tangible fixed assets | 22/27 | €1,540,674 | €1,533,301 | -€7,373 | -0.5% |
| Plant, machinery and equipment | 23 | €4,061 | €1,449 | -€2,612 | -64.3% |
| Furniture and vehicles | 24 | €476,826 | €585,515 | +€108,689 | +22.8% |
| Leasing and similar rights | 25 | €1,059,787 | €946,337 | -€113,450 | -10.7% |
| Financial fixed assets | 28 | €2,489 | €6,710 | +€4,221 | +169.5% |
| Current assets | 29/58 | €2,035,200 | €2,094,244 | +€59,044 | +2.9% |
| Amounts receivable after more than one year | 29 | €75,000 | €0 | -€75,000 | -100.0% |
| Other amounts receivable | 291 | €75,000 | €0 | -€75,000 | -100.0% |
| Stocks and contracts in progress | 3 | €549 | €549 | = | 0.0% |
| Stocks | 30/36 | €549 | €549 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €631,584 | €772,368 | +€140,784 | +22.3% |
| Trade receivables | 40 | €548,696 | €609,757 | +€61,060 | +11.1% |
| Other amounts receivable | 41 | €82,887 | €162,611 | +€79,724 | +96.2% |
| Current investments | 50/53 | €740,666 | €808,374 | +€67,708 | +9.1% |
| Cash at bank and in hand | 54/58 | €532,395 | €483,718 | -€48,677 | -9.1% |
| Deferred charges and accrued income | 490/1 | €55,007 | €29,235 | -€25,772 | -46.9% |
| Total equity and liabilities | 10/49 | €3,578,363 | €3,634,255 | +€55,892 | +1.6% |
| Equity | 10/15 | €2,237,399 | €2,403,637 | +€166,237 | +7.4% |
| Contributions | 10/11 | €135,000 | €135,000 | = | 0.0% |
| Reserves | 13 | €2,082,221 | €2,248,458 | +€166,237 | +8.0% |
| Tax-exempt reserves | 132 | €257,577 | €279,577 | +€22,000 | +8.5% |
| Distributable reserves | 133 | €1,824,644 | €1,968,881 | +€144,237 | +7.9% |
| Profit (loss) carried forward | 14 | €20,178 | €20,178 | = | 0.0% |
| Amounts payable | 17/49 | €1,340,964 | €1,230,618 | -€110,346 | -8.2% |
| Amounts payable after more than one year | 17 | €554,162 | €450,518 | -€103,644 | -18.7% |
| Financial debts | 170/4 | €554,162 | €450,518 | -€103,644 | -18.7% |
| Amounts payable within one year | 42/48 | €782,912 | €780,100 | -€2,812 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €366,149 | €353,717 | -€12,432 | -3.4% |
| Trade debts | 44 | €136,735 | €125,343 | -€11,392 | -8.3% |
| Suppliers | 440/4 | €136,735 | €125,343 | -€11,392 | -8.3% |
| Taxes, remuneration and social security | 45 | €272,058 | €300,140 | +€28,081 | +10.3% |
| Taxes | 450/3 | €61,014 | €67,998 | +€6,985 | +11.4% |
| Remuneration and social security | 454/9 | €211,044 | €232,141 | +€21,097 | +10.0% |
| Other amounts payable | 47/48 | €7,970 | €900 | -€7,070 | -88.7% |
| Accrued charges and deferred income | 492/3 | €3,889 | €0 | -€3,889 | -100.0% |
| Non-recurring operating income | 76A | €56,750 | €0 | -€56,750 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,811,907 | €1,870,820 | +€58,913 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465,974 | €506,728 | +€40,754 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €2,658 | +€2,658 | |
| Other operating charges | 640/8 | €34,012 | €50,079 | +€16,068 | +47.2% |
| Gross operating margin | 9900 | €2,659,116 | €2,672,255 | +€13,139 | +0.5% |
| Operating profit (loss) | 9901 | €347,224 | €241,970 | -€105,254 | -30.3% |
| Financial income | 75/76B | €27,081 | €12,989 | -€14,092 | -52.0% |
| Recurring financial income | 75 | €27,081 | €12,989 | -€14,092 | -52.0% |
| Financial charges | 65/66B | €27,719 | €36,461 | +€8,743 | +31.5% |
| Recurring financial charges | 65 | €27,719 | €36,461 | +€8,743 | +31.5% |
| Profit (loss) for the period before taxes | 9903 | €346,586 | €218,498 | -€128,088 | -37.0% |
| Income taxes | 67/77 | €76,975 | €52,260 | -€24,714 | -32.1% |
| Profit (loss) for the period | 9904 | €269,611 | €166,237 | -€103,374 | -38.3% |
| Transfer to tax-exempt reserves | 689 | €56,750 | €22,000 | -€34,750 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €212,861 | €144,237 | -€68,624 | -32.2% |
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 29 September 2026 via checked.be.