Vision - Action: 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
Vision - Action
NACE 52.250, Logistics services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16,115
2024 · -€2,371+€18,487
Equity
€3.5m
2024 · €2.1m+€1.4m
Cash
€82,924
2024 · €45,590+€37,334
Balance sheet total
€22.8m
2024 · €21.7m+€1.0m
Largest movements
Assets
- Financial fixed assets +€3.1m
up €3.1m (+229%), from €1.3m to €4.4m
of which Companies linked by participating interests: +€4.4m
- Tangible fixed assets -€1.3m
down €1.3m (-7.0%), from €19.2m to €17.8m
of which Leasing and similar rights: -€1.1m
- Receivables after one year -€550,000
down €550,000 (-100%), from €550,000 to €0
Equity and liabilities
- Contributions +€1.4m
up €1.4m (+7,000%), from €20,000 to €1.4m
- Short-term financial debts -€445,936
down €445,936 (-65.0%), from €685,936 to €240,000
Income statement
- Staff costs -€194,406
down €194,406 (-85.8%), from €226,524 to €32,119
- Goods and materials -€105,468
down €105,468 (-97.4%), from €108,274 to €2,806
- Other operating charges -€86,288
down €86,288 (-56.2%), from €153,556 to €67,268
- Other operating income -€78,920
down €78,920 (-38.0%), from €207,674 to €128,754
- Turnover -€73,154
down €73,154 (-2.6%), from €2.8m to €2.8m
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
-€2,371
Turnover
-€73,154
Other operating income
-€78,920
Goods and materials
+€105,468
Services and other goods
+€34,130
Staff costs
+€194,406
Depreciation
+€1,325
Other operating charges
+€86,288
Other operating items
-€215,372
Financial income
-€5,307
Financial charges
-€35,653
Taxes
+€5,275
Result 2025
€16,115
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
+€1.7m
Investment
-€2.9m
Financing
+€1.2m
Cash 2024
€45,590
From operations (derived)
+€1.7m
Net result for the year
+€16,115
Depreciation
+€1.2m
Receivables after one year
+€550,000
Receivables within one year
+€120,739
Smaller working-capital items
-€3,653
Trade debts
-€133,696
Tax, wage and social debts
-€126,792
Other debts
+€55,194
Accrued charges and deferred income
+€11,701
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€2.9m
Financing
+€1.2m
Debts after one year
+€104,135
Current portion of long-term debt
+€174,095
Short-term financial debts
-€445,936
Contributions, distributions and other
+€1.4m
Cash 2025
€82,924
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,737,745 | €22,787,069 | +€1.0m | +4.8% |
| Fixed assets | 21/28 | €20,581,568 | €22,266,137 | +€1.7m | +8.2% |
| Intangible fixed assets | 21 | €94,740 | €71,273 | -€23,467 | -24.8% |
| Tangible fixed assets | 22/27 | €19,152,083 | €17,810,118 | -€1.3m | -7.0% |
| Land and buildings | 22 | €8,001,704 | €7,659,186 | -€342,519 | -4.3% |
| Furniture and vehicles | 24 | €136,210 | €64,355 | -€71,855 | -52.8% |
| Leasing and similar rights | 25 | €10,978,168 | €9,912,540 | -€1.1m | -9.7% |
| Assets under construction and advance payments | 27 | €36,000 | €174,038 | +€138,038 | +383% |
| Financial fixed assets | 28 | €1,334,745 | €4,384,745 | +€3.1m | +229% |
| Affiliated companies | 280/1 | €1,327,000 | - | -€1.3m | |
| Participating interests | 280 | €1,327,000 | - | -€1.3m | |
| Companies linked by participating interests | 282/3 | - | €4,377,000 | +€4.4m | |
| Participating interests | 282 | - | €4,377,000 | +€4.4m | |
| Other financial fixed assets | 284/8 | €7,745 | €7,745 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €7,745 | €7,745 | = | 0.0% |
| Current assets | 29/58 | €1,156,177 | €520,932 | -€635,245 | -54.9% |
| Amounts receivable after more than one year | 29 | €550,000 | €0 | -€550,000 | -100% |
| Other amounts receivable | 291 | €550,000 | €0 | -€550,000 | -100% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €550,854 | €430,115 | -€120,739 | -21.9% |
| Trade receivables | 40 | €363,222 | €404,789 | +€41,567 | +11.4% |
| Other amounts receivable | 41 | €187,631 | €25,326 | -€162,306 | -86.5% |
| Cash at bank and in hand | 54/58 | €45,590 | €82,924 | +€37,334 | +81.9% |
| Deferred charges and accrued income | 490/1 | €9,733 | €7,893 | -€1,840 | -18.9% |
| Total equity and liabilities | 10/49 | €21,737,745 | €22,787,069 | +€1.0m | +4.8% |
| Equity | 10/15 | €2,074,786 | €3,490,901 | +€1.4m | +68.3% |
| Contributions | 10/11 | €20,000 | €1,420,000 | +€1.4m | +7,000% |
| Revaluation surpluses | 12 | €52,201 | €52,201 | = | 0.0% |
| Reserves | 13 | €802,474 | €789,397 | -€13,076 | -1.6% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Tax-exempt reserves | 132 | €785,778 | €772,701 | -€13,076 | -1.7% |
| Distributable reserves | 133 | €14,696 | €16,696 | +€2,000 | +13.6% |
| Profit (loss) carried forward | 14 | €1,200,111 | €1,229,303 | +€29,192 | +2.4% |
| Provisions and deferred taxes | 16 | €219,627 | €214,134 | -€5,493 | -2.5% |
| Provisions for liabilities and charges | 160/5 | €87,800 | €87,800 | = | 0.0% |
| Pensions and similar obligations | 160 | €87,800 | €87,800 | = | 0.0% |
| Deferred taxes | 168 | €131,827 | €126,334 | -€5,493 | -4.2% |
| Amounts payable | 17/49 | €19,443,332 | €19,082,033 | -€361,299 | -1.9% |
| Amounts payable after more than one year | 17 | €16,362,770 | €16,466,905 | +€104,135 | +0.6% |
| Financial debts | 170/4 | €16,342,770 | €16,466,905 | +€124,135 | +0.8% |
| Subordinated loans | 170 | €760,130 | €1,858,214 | +€1.1m | +144% |
| Leasing and similar obligations | 172 | €9,475,431 | €8,641,768 | -€833,662 | -8.8% |
| Credit institutions | 173 | €4,738,218 | €5,271,923 | +€533,704 | +11.3% |
| Other loans | 174 | €1,368,991 | €695,000 | -€673,991 | -49.2% |
| Trade debts | 175 | €20,000 | - | -€20,000 | |
| Suppliers | 1750 | €20,000 | - | -€20,000 | |
| Amounts payable within one year | 42/48 | €3,061,066 | €2,583,931 | -€477,135 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €1,577,780 | €1,751,874 | +€174,095 | +11.0% |
| Financial debts | 43 | €685,936 | €240,000 | -€445,936 | -65.0% |
| Credit institutions | 430/8 | €685,936 | €240,000 | -€445,936 | -65.0% |
| Trade debts | 44 | €586,869 | €453,173 | -€133,696 | -22.8% |
| Suppliers | 440/4 | €586,869 | €453,173 | -€133,696 | -22.8% |
| Taxes, remuneration and social security | 45 | €139,053 | €12,261 | -€126,792 | -91.2% |
| Taxes | 450/3 | €96,164 | €6,731 | -€89,433 | -93.0% |
| Remuneration and social security | 454/9 | €42,890 | €5,530 | -€37,360 | -87.1% |
| Other amounts payable | 47/48 | €71,429 | €126,623 | +€55,194 | +77.3% |
| Accrued charges and deferred income | 492/3 | €19,496 | €31,197 | +€11,701 | +60.0% |
| Operating income | 70/76A | €3,046,764 | €2,894,690 | -€152,074 | -5.0% |
| Turnover | 70 | €2,839,089 | €2,765,935 | -€73,154 | -2.6% |
| Other operating income | 74 | €207,674 | €128,754 | -€78,920 | -38.0% |
| Operating charges | 60/66A | €2,455,881 | €2,249,636 | -€206,245 | -8.4% |
| Goods for resale, raw materials and consumables | 60 | €108,274 | €2,806 | -€105,468 | -97.4% |
| Purchases | 600/8 | €108,274 | €2,806 | -€105,468 | -97.4% |
| Services and other goods | 61 | €729,697 | €695,567 | -€34,130 | -4.7% |
| Remuneration, social security and pensions | 62 | €226,524 | €32,119 | -€194,406 | -85.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,237,830 | €1,236,505 | -€1,325 | -0.1% |
| Other operating charges | 640/8 | €153,556 | €67,268 | -€86,288 | -56.2% |
| Non-recurring operating charges | 66A | - | €215,372 | +€215,372 | |
| Operating profit (loss) | 9901 | €590,882 | €645,054 | +€54,172 | +9.2% |
| Financial income | 75/76B | €8,803 | €3,496 | -€5,307 | -60.3% |
| Recurring financial income | 75 | €8,803 | €3,496 | -€5,307 | -60.3% |
| Income from current assets | 751 | - | €3,493 | +€3,493 | |
| Other financial income | 752/9 | €8,803 | €3 | -€8,800 | -100.0% |
| Financial charges | 65/66B | €595,436 | €631,089 | +€35,653 | +6.0% |
| Recurring financial charges | 65 | €595,436 | €631,089 | +€35,653 | +6.0% |
| Debt charges | 650 | €593,959 | €615,750 | +€21,790 | +3.7% |
| Other financial charges | 652/9 | €1,477 | €15,339 | +€13,862 | +939% |
| Profit (loss) for the period before taxes | 9903 | €4,249 | €17,461 | +€13,212 | +311% |
| Transfer from deferred taxes | 780 | €5,493 | €5,493 | = | 0.0% |
| Income taxes | 67/77 | €12,113 | €6,838 | -€5,275 | -43.5% |
| Taxes | 670/3 | €12,113 | €6,838 | -€5,275 | -43.5% |
| Profit (loss) for the period | 9904 | -€2,371 | €16,115 | +€18,487 | |
| Transfer from tax-exempt reserves | 789 | €13,076 | €13,076 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,705 | €29,192 | +€18,487 | +173% |
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 30 October 2026 via checked.be.