VM 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.
VM LOGISTICS
Largest movements
- Tangible fixed assets +€305,789
up €305,789 (+96.7%), from €316,225 to €622,014
of which Plant, machinery and equipment: +€241,638
- Current investments +€175,000
up €175,000 (+70.0%), from €250,000 to €425,000
- Cash -€130,237
down €130,237 (-57.5%), from €226,618 to €96,381
mainly Contributions, distributions and other (-€532,000) and Investment in fixed assets (net) (-€452,871)
- Deferred charges and accrued income +€109,200
up €109,200 (+352.7%), from €30,963 to €140,163
- Receivables within one year -€83,374
down €83,374 (-11.4%), from €729,242 to €645,868
of which Trade receivables: -€49,553
- Debts after one year +€446,511
up €446,511 (+385.5%), from €115,821 to €562,333
- Profit (loss) carried forward -€188,385
down €188,385 (-56.7%), from €332,389 to €144,003
- Other debts +€156,064
up €156,064 (+25.7%), from €606,714 to €762,778
- Trade debts -€137,651
down €137,651 (-47.7%), from €288,631 to €150,980
- Current portion of long-term debt +€69,767
up €69,767 (+120.9%), from €57,722 to €127,489
- Gross operating margin +€70,850
up €70,850 (+5.5%), from €1.3m to €1.4m
- Staff costs -€42,213
down €42,213 (-6.4%), from €659,045 to €616,832
- Depreciation +€33,779
up €33,779 (+29.3%), from €115,189 to €148,967
- Other operating charges -€19,451
down €19,451 (-14.9%), from €130,907 to €111,457
- Financial charges +€15,486
up €15,486 (+80.9%), from €19,147 to €34,633
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 | €1,845,996 | €2,220,490 | +€374,493 | +20.3% |
| Fixed assets | 21/28 | €609,173 | €913,077 | +€303,904 | +49.9% |
| Intangible fixed assets | 21 | €38,924 | €37,039 | -€1,885 | -4.8% |
| Tangible fixed assets | 22/27 | €316,225 | €622,014 | +€305,789 | +96.7% |
| Land and buildings | 22 | €84,982 | €158,895 | +€73,913 | +87.0% |
| Plant, machinery and equipment | 23 | €189,269 | €430,907 | +€241,638 | +127.7% |
| Furniture and vehicles | 24 | €27,910 | €22,838 | -€5,073 | -18.2% |
| Other tangible fixed assets | 26 | €14,064 | €9,375 | -€4,689 | -33.3% |
| Financial fixed assets | 28 | €254,024 | €254,024 | = | 0.0% |
| Current assets | 29/58 | €1,236,823 | €1,307,412 | +€70,589 | +5.7% |
| Amounts receivable within one year | 40/41 | €729,242 | €645,868 | -€83,374 | -11.4% |
| Trade receivables | 40 | €665,668 | €616,115 | -€49,553 | -7.4% |
| Other amounts receivable | 41 | €63,574 | €29,754 | -€33,821 | -53.2% |
| Current investments | 50/53 | €250,000 | €425,000 | +€175,000 | +70.0% |
| Cash at bank and in hand | 54/58 | €226,618 | €96,381 | -€130,237 | -57.5% |
| Deferred charges and accrued income | 490/1 | €30,963 | €140,163 | +€109,200 | +352.7% |
| Total equity and liabilities | 10/49 | €1,845,996 | €2,220,490 | +€374,493 | +20.3% |
| Equity | 10/15 | €633,237 | €444,851 | -€188,385 | -29.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €278,848 | €278,848 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,098 | €10,098 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,098 | €10,098 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €332,389 | €144,003 | -€188,385 | -56.7% |
| Provisions and deferred taxes | 16 | €3,000 | €3,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,000 | €3,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,209,760 | €1,772,638 | +€562,878 | +46.5% |
| Amounts payable after more than one year | 17 | €115,821 | €562,333 | +€446,511 | +385.5% |
| Financial debts | 170/4 | €115,821 | €562,333 | +€446,511 | +385.5% |
| Amounts payable within one year | 42/48 | €1,079,113 | €1,164,869 | +€85,756 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €57,722 | €127,489 | +€69,767 | +120.9% |
| Trade debts | 44 | €288,631 | €150,980 | -€137,651 | -47.7% |
| Suppliers | 440/4 | €288,631 | €150,980 | -€137,651 | -47.7% |
| Taxes, remuneration and social security | 45 | €126,045 | €123,622 | -€2,424 | -1.9% |
| Taxes | 450/3 | €38,248 | €35,228 | -€3,020 | -7.9% |
| Remuneration and social security | 454/9 | €87,798 | €88,394 | +€596 | +0.7% |
| Other amounts payable | 47/48 | €606,714 | €762,778 | +€156,064 | +25.7% |
| Accrued charges and deferred income | 492/3 | €14,826 | €45,437 | +€30,611 | +206.5% |
| Non-recurring operating income | 76A | - | €6,064 | +€6,064 | |
| Remuneration, social security and pensions | 62 | €659,045 | €616,832 | -€42,213 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,189 | €148,967 | +€33,779 | +29.3% |
| Other operating charges | 640/8 | €130,907 | €111,457 | -€19,451 | -14.9% |
| Gross operating margin | 9900 | €1,283,361 | €1,354,211 | +€70,850 | +5.5% |
| Operating profit (loss) | 9901 | €378,220 | €476,955 | +€98,735 | +26.1% |
| Financial income | 75/76B | €13,314 | €6,419 | -€6,895 | -51.8% |
| Recurring financial income | 75 | €13,314 | €6,419 | -€6,895 | -51.8% |
| Financial charges | 65/66B | €19,147 | €34,633 | +€15,486 | +80.9% |
| Recurring financial charges | 65 | €19,147 | €34,633 | +€15,486 | +80.9% |
| Profit (loss) for the period before taxes | 9903 | €372,388 | €448,741 | +€76,353 | +20.5% |
| Income taxes | 67/77 | €99,055 | €105,126 | +€6,071 | +6.1% |
| Profit (loss) for the period | 9904 | €273,333 | €343,615 | +€70,282 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €273,333 | €343,615 | +€70,282 | +25.7% |
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 6 October 2026 via checked.be.