VM Warehousing: 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
VM Warehousing
NACE 52.100, Warehousing and storage
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€30,455
2024 · €362,437-€331,982
Equity
€122,683
2024 · €127,311-€4,628
Cash
€8,234
2024 · €4,431+€3,803
Balance sheet total
€8.1m
2024 · €8.1m-€27,676
Largest movements
Assets
- Receivables within one year +€207,798
up €207,798 (+90.4%), from €229,784 to €437,582
- Tangible fixed assets -€167,033
down €167,033 (-2.4%), from €7.0m to €6.9m
of which Land and buildings: -€96,923
Equity and liabilities
- Trade debts +€566,463
up €566,463 (+19099.6%), from €2,966 to €569,429
- Other debts -€428,915
down €428,915 (-93.3%), from €459,915 to €31,000
- Advances received -€103,463
no longer reported in 2025 (was €103,463)
Income statement
- Gross operating margin -€411,668
down €411,668 (-38.3%), from €1.1m to €663,010
- Taxes -€110,206
down €110,206 (-92.6%), from €118,997 to €8,791
- Financial income -€20,722
down €20,722 (-49.5%), from €41,870 to €21,148
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
€362,437
Gross operating margin
-€411,668
Depreciation
-€8,995
Other operating charges
-€3,402
Financial income
-€20,722
Financial charges
+€2,599
Taxes
+€110,206
Result 2025
€30,455
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
+€158,146
Investment
-€113,049
Financing
-€41,293
Cash 2024
€4,431
From operations (derived)
+€158,146
Net result for the year
+€30,455
Depreciation
+€352,082
Receivables within one year
-€207,798
Deferred charges and accrued income
+€245
Trade debts
+€566,463
Tax, wage and social debts
-€47,443
Advances received
-€103,463
Other debts
-€428,915
Accrued charges and deferred income
-€3,480
Investment (derived)
-€113,049
Investment in fixed assets (net)
-€185,049
Current investments
+€72,000
Financing
-€41,293
Debts after one year
-€54,461
Current portion of long-term debt
+€48,251
Contributions, distributions and other
-€35,083
Cash 2025
€8,234
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,096,085 | €8,068,409 | -€27,676 | -0.3% |
| Fixed assets | 21/28 | €7,038,237 | €6,871,204 | -€167,033 | -2.4% |
| Tangible fixed assets | 22/27 | €7,035,367 | €6,868,334 | -€167,033 | -2.4% |
| Land and buildings | 22 | €6,056,930 | €5,960,007 | -€96,923 | -1.6% |
| Plant, machinery and equipment | 23 | €9,225 | €16,912 | +€7,687 | +83.3% |
| Leasing and similar rights | 25 | €400,658 | €327,838 | -€72,820 | -18.2% |
| Other tangible fixed assets | 26 | €568,554 | €563,577 | -€4,977 | -0.9% |
| Financial fixed assets | 28 | €2,870 | €2,870 | = | 0.0% |
| Current assets | 29/58 | €1,057,848 | €1,197,205 | +€139,357 | +13.2% |
| Amounts receivable within one year | 40/41 | €229,784 | €437,582 | +€207,798 | +90.4% |
| Other amounts receivable | 41 | €229,784 | €437,582 | +€207,798 | +90.4% |
| Current investments | 50/53 | €822,000 | €750,000 | -€72,000 | -8.8% |
| Cash at bank and in hand | 54/58 | €4,431 | €8,234 | +€3,803 | +85.8% |
| Deferred charges and accrued income | 490/1 | €1,633 | €1,388 | -€245 | -15.0% |
| Total equity and liabilities | 10/49 | €8,096,085 | €8,068,409 | -€27,676 | -0.3% |
| Equity | 10/15 | €127,311 | €122,683 | -€4,628 | -3.6% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €4,500 | €4,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,500 | €4,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,007 | €462 | -€545 | -54.1% |
| Investment grants | 15 | €76,804 | €72,721 | -€4,083 | -5.3% |
| Amounts payable | 17/49 | €7,968,774 | €7,945,725 | -€23,048 | -0.3% |
| Amounts payable after more than one year | 17 | €6,827,960 | €6,773,499 | -€54,461 | -0.8% |
| Financial debts | 170/4 | €6,611,601 | €6,557,140 | -€54,461 | -0.8% |
| Other amounts payable | 178/9 | €216,359 | €216,359 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,101,332 | €1,136,224 | +€34,893 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €442,564 | €490,815 | +€48,251 | +10.9% |
| Trade debts | 44 | €2,966 | €569,429 | +€566,463 | +19099.6% |
| Suppliers | 440/4 | €2,966 | €569,429 | +€566,463 | +19099.6% |
| Advances received on contracts in progress | 46 | €103,463 | - | -€103,463 | |
| Taxes, remuneration and social security | 45 | €92,423 | €44,980 | -€47,443 | -51.3% |
| Taxes | 450/3 | €92,423 | €44,980 | -€47,443 | -51.3% |
| Other amounts payable | 47/48 | €459,915 | €31,000 | -€428,915 | -93.3% |
| Accrued charges and deferred income | 492/3 | €39,482 | €36,002 | -€3,480 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €343,088 | €352,082 | +€8,995 | +2.6% |
| Other operating charges | 640/8 | €104,808 | €108,210 | +€3,402 | +3.2% |
| Gross operating margin | 9900 | €1,074,679 | €663,010 | -€411,668 | -38.3% |
| Operating profit (loss) | 9901 | €626,783 | €202,718 | -€424,065 | -67.7% |
| Financial income | 75/76B | €41,870 | €21,148 | -€20,722 | -49.5% |
| Recurring financial income | 75 | €41,870 | €21,148 | -€20,722 | -49.5% |
| Financial charges | 65/66B | €187,220 | €184,621 | -€2,599 | -1.4% |
| Recurring financial charges | 65 | €187,220 | €184,621 | -€2,599 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €481,433 | €39,246 | -€442,188 | -91.8% |
| Income taxes | 67/77 | €118,997 | €8,791 | -€110,206 | -92.6% |
| Profit (loss) for the period | 9904 | €362,437 | €30,455 | -€331,982 | -91.6% |
| Profit (loss) for the period to be appropriated | 9905 | €362,437 | €30,455 | -€331,982 | -91.6% |
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 7 October 2026 via checked.be.