VQ LOGISTICS: 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.
VQ LOGISTICS
Largest movements
- Tangible fixed assets +€273,758
up €273,758 (+63.2%), from €433,496 to €707,254
of which Leasing and similar rights: +€270,510
- Receivables within one year -€93,684
down €93,684 (-56.9%), from €164,708 to €71,024
of which Trade receivables: -€109,651
- Cash -€37,044
down €37,044 (-61.9%), from €59,882 to €22,837
mainly Investment in fixed assets (net) (-€453,030) and Other debts (-€100,000)
- Deferred charges and accrued income -€8,349
down €8,349 (-63.4%), from €13,172 to €4,823
- Other debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Debts after one year +€97,082
up €97,082 (+48.2%), from €201,297 to €298,378
- Reserves +€89,063
up €89,063 (+143%), from €62,436 to €151,498
of which Tax-exempt reserves: +€112,500
- Current portion of long-term debt +€71,209
up €71,209 (+55.6%), from €128,009 to €199,218
- Tax, wage and social debts -€11,339
down €11,339 (-16.8%), from €67,612 to €56,273
of which Taxes: -€11,318
- Gross operating margin +€139,846
up €139,846 (+29.8%), from €469,726 to €609,571
- Depreciation +€95,461
up €95,461 (+114%), from €83,811 to €179,272
- Taxes -€17,534
down €17,534 (-100%), from €17,534 to €0
- Financial charges +€8,815
up €8,815 (+81.8%), from €10,774 to €19,590
- Staff costs +€7,513
up €7,513 (+2.8%), from €272,194 to €279,707
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €681,662 | €816,343 | +€134,681 | +19.8% |
| Fixed assets | 21/28 | €443,901 | €717,659 | +€273,758 | +61.7% |
| Tangible fixed assets | 22/27 | €433,496 | €707,254 | +€273,758 | +63.2% |
| Furniture and vehicles | 24 | €310,742 | €225,280 | -€85,462 | -27.5% |
| Leasing and similar rights | 25 | €122,754 | €393,264 | +€270,510 | +220% |
| Assets under construction and advance payments | 27 | - | €88,710 | +€88,710 | |
| Financial fixed assets | 28 | €10,405 | €10,405 | = | 0.0% |
| Current assets | 29/58 | €237,762 | €98,685 | -€139,077 | -58.5% |
| Amounts receivable within one year | 40/41 | €164,708 | €71,024 | -€93,684 | -56.9% |
| Trade receivables | 40 | €156,676 | €47,024 | -€109,651 | -70.0% |
| Other amounts receivable | 41 | €8,033 | €24,000 | +€15,967 | +199% |
| Cash at bank and in hand | 54/58 | €59,882 | €22,837 | -€37,044 | -61.9% |
| Deferred charges and accrued income | 490/1 | €13,172 | €4,823 | -€8,349 | -63.4% |
| Total equity and liabilities | 10/49 | €681,662 | €816,343 | +€134,681 | +19.8% |
| Equity | 10/15 | €68,636 | €157,698 | +€89,063 | +130% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €62,436 | €151,498 | +€89,063 | +143% |
| Tax-exempt reserves | 132 | - | €112,500 | +€112,500 | |
| Distributable reserves | 133 | €62,436 | €38,998 | -€23,437 | -37.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €613,027 | €658,645 | +€45,618 | +7.4% |
| Amounts payable after more than one year | 17 | €201,297 | €298,378 | +€97,082 | +48.2% |
| Financial debts | 170/4 | €201,297 | €298,378 | +€97,082 | +48.2% |
| Amounts payable within one year | 42/48 | €407,283 | €360,267 | -€47,016 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €128,009 | €199,218 | +€71,209 | +55.6% |
| Trade debts | 44 | €111,662 | €104,776 | -€6,886 | -6.2% |
| Suppliers | 440/4 | €111,662 | €104,776 | -€6,886 | -6.2% |
| Taxes, remuneration and social security | 45 | €67,612 | €56,273 | -€11,339 | -16.8% |
| Taxes | 450/3 | €49,485 | €38,167 | -€11,318 | -22.9% |
| Remuneration and social security | 454/9 | €18,127 | €18,105 | -€21 | -0.1% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100% |
| Accrued charges and deferred income | 492/3 | €4,448 | €0 | -€4,448 | -100% |
| Remuneration, social security and pensions | 62 | €272,194 | €279,707 | +€7,513 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,811 | €179,272 | +€95,461 | +114% |
| Other operating charges | 640/8 | €42,390 | €41,962 | -€428 | -1.0% |
| Gross operating margin | 9900 | €469,726 | €609,571 | +€139,846 | +29.8% |
| Operating profit (loss) | 9901 | €71,330 | €108,630 | +€37,300 | +52.3% |
| Financial income | 75/76B | €0 | €22 | +€22 | +111,000% |
| Recurring financial income | 75 | €0 | €22 | +€22 | +111,000% |
| Financial charges | 65/66B | €10,774 | €19,590 | +€8,815 | +81.8% |
| Recurring financial charges | 65 | €10,774 | €19,590 | +€8,815 | +81.8% |
| Profit (loss) for the period before taxes | 9903 | €60,556 | €89,063 | +€28,507 | +47.1% |
| Income taxes | 67/77 | €17,534 | €0 | -€17,534 | -100% |
| Profit (loss) for the period | 9904 | €43,022 | €89,063 | +€46,041 | +107% |
| Transfer to tax-exempt reserves | 689 | - | €112,500 | +€112,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,022 | -€23,437 | -€66,459 |
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 20 October 2026 via checked.be.