VRD WAREHOUSING: what changed
VRD WAREHOUSING
Largest movements
- Intangible fixed assets +€254,310
new in 2025: €254,310
- Tangible fixed assets +€38,862
up €38,862 (+89.1%), from €43,613 to €82,475
of which Leasing and similar rights: +€66,836
- Receivables within one year +€19,040
up €19,040 (+2.7%), from €694,181 to €713,221
of which Trade receivables: +€60,581
- Cash -€17,714
down €17,714 (-5.2%), from €341,606 to €323,892
mainly Investment in fixed assets (net) (-€317,103) and Trade debts (-€126,850)
- Profit (loss) carried forward +€371,032
up €371,032 (+57.3%), from €647,309 to €1.0m
- Trade debts -€126,850
down €126,850 (-42.7%), from €297,169 to €170,319
- Debts after one year +€27,561
up €27,561 (+174%), from €15,834 to €43,395
- Current portion of long-term debt +€16,229
up €16,229 (+224%), from €7,241 to €23,470
- Gross operating margin +€228,424
up €228,424 (+24.9%), from €915,719 to €1.1m
- Taxes +€42,143
up €42,143 (+46.7%), from €90,333 to €132,477
- Financial charges +€12,116
up €12,116 (+329%), from €3,680 to €15,796
of which Non-recurring financial charges: +€11,358
- Depreciation +€11,515
up €11,515 (+92.7%), from €12,417 to €23,931
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,092,327 | €1,388,050 | +€295,723 | +27.1% |
| Fixed assets | 21/28 | €51,113 | €344,285 | +€293,172 | +574% |
| Intangible fixed assets | 21 | - | €254,310 | +€254,310 | |
| Tangible fixed assets | 22/27 | €43,613 | €82,475 | +€38,862 | +89.1% |
| Plant, machinery and equipment | 23 | €19,985 | €15,232 | -€4,753 | -23.8% |
| Furniture and vehicles | 24 | €1,215 | €407 | -€809 | -66.5% |
| Leasing and similar rights | 25 | - | €66,836 | +€66,836 | |
| Other tangible fixed assets | 26 | €22,413 | - | -€22,413 | |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €1,041,214 | €1,043,765 | +€2,551 | +0.2% |
| Amounts receivable within one year | 40/41 | €694,181 | €713,221 | +€19,040 | +2.7% |
| Trade receivables | 40 | €650,255 | €710,836 | +€60,581 | +9.3% |
| Other amounts receivable | 41 | €43,926 | €2,385 | -€41,541 | -94.6% |
| Cash at bank and in hand | 54/58 | €341,606 | €323,892 | -€17,714 | -5.2% |
| Deferred charges and accrued income | 490/1 | €5,427 | €6,652 | +€1,225 | +22.6% |
| Total equity and liabilities | 10/49 | €1,092,327 | €1,388,050 | +€295,723 | +27.1% |
| Equity | 10/15 | €702,309 | €1,073,341 | +€371,032 | +52.8% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €647,309 | €1,018,341 | +€371,032 | +57.3% |
| Amounts payable | 17/49 | €390,018 | €314,709 | -€75,309 | -19.3% |
| Amounts payable after more than one year | 17 | €15,834 | €43,395 | +€27,561 | +174% |
| Financial debts | 170/4 | €15,834 | €43,395 | +€27,561 | +174% |
| Amounts payable within one year | 42/48 | €373,052 | €271,314 | -€101,738 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €7,241 | €23,470 | +€16,229 | +224% |
| Trade debts | 44 | €297,169 | €170,319 | -€126,850 | -42.7% |
| Suppliers | 440/4 | €297,169 | €170,319 | -€126,850 | -42.7% |
| Taxes, remuneration and social security | 45 | €68,642 | €77,466 | +€8,824 | +12.9% |
| Taxes | 450/3 | €29,474 | €42,898 | +€13,424 | +45.5% |
| Remuneration and social security | 454/9 | €39,168 | €34,568 | -€4,600 | -11.7% |
| Other amounts payable | 47/48 | - | €60 | +€60 | |
| Accrued charges and deferred income | 492/3 | €1,133 | - | -€1,133 | |
| Remuneration, social security and pensions | 62 | €589,606 | €594,338 | +€4,732 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,417 | €23,931 | +€11,515 | +92.7% |
| Other operating charges | 640/8 | €15,833 | €6,779 | -€9,054 | -57.2% |
| Gross operating margin | 9900 | €915,719 | €1,144,143 | +€228,424 | +24.9% |
| Operating profit (loss) | 9901 | €297,863 | €519,094 | +€221,231 | +74.3% |
| Financial income | 75/76B | €4,023 | €211 | -€3,813 | -94.8% |
| Recurring financial income | 75 | €4,023 | €211 | -€3,813 | -94.8% |
| Financial charges | 65/66B | €3,680 | €15,796 | +€12,116 | +329% |
| Recurring financial charges | 65 | €3,680 | €4,438 | +€758 | +20.6% |
| Non-recurring financial charges | 66B | - | €11,358 | +€11,358 | |
| Profit (loss) for the period before taxes | 9903 | €298,206 | €503,509 | +€205,303 | +68.8% |
| Income taxes | 67/77 | €90,333 | €132,477 | +€42,143 | +46.7% |
| Profit (loss) for the period | 9904 | €207,873 | €371,032 | +€163,159 | +78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €207,873 | €371,032 | +€163,159 | +78.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.