VS LOGISTIEK: what changed
What changed
VS LOGISTIEK
NACE 77.320, Rental and leasing activities
filed annual accounts (NBB)
Net result for the year
-€499
2025 · -€44,849+€44,350
Equity
€1.8m
2025 · €1.8m-€499
Cash
€412,765
2025 · €97,164+€315,600
Balance sheet total
€1.9m
2025 · €2.1m-€172,371
Largest movements
Assets
- Receivables after one year -€380,395
down €380,395 (-88.8%), from €428,571 to €48,177
- Cash +€315,600
up €315,600 (+325%), from €97,164 to €412,765
mainly Receivables after one year (+€380,395) and Depreciation (+€107,080)
- Tangible fixed assets -€57,957
down €57,957 (-4.0%), from €1.4m to €1.4m
of which Leasing and similar rights: -€45,004
- Receivables within one year -€49,522
down €49,522 (-55.9%), from €88,663 to €39,142
of which Trade receivables: -€36,000
Equity and liabilities
- Debts after one year -€118,784
down €118,784 (-71.0%), from €167,383 to €48,599
of which Other amounts payable: -€64,830
- Current portion of long-term debt -€55,949
down €55,949 (-50.9%), from €109,902 to €53,953
Income statement
- Depreciation -€36,466
down €36,466 (-25.4%), from €143,547 to €107,080
- Gross operating margin +€33,276
up €33,276 (+30.8%), from €108,024 to €141,300
- Financial income -€19,470
down €19,470 (-80.2%), from €24,284 to €4,813
- Other operating charges +€8,462
up €8,462 (+42.2%), from €20,066 to €28,527
- Financial charges -€5,488
down €5,488 (-34.5%), from €15,911 to €10,423
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
-€44,849
Gross operating margin
+€33,276
Depreciation
+€36,466
Other operating charges
-€8,462
Financial income
-€19,470
Financial charges
+€5,488
Taxes
+€657
Deferred taxes and other
-€3,605
Result 2026
-€499
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€539,457
Investment
-€49,124
Financing
-€174,733
Cash 2025
€97,164
From operations (derived)
+€539,457
Net result for the year
-€499
Depreciation
+€107,080
Receivables after one year
+€380,395
Receivables within one year
+€49,522
Deferred charges and accrued income
+€98
Trade debts
-€5,965
Tax, wage and social debts
+€4,413
Accrued charges and deferred income
+€4,413
Investment (derived)
-€49,124
Investment in fixed assets (net)
-€49,124
Financing
-€174,733
Debts after one year
-€118,784
Current portion of long-term debt
-€55,949
Cash 2026
€412,765
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,068,930 | €1,896,559 | -€172,371 | -8.3% |
| Fixed assets | 21/28 | €1,444,464 | €1,386,508 | -€57,957 | -4.0% |
| Tangible fixed assets | 22/27 | €1,444,464 | €1,386,508 | -€57,957 | -4.0% |
| Land and buildings | 22 | €1,278,709 | €1,258,319 | -€20,391 | -1.6% |
| Plant, machinery and equipment | 23 | - | €8,578 | +€8,578 | |
| Furniture and vehicles | 24 | €77,913 | €76,773 | -€1,140 | -1.5% |
| Leasing and similar rights | 25 | €87,842 | €42,838 | -€45,004 | -51.2% |
| Current assets | 29/58 | €624,466 | €510,052 | -€114,414 | -18.3% |
| Amounts receivable after more than one year | 29 | €428,571 | €48,177 | -€380,395 | -88.8% |
| Other amounts receivable | 291 | €428,571 | €48,177 | -€380,395 | -88.8% |
| Amounts receivable within one year | 40/41 | €88,663 | €39,142 | -€49,522 | -55.9% |
| Trade receivables | 40 | €56,217 | €20,217 | -€36,000 | -64.0% |
| Other amounts receivable | 41 | €32,446 | €18,925 | -€13,522 | -41.7% |
| Cash at bank and in hand | 54/58 | €97,164 | €412,765 | +€315,600 | +325% |
| Deferred charges and accrued income | 490/1 | €10,067 | €9,969 | -€98 | -1.0% |
| Total equity and liabilities | 10/49 | €2,068,930 | €1,896,559 | -€172,371 | -8.3% |
| Equity | 10/15 | €1,782,082 | €1,781,583 | -€499 | 0.0% |
| Contributions | 10/11 | €101,713 | €101,713 | = | 0.0% |
| Reserves | 13 | €1,680,370 | €1,679,871 | -€499 | 0.0% |
| Tax-exempt reserves | 132 | €254,030 | €233,366 | -€20,664 | -8.1% |
| Distributable reserves | 133 | €1,426,340 | €1,446,505 | +€20,165 | +1.4% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €286,848 | €114,976 | -€171,872 | -59.9% |
| Amounts payable after more than one year | 17 | €167,383 | €48,599 | -€118,784 | -71.0% |
| Financial debts | 170/4 | €82,630 | €28,676 | -€53,953 | -65.3% |
| Other amounts payable | 178/9 | €84,753 | €19,922 | -€64,830 | -76.5% |
| Amounts payable within one year | 42/48 | €117,000 | €59,499 | -€57,501 | -49.1% |
| Current portion of amounts payable after more than one year | 42 | €109,902 | €53,953 | -€55,949 | -50.9% |
| Trade debts | 44 | €7,098 | €1,133 | -€5,965 | -84.0% |
| Suppliers | 440/4 | €7,098 | €1,133 | -€5,965 | -84.0% |
| Taxes, remuneration and social security | 45 | €0 | €4,413 | +€4,413 | |
| Taxes | 450/3 | €0 | €4,413 | +€4,413 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,465 | €6,878 | +€4,413 | +179% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,547 | €107,080 | -€36,466 | -25.4% |
| Other operating charges | 640/8 | €20,066 | €28,527 | +€8,462 | +42.2% |
| Gross operating margin | 9900 | €108,024 | €141,300 | +€33,276 | +30.8% |
| Operating profit (loss) | 9901 | -€55,589 | €5,692 | +€61,281 | |
| Financial income | 75/76B | €24,284 | €4,813 | -€19,470 | -80.2% |
| Recurring financial income | 75 | €24,284 | €4,813 | -€19,470 | -80.2% |
| Financial charges | 65/66B | €15,911 | €10,423 | -€5,488 | -34.5% |
| Recurring financial charges | 65 | €15,911 | €10,423 | -€5,488 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | -€47,217 | €81 | +€47,298 | |
| Transfer from deferred taxes | 780 | €3,605 | €0 | -€3,605 | -100% |
| Income taxes | 67/77 | €1,237 | €581 | -€657 | -53.1% |
| Profit (loss) for the period | 9904 | -€44,849 | -€499 | +€44,350 | +98.9% |
| Transfer from tax-exempt reserves | 789 | €147,877 | €20,664 | -€127,213 | -86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €103,028 | €20,165 | -€82,863 | -80.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.