VT 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.
VT Logistics
Largest movements
- Receivables within one year -€730,344
down €730,344 (-23.3%), from €3.1m to €2.4m
of which Other amounts receivable: -€431,587
- Tangible fixed assets -€611,561
down €611,561 (-5.3%), from €11.6m to €11.0m
of which Land and buildings: -€356,845
- Debts after one year -€1.2m
down €1.2m (-16.7%), from €7.0m to €5.8m
- Trade debts -€953,301
down €953,301 (-87.9%), from €1.1m to €131,430
- Reserves +€466,158
up €466,158 (+10.5%), from €4.4m to €4.9m
- Other debts +€418,392
up €418,392 (+162.2%), from €257,994 to €676,385
- Staff costs +€270,046
up €270,046 (+16.9%), from €1.6m to €1.9m
- Taxes -€86,812
down €86,812 (-35.9%), from €241,618 to €154,806
- Gross operating margin -€73,674
down €73,674 (-2.0%), from €3.7m to €3.7m
- Depreciation +€46,099
up €46,099 (+4.4%), from €1.0m to €1.1m
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 | €14,954,862 | €13,734,105 | -€1.2m | -8.2% |
| Fixed assets | 21/28 | €11,654,612 | €11,037,891 | -€616,721 | -5.3% |
| Intangible fixed assets | 21 | €6,418 | €1,258 | -€5,160 | -80.4% |
| Tangible fixed assets | 22/27 | €11,647,944 | €11,036,382 | -€611,561 | -5.3% |
| Land and buildings | 22 | €5,808,234 | €5,451,388 | -€356,845 | -6.1% |
| Plant, machinery and equipment | 23 | €1,241,241 | €1,381,043 | +€139,802 | +11.3% |
| Furniture and vehicles | 24 | €97,972 | €33,932 | -€64,041 | -65.4% |
| Leasing and similar rights | 25 | €4,500,497 | €4,170,019 | -€330,478 | -7.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €3,300,250 | €2,696,214 | -€604,035 | -18.3% |
| Amounts receivable within one year | 40/41 | €3,140,694 | €2,410,350 | -€730,344 | -23.3% |
| Trade receivables | 40 | €2,201,344 | €1,902,587 | -€298,757 | -13.6% |
| Other amounts receivable | 41 | €939,350 | €507,763 | -€431,587 | -45.9% |
| Cash at bank and in hand | 54/58 | €158,047 | €285,594 | +€127,547 | +80.7% |
| Deferred charges and accrued income | 490/1 | €1,509 | €270 | -€1,239 | -82.1% |
| Total equity and liabilities | 10/49 | €14,954,862 | €13,734,105 | -€1.2m | -8.2% |
| Equity | 10/15 | €5,155,193 | €5,590,871 | +€435,678 | +8.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €4,445,582 | €4,911,740 | +€466,158 | +10.5% |
| Distributable reserves | 133 | €4,445,582 | €4,911,740 | +€466,158 | +10.5% |
| Investment grants | 15 | €609,611 | €579,131 | -€30,481 | -5.0% |
| Amounts payable | 17/49 | €9,799,668 | €8,143,234 | -€1.7m | -16.9% |
| Amounts payable after more than one year | 17 | €6,958,654 | €5,793,710 | -€1.2m | -16.7% |
| Financial debts | 170/4 | €6,958,654 | €5,793,710 | -€1.2m | -16.7% |
| Amounts payable within one year | 42/48 | €2,841,014 | €2,349,524 | -€491,490 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €1,185,801 | €1,193,690 | +€7,888 | +0.7% |
| Trade debts | 44 | €1,084,731 | €131,430 | -€953,301 | -87.9% |
| Suppliers | 440/4 | €1,084,731 | €131,430 | -€953,301 | -87.9% |
| Taxes, remuneration and social security | 45 | €312,488 | €348,019 | +€35,531 | +11.4% |
| Taxes | 450/3 | €104,609 | €101,312 | -€3,297 | -3.2% |
| Remuneration and social security | 454/9 | €207,878 | €246,707 | +€38,828 | +18.7% |
| Other amounts payable | 47/48 | €257,994 | €676,385 | +€418,392 | +162.2% |
| Remuneration, social security and pensions | 62 | €1,598,261 | €1,868,307 | +€270,046 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047,204 | €1,093,303 | +€46,099 | +4.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €35,077 | €14,249 | -€20,827 | -59.4% |
| Gross operating margin | 9900 | €3,748,299 | €3,674,625 | -€73,674 | -2.0% |
| Operating profit (loss) | 9901 | €1,067,758 | €698,766 | -€368,992 | -34.6% |
| Financial income | 75/76B | €7,884 | €0 | -€7,884 | -100.0% |
| Recurring financial income | 75 | €7,884 | €0 | -€7,884 | -100.0% |
| Financial charges | 65/66B | €86,325 | €77,801 | -€8,524 | -9.9% |
| Recurring financial charges | 65 | €86,325 | €77,801 | -€8,524 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €989,316 | €620,965 | -€368,351 | -37.2% |
| Income taxes | 67/77 | €241,618 | €154,806 | -€86,812 | -35.9% |
| Profit (loss) for the period | 9904 | €747,698 | €466,158 | -€281,540 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €747,698 | €466,158 | -€281,540 | -37.7% |
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 4 October 2026 via checked.be.