VTM TRANSPORT: 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.
VTM TRANSPORT
Largest movements
- Receivables within one year +€85,253
up €85,253 (+380%), from €22,417 to €107,670
of which Trade receivables: +€83,678
- Cash +€36,770
up €36,770 (+76.8%), from €47,884 to €84,654
mainly Net result for the year (+€85,236) and Tax, wage and social debts (+€53,993)
- Financial fixed assets +€22,000
up €22,000 (+232%), from €9,475 to €31,475
- Tangible fixed assets +€13,104
up €13,104 (+24.0%), from €54,632 to €67,735
of which Furniture and vehicles: +€11,674
- Deferred charges and accrued income +€8,083
new in 2025: €8,083
- Reserves +€85,236
up €85,236 (+355%), from €24,023 to €109,258
- Tax, wage and social debts +€53,993
up €53,993 (+186%), from €29,018 to €83,011
of which Taxes: +€38,928
- Trade debts +€20,819
up €20,819 (+406%), from €5,131 to €25,950
- Other debts +€11,043
up €11,043 (+43.5%), from €25,409 to €36,453
- Debts after one year -€9,905
down €9,905 (-29.7%), from €33,387 to €23,482
- Gross operating margin +€198,093
up €198,093 (+103%), from €193,205 to €391,298
- Staff costs +€107,195
up €107,195 (+81.6%), from €131,295 to €238,490
- Taxes +€24,886
up €24,886 (+270%), from €9,219 to €34,106
- Other operating charges +€5,981
up €5,981 (+187%), from €3,199 to €9,180
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 | €134,407 | €299,617 | +€165,210 | +123% |
| Fixed assets | 21/28 | €64,107 | €99,210 | +€35,104 | +54.8% |
| Tangible fixed assets | 22/27 | €54,632 | €67,735 | +€13,104 | +24.0% |
| Plant, machinery and equipment | 23 | - | €1,429 | +€1,429 | |
| Furniture and vehicles | 24 | €54,632 | €66,306 | +€11,674 | +21.4% |
| Financial fixed assets | 28 | €9,475 | €31,475 | +€22,000 | +232% |
| Current assets | 29/58 | €70,300 | €200,407 | +€130,106 | +185% |
| Amounts receivable within one year | 40/41 | €22,417 | €107,670 | +€85,253 | +380% |
| Trade receivables | 40 | €22,417 | €106,095 | +€83,678 | +373% |
| Other amounts receivable | 41 | - | €1,575 | +€1,575 | |
| Cash at bank and in hand | 54/58 | €47,884 | €84,654 | +€36,770 | +76.8% |
| Deferred charges and accrued income | 490/1 | - | €8,083 | +€8,083 | |
| Total equity and liabilities | 10/49 | €134,407 | €299,617 | +€165,210 | +123% |
| Equity | 10/15 | €24,024 | €109,259 | +€85,236 | +355% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €24,023 | €109,258 | +€85,236 | +355% |
| Distributable reserves | 133 | €24,023 | €109,258 | +€85,236 | +355% |
| Amounts payable | 17/49 | €110,383 | €190,358 | +€79,974 | +72.5% |
| Amounts payable after more than one year | 17 | €33,387 | €23,482 | -€9,905 | -29.7% |
| Financial debts | 170/4 | €33,387 | €23,482 | -€9,905 | -29.7% |
| Amounts payable within one year | 42/48 | €76,996 | €166,876 | +€89,880 | +117% |
| Current portion of amounts payable after more than one year | 42 | €17,437 | €21,462 | +€4,025 | +23.1% |
| Trade debts | 44 | €5,131 | €25,950 | +€20,819 | +406% |
| Suppliers | 440/4 | €5,131 | €25,950 | +€20,819 | +406% |
| Taxes, remuneration and social security | 45 | €29,018 | €83,011 | +€53,993 | +186% |
| Taxes | 450/3 | €13,384 | €52,311 | +€38,928 | +291% |
| Remuneration and social security | 454/9 | €15,635 | €30,700 | +€15,065 | +96.4% |
| Other amounts payable | 47/48 | €25,409 | €36,453 | +€11,043 | +43.5% |
| Remuneration, social security and pensions | 62 | €131,295 | €238,490 | +€107,195 | +81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,082 | €16,875 | -€2,207 | -11.6% |
| Other operating charges | 640/8 | €3,199 | €9,180 | +€5,981 | +187% |
| Non-recurring operating charges | 66A | - | €3,909 | +€3,909 | |
| Gross operating margin | 9900 | €193,205 | €391,298 | +€198,093 | +103% |
| Operating profit (loss) | 9901 | €39,629 | €122,845 | +€83,216 | +210% |
| Financial income | 75/76B | - | €52 | +€52 | |
| Recurring financial income | 75 | - | €52 | +€52 | |
| Financial charges | 65/66B | €6,387 | €3,555 | -€2,831 | -44.3% |
| Recurring financial charges | 65 | €6,387 | €3,555 | -€2,831 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | €33,242 | €119,341 | +€86,099 | +259% |
| Income taxes | 67/77 | €9,219 | €34,106 | +€24,886 | +270% |
| Profit (loss) for the period | 9904 | €24,023 | €85,236 | +€61,213 | +255% |
| Profit (loss) for the period to be appropriated | 9905 | €24,023 | €85,236 | +€61,213 | +255% |
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 26 October 2026 via checked.be.