Adrem Shipbrokers: 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.
Adrem Shipbrokers
Largest movements
- Cash -€101,604
down €101,604 (-26.8%), from €378,594 to €276,990
mainly Net result for the year (-€209,460) and Receivables within one year (-€33,769)
- Current investments -€86,676
down €86,676 (-13.5%), from €642,498 to €555,822
- Receivables after one year -€36,374
down €36,374 (-60.4%), from €60,251 to €23,877
- Receivables within one year +€33,769
up €33,769 (+180%), from €18,772 to €52,541
of which Trade receivables: +€23,485
- Deferred charges and accrued income -€28,870
down €28,870 (-62.2%), from €46,393 to €17,523
- Reserves -€209,460
down €209,460 (-19.2%), from €1.1m to €881,198
- Other debts +€16,026
up €16,026 (+17,991%), from €89 to €16,115
- Trade debts -€15,037
down €15,037 (-38.9%), from €38,666 to €23,630
- Gross operating margin -€273,284
down €273,284, from €70,564 to -€202,720
- Taxes -€23,333
down €23,333 (-100%), from €23,333 to €0
- Other operating charges +€2,820
up €2,820 (+824%), from €342 to €3,163
- Financial income -€2,092
down €2,092 (-17.0%), from €12,343 to €10,251
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 | €1,180,445 | €957,148 | -€223,297 | -18.9% |
| Fixed assets | 21/28 | €33,937 | €30,396 | -€3,541 | -10.4% |
| Intangible fixed assets | 21 | - | €5,154 | +€5,154 | |
| Tangible fixed assets | 22/27 | €33,937 | €25,242 | -€8,695 | -25.6% |
| Land and buildings | 22 | €28,488 | €22,874 | -€5,613 | -19.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €5,450 | €2,368 | -€3,082 | -56.5% |
| Current assets | 29/58 | €1,146,508 | €926,752 | -€219,755 | -19.2% |
| Amounts receivable after more than one year | 29 | €60,251 | €23,877 | -€36,374 | -60.4% |
| Other amounts receivable | 291 | €60,251 | €23,877 | -€36,374 | -60.4% |
| Amounts receivable within one year | 40/41 | €18,772 | €52,541 | +€33,769 | +180% |
| Trade receivables | 40 | €7,907 | €31,391 | +€23,485 | +297% |
| Other amounts receivable | 41 | €10,865 | €21,150 | +€10,284 | +94.7% |
| Current investments | 50/53 | €642,498 | €555,822 | -€86,676 | -13.5% |
| Cash at bank and in hand | 54/58 | €378,594 | €276,990 | -€101,604 | -26.8% |
| Deferred charges and accrued income | 490/1 | €46,393 | €17,523 | -€28,870 | -62.2% |
| Total equity and liabilities | 10/49 | €1,180,445 | €957,148 | -€223,297 | -18.9% |
| Equity | 10/15 | €1,103,059 | €893,598 | -€209,460 | -19.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,090,659 | €881,198 | -€209,460 | -19.2% |
| Distributable reserves | 133 | €1,090,659 | €881,198 | -€209,460 | -19.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €77,386 | €63,550 | -€13,836 | -17.9% |
| Amounts payable after more than one year | 17 | €24,002 | €18,692 | -€5,310 | -22.1% |
| Financial debts | 170/4 | €24,002 | €18,692 | -€5,310 | -22.1% |
| Amounts payable within one year | 42/48 | €53,384 | €44,858 | -€8,527 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €4,962 | €4,813 | -€149 | -3.0% |
| Financial debts | 43 | €1,609 | €300 | -€1,309 | -81.4% |
| Credit institutions | 430/8 | €1,609 | €300 | -€1,309 | -81.4% |
| Trade debts | 44 | €38,666 | €23,630 | -€15,037 | -38.9% |
| Suppliers | 440/4 | €38,666 | €23,630 | -€15,037 | -38.9% |
| Taxes, remuneration and social security | 45 | €8,058 | €0 | -€8,058 | -100% |
| Taxes | 450/3 | €8,058 | €0 | -€8,058 | -100% |
| Other amounts payable | 47/48 | €89 | €16,115 | +€16,026 | +17,991% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,309 | €8,873 | -€436 | -4.7% |
| Other operating charges | 640/8 | €342 | €3,163 | +€2,820 | +824% |
| Non-recurring operating charges | 66A | - | €2,800 | +€2,800 | |
| Gross operating margin | 9900 | €70,564 | -€202,720 | -€273,284 | |
| Operating profit (loss) | 9901 | €60,913 | -€217,556 | -€278,469 | |
| Financial income | 75/76B | €12,343 | €10,251 | -€2,092 | -17.0% |
| Recurring financial income | 75 | €12,343 | €10,251 | -€2,092 | -17.0% |
| Financial charges | 65/66B | €2,692 | €2,156 | -€536 | -19.9% |
| Recurring financial charges | 65 | €2,628 | €1,220 | -€1,409 | -53.6% |
| Non-recurring financial charges | 66B | €63 | €936 | +€873 | +1,379% |
| Profit (loss) for the period before taxes | 9903 | €70,565 | -€209,460 | -€280,025 | |
| Income taxes | 67/77 | €23,333 | €0 | -€23,333 | -100% |
| Profit (loss) for the period | 9904 | €47,232 | -€209,460 | -€256,693 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,232 | -€209,460 | -€256,693 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.