ADVANCED SHIPBUILDING: 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.
ADVANCED SHIPBUILDING
Largest movements
- Receivables within one year -€184,756
down €184,756 (-69.7%), from €265,071 to €80,315
of which Other amounts receivable: -€133,181
- Cash -€26,965
down €26,965 (-88.3%), from €30,542 to €3,577
mainly Short-term financial debts (-€76,466) and Other debts (-€75,000)
- Short-term financial debts -€76,466
down €76,466 (-33.5%), from €228,487 to €152,021
- Other debts -€75,000
no longer reported in 2025 (was €75,000)
- Profit (loss) carried forward -€34,316
down €34,316 (-80.5%), from -€42,648 to -€76,964
- Trade debts -€26,599
down €26,599 (-68.6%), from €38,764 to €12,165
- Other operating charges -€79,238
down €79,238 (-53.7%), from €147,617 to €68,379
- Gross operating margin -€74,806
down €74,806 (-68.7%), from €108,869 to €34,063
- Depreciation -€3,900
no longer reported in 2025 (was €3,900)
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 | €1,433,056 | €1,220,675 | -€212,381 | -14.8% |
| Fixed assets | 21/28 | €312,500 | €312,500 | = | 0.0% |
| Intangible fixed assets | 21 | €312,500 | €312,500 | = | 0.0% |
| Current assets | 29/58 | €1,120,556 | €908,175 | -€212,381 | -19.0% |
| Amounts receivable within one year | 40/41 | €265,071 | €80,315 | -€184,756 | -69.7% |
| Trade receivables | 40 | €113,859 | €62,284 | -€51,575 | -45.3% |
| Other amounts receivable | 41 | €151,212 | €18,031 | -€133,181 | -88.1% |
| Cash at bank and in hand | 54/58 | €30,542 | €3,577 | -€26,965 | -88.3% |
| Deferred charges and accrued income | 490/1 | €824,943 | €824,283 | -€660 | -0.1% |
| Total equity and liabilities | 10/49 | €1,433,056 | €1,220,675 | -€212,381 | -14.8% |
| Equity | 10/15 | €192,887 | €158,571 | -€34,316 | -17.8% |
| Contributions | 10/11 | €18,978 | €18,978 | = | 0.0% |
| Reserves | 13 | €216,557 | €216,557 | = | 0.0% |
| Distributable reserves | 133 | €216,557 | €216,557 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,648 | -€76,964 | -€34,316 | -80.5% |
| Amounts payable | 17/49 | €1,240,169 | €1,062,104 | -€178,065 | -14.4% |
| Amounts payable within one year | 42/48 | €342,251 | €164,186 | -€178,065 | -52.0% |
| Financial debts | 43 | €228,487 | €152,021 | -€76,466 | -33.5% |
| Other loans | 439 | €228,487 | €152,021 | -€76,466 | -33.5% |
| Trade debts | 44 | €38,764 | €12,165 | -€26,599 | -68.6% |
| Suppliers | 440/4 | €38,764 | €12,165 | -€26,599 | -68.6% |
| Other amounts payable | 47/48 | €75,000 | - | -€75,000 | |
| Accrued charges and deferred income | 492/3 | €897,918 | €897,918 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,900 | - | -€3,900 | |
| Other operating charges | 640/8 | €147,617 | €68,379 | -€79,238 | -53.7% |
| Gross operating margin | 9900 | €108,869 | €34,063 | -€74,806 | -68.7% |
| Operating profit (loss) | 9901 | -€42,648 | -€34,316 | +€8,332 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | -€42,648 | -€34,316 | +€8,332 | +19.5% |
| Profit (loss) for the period | 9904 | -€42,648 | -€34,316 | +€8,332 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,648 | -€34,316 | +€8,332 | +19.5% |
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.