B. VOYAGES: 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.
B. VOYAGES
Largest movements
- Cash +€30,978
up €30,978 (+165%), from €18,771 to €49,748
mainly Other debts (+€42,897) and Deferred charges and accrued income (+€25,494)
- Deferred charges and accrued income -€25,494
down €25,494 (-20.4%), from €125,063 to €99,569
- Receivables within one year -€14,160
down €14,160 (-20.5%), from €69,208 to €55,048
of which Trade receivables: -€65,086
- Intangible fixed assets -€7,000
down €7,000 (-11.4%), from €61,542 to €54,542
- Reserves -€58,831
down €58,831 (-26.8%), from €219,538 to €160,707
- Other debts +€42,897
up €42,897 (+254%), from €16,875 to €59,772
- Gross operating margin -€85,498
down €85,498 (-69.9%), from €122,334 to €36,836
- Taxes -€29,374
down €29,374 (-90.5%), from €32,474 to €3,100
- Staff costs +€19,965
new in 2025: €19,965
- Other operating charges +€3,406
up €3,406 (+130%), from €2,613 to €6,020
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 | €277,062 | €261,819 | -€15,243 | -5.5% |
| Fixed assets | 21/28 | €64,021 | €57,454 | -€6,566 | -10.3% |
| Intangible fixed assets | 21 | €61,542 | €54,542 | -€7,000 | -11.4% |
| Tangible fixed assets | 22/27 | €2,478 | €2,178 | -€300 | -12.1% |
| Other tangible fixed assets | 26 | €2,478 | €2,178 | -€300 | -12.1% |
| Financial fixed assets | 28 | - | €734 | +€734 | |
| Current assets | 29/58 | €213,042 | €204,365 | -€8,677 | -4.1% |
| Amounts receivable within one year | 40/41 | €69,208 | €55,048 | -€14,160 | -20.5% |
| Trade receivables | 40 | €68,368 | €3,282 | -€65,086 | -95.2% |
| Other amounts receivable | 41 | €840 | €51,766 | +€50,926 | +6,065% |
| Cash at bank and in hand | 54/58 | €18,771 | €49,748 | +€30,978 | +165% |
| Deferred charges and accrued income | 490/1 | €125,063 | €99,569 | -€25,494 | -20.4% |
| Total equity and liabilities | 10/49 | €277,062 | €261,819 | -€15,243 | -5.5% |
| Equity | 10/15 | €222,538 | €163,707 | -€58,831 | -26.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €219,538 | €160,707 | -€58,831 | -26.8% |
| Distributable reserves | 133 | €219,538 | €160,707 | -€58,831 | -26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,524 | €98,112 | +€43,588 | +79.9% |
| Amounts payable within one year | 42/48 | €53,897 | €95,738 | +€41,841 | +77.6% |
| Trade debts | 44 | €11,490 | €13,123 | +€1,633 | +14.2% |
| Suppliers | 440/4 | €11,490 | €13,123 | +€1,633 | +14.2% |
| Taxes, remuneration and social security | 45 | €25,532 | €22,843 | -€2,690 | -10.5% |
| Taxes | 450/3 | €21,462 | €8,809 | -€12,653 | -59.0% |
| Remuneration and social security | 454/9 | €4,070 | €14,034 | +€9,964 | +245% |
| Other amounts payable | 47/48 | €16,875 | €59,772 | +€42,897 | +254% |
| Accrued charges and deferred income | 492/3 | €627 | €2,374 | +€1,747 | +279% |
| Remuneration, social security and pensions | 62 | - | €19,965 | +€19,965 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,300 | €7,300 | = | 0.0% |
| Other operating charges | 640/8 | €2,613 | €6,020 | +€3,406 | +130% |
| Gross operating margin | 9900 | €122,334 | €36,836 | -€85,498 | -69.9% |
| Operating profit (loss) | 9901 | €112,421 | €3,551 | -€108,869 | -96.8% |
| Financial income | 75/76B | €1,123 | €462 | -€661 | -58.9% |
| Recurring financial income | 75 | €1,123 | €462 | -€661 | -58.9% |
| Financial charges | 65/66B | €631 | €386 | -€245 | -38.8% |
| Recurring financial charges | 65 | €631 | €386 | -€245 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €112,913 | €3,627 | -€109,285 | -96.8% |
| Income taxes | 67/77 | €32,474 | €3,100 | -€29,374 | -90.5% |
| Profit (loss) for the period | 9904 | €80,439 | €527 | -€79,911 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,439 | €527 | -€79,911 | -99.3% |
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 22 October 2026 via checked.be.