BENED SHIPPING: 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.
What changed
BENED SHIPPING
NACE 77.340, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €3.1m-€705,488
Equity
€6.7m
2024 · €4.6m+€2.1m
Cash
€229,770
2024 · €31,345+€198,425
Balance sheet total
€25.4m
2024 · €18.1m+€7.3m
Largest movements
Assets
- Tangible fixed assets +€5.0m
up €5.0m (+28.2%), from €17.7m to €22.7m
of which Plant, machinery and equipment: +€20.2m
- Receivables within one year +€2.1m
up €2.1m (+650%), from €324,218 to €2.4m
of which Trade receivables: +€2.1m
Equity and liabilities
- Debts after one year +€3.6m
up €3.6m (+31.6%), from €11.4m to €15.0m
- Reserves +€2.1m
up €2.1m (+69.3%), from €3.0m to €5.2m
of which Tax-exempt reserves: +€2.1m
- Provisions +€615,564
up €615,564 (+67.5%), from €912,404 to €1.5m
of which Deferred taxes: +€715,564
- Current portion of long-term debt +€594,479
up €594,479 (+395%), from €150,573 to €745,052
- Trade debts +€546,212
up €546,212 (+10,443%), from €5,230 to €551,443
Income statement
- Gross operating margin -€355,205
down €355,205 (-8.2%), from €4.3m to €4.0m
- Depreciation +€302,304
up €302,304 (+94.2%), from €321,077 to €623,380
- Provisions +€150,000
up €150,000 (+60.0%), from -€250,000 to -€100,000
- Financial charges -€48,888
down €48,888 (-21.6%), from €226,036 to €177,147
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.
Result 2024
€3.1m
Gross operating margin
-€355,205
Depreciation
-€302,304
Provisions
-€150,000
Other operating charges
-€1,379
Financial income
+€1
Financial charges
+€48,888
Taxes
-€42,330
Deferred taxes and other
+€96,841
Result 2025
€2.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.2m
Investment
-€5.6m
Financing
+€3.7m
Cash 2024
€31,345
From operations (derived)
+€2.2m
Net result for the year
+€2.4m
Depreciation
+€623,380
Receivables within one year
-€2.1m
Smaller working-capital items
-€5,407
Provisions
+€615,564
Trade debts
+€546,212
Other debts
+€58,761
Investment (derived)
-€5.6m
Investment in fixed assets (net)
-€5.6m
Financing
+€3.7m
Debts after one year
+€3.6m
Current portion of long-term debt
+€594,479
Short-term financial debts
-€218,736
Contributions, distributions and other
-€330,000
Cash 2025
€229,770
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,071,852 | €25,380,770 | +€7.3m | +40.4% |
| Fixed assets | 21/28 | €17,714,879 | €22,715,571 | +€5.0m | +28.2% |
| Tangible fixed assets | 22/27 | €17,714,879 | €22,715,571 | +€5.0m | +28.2% |
| Plant, machinery and equipment | 23 | €2,470,444 | €22,715,571 | +€20.2m | +819% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €15,244,435 | €0 | -€15.2m | -100% |
| Current assets | 29/58 | €356,973 | €2,665,199 | +€2.3m | +647% |
| Amounts receivable within one year | 40/41 | €324,218 | €2,431,271 | +€2.1m | +650% |
| Trade receivables | 40 | €292,891 | €2,383,420 | +€2.1m | +714% |
| Other amounts receivable | 41 | €31,327 | €47,851 | +€16,524 | +52.7% |
| Cash at bank and in hand | 54/58 | €31,345 | €229,770 | +€198,425 | +633% |
| Deferred charges and accrued income | 490/1 | €1,410 | €4,157 | +€2,747 | +195% |
| Total equity and liabilities | 10/49 | €18,071,852 | €25,380,770 | +€7.3m | +40.4% |
| Equity | 10/15 | €4,564,653 | €6,675,040 | +€2.1m | +46.2% |
| Contributions | 10/11 | €1,518,600 | €1,518,600 | = | 0.0% |
| Capital | 10 | €1,518,600 | €1,518,600 | = | 0.0% |
| Issued capital | 100 | €1,518,600 | €1,518,600 | = | 0.0% |
| Reserves | 13 | €3,046,053 | €5,156,440 | +€2.1m | +69.3% |
| Non-distributable reserves | 130/1 | €35,433 | €35,433 | = | 0.0% |
| Legal reserve | 130 | €35,433 | €35,433 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,437,213 | €4,583,904 | +€2.1m | +88.1% |
| Distributable reserves | 133 | €573,407 | €537,103 | -€36,305 | -6.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €912,404 | €1,527,968 | +€615,564 | +67.5% |
| Provisions for liabilities and charges | 160/5 | €100,000 | €0 | -€100,000 | -100% |
| Major repairs and maintenance | 162 | €100,000 | €0 | -€100,000 | -100% |
| Deferred taxes | 168 | €812,404 | €1,527,968 | +€715,564 | +88.1% |
| Amounts payable | 17/49 | €12,594,795 | €17,177,762 | +€4.6m | +36.4% |
| Amounts payable after more than one year | 17 | €11,424,964 | €15,029,876 | +€3.6m | +31.6% |
| Financial debts | 170/4 | €11,424,964 | €15,029,876 | +€3.6m | +31.6% |
| Amounts payable within one year | 42/48 | €1,169,635 | €2,147,710 | +€978,075 | +83.6% |
| Current portion of amounts payable after more than one year | 42 | €150,573 | €745,052 | +€594,479 | +395% |
| Financial debts | 43 | €218,736 | €0 | -€218,736 | -100% |
| Credit institutions | 430/8 | €218,736 | €0 | -€218,736 | -100% |
| Trade debts | 44 | €5,230 | €551,443 | +€546,212 | +10,443% |
| Suppliers | 440/4 | €5,230 | €551,443 | +€546,212 | +10,443% |
| Taxes, remuneration and social security | 45 | €2,641 | €0 | -€2,641 | -100% |
| Taxes | 450/3 | €2,641 | €0 | -€2,641 | -100% |
| Other amounts payable | 47/48 | €792,454 | €851,215 | +€58,761 | +7.4% |
| Accrued charges and deferred income | 492/3 | €196 | €177 | -€19 | -9.9% |
| Non-recurring operating income | 76A | €3,294,256 | €3,029,556 | -€264,700 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €321,077 | €623,380 | +€302,304 | +94.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€250,000 | -€100,000 | +€150,000 | +60.0% |
| Other operating charges | 640/8 | €2,063 | €3,442 | +€1,379 | +66.9% |
| Gross operating margin | 9900 | €4,324,506 | €3,969,301 | -€355,205 | -8.2% |
| Operating profit (loss) | 9901 | €4,251,366 | €3,442,479 | -€808,888 | -19.0% |
| Financial income | 75/76B | €0 | €1 | +€1 | +867% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +867% |
| Financial charges | 65/66B | €226,036 | €177,147 | -€48,888 | -21.6% |
| Recurring financial charges | 65 | €226,036 | €177,147 | -€48,888 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €4,025,331 | €3,265,332 | -€759,999 | -18.9% |
| Transfer from deferred taxes | 780 | - | €41,825 | +€41,825 | |
| Transfer to deferred taxes | 680 | €812,404 | €757,389 | -€55,015 | -6.8% |
| Income taxes | 67/77 | €67,052 | €109,382 | +€42,330 | +63.1% |
| Profit (loss) for the period | 9904 | €3,145,875 | €2,440,387 | -€705,488 | -22.4% |
| Transfer from tax-exempt reserves | 789 | - | €125,476 | +€125,476 | |
| Transfer to tax-exempt reserves | 689 | €2,437,213 | €2,272,167 | -€165,045 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €708,662 | €293,695 | -€414,967 | -58.6% |
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 20 October 2026 via checked.be.