BLUE 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.
BLUE SHIPPING
Largest movements
- Receivables within one year +€494,471
up €494,471 (+80.0%), from €617,828 to €1.1m
of which Trade receivables: +€406,000
- Deferred charges and accrued income -€199,242
down €199,242 (-100%), from €199,242 to €0
- Cash +€93,314
up €93,314 (+12.8%), from €729,430 to €822,744
mainly Trade debts (+€836,409) and Net result for the year (+€241,962)
- Stocks and contracts -€75,785
down €75,785 (-100%), from €75,785 to €0
- Trade debts +€836,409
up €836,409 (+116%), from €721,019 to €1.6m
- Other debts -€512,883
down €512,883 (-69.5%), from €737,883 to €225,000
- Gross operating margin -€177,303
down €177,303 (-21.1%), from €841,039 to €663,736
- Write-downs -€66,381
down €66,381 (-100%), from €66,381 to €0
- Staff costs -€55,369
down €55,369 (-13.5%), from €409,526 to €354,157
- Financial charges +€39,067
up €39,067 (+172%), from €22,691 to €61,759
- Other operating charges +€29,764
up €29,764 (+1,359%), from €2,190 to €31,954
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 | €1,638,743 | €1,970,738 | +€331,995 | +20.3% |
| Fixed assets | 21/28 | €16,459 | €35,695 | +€19,237 | +117% |
| Intangible fixed assets | 21 | €7,796 | €3,756 | -€4,041 | -51.8% |
| Tangible fixed assets | 22/27 | €8,662 | €26,989 | +€18,327 | +212% |
| Plant, machinery and equipment | 23 | €4,105 | €4,571 | +€466 | +11.4% |
| Furniture and vehicles | 24 | €346 | €14,305 | +€13,959 | +4,037% |
| Other tangible fixed assets | 26 | €4,211 | €8,113 | +€3,902 | +92.7% |
| Financial fixed assets | 28 | - | €4,950 | +€4,950 | |
| Current assets | 29/58 | €1,622,284 | €1,935,043 | +€312,759 | +19.3% |
| Stocks and contracts in progress | 3 | €75,785 | €0 | -€75,785 | -100% |
| Contracts in progress | 37 | €75,785 | €0 | -€75,785 | -100% |
| Amounts receivable within one year | 40/41 | €617,828 | €1,112,299 | +€494,471 | +80.0% |
| Trade receivables | 40 | €612,027 | €1,018,026 | +€406,000 | +66.3% |
| Other amounts receivable | 41 | €5,801 | €94,273 | +€88,472 | +1,525% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €729,430 | €822,744 | +€93,314 | +12.8% |
| Deferred charges and accrued income | 490/1 | €199,242 | €0 | -€199,242 | -100% |
| Total equity and liabilities | 10/49 | €1,638,743 | €1,970,738 | +€331,995 | +20.3% |
| Equity | 10/15 | €135,244 | €152,206 | +€16,962 | +12.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,244 | €32,206 | +€16,962 | +111% |
| Amounts payable | 17/49 | €1,503,499 | €1,818,532 | +€315,033 | +21.0% |
| Amounts payable within one year | 42/48 | €1,503,499 | €1,817,473 | +€313,974 | +20.9% |
| Trade debts | 44 | €721,019 | €1,557,428 | +€836,409 | +116% |
| Suppliers | 440/4 | €721,019 | €1,557,428 | +€836,409 | +116% |
| Taxes, remuneration and social security | 45 | €44,597 | €35,045 | -€9,552 | -21.4% |
| Taxes | 450/3 | €5,142 | €4,331 | -€811 | -15.8% |
| Remuneration and social security | 454/9 | €39,455 | €30,713 | -€8,741 | -22.2% |
| Other amounts payable | 47/48 | €737,883 | €225,000 | -€512,883 | -69.5% |
| Accrued charges and deferred income | 492/3 | - | €1,059 | +€1,059 | |
| Non-recurring operating income | 76A | - | €8,390 | +€8,390 | |
| Remuneration, social security and pensions | 62 | €409,526 | €354,157 | -€55,369 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,202 | €9,161 | +€1,958 | +27.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €66,381 | €0 | -€66,381 | -100% |
| Other operating charges | 640/8 | €2,190 | €31,954 | +€29,764 | +1,359% |
| Non-recurring operating charges | 66A | €66,381 | €0 | -€66,381 | -100% |
| Gross operating margin | 9900 | €841,039 | €663,736 | -€177,303 | -21.1% |
| Operating profit (loss) | 9901 | €289,357 | €268,464 | -€20,893 | -7.2% |
| Financial income | 75/76B | €49,333 | €46,064 | -€3,269 | -6.6% |
| Recurring financial income | 75 | €49,333 | €46,064 | -€3,269 | -6.6% |
| Financial charges | 65/66B | €22,691 | €61,759 | +€39,067 | +172% |
| Recurring financial charges | 65 | €22,691 | €61,759 | +€39,067 | +172% |
| Profit (loss) for the period before taxes | 9903 | €315,999 | €252,769 | -€63,229 | -20.0% |
| Income taxes | 67/77 | €11,281 | €10,807 | -€473 | -4.2% |
| Profit (loss) for the period | 9904 | €304,718 | €241,962 | -€62,756 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €304,718 | €241,962 | -€62,756 | -20.6% |
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 21 October 2026 via checked.be.