BSB 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.
BSB VOYAGES
Largest movements
- Receivables within one year -€94,034
down €94,034 (-34.9%), from €269,354 to €175,320
of which Trade receivables: -€94,839
- Cash -€39,893
down €39,893 (-20.8%), from €191,616 to €151,723
mainly Advances received (-€78,244) and Contributions, distributions and other (-€38,000)
- Deferred charges and accrued income +€30,003
up €30,003 (+45.8%), from €65,483 to €95,486
- Tangible fixed assets +€24,478
up €24,478 (+103%), from €23,751 to €48,230
of which Furniture and vehicles: +€19,570
- Advances received -€78,244
down €78,244 (-23.2%), from €337,832 to €259,589
- Other debts +€20,402
up €20,402 (+116%), from €17,598 to €38,000
- Reserves -€16,000
down €16,000 (-18.9%), from €84,860 to €68,860
of which Distributable reserves: -€16,000
- Trade debts -€9,830
down €9,830 (-13.6%), from €72,395 to €62,565
- Tax, wage and social debts +€6,865
up €6,865 (+27.3%), from €25,130 to €31,995
of which Remuneration and social security: +€4,412
- Gross operating margin -€7,292
down €7,292 (-6.3%), from €116,239 to €108,947
- Depreciation +€2,804
up €2,804 (+31.5%), from €8,897 to €11,701
- Staff costs +€1,819
up €1,819 (+3.1%), from €59,527 to €61,345
- Financial charges -€1,526
down €1,526 (-35.4%), from €4,309 to €2,783
of which Non-recurring financial charges: -€995
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 | €577,271 | €498,003 | -€79,269 | -13.7% |
| Fixed assets | 21/28 | €23,751 | €48,230 | +€24,478 | +103% |
| Tangible fixed assets | 22/27 | €23,751 | €48,230 | +€24,478 | +103% |
| Plant, machinery and equipment | 23 | - | €4,727 | +€4,727 | |
| Furniture and vehicles | 24 | €21,617 | €41,187 | +€19,570 | +90.5% |
| Other tangible fixed assets | 26 | €2,135 | €2,316 | +€181 | +8.5% |
| Current assets | 29/58 | €553,520 | €449,773 | -€103,747 | -18.7% |
| Amounts receivable within one year | 40/41 | €269,354 | €175,320 | -€94,034 | -34.9% |
| Trade receivables | 40 | €267,876 | €173,037 | -€94,839 | -35.4% |
| Other amounts receivable | 41 | €1,478 | €2,283 | +€805 | +54.5% |
| Current investments | 50/53 | €27,066 | €27,244 | +€177 | +0.7% |
| Cash at bank and in hand | 54/58 | €191,616 | €151,723 | -€39,893 | -20.8% |
| Deferred charges and accrued income | 490/1 | €65,483 | €95,486 | +€30,003 | +45.8% |
| Total equity and liabilities | 10/49 | €577,271 | €498,003 | -€79,269 | -13.7% |
| Equity | 10/15 | €101,107 | €85,575 | -€15,532 | -15.4% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €84,860 | €68,860 | -€16,000 | -18.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €83,000 | €67,000 | -€16,000 | -19.3% |
| Profit (loss) carried forward | 14 | €47 | €515 | +€468 | +998% |
| Amounts payable | 17/49 | €476,164 | €412,427 | -€63,737 | -13.4% |
| Amounts payable within one year | 42/48 | €452,956 | €392,149 | -€60,807 | -13.4% |
| Trade debts | 44 | €72,395 | €62,565 | -€9,830 | -13.6% |
| Suppliers | 440/4 | €72,395 | €62,565 | -€9,830 | -13.6% |
| Advances received on contracts in progress | 46 | €337,832 | €259,589 | -€78,244 | -23.2% |
| Taxes, remuneration and social security | 45 | €25,130 | €31,995 | +€6,865 | +27.3% |
| Taxes | 450/3 | €17,068 | €19,521 | +€2,453 | +14.4% |
| Remuneration and social security | 454/9 | €8,062 | €12,474 | +€4,412 | +54.7% |
| Other amounts payable | 47/48 | €17,598 | €38,000 | +€20,402 | +116% |
| Accrued charges and deferred income | 492/3 | €23,209 | €20,279 | -€2,930 | -12.6% |
| Remuneration, social security and pensions | 62 | €59,527 | €61,345 | +€1,819 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,897 | €11,701 | +€2,804 | +31.5% |
| Other operating charges | 640/8 | €1,350 | €846 | -€504 | -37.3% |
| Gross operating margin | 9900 | €116,239 | €108,947 | -€7,292 | -6.3% |
| Operating profit (loss) | 9901 | €46,466 | €35,055 | -€11,410 | -24.6% |
| Financial income | 75/76B | €986 | €277 | -€710 | -72.0% |
| Recurring financial income | 75 | €986 | €277 | -€710 | -72.0% |
| Financial charges | 65/66B | €4,309 | €2,783 | -€1,526 | -35.4% |
| Recurring financial charges | 65 | €3,314 | €2,783 | -€531 | -16.0% |
| Non-recurring financial charges | 66B | €995 | - | -€995 | |
| Profit (loss) for the period before taxes | 9903 | €43,144 | €32,550 | -€10,594 | -24.6% |
| Income taxes | 67/77 | €10,671 | €10,081 | -€590 | -5.5% |
| Profit (loss) for the period | 9904 | €32,472 | €22,468 | -€10,004 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,472 | €22,468 | -€10,004 | -30.8% |
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.