CARGO 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
CARGO SHIPPING
NACE 50.400, Inland freight water transport
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€62,295
2024 · €29,107-€91,403
Equity
€969,159
2024 · €1.0m-€62,295
Cash
€359,036
2024 · €422,607-€63,570
Balance sheet total
€3.2m
2024 · €3.4m-€243,423
Largest movements
Assets
- Tangible fixed assets -€174,011
down €174,011 (-6.2%), from €2.8m to €2.6m
of which Furniture and vehicles: -€344,011
- Cash -€63,570
down €63,570 (-15.0%), from €422,607 to €359,036
mainly Debts after one year (-€192,607) and Investment in fixed assets (net) (-€170,000)
Equity and liabilities
- Debts after one year -€192,607
down €192,607 (-10.4%), from €1.9m to €1.7m
- Reserves -€62,367
down €62,367 (-8.5%), from €731,055 to €668,688
of which Tax-exempt reserves: -€39,367
Income statement
- Gross operating margin -€73,095
down €73,095 (-16.4%), from €445,347 to €372,252
- Provisions +€67,000
up €67,000, from -€55,000 to €12,000
- Taxes -€37,545
down €37,545 (-91.7%), from €40,954 to €3,410
- Financial charges -€10,532
down €10,532 (-10.8%), from €97,613 to €87,081
of which Financial charges: -€9,826
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
€29,107
Gross operating margin
-€73,095
Depreciation
-€736
Provisions
-€67,000
Other operating charges
+€319
Financial income
+€1,032
Financial charges
+€10,532
Taxes
+€37,545
Result 2025
-€62,295
raises the resultlowers the result
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
+€304,535
Investment
-€176,000
Financing
-€192,105
Cash 2024
€422,607
From operations (derived)
+€304,535
Net result for the year
-€62,295
Depreciation
+€344,011
Receivables within one year
+€14,645
Deferred charges and accrued income
-€2,804
Provisions
-€1,300
Trade debts
+€15,051
Tax, wage and social debts
-€7,786
Other debts
+€6,704
Accrued charges and deferred income
-€1,691
Investment (derived)
-€176,000
Investment in fixed assets (net)
-€170,000
Current investments
-€6,000
Financing
-€192,105
Debts after one year
-€192,607
Current portion of long-term debt
+€502
Cash 2025
€359,036
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,409,705 | €3,166,282 | -€243,423 | -7.1% |
| Fixed assets | 21/28 | €2,807,127 | €2,633,116 | -€174,011 | -6.2% |
| Tangible fixed assets | 22/27 | €2,807,127 | €2,633,116 | -€174,011 | -6.2% |
| Furniture and vehicles | 24 | €2,807,127 | €2,463,116 | -€344,011 | -12.3% |
| Assets under construction and advance payments | 27 | - | €170,000 | +€170,000 | |
| Current assets | 29/58 | €602,578 | €533,166 | -€69,411 | -11.5% |
| Amounts receivable within one year | 40/41 | €130,677 | €116,033 | -€14,645 | -11.2% |
| Trade receivables | 40 | €112,288 | €97,207 | -€15,081 | -13.4% |
| Other amounts receivable | 41 | €18,389 | €18,825 | +€436 | +2.4% |
| Current investments | 50/53 | €42,695 | €48,694 | +€6,000 | +14.1% |
| Cash at bank and in hand | 54/58 | €422,607 | €359,036 | -€63,570 | -15.0% |
| Deferred charges and accrued income | 490/1 | €6,599 | €9,403 | +€2,804 | +42.5% |
| Total equity and liabilities | 10/49 | €3,409,705 | €3,166,282 | -€243,423 | -7.1% |
| Equity | 10/15 | €1,031,454 | €969,159 | -€62,295 | -6.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €731,055 | €668,688 | -€62,367 | -8.5% |
| Non-distributable reserves | 130/1 | €9,559 | €9,559 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,559 | €9,559 | = | 0.0% |
| Tax-exempt reserves | 132 | €413,320 | €373,953 | -€39,367 | -9.5% |
| Distributable reserves | 133 | €308,177 | €285,177 | -€23,000 | -7.5% |
| Profit (loss) carried forward | 14 | €399 | €470 | +€72 | +18.0% |
| Provisions and deferred taxes | 16 | €297,439 | €296,139 | -€1,300 | -0.4% |
| Provisions for liabilities and charges | 160/5 | €158,750 | €170,750 | +€12,000 | +7.6% |
| Major repairs and maintenance | 162 | €158,750 | €170,750 | +€12,000 | +7.6% |
| Deferred taxes | 168 | €138,689 | €125,389 | -€13,300 | -9.6% |
| Amounts payable | 17/49 | €2,080,812 | €1,900,985 | -€179,827 | -8.6% |
| Amounts payable after more than one year | 17 | €1,859,249 | €1,666,642 | -€192,607 | -10.4% |
| Financial debts | 170/4 | €1,859,249 | €1,666,642 | -€192,607 | -10.4% |
| Amounts payable within one year | 42/48 | €218,626 | €233,097 | +€14,471 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €192,105 | €192,607 | +€502 | +0.3% |
| Trade debts | 44 | - | €15,051 | +€15,051 | |
| Suppliers | 440/4 | - | €15,051 | +€15,051 | |
| Taxes, remuneration and social security | 45 | €12,286 | €4,500 | -€7,786 | -63.4% |
| Taxes | 450/3 | €12,286 | €4,500 | -€7,786 | -63.4% |
| Other amounts payable | 47/48 | €14,235 | €20,939 | +€6,704 | +47.1% |
| Accrued charges and deferred income | 492/3 | €2,937 | €1,246 | -€1,691 | -57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €343,275 | €344,011 | +€736 | +0.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€55,000 | €12,000 | +€67,000 | |
| Other operating charges | 640/8 | €2,761 | €2,442 | -€319 | -11.6% |
| Gross operating margin | 9900 | €445,347 | €372,252 | -€73,095 | -16.4% |
| Operating profit (loss) | 9901 | €154,311 | €13,799 | -€140,512 | -91.1% |
| Financial income | 75/76B | €64 | €1,096 | +€1,032 | +1,610% |
| Recurring financial income | 75 | €42 | €1,096 | +€1,054 | +2,489% |
| Non-recurring financial income | 76B | €22 | - | -€22 | |
| Financial charges | 65/66B | €97,613 | €87,081 | -€10,532 | -10.8% |
| Recurring financial charges | 65 | €96,907 | €87,081 | -€9,826 | -10.1% |
| Non-recurring financial charges | 66B | €706 | - | -€706 | |
| Profit (loss) for the period before taxes | 9903 | €56,761 | -€72,186 | -€128,947 | |
| Transfer from deferred taxes | 780 | €13,300 | €13,300 | = | 0.0% |
| Income taxes | 67/77 | €40,954 | €3,410 | -€37,545 | -91.7% |
| Profit (loss) for the period | 9904 | €29,107 | -€62,295 | -€91,403 | |
| Transfer from tax-exempt reserves | 789 | €39,367 | €39,367 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,474 | -€22,928 | -€91,403 |
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 31 October 2026 via checked.be.