CASO-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.
CASO-SHIPPING
Largest movements
- Cash -€134,036
down €134,036 (-52.8%), from €253,845 to €119,810
mainly Investment in fixed assets (net) (-€232,473) and Debts after one year (-€132,703)
- Receivables within one year -€123,920
down €123,920 (-37.1%), from €333,700 to €209,780
of which Trade receivables: -€125,098
- Debts after one year -€132,703
down €132,703 (-10.3%), from €1.3m to €1.2m
- Reserves -€55,650
down €55,650 (-7.5%), from €739,396 to €683,746
of which Tax-exempt reserves: -€55,650
- Profit (loss) carried forward -€42,590
new in 2025: -€42,590
- Gross operating margin -€160,419
down €160,419 (-52.5%), from €305,570 to €145,151
- Taxes -€24,721
down €24,721 (-93.2%), from €26,521 to €1,800
- Depreciation +€16,668
up €16,668 (+8.8%), from €189,719 to €206,387
- Financial income -€10,814
down €10,814 (-83.7%), from €12,912 to €2,098
of which Financial income: -€9,258
- Financial charges +€6,149
up €6,149 (+20.1%), from €30,590 to €36,739
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 | €2,624,828 | €2,394,216 | -€230,611 | -8.8% |
| Fixed assets | 21/28 | €2,034,539 | €2,060,625 | +€26,086 | +1.3% |
| Tangible fixed assets | 22/27 | €2,032,039 | €2,058,125 | +€26,086 | +1.3% |
| Land and buildings | 22 | €325,001 | €320,325 | -€4,676 | -1.4% |
| Plant, machinery and equipment | 23 | €1,466 | €2,881 | +€1,415 | +96.6% |
| Furniture and vehicles | 24 | €1,705,572 | €1,734,919 | +€29,346 | +1.7% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €590,288 | €333,591 | -€256,697 | -43.5% |
| Amounts receivable within one year | 40/41 | €333,700 | €209,780 | -€123,920 | -37.1% |
| Trade receivables | 40 | €178,895 | €53,797 | -€125,098 | -69.9% |
| Other amounts receivable | 41 | €154,805 | €155,983 | +€1,178 | +0.8% |
| Cash at bank and in hand | 54/58 | €253,845 | €119,810 | -€134,036 | -52.8% |
| Deferred charges and accrued income | 490/1 | €2,743 | €4,002 | +€1,258 | +45.9% |
| Total equity and liabilities | 10/49 | €2,624,828 | €2,394,216 | -€230,611 | -8.8% |
| Equity | 10/15 | €890,396 | €792,156 | -€98,240 | -11.0% |
| Contributions | 10/11 | €151,000 | €151,000 | = | 0.0% |
| Capital | 10 | €151,000 | €151,000 | = | 0.0% |
| Issued capital | 100 | €151,000 | €151,000 | = | 0.0% |
| Reserves | 13 | €739,396 | €683,746 | -€55,650 | -7.5% |
| Tax-exempt reserves | 132 | €584,745 | €529,095 | -€55,650 | -9.5% |
| Distributable reserves | 133 | €154,651 | €154,651 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€42,590 | -€42,590 | |
| Provisions and deferred taxes | 16 | €227,915 | €221,365 | -€6,550 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €33,000 | €45,000 | +€12,000 | +36.4% |
| Major repairs and maintenance | 162 | €33,000 | €45,000 | +€12,000 | +36.4% |
| Deferred taxes | 168 | €194,915 | €176,365 | -€18,550 | -9.5% |
| Amounts payable | 17/49 | €1,506,516 | €1,380,695 | -€125,821 | -8.4% |
| Amounts payable after more than one year | 17 | €1,285,449 | €1,152,745 | -€132,703 | -10.3% |
| Financial debts | 170/4 | €1,285,449 | €1,152,745 | -€132,703 | -10.3% |
| Amounts payable within one year | 42/48 | €221,068 | €227,950 | +€6,882 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €192,902 | €174,843 | -€18,058 | -9.4% |
| Trade debts | 44 | - | €18,796 | +€18,796 | |
| Suppliers | 440/4 | - | €18,796 | +€18,796 | |
| Taxes, remuneration and social security | 45 | €27,416 | €29,307 | +€1,891 | +6.9% |
| Taxes | 450/3 | €27,416 | €29,307 | +€1,891 | +6.9% |
| Other amounts payable | 47/48 | €750 | €5,003 | +€4,253 | +567% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,719 | €206,387 | +€16,668 | +8.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €12,000 | €12,000 | = | 0.0% |
| Other operating charges | 640/8 | €5,350 | €7,114 | +€1,763 | +33.0% |
| Gross operating margin | 9900 | €305,570 | €145,151 | -€160,419 | -52.5% |
| Operating profit (loss) | 9901 | €98,500 | -€80,350 | -€178,850 | |
| Financial income | 75/76B | €12,912 | €2,098 | -€10,814 | -83.7% |
| Recurring financial income | 75 | €11,356 | €2,098 | -€9,258 | -81.5% |
| Non-recurring financial income | 76B | €1,556 | - | -€1,556 | |
| Financial charges | 65/66B | €30,590 | €36,739 | +€6,149 | +20.1% |
| Recurring financial charges | 65 | €30,590 | €36,739 | +€6,149 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €80,822 | -€114,990 | -€195,812 | |
| Transfer from deferred taxes | 780 | €20,096 | €18,550 | -€1,546 | -7.7% |
| Income taxes | 67/77 | €26,521 | €1,800 | -€24,721 | -93.2% |
| Profit (loss) for the period | 9904 | €74,397 | -€98,240 | -€172,637 | |
| Transfer from tax-exempt reserves | 789 | €60,288 | €55,650 | -€4,638 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €134,684 | -€42,590 | -€177,274 |
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 23 October 2026 via checked.be.