CHANNEL SAILING: 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.
CHANNEL SAILING
Largest movements
- Tangible fixed assets +€888,428
up €888,428 (+2958.4%), from €30,031 to €918,459
of which Furniture and vehicles: +€889,185
- Receivables within one year +€164,079
up €164,079 (+842.4%), from €19,478 to €183,557
of which Trade receivables: +€96,517
- Cash +€75,188
up €75,188 (+1870.4%), from €4,020 to €79,207
mainly Debts after one year (+€963,377) and Trade debts (+€78,612)
- Debts after one year +€963,377
up €963,377 (+5664.9%), from €17,006 to €980,383
- Trade debts +€78,612
up €78,612 (+2320.3%), from €3,388 to €82,000
- Reserves +€62,861
up €62,861 (+561.4%), from €11,198 to €74,059
- Provisions +€20,954
up €20,954 (+624.6%), from €3,355 to €24,308
- Gross operating margin +€104,036
up €104,036 (+291.4%), from €35,702 to €139,738
- Depreciation +€14,782
up €14,782 (+46.7%), from €31,670 to €46,453
- Taxes -€3,410
down €3,410 (-99.9%), from €3,412 to €2
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.
Cash bridge derived
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 | €53,578 | €1,181,272 | +€1.1m | +2104.8% |
| Fixed assets | 21/28 | €30,081 | €918,508 | +€888,428 | +2953.5% |
| Tangible fixed assets | 22/27 | €30,031 | €918,459 | +€888,428 | +2958.4% |
| Plant, machinery and equipment | 23 | €2,777 | €2,020 | -€757 | -27.3% |
| Furniture and vehicles | 24 | €27,254 | €916,439 | +€889,185 | +3262.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €23,497 | €262,764 | +€239,267 | +1018.3% |
| Amounts receivable within one year | 40/41 | €19,478 | €183,557 | +€164,079 | +842.4% |
| Trade receivables | 40 | - | €96,517 | +€96,517 | |
| Other amounts receivable | 41 | €19,478 | €87,040 | +€67,563 | +346.9% |
| Cash at bank and in hand | 54/58 | €4,020 | €79,207 | +€75,188 | +1870.4% |
| Total equity and liabilities | 10/49 | €53,578 | €1,181,272 | +€1.1m | +2104.8% |
| Equity | 10/15 | €11,198 | €80,111 | +€68,914 | +615.4% |
| Reserves | 13 | €11,198 | €74,059 | +€62,861 | +561.4% |
| Tax-exempt reserves | 132 | €11,198 | €74,059 | +€62,861 | +561.4% |
| Profit (loss) carried forward | 14 | - | €6,053 | +€6,053 | |
| Provisions and deferred taxes | 16 | €3,355 | €24,308 | +€20,954 | +624.6% |
| Deferred taxes | 168 | €3,355 | €24,308 | +€20,954 | +624.6% |
| Amounts payable | 17/49 | €39,026 | €1,076,853 | +€1.0m | +2659.3% |
| Amounts payable after more than one year | 17 | €17,006 | €980,383 | +€963,377 | +5664.9% |
| Financial debts | 170/4 | €17,006 | €980,383 | +€963,377 | +5664.9% |
| Amounts payable within one year | 42/48 | €19,420 | €93,856 | +€74,437 | +383.3% |
| Current portion of amounts payable after more than one year | 42 | €12,537 | €5,361 | -€7,176 | -57.2% |
| Trade debts | 44 | €3,388 | €82,000 | +€78,612 | +2320.3% |
| Suppliers | 440/4 | €3,388 | €82,000 | +€78,612 | +2320.3% |
| Taxes, remuneration and social security | 45 | €3,495 | €6,482 | +€2,988 | +85.5% |
| Taxes | 450/3 | €3,495 | €6,482 | +€2,988 | +85.5% |
| Other amounts payable | 47/48 | - | €13 | +€13 | |
| Accrued charges and deferred income | 492/3 | €2,600 | €2,613 | +€13 | +0.5% |
| Non-recurring operating income | 76A | - | €206,948 | +€206,948 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,670 | €46,453 | +€14,782 | +46.7% |
| Other operating charges | 640/8 | €684 | €1,386 | +€701 | +102.5% |
| Gross operating margin | 9900 | €35,702 | €139,738 | +€104,036 | +291.4% |
| Operating profit (loss) | 9901 | €3,348 | €91,900 | +€88,553 | +2645.3% |
| Financial income | 75/76B | €160 | €10 | -€150 | -93.7% |
| Recurring financial income | 75 | €160 | €10 | -€150 | -93.7% |
| Financial charges | 65/66B | €2,164 | €2,041 | -€123 | -5.7% |
| Recurring financial charges | 65 | €2,164 | €2,041 | -€123 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €1,344 | €89,870 | +€88,526 | +6588.3% |
| Transfer from deferred taxes | 780 | €2,956 | €1,546 | -€1,410 | -47.7% |
| Transfer to deferred taxes | 680 | - | €22,500 | +€22,500 | |
| Income taxes | 67/77 | €3,412 | €2 | -€3,410 | -99.9% |
| Profit (loss) for the period | 9904 | €888 | €68,914 | +€68,026 | +7659.0% |
| Transfer from tax-exempt reserves | 789 | €8,869 | €4,639 | -€4,230 | -47.7% |
| Transfer to tax-exempt reserves | 689 | - | €67,500 | +€67,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,757 | €6,053 | -€3,704 | -38.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.