CHEOPS SHIPPING: what changed
Two fiscal 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
CHEOPS SHIPPING
NACE 50.400, Inland freight water transport
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · -€21,909+€1.5m
Equity
€1.9m
2024 · €429,665+€1.4m
Cash
€17,356
2024 · €24,795-€7,439
Balance sheet total
€4.6m
2024 · €2.0m+€2.5m
Largest movements
Assets
- Tangible fixed assets +€2.5m
up €2.5m (+181.5%), from €1.4m to €3.9m
of which Plant, machinery and equipment: +€2.5m
- Receivables within one year +€53,202
up €53,202 (+98.2%), from €54,165 to €107,367
of which Trade receivables: +€36,266
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+786.6%), from €192,744 to €1.7m
of which Tax-exempt reserves: +€1.5m
- Debts after one year +€1.1m
up €1.1m (+80.6%), from €1.4m to €2.5m
- Current portion of long-term debt +€75,000
up €75,000 (+77.3%), from €97,000 to €172,000
- Trade debts -€70,236
down €70,236 (-61.0%), from €115,099 to €44,864
- Profit (loss) carried forward -€68,007
down €68,007 (-29.5%), from €230,722 to €162,715
Income statement
- Gross operating margin +€1.5m
up €1.5m (+653.0%), from €235,529 to €1.8m
- Financial charges +€54,384
up €54,384 (+65.1%), from €83,594 to €137,977
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
-€21,909
Gross operating margin
+€1.5m
Staff costs
-€2,855
Depreciation
+€2,413
Other operating charges
-€891
Other operating items
-€10,003
Financial income
+€240
Financial charges
-€54,384
Taxes
-€2,324
Result 2025
€1.4m
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.
From operations
+€1.5m
Investment
-€2.7m
Financing
+€1.2m
Cash 2024
€24,795
From operations (derived)
+€1.5m
Net result for the year
+€1.4m
Depreciation
+€178,966
Receivables after one year
+€7,658
Receivables within one year
-€53,202
Deferred charges and accrued income
-€17,583
Trade debts
-€70,236
Smaller working-capital items
-€2,250
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.7m
Current investments
+€33,719
Financing
+€1.2m
Debts after one year
+€1.1m
Current portion of long-term debt
+€75,000
Short-term financial debts
+€113
Cash 2025
€17,356
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,011,386 | €4,556,716 | +€2.5m | +126.5% |
| Fixed assets | 21/28 | €1,390,076 | €3,913,436 | +€2.5m | +181.5% |
| Tangible fixed assets | 22/27 | €1,390,076 | €3,913,135 | +€2.5m | +181.5% |
| Plant, machinery and equipment | 23 | €1,388,792 | €3,908,363 | +€2.5m | +181.4% |
| Furniture and vehicles | 24 | €1,284 | €4,772 | +€3,488 | +271.6% |
| Financial fixed assets | 28 | - | €301 | +€301 | |
| Current assets | 29/58 | €621,310 | €643,280 | +€21,969 | +3.5% |
| Amounts receivable after more than one year | 29 | €350,000 | €342,342 | -€7,658 | -2.2% |
| Other amounts receivable | 291 | €350,000 | €342,342 | -€7,658 | -2.2% |
| Amounts receivable within one year | 40/41 | €54,165 | €107,367 | +€53,202 | +98.2% |
| Trade receivables | 40 | €38,493 | €74,759 | +€36,266 | +94.2% |
| Other amounts receivable | 41 | €15,671 | €32,607 | +€16,936 | +108.1% |
| Current investments | 50/53 | €173,545 | €139,826 | -€33,719 | -19.4% |
| Cash at bank and in hand | 54/58 | €24,795 | €17,356 | -€7,439 | -30.0% |
| Deferred charges and accrued income | 490/1 | €18,806 | €36,389 | +€17,583 | +93.5% |
| Total equity and liabilities | 10/49 | €2,011,386 | €4,556,716 | +€2.5m | +126.5% |
| Equity | 10/15 | €429,665 | €1,877,867 | +€1.4m | +337.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €192,744 | €1,708,952 | +€1.5m | +786.6% |
| Tax-exempt reserves | 132 | - | €1,516,208 | +€1.5m | |
| Distributable reserves | 133 | €192,744 | €192,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | €230,722 | €162,715 | -€68,007 | -29.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Amounts payable | 17/49 | €1,581,721 | €2,678,849 | +€1.1m | +69.4% |
| Amounts payable after more than one year | 17 | €1,358,000 | €2,452,500 | +€1.1m | +80.6% |
| Financial debts | 170/4 | €1,358,000 | €2,452,500 | +€1.1m | +80.6% |
| Amounts payable within one year | 42/48 | €223,721 | €226,349 | +€2,628 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €97,000 | €172,000 | +€75,000 | +77.3% |
| Financial debts | 43 | €7,518 | €7,631 | +€113 | +1.5% |
| Credit institutions | 430/8 | €7,518 | €7,631 | +€113 | +1.5% |
| Trade debts | 44 | €115,099 | €44,864 | -€70,236 | -61.0% |
| Suppliers | 440/4 | €115,099 | €44,864 | -€70,236 | -61.0% |
| Taxes, remuneration and social security | 45 | €2,500 | €0 | -€2,500 | -100.0% |
| Taxes | 450/3 | €2,500 | €0 | -€2,500 | -100.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,604 | €1,854 | +€250 | +15.6% |
| Non-recurring operating income | 76A | €0 | €1,546,208 | +€1.5m | |
| Remuneration, social security and pensions | 62 | €4 | €2,859 | +€2,855 | +68959.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,379 | €178,966 | -€2,413 | -1.3% |
| Other operating charges | 640/8 | €1,509 | €2,400 | +€891 | +59.1% |
| Non-recurring operating charges | 66A | - | €10,003 | +€10,003 | |
| Gross operating margin | 9900 | €235,529 | €1,773,443 | +€1.5m | +653.0% |
| Operating profit (loss) | 9901 | €52,637 | €1,579,214 | +€1.5m | +2900.2% |
| Financial income | 75/76B | €9,302 | €9,541 | +€240 | +2.6% |
| Recurring financial income | 75 | €9,302 | €9,541 | +€240 | +2.6% |
| Financial charges | 65/66B | €83,594 | €137,977 | +€54,384 | +65.1% |
| Recurring financial charges | 65 | €83,594 | €137,977 | +€54,384 | +65.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,655 | €1,450,778 | +€1.5m | |
| Income taxes | 67/77 | €253 | €2,577 | +€2,324 | +917.0% |
| Profit (loss) for the period | 9904 | -€21,909 | €1,448,202 | +€1.5m | |
| Transfer to tax-exempt reserves | 689 | - | €1,516,208 | +€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,909 | -€68,007 | -€46,098 | -210.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.