Cinneth 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.
Cinneth Shipping
Largest movements
- Tangible fixed assets -€291,266
down €291,266 (-11.1%), from €2.6m to €2.3m
- Receivables within one year +€57,218
up €57,218 (+81.2%), from €70,507 to €127,726
of which Trade receivables: +€63,712
- Debts after one year -€280,011
down €280,011 (-10.4%), from €2.7m to €2.4m
- Reserves +€55,246
up €55,246 (+12.7%), from €434,754 to €490,000
- Provisions -€46,250
down €46,250 (-100.0%), from €46,250 to €0
- Gross operating margin +€61,867
up €61,867 (+15.0%), from €412,165 to €474,032
- Taxes +€24,853
up €24,853, from -€291 to €24,562
- Depreciation +€23,966
up €23,966 (+8.5%), from €281,140 to €305,105
- Provisions -€15,000
down €15,000 (-100.0%), from €15,000 to €0
- Financial income -€6,560
down €6,560 (-63.2%), from €10,377 to €3,817
of which Financial income: -€6,461
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 | €3,416,331 | €3,157,532 | -€258,799 | -7.6% |
| Fixed assets | 21/28 | €2,625,870 | €2,333,774 | -€292,096 | -11.1% |
| Tangible fixed assets | 22/27 | €2,625,040 | €2,333,774 | -€291,266 | -11.1% |
| Furniture and vehicles | 24 | €2,625,040 | €2,333,774 | -€291,266 | -11.1% |
| Financial fixed assets | 28 | €830 | €0 | -€830 | -100.0% |
| Current assets | 29/58 | €790,461 | €823,758 | +€33,298 | +4.2% |
| Amounts receivable within one year | 40/41 | €70,507 | €127,726 | +€57,218 | +81.2% |
| Trade receivables | 40 | €34,987 | €98,699 | +€63,712 | +182.1% |
| Other amounts receivable | 41 | €35,520 | €29,026 | -€6,494 | -18.3% |
| Current investments | 50/53 | €325,000 | €300,000 | -€25,000 | -7.7% |
| Cash at bank and in hand | 54/58 | €386,885 | €394,208 | +€7,323 | +1.9% |
| Deferred charges and accrued income | 490/1 | €8,068 | €1,825 | -€6,243 | -77.4% |
| Total equity and liabilities | 10/49 | €3,416,331 | €3,157,532 | -€258,799 | -7.6% |
| Equity | 10/15 | €513,118 | €590,000 | +€76,882 | +15.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €434,754 | €490,000 | +€55,246 | +12.7% |
| Distributable reserves | 133 | €434,754 | €490,000 | +€55,246 | +12.7% |
| Profit (loss) carried forward | 14 | -€21,636 | €0 | +€21,636 | |
| Provisions and deferred taxes | 16 | €46,250 | €0 | -€46,250 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €46,250 | €0 | -€46,250 | -100.0% |
| Major repairs and maintenance | 162 | €46,250 | €0 | -€46,250 | -100.0% |
| Amounts payable | 17/49 | €2,856,963 | €2,567,532 | -€289,431 | -10.1% |
| Amounts payable after more than one year | 17 | €2,690,337 | €2,410,326 | -€280,011 | -10.4% |
| Financial debts | 170/4 | €2,690,337 | €2,410,326 | -€280,011 | -10.4% |
| Amounts payable within one year | 42/48 | €165,649 | €157,206 | -€8,443 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €127,717 | €130,011 | +€2,294 | +1.8% |
| Trade debts | 44 | €21,609 | €21,671 | +€62 | +0.3% |
| Suppliers | 440/4 | €21,609 | €21,671 | +€62 | +0.3% |
| Taxes, remuneration and social security | 45 | €16,323 | €5,525 | -€10,798 | -66.2% |
| Taxes | 450/3 | €16,323 | €5,525 | -€10,798 | -66.2% |
| Accrued charges and deferred income | 492/3 | €977 | €0 | -€977 | -100.0% |
| Non-recurring operating income | 76A | €15,417 | €0 | -€15,417 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €281,140 | €305,105 | +€23,966 | +8.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,000 | €0 | -€15,000 | -100.0% |
| Other operating charges | 640/8 | €2,766 | €1,265 | -€1,500 | -54.3% |
| Non-recurring operating charges | 66A | €69,081 | €0 | -€69,081 | -100.0% |
| Gross operating margin | 9900 | €412,165 | €474,032 | +€61,867 | +15.0% |
| Operating profit (loss) | 9901 | €44,178 | €167,661 | +€123,483 | +279.5% |
| Financial income | 75/76B | €10,377 | €3,817 | -€6,560 | -63.2% |
| Recurring financial income | 75 | €10,278 | €3,817 | -€6,461 | -62.9% |
| Non-recurring financial income | 76B | €99 | €0 | -€99 | -100.0% |
| Financial charges | 65/66B | €76,482 | €70,035 | -€6,448 | -8.4% |
| Recurring financial charges | 65 | €76,482 | €70,035 | -€6,448 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | -€21,927 | €101,444 | +€123,370 | |
| Income taxes | 67/77 | -€291 | €24,562 | +€24,853 | |
| Profit (loss) for the period | 9904 | -€21,636 | €76,882 | +€98,517 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,636 | €76,882 | +€98,517 |
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 7 October 2026 via checked.be.