CRUISE CONNECTION: 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.
CRUISE CONNECTION
Largest movements
- Deferred charges and accrued income +€412,681
up €412,681 (+42.5%), from €971,207 to €1.4m
- Tangible fixed assets -€87,417
down €87,417 (-9.1%), from €956,002 to €868,585
- Receivables within one year +€48,819
up €48,819 (+17.3%), from €282,703 to €331,521
of which Other amounts receivable: +€94,520
- Accrued charges and deferred income +€514,170
up €514,170 (+42.9%), from €1.2m to €1.7m
- Short-term financial debts +€200,000
new in 2025: €200,000
- Current portion of long-term debt -€162,537
down €162,537 (-71.3%), from €228,098 to €65,561
- Debts after one year -€157,584
down €157,584 (-32.7%), from €482,203 to €324,619
- Other debts -€51,529
no longer reported in 2025 (was €51,529)
- Gross operating margin -€146,813
down €146,813 (-19.0%), from €773,580 to €626,767
- Taxes -€56,305
no longer reported in 2025 (was €56,305)
- Depreciation -€23,634
down €23,634 (-16.7%), from €141,285 to €117,651
- Staff costs -€22,123
down €22,123 (-5.3%), from €416,274 to €394,152
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 | €2,219,729 | €2,607,982 | +€388,253 | +17.5% |
| Fixed assets | 21/28 | €956,091 | €868,674 | -€87,417 | -9.1% |
| Tangible fixed assets | 22/27 | €956,002 | €868,585 | -€87,417 | -9.1% |
| Land and buildings | 22 | €779,000 | €738,405 | -€40,595 | -5.2% |
| Plant, machinery and equipment | 23 | €142,106 | €102,423 | -€39,683 | -27.9% |
| Furniture and vehicles | 24 | €34,896 | €27,757 | -€7,139 | -20.5% |
| Financial fixed assets | 28 | €89 | €89 | = | 0.0% |
| Current assets | 29/58 | €1,263,638 | €1,739,307 | +€475,669 | +37.6% |
| Amounts receivable within one year | 40/41 | €282,703 | €331,521 | +€48,819 | +17.3% |
| Trade receivables | 40 | €219,108 | €173,407 | -€45,701 | -20.9% |
| Other amounts receivable | 41 | €63,595 | €158,114 | +€94,520 | +149% |
| Cash at bank and in hand | 54/58 | €9,728 | €23,897 | +€14,170 | +146% |
| Deferred charges and accrued income | 490/1 | €971,207 | €1,383,888 | +€412,681 | +42.5% |
| Total equity and liabilities | 10/49 | €2,219,729 | €2,607,982 | +€388,253 | +17.5% |
| Equity | 10/15 | €205,925 | €256,323 | +€50,398 | +24.5% |
| Contributions | 10/11 | €405,000 | €405,000 | = | 0.0% |
| Capital | 10 | €405,000 | €405,000 | = | 0.0% |
| Issued capital | 100 | €405,000 | €405,000 | = | 0.0% |
| Reserves | 13 | €50,842 | €50,842 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,842 | €50,842 | = | 0.0% |
| Legal reserve | 130 | €40,500 | €40,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,342 | €10,342 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€249,917 | -€199,519 | +€50,398 | +20.2% |
| Amounts payable | 17/49 | €2,013,804 | €2,351,659 | +€337,855 | +16.8% |
| Amounts payable after more than one year | 17 | €482,203 | €324,619 | -€157,584 | -32.7% |
| Financial debts | 170/4 | €482,203 | €324,619 | -€157,584 | -32.7% |
| Amounts payable within one year | 42/48 | €332,254 | €313,523 | -€18,731 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €228,098 | €65,561 | -€162,537 | -71.3% |
| Financial debts | 43 | - | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | - | €200,000 | +€200,000 | |
| Taxes, remuneration and social security | 45 | €52,627 | €47,962 | -€4,665 | -8.9% |
| Taxes | 450/3 | €52,627 | €47,962 | -€4,665 | -8.9% |
| Other amounts payable | 47/48 | €51,529 | - | -€51,529 | |
| Accrued charges and deferred income | 492/3 | €1,199,348 | €1,713,517 | +€514,170 | +42.9% |
| Remuneration, social security and pensions | 62 | €416,274 | €394,152 | -€22,123 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,285 | €117,651 | -€23,634 | -16.7% |
| Other operating charges | 640/8 | €3,883 | €4,182 | +€299 | +7.7% |
| Gross operating margin | 9900 | €773,580 | €626,767 | -€146,813 | -19.0% |
| Operating profit (loss) | 9901 | €212,139 | €110,783 | -€101,356 | -47.8% |
| Financial income | 75/76B | €69 | €5 | -€65 | -93.3% |
| Recurring financial income | 75 | €69 | €5 | -€65 | -93.3% |
| Financial charges | 65/66B | €59,041 | €60,390 | +€1,348 | +2.3% |
| Recurring financial charges | 65 | €59,041 | €60,390 | +€1,348 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €153,167 | €50,398 | -€102,769 | -67.1% |
| Income taxes | 67/77 | €56,305 | - | -€56,305 | |
| Profit (loss) for the period | 9904 | €96,862 | €50,398 | -€46,464 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,862 | €50,398 | -€46,464 | -48.0% |
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 30 October 2026 via checked.be.