DEROVA 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.
DEROVA SHIPPING
Largest movements
- Tangible fixed assets +€9.6m
up €9.6m (+711%), from €1.4m to €11.0m
of which Furniture and vehicles: +€9.6m
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Cash -€489,550
down €489,550 (-68.7%), from €713,018 to €223,469
- Receivables within one year +€317,477
up €317,477 (+4,871%), from €6,518 to €323,996
of which Trade receivables: +€316,951
- Debts after one year +€8.7m
up €8.7m (+4,979%), from €175,000 to €8.9m
- Current portion of long-term debt +€536,667
new in 2025: €536,667
- Profit (loss) carried forward -€424,625
down €424,625 (-2,427%), from -€17,495 to -€442,120
- Trade debts +€242,087
up €242,087 (+19,272%), from €1,256 to €243,344
- Tax, wage and social debts -€192,558
down €192,558 (-84.8%), from €227,017 to €34,459
- Financial charges +€272,894
up €272,894 (+3,839%), from €7,109 to €280,003
- Depreciation +€81,346
up €81,346 (+526%), from €15,475 to €96,820
- Other operating charges +€24,792
up €24,792 (+815%), from €3,041 to €27,833
- Gross operating margin +€18,004
up €18,004 (+34.4%), from -€52,264 to -€34,261
- Financial income -€5,988
down €5,988 (-27.4%), from €21,830 to €15,842
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,844,292 | €11,768,892 | +€8.9m | +314% |
| Fixed assets | 21/28 | €1,354,281 | €10,989,907 | +€9.6m | +711% |
| Tangible fixed assets | 22/27 | €1,354,281 | €10,989,907 | +€9.6m | +711% |
| Plant, machinery and equipment | 23 | €1,613 | €1,105 | -€508 | -31.5% |
| Furniture and vehicles | 24 | €1,352,668 | €10,988,802 | +€9.6m | +712% |
| Current assets | 29/58 | €1,490,011 | €778,984 | -€711,027 | -47.7% |
| Amounts receivable after more than one year | 29 | €250,000 | €225,000 | -€25,000 | -10.0% |
| Other amounts receivable | 291 | €250,000 | €225,000 | -€25,000 | -10.0% |
| Amounts receivable within one year | 40/41 | €6,518 | €323,996 | +€317,477 | +4,871% |
| Trade receivables | 40 | €678 | €317,629 | +€316,951 | +46,776% |
| Other amounts receivable | 41 | €5,841 | €6,367 | +€526 | +9.0% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €713,018 | €223,469 | -€489,550 | -68.7% |
| Deferred charges and accrued income | 490/1 | €20,474 | €6,520 | -€13,954 | -68.2% |
| Total equity and liabilities | 10/49 | €2,844,292 | €11,768,892 | +€8.9m | +314% |
| Equity | 10/15 | €2,358,960 | €1,934,335 | -€424,625 | -18.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €2,076,455 | €2,076,455 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,636,455 | €1,636,455 | = | 0.0% |
| Distributable reserves | 133 | €410,000 | €410,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,495 | -€442,120 | -€424,625 | -2,427% |
| Amounts payable | 17/49 | €485,332 | €9,834,557 | +€9.3m | +1,926% |
| Amounts payable after more than one year | 17 | €175,000 | €8,888,333 | +€8.7m | +4,979% |
| Financial debts | 170/4 | €175,000 | €8,888,333 | +€8.7m | +4,979% |
| Amounts payable within one year | 42/48 | €299,832 | €891,689 | +€591,858 | +197% |
| Current portion of amounts payable after more than one year | 42 | - | €536,667 | +€536,667 | |
| Trade debts | 44 | €1,256 | €243,344 | +€242,087 | +19,272% |
| Suppliers | 440/4 | €1,256 | €243,344 | +€242,087 | +19,272% |
| Taxes, remuneration and social security | 45 | €227,017 | €34,459 | -€192,558 | -84.8% |
| Taxes | 450/3 | €227,017 | €34,459 | -€192,558 | -84.8% |
| Other amounts payable | 47/48 | €71,559 | €77,220 | +€5,661 | +7.9% |
| Accrued charges and deferred income | 492/3 | €10,500 | €54,535 | +€44,035 | +419% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,475 | €96,820 | +€81,346 | +526% |
| Other operating charges | 640/8 | €3,041 | €27,833 | +€24,792 | +815% |
| Gross operating margin | 9900 | -€52,264 | -€34,261 | +€18,004 | +34.4% |
| Operating profit (loss) | 9901 | -€70,780 | -€158,914 | -€88,134 | -125% |
| Financial income | 75/76B | €21,830 | €15,842 | -€5,988 | -27.4% |
| Recurring financial income | 75 | €21,830 | €15,842 | -€5,988 | -27.4% |
| Financial charges | 65/66B | €7,109 | €280,003 | +€272,894 | +3,839% |
| Recurring financial charges | 65 | €7,109 | €280,003 | +€272,894 | +3,839% |
| Profit (loss) for the period before taxes | 9903 | -€56,060 | -€423,075 | -€367,016 | -655% |
| Income taxes | 67/77 | €1,044 | €1,550 | +€506 | +48.5% |
| Profit (loss) for the period | 9904 | -€57,103 | -€424,625 | -€367,522 | -644% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,103 | -€424,625 | -€367,522 | -644% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.