EXMAR 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.
What changed
EXMAR SHIPPING
NACE 50.200, Water transport
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50.3m
2024 · €52.2m-€1.9m
Equity
€84.1m
2024 · €33.8m+€50.3m
Cash
€31.7m
2024 · €60.1m-€28.3m
Balance sheet total
€425.7m
2024 · €489.0m-€63.3m
Largest movements
Assets
- Tangible fixed assets -€51.4m
down €51.4m (-12.7%), from €403.5m to €352.1m
- Cash -€28.3m
down €28.3m (-47.2%), from €60.1m to €31.7m
mainly Other debts (-€62.4m) and Debts after one year (-€51.9m)
- Financial fixed assets +€22.0m
new in 2025: €22.0m
Equity and liabilities
- Other debts -€62.4m
down €62.4m (-99.8%), from €62.5m to €140,981
- Debts after one year -€51.9m
down €51.9m (-14.9%), from €349.5m to €297.6m
- Profit (loss) carried forward +€50.3m
up €50.3m (+221%), from €22.8m to €73.1m
Income statement
- Financial charges -€7.6m
down €7.6m (-23.8%), from €31.8m to €24.2m
- Financial income -€3.9m
down €3.9m (-42.0%), from €9.3m to €5.4m
- Services and other goods +€3.8m
up €3.8m (+3.6%), from €106.6m to €110.4m
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
€52.2m
Turnover
+€97,966
Other operating income
-€1.4m
Services and other goods
-€3.8m
Depreciation
+€1.3m
Other operating charges
+€45,370
Other operating items
-€1.7m
Financial income
-€3.9m
Financial charges
+€7.6m
Taxes
-€24,264
Result 2025
€50.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€19.7m
Investment
+€3.9m
Financing
-€51.9m
Cash 2024
€60.1m
From operations (derived)
+€19.7m
Net result for the year
+€50.3m
Depreciation
+€24.9m
Receivables within one year
+€3.3m
Deferred charges and accrued income
+€2.9m
Provisions
+€1.6m
Trade debts
-€1.1m
Smaller working-capital items
+€98,208
Other debts
-€62.4m
Investment (derived)
+€3.9m
Investment in fixed assets (net)
+€3.9m
Financing
-€51.9m
Debts after one year
-€51.9m
Current portion of long-term debt
+€1
Contributions, distributions and other
+€1
Cash 2025
€31.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €488,982,673 | €425,651,918 | -€63.3m | -13.0% |
| Fixed assets | 21/28 | €403,496,444 | €374,730,675 | -€28.8m | -7.1% |
| Intangible fixed assets | 21 | - | €596,809 | +€596,809 | |
| Tangible fixed assets | 22/27 | €403,496,444 | €352,133,866 | -€51.4m | -12.7% |
| Plant, machinery and equipment | 23 | €403,496,444 | €352,133,866 | -€51.4m | -12.7% |
| Financial fixed assets | 28 | - | €22,000,000 | +€22.0m | |
| Affiliated companies | 280/1 | - | €22,000,000 | +€22.0m | |
| Amounts receivable | 281 | - | €22,000,000 | +€22.0m | |
| Current assets | 29/58 | €85,486,229 | €50,921,243 | -€34.6m | -40.4% |
| Amounts receivable within one year | 40/41 | €14,647,433 | €11,332,177 | -€3.3m | -22.6% |
| Trade receivables | 40 | €8,669,035 | €9,641,700 | +€972,665 | +11.2% |
| Other amounts receivable | 41 | €5,978,398 | €1,690,477 | -€4.3m | -71.7% |
| Cash at bank and in hand | 54/58 | €60,078,733 | €31,749,354 | -€28.3m | -47.2% |
| Deferred charges and accrued income | 490/1 | €10,760,063 | €7,839,712 | -€2.9m | -27.1% |
| Total equity and liabilities | 10/49 | €488,982,673 | €425,651,918 | -€63.3m | -13.0% |
| Equity | 10/15 | €33,750,059 | €84,084,538 | +€50.3m | +149% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Reserves | 13 | €1,000,000 | €1,000,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,750,059 | €73,084,538 | +€50.3m | +221% |
| Provisions and deferred taxes | 16 | - | €1,593,430 | +€1.6m | |
| Provisions for liabilities and charges | 160/5 | - | €1,593,430 | +€1.6m | |
| Other liabilities and charges | 164/5 | - | €1,593,430 | +€1.6m | |
| Amounts payable | 17/49 | €455,232,614 | €339,973,950 | -€115.3m | -25.3% |
| Amounts payable after more than one year | 17 | €349,469,918 | €297,564,835 | -€51.9m | -14.9% |
| Financial debts | 170/4 | €349,469,918 | €297,564,835 | -€51.9m | -14.9% |
| Credit institutions | 173 | €349,469,918 | €297,564,835 | -€51.9m | -14.9% |
| Amounts payable within one year | 42/48 | €104,659,493 | €41,229,176 | -€63.4m | -60.6% |
| Current portion of amounts payable after more than one year | 42 | €31,905,082 | €31,905,083 | +€1 | 0.0% |
| Trade debts | 44 | €10,242,035 | €9,150,212 | -€1.1m | -10.7% |
| Suppliers | 440/4 | €10,242,035 | €9,150,212 | -€1.1m | -10.7% |
| Taxes, remuneration and social security | 45 | €11,428 | €32,900 | +€21,472 | +188% |
| Taxes | 450/3 | €11,428 | €32,900 | +€21,472 | +188% |
| Other amounts payable | 47/48 | €62,500,948 | €140,981 | -€62.4m | -99.8% |
| Accrued charges and deferred income | 492/3 | €1,103,203 | €1,179,939 | +€76,736 | +7.0% |
| Operating income | 70/76A | €207,705,050 | €204,554,229 | -€3.2m | -1.5% |
| Turnover | 70 | €172,002,562 | €172,100,528 | +€97,966 | +0.1% |
| Other operating income | 74 | €15,083,779 | €13,647,396 | -€1.4m | -9.5% |
| Non-recurring operating income | 76A | €20,618,709 | €18,806,305 | -€1.8m | -8.8% |
| Operating charges | 60/66A | €133,065,388 | €135,422,968 | +€2.4m | +1.8% |
| Services and other goods | 61 | €106,620,930 | €110,418,132 | +€3.8m | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,191,757 | €24,913,087 | -€1.3m | -4.9% |
| Other operating charges | 640/8 | €105,984 | €60,614 | -€45,370 | -42.8% |
| Non-recurring operating charges | 66A | €146,717 | €31,135 | -€115,582 | -78.8% |
| Operating profit (loss) | 9901 | €74,639,662 | €69,131,261 | -€5.5m | -7.4% |
| Financial income | 75/76B | €9,346,889 | €5,424,861 | -€3.9m | -42.0% |
| Recurring financial income | 75 | €9,346,889 | €5,424,861 | -€3.9m | -42.0% |
| Income from financial fixed assets | 750 | €3,282,958 | €2,824,871 | -€458,087 | -14.0% |
| Income from current assets | 751 | €5,729,418 | €2,563,087 | -€3.2m | -55.3% |
| Other financial income | 752/9 | €334,513 | €36,903 | -€297,610 | -89.0% |
| Financial charges | 65/66B | €31,787,488 | €24,221,644 | -€7.6m | -23.8% |
| Recurring financial charges | 65 | €31,787,488 | €24,221,644 | -€7.6m | -23.8% |
| Debt charges | 650 | €31,570,389 | €24,044,738 | -€7.5m | -23.8% |
| Other financial charges | 652/9 | €217,099 | €176,906 | -€40,193 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €52,199,063 | €50,334,478 | -€1.9m | -3.6% |
| Income taxes | 67/77 | -€24,264 | - | +€24,264 | |
| Tax adjustments and reversals of tax provisions | 77 | €24,264 | - | -€24,264 | |
| Profit (loss) for the period | 9904 | €52,223,327 | €50,334,478 | -€1.9m | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,223,327 | €50,334,478 | -€1.9m | -3.6% |
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 20 October 2026 via checked.be.