FIRST 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.
FIRST SHIPPING
Largest movements
- Cash +€868,802
up €868,802 (+160.2%), from €542,238 to €1.4m
mainly Trade debts (+€937,815) and Depreciation (+€98,842)
- Tangible fixed assets -€92,969
down €92,969 (-20.7%), from €449,937 to €356,968
of which Furniture and vehicles: -€74,219
- Receivables within one year +€68,543
up €68,543 (+55.1%), from €124,358 to €192,901
of which Trade receivables: +€49,324
- Trade debts +€937,815
up €937,815 (+158.9%), from €590,108 to €1.5m
- Reserves -€317,009
down €317,009 (-84.6%), from €374,615 to €57,606
of which Distributable reserves: -€317,009
- Profit (loss) carried forward +€168,139
up €168,139 (+84.4%), from -€199,234 to -€31,095
- Tax, wage and social debts +€43,032
up €43,032 (+48.2%), from €89,347 to €132,380
of which Remuneration and social security: +€34,440
- Other debts +€31,524
up €31,524 (+23.9%), from €131,899 to €163,423
- Gross operating margin +€404,195
up €404,195 (+140.6%), from €287,567 to €691,762
- Staff costs +€174,545
up €174,545 (+48.3%), from €361,696 to €536,240
- Depreciation +€7,748
up €7,748 (+8.5%), from €91,094 to €98,842
- Financial charges -€7,656
down €7,656 (-36.3%), from €21,084 to €13,428
- Other operating charges +€7,440
up €7,440 (+67.0%), from €11,105 to €18,545
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 | €1,123,701 | €1,967,881 | +€844,179 | +75.1% |
| Fixed assets | 21/28 | €456,628 | €363,665 | -€92,963 | -20.4% |
| Tangible fixed assets | 22/27 | €449,937 | €356,968 | -€92,969 | -20.7% |
| Land and buildings | 22 | €180,903 | €162,153 | -€18,751 | -10.4% |
| Furniture and vehicles | 24 | €269,034 | €194,815 | -€74,219 | -27.6% |
| Financial fixed assets | 28 | €6,691 | €6,698 | +€7 | +0.1% |
| Current assets | 29/58 | €667,073 | €1,604,215 | +€937,142 | +140.5% |
| Amounts receivable within one year | 40/41 | €124,358 | €192,901 | +€68,543 | +55.1% |
| Trade receivables | 40 | €105,265 | €154,589 | +€49,324 | +46.9% |
| Other amounts receivable | 41 | €19,093 | €38,312 | +€19,219 | +100.7% |
| Cash at bank and in hand | 54/58 | €542,238 | €1,411,041 | +€868,802 | +160.2% |
| Deferred charges and accrued income | 490/1 | €476 | €274 | -€203 | -42.6% |
| Total equity and liabilities | 10/49 | €1,123,701 | €1,967,881 | +€844,179 | +75.1% |
| Equity | 10/15 | €268,341 | €119,471 | -€148,870 | -55.5% |
| Contributions | 10/11 | €92,960 | €92,960 | = | 0.0% |
| Capital | 10 | €92,960 | €92,960 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Uncalled capital | 101 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €374,615 | €57,606 | -€317,009 | -84.6% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €362,220 | €45,211 | -€317,009 | -87.5% |
| Profit (loss) carried forward | 14 | -€199,234 | -€31,095 | +€168,139 | +84.4% |
| Amounts payable | 17/49 | €855,360 | €1,848,409 | +€993,049 | +116.1% |
| Amounts payable after more than one year | 17 | €13,480 | €3,977 | -€9,503 | -70.5% |
| Financial debts | 170/4 | €13,480 | €3,977 | -€9,503 | -70.5% |
| Amounts payable within one year | 42/48 | €820,801 | €1,833,229 | +€1.0m | +123.3% |
| Current portion of amounts payable after more than one year | 42 | €9,447 | €9,503 | +€57 | +0.6% |
| Trade debts | 44 | €590,108 | €1,527,923 | +€937,815 | +158.9% |
| Suppliers | 440/4 | €590,108 | €1,527,923 | +€937,815 | +158.9% |
| Taxes, remuneration and social security | 45 | €89,347 | €132,380 | +€43,032 | +48.2% |
| Taxes | 450/3 | €8 | €8,601 | +€8,593 | +103779.5% |
| Remuneration and social security | 454/9 | €89,339 | €123,778 | +€34,440 | +38.5% |
| Other amounts payable | 47/48 | €131,899 | €163,423 | +€31,524 | +23.9% |
| Accrued charges and deferred income | 492/3 | €21,079 | €11,204 | -€9,876 | -46.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €361,696 | €536,240 | +€174,545 | +48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,094 | €98,842 | +€7,748 | +8.5% |
| Other operating charges | 640/8 | €11,105 | €18,545 | +€7,440 | +67.0% |
| Gross operating margin | 9900 | €287,567 | €691,762 | +€404,195 | +140.6% |
| Operating profit (loss) | 9901 | -€176,328 | €38,135 | +€214,463 | |
| Financial income | 75/76B | €479 | €290 | -€189 | -39.5% |
| Recurring financial income | 75 | €479 | €290 | -€189 | -39.5% |
| Financial charges | 65/66B | €21,084 | €13,428 | -€7,656 | -36.3% |
| Recurring financial charges | 65 | €21,084 | €13,428 | -€7,656 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | -€196,933 | €24,997 | +€221,930 | |
| Income taxes | 67/77 | €2,301 | €1,842 | -€458 | -19.9% |
| Profit (loss) for the period | 9904 | -€199,234 | €23,154 | +€222,388 | |
| Profit (loss) for the period to be appropriated | 9905 | -€199,234 | €23,154 | +€222,388 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.