FLANDERS NAVIGATION: 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.
FLANDERS NAVIGATION
Largest movements
- Receivables within one year +€143,851
up €143,851 (+644.6%), from €22,315 to €166,165
- Cash -€140,220
down €140,220 (-35.5%), from €394,892 to €254,672
mainly Receivables within one year (-€143,851) and Trade debts (-€5,859)
- Tangible fixed assets -€5,350
down €5,350 (-23.8%), from €22,500 to €17,150
- Trade debts -€5,859
no longer reported in 2025 (was €5,859)
- Financial income +€8,245
up €8,245 (+2358.3%), from €350 to €8,594
- Gross operating margin -€7,646
down €7,646 (-72.8%), from €10,505 to €2,858
- Financial charges -€758
down €758 (-47.9%), from €1,581 to €824
- Taxes +€417
up €417 (+41.7%), from €1,000 to €1,416
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 | €439,707 | €437,987 | -€1,720 | -0.4% |
| Fixed assets | 21/28 | €22,500 | €17,150 | -€5,350 | -23.8% |
| Tangible fixed assets | 22/27 | €22,500 | €17,150 | -€5,350 | -23.8% |
| Plant, machinery and equipment | 23 | €22,500 | €17,150 | -€5,350 | -23.8% |
| Current assets | 29/58 | €417,207 | €420,837 | +€3,630 | +0.9% |
| Amounts receivable within one year | 40/41 | €22,315 | €166,165 | +€143,851 | +644.6% |
| Other amounts receivable | 41 | €22,315 | €166,165 | +€143,851 | +644.6% |
| Cash at bank and in hand | 54/58 | €394,892 | €254,672 | -€140,220 | -35.5% |
| Total equity and liabilities | 10/49 | €439,707 | €437,987 | -€1,720 | -0.4% |
| Equity | 10/15 | €432,857 | €436,594 | +€3,737 | +0.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €371,357 | €375,094 | +€3,737 | +1.0% |
| Distributable reserves | 133 | €371,357 | €375,094 | +€3,737 | +1.0% |
| Amounts payable | 17/49 | €6,850 | €1,394 | -€5,456 | -79.7% |
| Amounts payable within one year | 42/48 | €6,850 | €1,394 | -€5,456 | -79.7% |
| Trade debts | 44 | €5,859 | - | -€5,859 | |
| Suppliers | 440/4 | €5,859 | - | -€5,859 | |
| Taxes, remuneration and social security | 45 | €991 | €1,394 | +€402 | +40.6% |
| Taxes | 450/3 | €991 | €1,394 | +€402 | +40.6% |
| Non-recurring operating income | 76A | €18,595 | €30,000 | +€11,405 | +61.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,350 | €5,350 | = | 0.0% |
| Other operating charges | 640/8 | €175 | €126 | -€49 | -28.0% |
| Gross operating margin | 9900 | €10,505 | €2,858 | -€7,646 | -72.8% |
| Operating profit (loss) | 9901 | €4,980 | -€2,618 | -€7,597 | |
| Financial income | 75/76B | €350 | €8,594 | +€8,245 | +2358.3% |
| Recurring financial income | 75 | €350 | €8,594 | +€8,245 | +2358.3% |
| Financial charges | 65/66B | €1,581 | €824 | -€758 | -47.9% |
| Recurring financial charges | 65 | €1,581 | €824 | -€758 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €3,748 | €5,153 | +€1,405 | +37.5% |
| Income taxes | 67/77 | €1,000 | €1,416 | +€417 | +41.7% |
| Profit (loss) for the period | 9904 | €2,748 | €3,737 | +€989 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,748 | €3,737 | +€989 | +36.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.