GSK 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.
GSK SHIPPING
Largest movements
- Deferred charges and accrued income -€160,631
down €160,631 (-87.6%), from €183,426 to €22,795
- Tangible fixed assets -€27,644
down €27,644 (-2.9%), from €958,768 to €931,125
of which Plant, machinery and equipment: -€24,153
- Receivables within one year +€24,129
up €24,129 (+29.3%), from €82,272 to €106,402
of which Other amounts receivable: +€27,954
- Cash +€22,547
up €22,547 (+295%), from €7,636 to €30,183
mainly Deferred charges and accrued income (+€160,631) and Depreciation (+€119,957)
- Receivables after one year -€20,671
down €20,671 (-57.6%), from €35,904 to €15,233
- Debts after one year -€204,818
down €204,818 (-35.3%), from €580,194 to €375,376
of which Advances received on contracts in progress: -€200,000
- Other debts -€51,324
down €51,324 (-58.6%), from €87,628 to €36,305
- Reserves +€45,065
up €45,065 (+9.4%), from €477,693 to €522,758
of which Distributable reserves: +€45,065
- Trade debts +€22,566
up €22,566 (+75.0%), from €30,071 to €52,638
- Current portion of long-term debt +€20,903
up €20,903 (+29.3%), from €71,330 to €92,233
- Gross operating margin -€338,034
down €338,034 (-64.2%), from €526,700 to €188,666
- Depreciation +€22,319
up €22,319 (+22.9%), from €97,638 to €119,957
- Financial charges +€7,438
up €7,438 (+93.6%), from €7,945 to €15,383
- Taxes +€5,557
up €5,557 (+3,673%), from €151 to €5,708
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 | €1,268,476 | €1,106,207 | -€162,269 | -12.8% |
| Fixed assets | 21/28 | €958,768 | €931,125 | -€27,644 | -2.9% |
| Tangible fixed assets | 22/27 | €958,768 | €931,125 | -€27,644 | -2.9% |
| Plant, machinery and equipment | 23 | €950,937 | €926,784 | -€24,153 | -2.5% |
| Furniture and vehicles | 24 | €7,831 | €4,341 | -€3,490 | -44.6% |
| Current assets | 29/58 | €309,708 | €175,083 | -€134,625 | -43.5% |
| Amounts receivable after more than one year | 29 | €35,904 | €15,233 | -€20,671 | -57.6% |
| Other amounts receivable | 291 | €35,904 | €15,233 | -€20,671 | -57.6% |
| Amounts receivable within one year | 40/41 | €82,272 | €106,402 | +€24,129 | +29.3% |
| Trade receivables | 40 | €21,960 | €18,135 | -€3,825 | -17.4% |
| Other amounts receivable | 41 | €60,312 | €88,267 | +€27,954 | +46.3% |
| Current investments | 50/53 | €470 | €470 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,636 | €30,183 | +€22,547 | +295% |
| Deferred charges and accrued income | 490/1 | €183,426 | €22,795 | -€160,631 | -87.6% |
| Total equity and liabilities | 10/49 | €1,268,476 | €1,106,207 | -€162,269 | -12.8% |
| Equity | 10/15 | €498,883 | €543,948 | +€45,065 | +9.0% |
| Contributions | 10/11 | €21,190 | €21,190 | = | 0.0% |
| Reserves | 13 | €477,693 | €522,758 | +€45,065 | +9.4% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €440,193 | €485,258 | +€45,065 | +10.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €769,594 | €562,259 | -€207,334 | -26.9% |
| Amounts payable after more than one year | 17 | €580,194 | €375,376 | -€204,818 | -35.3% |
| Financial debts | 170/4 | €380,194 | €375,376 | -€4,818 | -1.3% |
| Advances received on contracts in progress | 176 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €189,180 | €186,883 | -€2,297 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €71,330 | €92,233 | +€20,903 | +29.3% |
| Trade debts | 44 | €30,071 | €52,638 | +€22,566 | +75.0% |
| Suppliers | 440/4 | €30,071 | €52,638 | +€22,566 | +75.0% |
| Taxes, remuneration and social security | 45 | €151 | €5,708 | +€5,558 | +3,691% |
| Taxes | 450/3 | €151 | €5,708 | +€5,558 | +3,691% |
| Other amounts payable | 47/48 | €87,628 | €36,305 | -€51,324 | -58.6% |
| Accrued charges and deferred income | 492/3 | €220 | - | -€220 | |
| Non-recurring operating income | 76A | €504,000 | - | -€504,000 | |
| Remuneration, social security and pensions | 62 | €325 | €347 | +€22 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,638 | €119,957 | +€22,319 | +22.9% |
| Other operating charges | 640/8 | €2,906 | €2,535 | -€371 | -12.8% |
| Gross operating margin | 9900 | €526,700 | €188,666 | -€338,034 | -64.2% |
| Operating profit (loss) | 9901 | €425,831 | €65,828 | -€360,004 | -84.5% |
| Financial income | 75/76B | €741 | €329 | -€411 | -55.5% |
| Recurring financial income | 75 | €741 | €329 | -€411 | -55.5% |
| Financial charges | 65/66B | €7,945 | €15,383 | +€7,438 | +93.6% |
| Recurring financial charges | 65 | €7,945 | €15,383 | +€7,438 | +93.6% |
| Profit (loss) for the period before taxes | 9903 | €418,627 | €50,774 | -€367,854 | -87.9% |
| Income taxes | 67/77 | €151 | €5,708 | +€5,557 | +3,673% |
| Profit (loss) for the period | 9904 | €418,476 | €45,065 | -€373,411 | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €418,476 | €45,065 | -€373,411 | -89.2% |
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 25 October 2026 via checked.be.