LA PAZ-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.
LA PAZ-SHIPPING
Largest movements
- Tangible fixed assets -€69,779
down €69,779 (-40.8%), from €170,842 to €101,063
of which Furniture and vehicles: -€71,178
- Cash +€50,824
up €50,824 (+43.7%), from €116,299 to €167,124
mainly Depreciation (+€71,618) and Net result for the year (+€9,371)
- Receivables within one year +€12,314
up €12,314 (+68.2%), from €18,050 to €30,364
of which Other amounts receivable: +€12,314
- Debts after one year -€12,368
down €12,368 (-45.1%), from €27,403 to €15,035
- Profit (loss) carried forward +€7,002
up €7,002, from -€6,997 to €5
- Other debts -€3,427
no longer reported in 2025 (was €3,427)
- Gross operating margin -€5,537
down €5,537 (-6.1%), from €90,202 to €84,665
- Depreciation -€4,682
down €4,682 (-6.1%), from €76,300 to €71,618
- Taxes +€1,015
up €1,015 (+670%), from €152 to €1,166
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 | €305,555 | €298,902 | -€6,653 | -2.2% |
| Fixed assets | 21/28 | €170,842 | €101,063 | -€69,779 | -40.8% |
| Tangible fixed assets | 22/27 | €170,842 | €101,063 | -€69,779 | -40.8% |
| Plant, machinery and equipment | 23 | €884 | €2,283 | +€1,400 | +158% |
| Furniture and vehicles | 24 | €169,958 | €98,780 | -€71,178 | -41.9% |
| Current assets | 29/58 | €134,713 | €197,839 | +€63,125 | +46.9% |
| Amounts receivable within one year | 40/41 | €18,050 | €30,364 | +€12,314 | +68.2% |
| Trade receivables | 40 | €11,160 | €11,160 | = | 0.0% |
| Other amounts receivable | 41 | €6,890 | €19,204 | +€12,314 | +179% |
| Cash at bank and in hand | 54/58 | €116,299 | €167,124 | +€50,824 | +43.7% |
| Deferred charges and accrued income | 490/1 | €364 | €351 | -€13 | -3.6% |
| Total equity and liabilities | 10/49 | €305,555 | €298,902 | -€6,653 | -2.2% |
| Equity | 10/15 | €249,620 | €258,990 | +€9,371 | +3.8% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €250,367 | €252,735 | +€2,368 | +0.9% |
| Non-distributable reserves | 130/1 | - | €64 | +€64 | |
| Reserves not available under the articles | 1311 | - | €64 | +€64 | |
| Tax-exempt reserves | 132 | €393 | €131 | -€262 | -66.7% |
| Distributable reserves | 133 | €249,974 | €252,540 | +€2,566 | +1.0% |
| Profit (loss) carried forward | 14 | -€6,997 | €5 | +€7,002 | |
| Provisions and deferred taxes | 16 | €131 | €44 | -€87 | -66.7% |
| Deferred taxes | 168 | €131 | €44 | -€87 | -66.7% |
| Amounts payable | 17/49 | €55,805 | €39,868 | -€15,936 | -28.6% |
| Amounts payable after more than one year | 17 | €27,403 | €15,035 | -€12,368 | -45.1% |
| Financial debts | 170/4 | €27,403 | €15,035 | -€12,368 | -45.1% |
| Amounts payable within one year | 42/48 | €28,402 | €24,833 | -€3,569 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €11,907 | €12,368 | +€461 | +3.9% |
| Trade debts | 44 | €2,630 | €1,765 | -€866 | -32.9% |
| Suppliers | 440/4 | €2,630 | €1,765 | -€866 | -32.9% |
| Taxes, remuneration and social security | 45 | €10,437 | €10,700 | +€263 | +2.5% |
| Taxes | 450/3 | €10,437 | €10,700 | +€263 | +2.5% |
| Other amounts payable | 47/48 | €3,427 | - | -€3,427 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,300 | €71,618 | -€4,682 | -6.1% |
| Other operating charges | 640/8 | €1,357 | €993 | -€364 | -26.8% |
| Gross operating margin | 9900 | €90,202 | €84,665 | -€5,537 | -6.1% |
| Operating profit (loss) | 9901 | €12,546 | €12,054 | -€491 | -3.9% |
| Financial charges | 65/66B | €2,056 | €1,605 | -€451 | -21.9% |
| Recurring financial charges | 65 | €2,056 | €1,605 | -€451 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €10,490 | €10,450 | -€40 | -0.4% |
| Transfer from deferred taxes | 780 | €87 | €87 | = | 0.0% |
| Income taxes | 67/77 | €152 | €1,166 | +€1,015 | +670% |
| Profit (loss) for the period | 9904 | €10,425 | €9,371 | -€1,055 | -10.1% |
| Transfer from tax-exempt reserves | 789 | €262 | €262 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,687 | €9,632 | -€1,055 | -9.9% |
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 31 October 2026 via checked.be.