ML VOYAGES: 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.
ML VOYAGES
Largest movements
- Cash -€174,182
down €174,182 (-32.4%), from €536,894 to €362,712
mainly Trade debts (-€156,945) and Accrued charges and deferred income (-€107,945)
- Receivables within one year -€126,952
down €126,952 (-65.7%), from €193,100 to €66,148
of which Other amounts receivable: -€84,570
- Deferred charges and accrued income +€61,750
up €61,750 (+33.7%), from €183,350 to €245,100
- Tangible fixed assets -€19,652
down €19,652 (-3.8%), from €521,294 to €501,642
of which Furniture and vehicles: -€41,972
- Trade debts -€156,945
down €156,945 (-64.3%), from €244,126 to €87,181
- Accrued charges and deferred income -€107,945
down €107,945 (-23.9%), from €452,567 to €344,622
- Provisions +€39,379
new in 2025: €39,379
- Tax, wage and social debts -€21,349
down €21,349 (-63.1%), from €33,858 to €12,509
of which Remuneration and social security: -€14,273
- Provisions +€39,379
new in 2025: €39,379
- Depreciation +€35,677
up €35,677 (+79.5%), from €44,879 to €80,556
- Gross operating margin -€23,343
down €23,343 (-9.6%), from €243,067 to €219,724
- Other operating charges +€9,531
up €9,531 (+172%), from €5,526 to €15,057
- Taxes -€6,307
down €6,307 (-66.4%), from €9,500 to €3,193
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 | €1,435,908 | €1,176,872 | -€259,036 | -18.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €522,564 | €502,912 | -€19,652 | -3.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €521,294 | €501,642 | -€19,652 | -3.8% |
| Land and buildings | 22 | €88,479 | €90,311 | +€1,832 | +2.1% |
| Plant, machinery and equipment | 23 | €7,098 | €27,586 | +€20,488 | +289% |
| Furniture and vehicles | 24 | €425,717 | €383,744 | -€41,972 | -9.9% |
| Financial fixed assets | 28 | €1,270 | €1,270 | = | 0.0% |
| Current assets | 29/58 | €913,344 | €673,961 | -€239,384 | -26.2% |
| Amounts receivable within one year | 40/41 | €193,100 | €66,148 | -€126,952 | -65.7% |
| Trade receivables | 40 | €57,217 | €14,836 | -€42,382 | -74.1% |
| Other amounts receivable | 41 | €135,883 | €51,313 | -€84,570 | -62.2% |
| Cash at bank and in hand | 54/58 | €536,894 | €362,712 | -€174,182 | -32.4% |
| Deferred charges and accrued income | 490/1 | €183,350 | €245,100 | +€61,750 | +33.7% |
| Total equity and liabilities | 10/49 | €1,435,908 | €1,176,872 | -€259,036 | -18.0% |
| Equity | 10/15 | €670,413 | €667,990 | -€2,423 | -0.4% |
| Contributions | 10/11 | €268,700 | €268,700 | = | 0.0% |
| Reserves | 13 | €332,975 | €332,975 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,718 | €10,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,718 | €10,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €227,257 | €227,257 | = | 0.0% |
| Distributable reserves | 133 | €95,000 | €95,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,739 | €66,316 | -€2,423 | -3.5% |
| Provisions and deferred taxes | 16 | - | €39,379 | +€39,379 | |
| Provisions for liabilities and charges | 160/5 | - | €39,379 | +€39,379 | |
| Other liabilities and charges | 164/5 | - | €39,379 | +€39,379 | |
| Amounts payable | 17/49 | €765,495 | €469,502 | -€295,992 | -38.7% |
| Amounts payable after more than one year | 17 | €34,644 | €24,890 | -€9,754 | -28.2% |
| Other amounts payable | 178/9 | €34,644 | €24,890 | -€9,754 | -28.2% |
| Amounts payable within one year | 42/48 | €278,284 | €99,990 | -€178,293 | -64.1% |
| Trade debts | 44 | €244,126 | €87,181 | -€156,945 | -64.3% |
| Suppliers | 440/4 | €244,126 | €87,181 | -€156,945 | -64.3% |
| Taxes, remuneration and social security | 45 | €33,858 | €12,509 | -€21,349 | -63.1% |
| Taxes | 450/3 | €12,309 | €5,233 | -€7,076 | -57.5% |
| Remuneration and social security | 454/9 | €21,548 | €7,276 | -€14,273 | -66.2% |
| Other amounts payable | 47/48 | €300 | €300 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €452,567 | €344,622 | -€107,945 | -23.9% |
| Non-recurring operating income | 76A | €7,162 | €13,409 | +€6,247 | +87.2% |
| Remuneration, social security and pensions | 62 | €77,799 | €76,964 | -€834 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,879 | €80,556 | +€35,677 | +79.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €39,379 | +€39,379 | |
| Other operating charges | 640/8 | €5,526 | €15,057 | +€9,531 | +172% |
| Non-recurring operating charges | 66A | €284 | €2,013 | +€1,729 | +609% |
| Gross operating margin | 9900 | €243,067 | €219,724 | -€23,343 | -9.6% |
| Operating profit (loss) | 9901 | €114,580 | €5,754 | -€108,826 | -95.0% |
| Financial income | 75/76B | €3,593 | €3,244 | -€350 | -9.7% |
| Recurring financial income | 75 | €2,924 | €2,208 | -€716 | -24.5% |
| Non-recurring financial income | 76B | €669 | €1,035 | +€366 | +54.7% |
| Financial charges | 65/66B | €11,393 | €8,228 | -€3,165 | -27.8% |
| Recurring financial charges | 65 | €8,694 | €8,228 | -€467 | -5.4% |
| Non-recurring financial charges | 66B | €2,699 | -€0 | -€2,699 | |
| Profit (loss) for the period before taxes | 9903 | €106,780 | €770 | -€106,010 | -99.3% |
| Income taxes | 67/77 | €9,500 | €3,193 | -€6,307 | -66.4% |
| Profit (loss) for the period | 9904 | €97,280 | -€2,423 | -€99,703 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,280 | -€2,423 | -€99,703 |
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 18 October 2026 via checked.be.