OBJECTIFS 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.
OBJECTIFS VOYAGES
Largest movements
- Deferred charges and accrued income +€403,319
up €403,319 (+28.8%), from €1.4m to €1.8m
- Receivables within one year +€270,736
up €270,736 (+36.5%), from €741,464 to €1.0m
of which Trade receivables: +€223,182
- Current investments +€259,756
new in 2025: €259,756
- Tangible fixed assets +€240,077
up €240,077 (+16.0%), from €1.5m to €1.7m
of which Land and buildings: +€236,839
- Cash +€162,772
up €162,772 (+27.3%), from €595,822 to €758,594
mainly Net result for the year (+€645,723) and Trade debts (+€577,337)
- Profit (loss) carried forward +€607,506
up €607,506 (+76.3%), from €795,723 to €1.4m
- Trade debts +€577,337
up €577,337 (+22.2%), from €2.6m to €3.2m
- Accrued charges and deferred income +€115,716
up €115,716 (+119.4%), from €96,892 to €212,608
- Debts after one year +€104,516
up €104,516 (+18.4%), from €568,132 to €672,648
- Gross operating margin +€203,474
up €203,474 (+16.3%), from €1.2m to €1.5m
- Taxes +€36,457
up €36,457 (+20.7%), from €175,704 to €212,161
- Staff costs +€34,341
up €34,341 (+9.4%), from €364,684 to €399,025
- Depreciation +€23,507
up €23,507 (+27.2%), from €86,517 to €110,023
- Other operating charges -€19,366
down €19,366 (-61.2%), from €31,628 to €12,262
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 | €4,600,766 | €6,030,426 | +€1.4m | +31.1% |
| Fixed assets | 21/28 | €1,861,342 | €2,194,419 | +€333,077 | +17.9% |
| Intangible fixed assets | 21 | €15,677 | €13,677 | -€2,000 | -12.8% |
| Tangible fixed assets | 22/27 | €1,500,590 | €1,740,667 | +€240,077 | +16.0% |
| Land and buildings | 22 | €1,231,714 | €1,468,553 | +€236,839 | +19.2% |
| Plant, machinery and equipment | 23 | €68,480 | €66,090 | -€2,391 | -3.5% |
| Furniture and vehicles | 24 | €176,166 | €202,349 | +€26,183 | +14.9% |
| Other tangible fixed assets | 26 | €4,407 | €3,676 | -€731 | -16.6% |
| Assets under construction and advance payments | 27 | €19,822 | - | -€19,822 | |
| Financial fixed assets | 28 | €345,075 | €440,075 | +€95,000 | +27.5% |
| Current assets | 29/58 | €2,739,424 | €3,836,007 | +€1.1m | +40.0% |
| Amounts receivable within one year | 40/41 | €741,464 | €1,012,200 | +€270,736 | +36.5% |
| Trade receivables | 40 | €713,615 | €936,797 | +€223,182 | +31.3% |
| Other amounts receivable | 41 | €27,849 | €75,403 | +€47,554 | +170.8% |
| Current investments | 50/53 | - | €259,756 | +€259,756 | |
| Cash at bank and in hand | 54/58 | €595,822 | €758,594 | +€162,772 | +27.3% |
| Deferred charges and accrued income | 490/1 | €1,402,138 | €1,805,458 | +€403,319 | +28.8% |
| Total equity and liabilities | 10/49 | €4,600,766 | €6,030,426 | +€1.4m | +31.1% |
| Equity | 10/15 | €796,473 | €1,403,979 | +€607,506 | +76.3% |
| Contributions | 10/11 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €795,723 | €1,403,229 | +€607,506 | +76.3% |
| Amounts payable | 17/49 | €3,804,293 | €4,626,447 | +€822,154 | +21.6% |
| Amounts payable after more than one year | 17 | €568,132 | €672,648 | +€104,516 | +18.4% |
| Financial debts | 170/4 | €568,132 | €672,648 | +€104,516 | +18.4% |
| Amounts payable within one year | 42/48 | €3,139,269 | €3,741,191 | +€601,922 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €70,497 | €100,772 | +€30,275 | +42.9% |
| Financial debts | 43 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Credit institutions | 430/8 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Trade debts | 44 | €2,598,406 | €3,175,743 | +€577,337 | +22.2% |
| Suppliers | 440/4 | €2,598,406 | €3,175,743 | +€577,337 | +22.2% |
| Taxes, remuneration and social security | 45 | €65,870 | €88,181 | +€22,311 | +33.9% |
| Taxes | 450/3 | €6,683 | €43,703 | +€37,020 | +554.0% |
| Remuneration and social security | 454/9 | €59,188 | €44,478 | -€14,710 | -24.9% |
| Other amounts payable | 47/48 | €204,495 | €226,495 | +€22,000 | +10.8% |
| Accrued charges and deferred income | 492/3 | €96,892 | €212,608 | +€115,716 | +119.4% |
| Remuneration, social security and pensions | 62 | €364,684 | €399,025 | +€34,341 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,517 | €110,023 | +€23,507 | +27.2% |
| Other operating charges | 640/8 | €31,628 | €12,262 | -€19,366 | -61.2% |
| Gross operating margin | 9900 | €1,248,606 | €1,452,080 | +€203,474 | +16.3% |
| Operating profit (loss) | 9901 | €765,777 | €930,769 | +€164,992 | +21.5% |
| Financial income | 75/76B | €479 | €616 | +€138 | +28.8% |
| Recurring financial income | 75 | €479 | €616 | +€138 | +28.8% |
| Financial charges | 65/66B | €82,101 | €73,502 | -€8,599 | -10.5% |
| Recurring financial charges | 65 | €82,101 | €73,502 | -€8,599 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €684,155 | €857,883 | +€173,729 | +25.4% |
| Income taxes | 67/77 | €175,704 | €212,161 | +€36,457 | +20.7% |
| Profit (loss) for the period | 9904 | €508,450 | €645,723 | +€137,272 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €508,450 | €645,723 | +€137,272 | +27.0% |
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 9 October 2026 via checked.be.