PHELLA-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.
PHELLA-SHIPPING
Largest movements
- Tangible fixed assets -€278,448
down €278,448 (-19.3%), from €1.4m to €1.2m
- Receivables within one year +€59,674
up €59,674 (+146%), from €40,970 to €100,644
of which Other amounts receivable: +€59,893
- Cash -€50,690
down €50,690 (-21.7%), from €233,820 to €183,130
mainly Debts after one year (-€213,040) and Accrued charges and deferred income (-€68,412)
- Debts after one year -€213,040
down €213,040 (-9.1%), from €2.3m to €2.1m
- Profit (loss) carried forward +€69,113
up €69,113 (+4.5%), from -€1.5m to -€1.5m
- Accrued charges and deferred income -€68,412
down €68,412 (-83.0%), from €82,470 to €14,058
- Other debts -€57,974
no longer reported in 2025 (was €57,974)
- Trade debts -€21,579
down €21,579 (-37.2%), from €57,969 to €36,390
- Gross operating margin +€87,436
up €87,436 (+23.7%), from €368,928 to €456,364
- Financial charges -€44,968
down €44,968 (-33.9%), from €132,708 to €87,740
- Depreciation -€21,967
down €21,967 (-7.0%), from €316,042 to €294,075
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 | €1,728,430 | €1,455,671 | -€272,759 | -15.8% |
| Fixed assets | 21/28 | €1,443,215 | €1,164,767 | -€278,448 | -19.3% |
| Tangible fixed assets | 22/27 | €1,443,215 | €1,164,767 | -€278,448 | -19.3% |
| Furniture and vehicles | 24 | €1,443,215 | €1,164,767 | -€278,448 | -19.3% |
| Current assets | 29/58 | €285,215 | €290,903 | +€5,689 | +2.0% |
| Amounts receivable within one year | 40/41 | €40,970 | €100,644 | +€59,674 | +146% |
| Trade receivables | 40 | €9,804 | €9,586 | -€219 | -2.2% |
| Other amounts receivable | 41 | €31,166 | €91,058 | +€59,893 | +192% |
| Cash at bank and in hand | 54/58 | €233,820 | €183,130 | -€50,690 | -21.7% |
| Deferred charges and accrued income | 490/1 | €10,425 | €7,130 | -€3,295 | -31.6% |
| Total equity and liabilities | 10/49 | €1,728,430 | €1,455,671 | -€272,759 | -15.8% |
| Equity | 10/15 | -€1,019,612 | -€950,500 | +€69,113 | +6.8% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,519,612 | -€1,450,500 | +€69,113 | +4.5% |
| Amounts payable | 17/49 | €2,748,042 | €2,406,170 | -€341,872 | -12.4% |
| Amounts payable after more than one year | 17 | €2,332,785 | €2,119,745 | -€213,040 | -9.1% |
| Financial debts | 170/4 | €2,332,785 | €2,119,745 | -€213,040 | -9.1% |
| Amounts payable within one year | 42/48 | €332,787 | €272,367 | -€60,420 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €213,040 | €213,040 | = | 0.0% |
| Trade debts | 44 | €57,969 | €36,390 | -€21,579 | -37.2% |
| Suppliers | 440/4 | €57,969 | €36,390 | -€21,579 | -37.2% |
| Taxes, remuneration and social security | 45 | €3,804 | €22,937 | +€19,134 | +503% |
| Taxes | 450/3 | €3,804 | €22,937 | +€19,134 | +503% |
| Other amounts payable | 47/48 | €57,974 | - | -€57,974 | |
| Accrued charges and deferred income | 492/3 | €82,470 | €14,058 | -€68,412 | -83.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €316,042 | €294,075 | -€21,967 | -7.0% |
| Other operating charges | 640/8 | €5,871 | €4,980 | -€891 | -15.2% |
| Non-recurring operating charges | 66A | €7,808 | - | -€7,808 | |
| Gross operating margin | 9900 | €368,928 | €456,364 | +€87,436 | +23.7% |
| Operating profit (loss) | 9901 | €39,208 | €157,309 | +€118,101 | +301% |
| Financial income | 75/76B | €4 | €233 | +€228 | +5,226% |
| Recurring financial income | 75 | €4 | €233 | +€228 | +5,226% |
| Financial charges | 65/66B | €132,708 | €87,740 | -€44,968 | -33.9% |
| Recurring financial charges | 65 | €132,708 | €87,740 | -€44,968 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | -€93,496 | €69,801 | +€163,297 | |
| Income taxes | 67/77 | €612 | €689 | +€77 | +12.7% |
| Profit (loss) for the period | 9904 | -€94,107 | €69,113 | +€163,220 | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,107 | €69,113 | +€163,220 |
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 27 October 2026 via checked.be.