ROWA SHIPPING: what changed
Two fiscal 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.
ROWA SHIPPING
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+10.9%), from €18.7m to €20.8m
of which Plant, machinery and equipment: +€10.0m
- Receivables within one year +€1.8m
up €1.8m (+601.9%), from €291,810 to €2.0m
of which Trade receivables: +€1.8m
- Cash +€355,594
up €355,594 (+837.2%), from €42,475 to €398,069
mainly Debts after one year (+€4.6m) and Depreciation (+€1.3m)
- Debts after one year +€4.6m
up €4.6m (+36.8%), from €12.4m to €17.0m
of which Financial debts: +€4.9m
- Other debts -€370,437
down €370,437 (-60.7%), from €610,495 to €240,059
- Gross operating margin -€2.0m
down €2.0m (-46.4%), from €4.4m to €2.4m
- Depreciation +€435,055
up €435,055 (+52.5%), from €829,419 to €1.3m
- Financial charges +€276,520
up €276,520 (+62.0%), from €446,042 to €722,562
- Provisions +€200,000
up €200,000, from -€100,000 to €100,000
- Taxes -€69,811
down €69,811 (-39.9%), from €175,111 to €105,299
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 | €19,072,376 | €23,223,779 | +€4.2m | +21.8% |
| Fixed assets | 21/28 | €18,734,842 | €20,772,979 | +€2.0m | +10.9% |
| Tangible fixed assets | 22/27 | €18,734,842 | €20,772,979 | +€2.0m | +10.9% |
| Plant, machinery and equipment | 23 | €10,729,880 | €20,772,979 | +€10.0m | +93.6% |
| Assets under construction and advance payments | 27 | €8,004,963 | €0 | -€8.0m | -100.0% |
| Current assets | 29/58 | €337,534 | €2,450,800 | +€2.1m | +626.1% |
| Amounts receivable within one year | 40/41 | €291,810 | €2,048,186 | +€1.8m | +601.9% |
| Trade receivables | 40 | €248,074 | €2,002,316 | +€1.8m | +707.1% |
| Other amounts receivable | 41 | €43,736 | €45,870 | +€2,134 | +4.9% |
| Cash at bank and in hand | 54/58 | €42,475 | €398,069 | +€355,594 | +837.2% |
| Deferred charges and accrued income | 490/1 | €3,249 | €4,544 | +€1,295 | +39.8% |
| Total equity and liabilities | 10/49 | €19,072,376 | €23,223,779 | +€4.2m | +21.8% |
| Equity | 10/15 | €3,157,052 | €3,121,755 | -€35,297 | -1.1% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Capital | 10 | €550,000 | €550,000 | = | 0.0% |
| Issued capital | 100 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €2,607,052 | €2,571,755 | -€35,297 | -1.4% |
| Non-distributable reserves | 130/1 | €54,212 | €54,212 | = | 0.0% |
| Legal reserve | 130 | €54,212 | €54,212 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,978,667 | €1,904,128 | -€74,539 | -3.8% |
| Distributable reserves | 133 | €574,173 | €613,414 | +€39,242 | +6.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €989,556 | €1,064,709 | +€75,154 | +7.6% |
| Provisions for liabilities and charges | 160/5 | €330,000 | €430,000 | +€100,000 | +30.3% |
| Major repairs and maintenance | 162 | €330,000 | €430,000 | +€100,000 | +30.3% |
| Deferred taxes | 168 | €659,556 | €634,709 | -€24,846 | -3.8% |
| Amounts payable | 17/49 | €14,925,769 | €19,037,315 | +€4.1m | +27.5% |
| Amounts payable after more than one year | 17 | €12,426,292 | €16,998,111 | +€4.6m | +36.8% |
| Financial debts | 170/4 | €12,071,292 | €16,998,111 | +€4.9m | +40.8% |
| Other amounts payable | 178/9 | €355,000 | €0 | -€355,000 | -100.0% |
| Amounts payable within one year | 42/48 | €2,498,595 | €2,038,998 | -€459,598 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €1,252,966 | €1,309,789 | +€56,822 | +4.5% |
| Trade debts | 44 | €634,343 | €489,151 | -€145,192 | -22.9% |
| Suppliers | 440/4 | €634,343 | €489,151 | -€145,192 | -22.9% |
| Taxes, remuneration and social security | 45 | €791 | €0 | -€791 | -100.0% |
| Taxes | 450/3 | €791 | €0 | -€791 | -100.0% |
| Other amounts payable | 47/48 | €610,495 | €240,059 | -€370,437 | -60.7% |
| Accrued charges and deferred income | 492/3 | €882 | €206 | -€676 | -76.6% |
| Non-recurring operating income | 76A | €2,638,222 | €0 | -€2.6m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €829,419 | €1,264,474 | +€435,055 | +52.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€100,000 | €100,000 | +€200,000 | |
| Other operating charges | 640/8 | €24,541 | €3,151 | -€21,390 | -87.2% |
| Gross operating margin | 9900 | €4,419,422 | €2,370,342 | -€2.0m | -46.4% |
| Operating profit (loss) | 9901 | €3,665,461 | €1,002,717 | -€2.7m | -72.6% |
| Financial income | 75/76B | €0 | €1 | +€1 | +124.4% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +124.4% |
| Financial charges | 65/66B | €446,042 | €722,562 | +€276,520 | +62.0% |
| Recurring financial charges | 65 | €446,042 | €722,562 | +€276,520 | +62.0% |
| Profit (loss) for the period before taxes | 9903 | €3,219,420 | €280,156 | -€2.9m | -91.3% |
| Transfer from deferred taxes | 780 | - | €24,846 | +€24,846 | |
| Transfer to deferred taxes | 680 | €659,556 | €0 | -€659,556 | -100.0% |
| Income taxes | 67/77 | €175,111 | €105,299 | -€69,811 | -39.9% |
| Profit (loss) for the period | 9904 | €2,384,754 | €199,703 | -€2.2m | -91.6% |
| Transfer from tax-exempt reserves | 789 | - | €74,539 | +€74,539 | |
| Transfer to tax-exempt reserves | 689 | €1,978,667 | €0 | -€2.0m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €406,087 | €274,242 | -€131,845 | -32.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.