Sailing: 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.
What changed
Sailing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€39,634
2024 · €11,945-€51,579
Equity
€3.6m
2024 · €3.6m-€39,634
Cash
€75,845
2024 · €25,686+€50,160
Balance sheet total
€5.5m
2024 · €5.7m-€194,902
Largest movements
Assets
- Current investments -€258,672
down €258,672 (-58.3%), from €443,562 to €184,890
- Receivables after one year +€149,201
up €149,201 (+21.5%), from €693,236 to €842,437
- Tangible fixed assets -€144,973
down €144,973 (-3.5%), from €4.1m to €4.0m
of which Land and buildings: -€143,576
Equity and liabilities
- Debts after one year -€90,392
down €90,392 (-7.2%), from €1.3m to €1.2m
- Other debts -€79,400
down €79,400 (-13.6%), from €582,651 to €503,251
Income statement
- Taxes +€15,709
up €15,709 (+1204.7%), from €1,304 to €17,013
- Depreciation +€14,598
up €14,598 (+8.2%), from €177,858 to €192,456
- Gross operating margin -€14,548
down €14,548 (-6.0%), from €241,964 to €227,415
- Financial income -€12,342
down €12,342 (-21.8%), from €56,498 to €44,156
of which Financial income: -€12,666
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.
Result 2024
€11,945
Gross operating margin
-€14,548
Depreciation
-€14,598
Other operating charges
+€13
Financial income
-€12,342
Financial charges
-€154
Taxes
-€15,709
Deferred taxes and other
+€5,759
Result 2025
-€39,634
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.
From operations
-€87,295
Investment
+€211,189
Financing
-€73,734
Cash 2024
€25,686
From operations (derived)
-€87,295
Net result for the year
-€39,634
Depreciation
+€192,456
Receivables after one year
-€149,201
Receivables within one year
+€4,580
Deferred charges and accrued income
-€13,961
Provisions
-€5,759
Trade debts
+€6,534
Tax, wage and social debts
-€2,909
Other debts
-€79,400
Investment (derived)
+€211,189
Investment in fixed assets (net)
-€47,484
Current investments
+€258,672
Financing
-€73,734
Debts after one year
-€90,392
Current portion of long-term debt
+€16,658
Cash 2025
€75,845
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,682,559 | €5,487,657 | -€194,902 | -3.4% |
| Fixed assets | 21/28 | €4,138,688 | €3,993,715 | -€144,973 | -3.5% |
| Tangible fixed assets | 22/27 | €4,138,688 | €3,993,715 | -€144,973 | -3.5% |
| Land and buildings | 22 | €4,036,717 | €3,893,141 | -€143,576 | -3.6% |
| Furniture and vehicles | 24 | €101,971 | €100,574 | -€1,397 | -1.4% |
| Current assets | 29/58 | €1,543,871 | €1,493,941 | -€49,930 | -3.2% |
| Amounts receivable after more than one year | 29 | €693,236 | €842,437 | +€149,201 | +21.5% |
| Trade receivables | 290 | €693,236 | €842,437 | +€149,201 | +21.5% |
| Amounts receivable within one year | 40/41 | €372,871 | €368,291 | -€4,580 | -1.2% |
| Other amounts receivable | 41 | €372,871 | €368,291 | -€4,580 | -1.2% |
| Current investments | 50/53 | €443,562 | €184,890 | -€258,672 | -58.3% |
| Cash at bank and in hand | 54/58 | €25,686 | €75,845 | +€50,160 | +195.3% |
| Deferred charges and accrued income | 490/1 | €8,517 | €22,479 | +€13,961 | +163.9% |
| Total equity and liabilities | 10/49 | €5,682,559 | €5,487,657 | -€194,902 | -3.4% |
| Equity | 10/15 | €3,647,911 | €3,608,277 | -€39,634 | -1.1% |
| Contributions | 10/11 | €44,705 | €44,705 | = | 0.0% |
| Revaluation surpluses | 12 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,341,457 | €2,319,675 | -€21,781 | -0.9% |
| Non-distributable reserves | 130/1 | €9,970 | €9,970 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,970 | €9,970 | = | 0.0% |
| Tax-exempt reserves | 132 | €371,682 | €349,900 | -€21,781 | -5.9% |
| Distributable reserves | 133 | €1,959,805 | €1,959,805 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,236,960 | €1,219,107 | -€17,853 | -1.4% |
| Provisions and deferred taxes | 16 | €97,257 | €91,498 | -€5,759 | -5.9% |
| Deferred taxes | 168 | €97,257 | €91,498 | -€5,759 | -5.9% |
| Amounts payable | 17/49 | €1,937,392 | €1,787,882 | -€149,509 | -7.7% |
| Amounts payable after more than one year | 17 | €1,256,566 | €1,166,174 | -€90,392 | -7.2% |
| Financial debts | 170/4 | €1,256,566 | €1,166,174 | -€90,392 | -7.2% |
| Amounts payable within one year | 42/48 | €680,826 | €621,708 | -€59,118 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €63,057 | €79,715 | +€16,658 | +26.4% |
| Trade debts | 44 | €20,748 | €27,282 | +€6,534 | +31.5% |
| Suppliers | 440/4 | €20,748 | €27,282 | +€6,534 | +31.5% |
| Taxes, remuneration and social security | 45 | €14,370 | €11,461 | -€2,909 | -20.2% |
| Taxes | 450/3 | €14,370 | €11,461 | -€2,909 | -20.2% |
| Other amounts payable | 47/48 | €582,651 | €503,251 | -€79,400 | -13.6% |
| Non-recurring operating income | 76A | €11,934 | - | -€11,934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,858 | €192,456 | +€14,598 | +8.2% |
| Other operating charges | 640/8 | €29,434 | €29,420 | -€13 | 0.0% |
| Gross operating margin | 9900 | €241,964 | €227,415 | -€14,548 | -6.0% |
| Operating profit (loss) | 9901 | €34,672 | €5,539 | -€29,133 | -84.0% |
| Financial income | 75/76B | €56,498 | €44,156 | -€12,342 | -21.8% |
| Recurring financial income | 75 | €56,498 | €43,833 | -€12,666 | -22.4% |
| Non-recurring financial income | 76B | - | €323 | +€323 | |
| Financial charges | 65/66B | €77,921 | €78,074 | +€154 | +0.2% |
| Recurring financial charges | 65 | €77,921 | €78,074 | +€154 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €13,249 | -€28,380 | -€41,629 | |
| Transfer from deferred taxes | 780 | - | €5,759 | +€5,759 | |
| Income taxes | 67/77 | €1,304 | €17,013 | +€15,709 | +1204.7% |
| Profit (loss) for the period | 9904 | €11,945 | -€39,634 | -€51,579 | |
| Transfer from tax-exempt reserves | 789 | - | €21,781 | +€21,781 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,945 | -€17,853 | -€29,798 |
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 3 October 2026 via checked.be.