SHIP & SHORE: 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.
SHIP & SHORE
Largest movements
- Tangible fixed assets -€52,791
down €52,791 (-16.1%), from €328,079 to €275,288
of which Furniture and vehicles: -€39,189
- Receivables within one year +€20,220
up €20,220 (+946.2%), from €2,137 to €22,357
of which Trade receivables: +€20,548
- Deferred charges and accrued income -€5,147
down €5,147 (-80.0%), from €6,432 to €1,284
- Cash -€4,458
down €4,458 (-7.6%), from €58,914 to €54,456
mainly Receivables within one year (-€20,220) and Net result for the year (-€19,165)
- Reserves -€17,601
down €17,601 (-11.4%), from €154,074 to €136,473
of which Tax-exempt reserves: -€17,601
- Debts after one year -€14,786
down €14,786 (-66.4%), from €22,274 to €7,488
- Provisions -€5,867
down €5,867 (-19.1%), from €30,739 to €24,872
- Gross operating margin -€32,030
down €32,030 (-43.3%), from €74,000 to €41,971
- Other operating charges -€2,852
down €2,852 (-60.0%), from €4,754 to €1,903
- Financial charges +€1,850
up €1,850 (+33.3%), from €5,562 to €7,412
- Depreciation +€1,404
up €1,404 (+2.5%), from €56,284 to €57,687
- Taxes -€918
no longer reported in 2025 (was €918)
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 | €395,562 | €353,386 | -€42,176 | -10.7% |
| Fixed assets | 21/28 | €328,079 | €275,288 | -€52,791 | -16.1% |
| Tangible fixed assets | 22/27 | €328,079 | €275,288 | -€52,791 | -16.1% |
| Land and buildings | 22 | €114,041 | €99,944 | -€14,098 | -12.4% |
| Plant, machinery and equipment | 23 | €24,371 | €24,866 | +€495 | +2.0% |
| Furniture and vehicles | 24 | €189,668 | €150,479 | -€39,189 | -20.7% |
| Current assets | 29/58 | €67,482 | €78,097 | +€10,615 | +15.7% |
| Amounts receivable within one year | 40/41 | €2,137 | €22,357 | +€20,220 | +946.2% |
| Trade receivables | 40 | - | €20,548 | +€20,548 | |
| Other amounts receivable | 41 | €2,137 | €1,809 | -€328 | -15.3% |
| Cash at bank and in hand | 54/58 | €58,914 | €54,456 | -€4,458 | -7.6% |
| Deferred charges and accrued income | 490/1 | €6,432 | €1,284 | -€5,147 | -80.0% |
| Total equity and liabilities | 10/49 | €395,562 | €353,386 | -€42,176 | -10.7% |
| Equity | 10/15 | €170,090 | €150,926 | -€19,165 | -11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €154,074 | €136,473 | -€17,601 | -11.4% |
| Tax-exempt reserves | 132 | €87,755 | €70,155 | -€17,601 | -20.1% |
| Distributable reserves | 133 | €66,318 | €66,318 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,584 | -€4,148 | -€1,564 | -60.5% |
| Provisions and deferred taxes | 16 | €30,739 | €24,872 | -€5,867 | -19.1% |
| Deferred taxes | 168 | €30,739 | €24,872 | -€5,867 | -19.1% |
| Amounts payable | 17/49 | €194,732 | €177,588 | -€17,144 | -8.8% |
| Amounts payable after more than one year | 17 | €22,274 | €7,488 | -€14,786 | -66.4% |
| Financial debts | 170/4 | €22,274 | €7,488 | -€14,786 | -66.4% |
| Amounts payable within one year | 42/48 | €171,697 | €169,180 | -€2,517 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €14,533 | €14,786 | +€253 | +1.7% |
| Trade debts | 44 | €5,822 | €1,935 | -€3,887 | -66.8% |
| Suppliers | 440/4 | €5,822 | €1,935 | -€3,887 | -66.8% |
| Taxes, remuneration and social security | 45 | €1,139 | €1,865 | +€726 | +63.8% |
| Taxes | 450/3 | €1,139 | €1,865 | +€726 | +63.8% |
| Other amounts payable | 47/48 | €150,203 | €150,593 | +€390 | +0.3% |
| Accrued charges and deferred income | 492/3 | €761 | €920 | +€159 | +20.9% |
| Non-recurring operating income | 76A | €4,700 | - | -€4,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,284 | €57,687 | +€1,404 | +2.5% |
| Other operating charges | 640/8 | €4,754 | €1,903 | -€2,852 | -60.0% |
| Gross operating margin | 9900 | €74,000 | €41,971 | -€32,030 | -43.3% |
| Operating profit (loss) | 9901 | €12,962 | -€17,619 | -€30,582 | |
| Financial charges | 65/66B | €5,562 | €7,412 | +€1,850 | +33.3% |
| Recurring financial charges | 65 | €5,562 | €7,412 | +€1,850 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €7,400 | -€25,031 | -€32,432 | |
| Transfer from deferred taxes | 780 | €5,867 | €5,867 | +€0 | 0.0% |
| Income taxes | 67/77 | €918 | - | -€918 | |
| Profit (loss) for the period | 9904 | €12,349 | -€19,165 | -€31,514 | |
| Transfer from tax-exempt reserves | 789 | €17,601 | €17,601 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,950 | -€1,564 | -€31,514 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.