ShipCo: 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.
ShipCo
Largest movements
- Receivables within one year +€188,916
up €188,916 (+30.4%), from €622,377 to €811,293
of which Other amounts receivable: +€165,169
- Other debts +€956,005
up €956,005 (+808%), from €118,358 to €1.1m
- Reserves -€791,503
down €791,503 (-84.0%), from €942,146 to €150,643
- Tax, wage and social debts +€141,481
up €141,481 (+157%), from €89,924 to €231,405
- Debts after one year -€111,857
down €111,857 (-19.2%), from €581,092 to €469,235
- Financial income -€299,994
down €299,994 (-50.0%), from €600,000 to €300,006
- Gross operating margin -€48,730
down €48,730 (-16.6%), from €293,091 to €244,361
- Other operating charges -€19,957
down €19,957 (-85.2%), from €23,429 to €3,472
- Taxes -€9,199
down €9,199 (-15.0%), from €61,140 to €51,941
- Depreciation +€4,014
up €4,014 (+252%), from €1,592 to €5,607
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 | €1,929,482 | €2,132,315 | +€202,833 | +10.5% |
| Fixed assets | 21/28 | €1,268,043 | €1,262,436 | -€5,607 | -0.4% |
| Tangible fixed assets | 22/27 | €193,787 | €188,180 | -€5,607 | -2.9% |
| Land and buildings | 22 | €185,898 | €181,927 | -€3,971 | -2.1% |
| Furniture and vehicles | 24 | €7,889 | €6,253 | -€1,636 | -20.7% |
| Financial fixed assets | 28 | €1,074,256 | €1,074,256 | = | 0.0% |
| Current assets | 29/58 | €661,439 | €869,879 | +€208,440 | +31.5% |
| Amounts receivable after more than one year | 29 | €21,072 | €19,538 | -€1,534 | -7.3% |
| Other amounts receivable | 291 | €21,072 | €19,538 | -€1,534 | -7.3% |
| Amounts receivable within one year | 40/41 | €622,377 | €811,293 | +€188,916 | +30.4% |
| Trade receivables | 40 | €21,073 | €44,820 | +€23,747 | +113% |
| Other amounts receivable | 41 | €601,304 | €766,472 | +€165,169 | +27.5% |
| Cash at bank and in hand | 54/58 | €16,744 | €36,553 | +€19,810 | +118% |
| Deferred charges and accrued income | 490/1 | €1,247 | €2,495 | +€1,248 | +100% |
| Total equity and liabilities | 10/49 | €1,929,482 | €2,132,315 | +€202,833 | +10.5% |
| Equity | 10/15 | €1,017,146 | €225,643 | -€791,503 | -77.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €942,146 | €150,643 | -€791,503 | -84.0% |
| Distributable reserves | 133 | €942,146 | €150,643 | -€791,503 | -84.0% |
| Amounts payable | 17/49 | €912,336 | €1,906,672 | +€994,336 | +109% |
| Amounts payable after more than one year | 17 | €581,092 | €469,235 | -€111,857 | -19.2% |
| Financial debts | 170/4 | €581,092 | €469,235 | -€111,857 | -19.2% |
| Amounts payable within one year | 42/48 | €321,205 | €1,426,739 | +€1.1m | +344% |
| Current portion of amounts payable after more than one year | 42 | €110,290 | €111,857 | +€1,567 | +1.4% |
| Trade debts | 44 | €2,634 | €9,114 | +€6,480 | +246% |
| Suppliers | 440/4 | €2,634 | €9,114 | +€6,480 | +246% |
| Taxes, remuneration and social security | 45 | €89,924 | €231,405 | +€141,481 | +157% |
| Taxes | 450/3 | €89,924 | €231,405 | +€141,481 | +157% |
| Other amounts payable | 47/48 | €118,358 | €1,074,363 | +€956,005 | +808% |
| Accrued charges and deferred income | 492/3 | €10,038 | €10,698 | +€660 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,592 | €5,607 | +€4,014 | +252% |
| Other operating charges | 640/8 | €23,429 | €3,472 | -€19,957 | -85.2% |
| Gross operating margin | 9900 | €293,091 | €244,361 | -€48,730 | -16.6% |
| Operating profit (loss) | 9901 | €268,070 | €235,283 | -€32,787 | -12.2% |
| Financial income | 75/76B | €600,000 | €300,006 | -€299,994 | -50.0% |
| Recurring financial income | 75 | €600,000 | €300,006 | -€299,994 | -50.0% |
| Financial charges | 65/66B | €10,427 | €13,210 | +€2,783 | +26.7% |
| Recurring financial charges | 65 | €10,427 | €13,210 | +€2,783 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | €857,643 | €522,078 | -€335,564 | -39.1% |
| Income taxes | 67/77 | €61,140 | €51,941 | -€9,199 | -15.0% |
| Profit (loss) for the period | 9904 | €796,503 | €470,138 | -€326,366 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €796,503 | €470,138 | -€326,366 | -41.0% |
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 13 October 2026 via checked.be.