SHIPEX: 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
SHIPEX
NACE 52.250, Logistics services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.8m
2024 · €4.2m-€1.4m
Equity
€1.6m
2024 · €2.9m-€1.3m
Cash
€5.3m
2024 · €5.4m-€36,180
Balance sheet total
€42.6m
2024 · €23.6m+€19.0m
Largest movements
Assets
- Financial fixed assets +€20.4m
up €20.4m (+3752828.8%), from €544 to €20.4m
of which Affiliated companies: +€20.4m
- Receivables within one year -€2.0m
down €2.0m (-12.2%), from €16.7m to €14.6m
of which Trade receivables: -€2.0m
- Deferred charges and accrued income +€917,689
up €917,689 (+5776.5%), from €15,887 to €933,576
Equity and liabilities
- Debts after one year +€17.7m
new in 2025: €17.7m
- Other debts +€2.1m
up €2.1m (+19.5%), from €10.5m to €12.6m
- Current portion of long-term debt +€1.8m
up €1.8m, from €0 to €1.8m
- Reserves -€1.3m
down €1.3m (-47.3%), from €2.8m to €1.4m
of which Distributable reserves: -€719,422
- Trade debts -€910,330
down €910,330 (-10.0%), from €9.1m to €8.2m
Income statement
- Turnover -€8.6m
down €8.6m (-8.7%), from €98.6m to €90.1m
- Goods and materials -€6.9m
down €6.9m (-8.1%), from €85.5m to €78.6m
of which Purchases: -€6.9m
- Financial charges +€1.3m
up €1.3m (+1530.8%), from €87,098 to €1.4m
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
€4.2m
Turnover
-€8.6m
Other operating income
+€318,839
Goods and materials
+€6.9m
Services and other goods
+€444,434
Staff costs
+€127,849
Depreciation
-€240,888
Write-downs
+€110,578
Other operating charges
-€143,220
Other operating items
+€47,701
Financial income
+€378,584
Financial charges
-€1.3m
Taxes
+€476,605
Result 2025
€2.8m
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
+€5.7m
Investment
-€21.0m
Financing
+€15.3m
Cash 2024
€5.4m
From operations (derived)
+€5.7m
Net result for the year
+€2.8m
Depreciation
+€798,262
Receivables within one year
+€2.0m
Deferred charges and accrued income
-€917,689
Trade debts
-€910,330
Tax, wage and social debts
-€35,766
Other debts
+€2.1m
Accrued charges and deferred income
-€161,792
Investment (derived)
-€21.0m
Investment in fixed assets (net)
-€21.0m
Financing
+€15.3m
Debts after one year
+€17.7m
Current portion of long-term debt
+€1.8m
Short-term financial debts
-€126,604
Contributions, distributions and other
-€4.1m
Cash 2025
€5.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,598,094 | €42,626,618 | +€19.0m | +80.6% |
| Fixed assets | 21/28 | €1,539,122 | €21,717,630 | +€20.2m | +1311.0% |
| Intangible fixed assets | 21 | €1,256,275 | €1,200,881 | -€55,395 | -4.4% |
| Tangible fixed assets | 22/27 | €282,303 | €116,203 | -€166,100 | -58.8% |
| Land and buildings | 22 | €224,547 | €79,575 | -€144,971 | -64.6% |
| Furniture and vehicles | 24 | €49,195 | €36,297 | -€12,898 | -26.2% |
| Other tangible fixed assets | 26 | €8,562 | €331 | -€8,231 | -96.1% |
| Financial fixed assets | 28 | €544 | €20,400,546 | +€20.4m | +3752828.8% |
| Affiliated companies | 280/1 | - | €20,400,000 | +€20.4m | |
| Amounts receivable | 281 | - | €20,400,000 | +€20.4m | |
| Other financial fixed assets | 284/8 | €544 | €546 | +€2 | +0.4% |
| Amounts receivable and cash guarantees | 285/8 | €544 | €546 | +€2 | +0.4% |
| Current assets | 29/58 | €22,058,972 | €20,908,987 | -€1.1m | -5.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €16,664,816 | €14,633,322 | -€2.0m | -12.2% |
| Trade receivables | 40 | €16,455,908 | €14,417,535 | -€2.0m | -12.4% |
| Other amounts receivable | 41 | €208,907 | €215,787 | +€6,880 | +3.3% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €5,378,270 | €5,342,090 | -€36,180 | -0.7% |
| Deferred charges and accrued income | 490/1 | €15,887 | €933,576 | +€917,689 | +5776.5% |
| Total equity and liabilities | 10/49 | €23,598,094 | €42,626,618 | +€19.0m | +80.6% |
| Equity | 10/15 | €2,875,010 | €1,573,382 | -€1.3m | -45.3% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €2,751,063 | €1,449,435 | -€1.3m | -47.3% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,999,750 | €1,417,544 | -€582,206 | -29.1% |
| Distributable reserves | 133 | €738,918 | €19,496 | -€719,422 | -97.4% |
| Provisions and deferred taxes | 16 | €2,975 | €2,975 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,975 | €2,975 | = | 0.0% |
| Pensions and similar obligations | 160 | €2,975 | €2,975 | = | 0.0% |
| Amounts payable | 17/49 | €20,720,110 | €41,050,261 | +€20.3m | +98.1% |
| Amounts payable after more than one year | 17 | - | €17,739,130 | +€17.7m | |
| Financial debts | 170/4 | - | €17,739,130 | +€17.7m | |
| Credit institutions | 173 | - | €17,739,130 | +€17.7m | |
| Amounts payable within one year | 42/48 | €20,558,318 | €23,311,131 | +€2.8m | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €1,773,913 | +€1.8m | |
| Financial debts | 43 | €126,604 | €0 | -€126,604 | -100.0% |
| Credit institutions | 430/8 | €126,604 | €0 | -€126,604 | -100.0% |
| Trade debts | 44 | €9,139,852 | €8,229,522 | -€910,330 | -10.0% |
| Suppliers | 440/4 | €9,139,852 | €8,229,522 | -€910,330 | -10.0% |
| Advances received on contracts in progress | 46 | €9,060 | €9,060 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €738,156 | €702,390 | -€35,766 | -4.8% |
| Taxes | 450/3 | €317,130 | €311,633 | -€5,497 | -1.7% |
| Remuneration and social security | 454/9 | €421,026 | €390,757 | -€30,269 | -7.2% |
| Other amounts payable | 47/48 | €10,544,646 | €12,596,245 | +€2.1m | +19.5% |
| Accrued charges and deferred income | 492/3 | €161,792 | €0 | -€161,792 | -100.0% |
| Operating income | 70/76A | €98,988,968 | €90,776,450 | -€8.2m | -8.3% |
| Turnover | 70 | €98,622,259 | €90,053,586 | -€8.6m | -8.7% |
| Other operating income | 74 | €366,709 | €685,548 | +€318,839 | +86.9% |
| Non-recurring operating income | 76A | €0 | €37,317 | +€37,317 | |
| Operating charges | 60/66A | €93,748,515 | €86,503,892 | -€7.2m | -7.7% |
| Goods for resale, raw materials and consumables | 60 | €85,521,255 | €78,585,769 | -€6.9m | -8.1% |
| Purchases | 600/8 | €85,523,235 | €78,585,769 | -€6.9m | -8.1% |
| Change in stocks: decrease (increase) | 609 | -€1,980 | €0 | +€1,980 | |
| Services and other goods | 61 | €4,097,732 | €3,653,298 | -€444,434 | -10.8% |
| Remuneration, social security and pensions | 62 | €3,569,200 | €3,441,351 | -€127,849 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €557,374 | €798,262 | +€240,888 | +43.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€16,646 | -€127,223 | -€110,578 | -664.3% |
| Other operating charges | 640/8 | €9,214 | €152,434 | +€143,220 | +1554.3% |
| Non-recurring operating charges | 66A | €10,384 | €0 | -€10,384 | -100.0% |
| Operating profit (loss) | 9901 | €5,240,454 | €4,272,559 | -€967,895 | -18.5% |
| Financial income | 75/76B | €539,452 | €918,035 | +€378,584 | +70.2% |
| Recurring financial income | 75 | €539,452 | €918,035 | +€378,584 | +70.2% |
| Income from financial fixed assets | 750 | €290,451 | €9,172 | -€281,280 | -96.8% |
| Income from current assets | 751 | €18,315 | €908,348 | +€890,033 | +4859.6% |
| Other financial income | 752/9 | €230,685 | €516 | -€230,169 | -99.8% |
| Financial charges | 65/66B | €87,098 | €1,420,443 | +€1.3m | +1530.8% |
| Recurring financial charges | 65 | €87,098 | €1,420,443 | +€1.3m | +1530.8% |
| Debt charges | 650 | €37,629 | €972,992 | +€935,364 | +2485.8% |
| Other financial charges | 652/9 | €49,470 | €447,451 | +€397,981 | +804.5% |
| Profit (loss) for the period before taxes | 9903 | €5,692,807 | €3,770,151 | -€1.9m | -33.8% |
| Income taxes | 67/77 | €1,448,385 | €971,779 | -€476,605 | -32.9% |
| Taxes | 670/3 | €1,448,385 | €971,779 | -€476,605 | -32.9% |
| Profit (loss) for the period | 9904 | €4,244,422 | €2,798,372 | -€1.4m | -34.1% |
| Transfer from tax-exempt reserves | 789 | - | €582,206 | +€582,206 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,244,422 | €3,380,578 | -€863,845 | -20.4% |
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 7 October 2026 via checked.be.