Tropics Cargo: 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.
Tropics Cargo
Largest movements
- Tangible fixed assets +€82,730
up €82,730 (+16.7%), from €494,155 to €576,886
of which Leasing and similar rights: +€78,487
- Receivables within one year +€41,257
up €41,257 (+7.7%), from €537,869 to €579,126
of which Trade receivables: +€28,847
- Cash -€14,866
down €14,866 (-6.3%), from €236,230 to €221,364
- Debts after one year -€64,820
down €64,820 (-10.0%), from €645,087 to €580,267
of which Trade debts: -€83,067
- Current portion of long-term debt +€61,846
up €61,846 (+60.4%), from €102,342 to €164,188
- Profit (loss) carried forward +€55,853
up €55,853 (+53.8%), from -€103,829 to -€47,976
- Trade debts +€31,490
up €31,490 (+8.4%), from €375,374 to €406,864
- Tax, wage and social debts +€17,122
up €17,122 (+22.9%), from €74,793 to €91,915
of which Remuneration and social security: +€19,444
- Gross operating margin +€736,703
up €736,703 (+229%), from €321,623 to €1.1m
- Staff costs +€328,768
up €328,768 (+95.2%), from €345,469 to €674,237
- Depreciation +€127,906
up €127,906 (+90.9%), from €140,749 to €268,655
- Financial charges +€19,687
up €19,687 (+95.4%), from €20,634 to €40,321
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,379,007 | €1,485,225 | +€106,218 | +7.7% |
| Fixed assets | 21/28 | €579,404 | €667,385 | +€87,981 | +15.2% |
| Intangible fixed assets | 21 | €82,999 | €79,525 | -€3,474 | -4.2% |
| Tangible fixed assets | 22/27 | €494,155 | €576,886 | +€82,730 | +16.7% |
| Plant, machinery and equipment | 23 | €45,497 | €66,698 | +€21,201 | +46.6% |
| Furniture and vehicles | 24 | €12,191 | €8,028 | -€4,164 | -34.2% |
| Leasing and similar rights | 25 | €412,230 | €490,717 | +€78,487 | +19.0% |
| Other tangible fixed assets | 26 | €24,237 | €11,443 | -€12,794 | -52.8% |
| Financial fixed assets | 28 | €2,250 | €10,974 | +€8,724 | +388% |
| Current assets | 29/58 | €799,603 | €817,840 | +€18,237 | +2.3% |
| Amounts receivable within one year | 40/41 | €537,869 | €579,126 | +€41,257 | +7.7% |
| Trade receivables | 40 | €496,783 | €525,630 | +€28,847 | +5.8% |
| Other amounts receivable | 41 | €41,086 | €53,496 | +€12,410 | +30.2% |
| Cash at bank and in hand | 54/58 | €236,230 | €221,364 | -€14,866 | -6.3% |
| Deferred charges and accrued income | 490/1 | €25,504 | €17,350 | -€8,153 | -32.0% |
| Total equity and liabilities | 10/49 | €1,379,007 | €1,485,225 | +€106,218 | +7.7% |
| Equity | 10/15 | €181,099 | €236,952 | +€55,853 | +30.8% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €99,008 | €99,008 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,592 | €18,592 | = | 0.0% |
| Tax-exempt reserves | 132 | €80,416 | €80,416 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,829 | -€47,976 | +€55,853 | +53.8% |
| Amounts payable | 17/49 | €1,197,908 | €1,248,273 | +€50,365 | +4.2% |
| Amounts payable after more than one year | 17 | €645,087 | €580,267 | -€64,820 | -10.0% |
| Financial debts | 170/4 | €242,087 | €260,334 | +€18,247 | +7.5% |
| Trade debts | 175 | €403,000 | €319,933 | -€83,067 | -20.6% |
| Amounts payable within one year | 42/48 | €552,821 | €663,279 | +€110,458 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €102,342 | €164,188 | +€61,846 | +60.4% |
| Trade debts | 44 | €375,374 | €406,864 | +€31,490 | +8.4% |
| Suppliers | 440/4 | €375,374 | €406,864 | +€31,490 | +8.4% |
| Taxes, remuneration and social security | 45 | €74,793 | €91,915 | +€17,122 | +22.9% |
| Taxes | 450/3 | €8,565 | €6,243 | -€2,322 | -27.1% |
| Remuneration and social security | 454/9 | €66,228 | €85,672 | +€19,444 | +29.4% |
| Other amounts payable | 47/48 | €313 | €313 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €4,727 | +€4,727 | |
| Non-recurring operating income | 76A | €35,334 | €3,268 | -€32,066 | -90.8% |
| Remuneration, social security and pensions | 62 | €345,469 | €674,237 | +€328,768 | +95.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,749 | €268,655 | +€127,906 | +90.9% |
| Other operating charges | 640/8 | €15,840 | €23,942 | +€8,102 | +51.1% |
| Gross operating margin | 9900 | €321,623 | €1,058,326 | +€736,703 | +229% |
| Operating profit (loss) | 9901 | -€180,435 | €91,493 | +€271,928 | |
| Financial income | 75/76B | €8,587 | €5,285 | -€3,302 | -38.5% |
| Recurring financial income | 75 | €8,587 | €5,285 | -€3,302 | -38.5% |
| Financial charges | 65/66B | €20,634 | €40,321 | +€19,687 | +95.4% |
| Recurring financial charges | 65 | €20,634 | €40,321 | +€19,687 | +95.4% |
| Profit (loss) for the period before taxes | 9903 | -€192,482 | €56,456 | +€248,938 | |
| Income taxes | 67/77 | €319 | €604 | +€285 | +89.4% |
| Profit (loss) for the period | 9904 | -€192,801 | €55,853 | +€248,653 | |
| Profit (loss) for the period to be appropriated | 9905 | -€192,801 | €55,853 | +€248,653 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.