V-Chartering: 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.
V-Chartering
Largest movements
- Receivables within one year -€20,372
down €20,372 (-3.6%), from €573,080 to €552,708
of which Trade receivables: -€183,160
- Cash +€13,914
up €13,914 (+27.1%), from €51,342 to €65,256
mainly Net result for the year (+€75,407) and Receivables within one year (+€20,372)
- Tangible fixed assets -€13,436
down €13,436 (-3.3%), from €404,900 to €391,464
of which Furniture and vehicles: -€18,424
- Profit (loss) carried forward +€295,975
up €295,975, from -€295,975 to €0
- Reserves -€220,568
down €220,568 (-36.3%), from €606,837 to €386,269
of which Distributable reserves: -€220,568
- Trade debts -€43,968
down €43,968 (-13.0%), from €337,947 to €293,979
- Debts after one year -€26,000
down €26,000 (-8.5%), from €307,667 to €281,667
- Tax, wage and social debts -€18,469
down €18,469 (-51.7%), from €35,712 to €17,243
of which Taxes: -€21,129
- Write-downs +€55,000
new in 2025: €55,000
- Gross operating margin -€40,347
down €40,347 (-13.4%), from €301,468 to €261,120
- Taxes -€21,129
down €21,129 (-77.6%), from €27,233 to €6,104
- Depreciation +€14,497
up €14,497 (+1,469%), from €987 to €15,484
- Financial income +€7,469
up €7,469 (+3,031%), from €246 to €7,715
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 | €1,031,257 | €1,017,561 | -€13,696 | -1.3% |
| Fixed assets | 21/28 | €404,900 | €391,464 | -€13,436 | -3.3% |
| Tangible fixed assets | 22/27 | €404,900 | €391,464 | -€13,436 | -3.3% |
| Land and buildings | 22 | €386,476 | €391,464 | +€4,988 | +1.3% |
| Furniture and vehicles | 24 | €18,424 | €0 | -€18,424 | -100% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €626,357 | €626,097 | -€260 | 0.0% |
| Amounts receivable within one year | 40/41 | €573,080 | €552,708 | -€20,372 | -3.6% |
| Trade receivables | 40 | €465,775 | €282,616 | -€183,160 | -39.3% |
| Other amounts receivable | 41 | €107,304 | €270,092 | +€162,788 | +152% |
| Cash at bank and in hand | 54/58 | €51,342 | €65,256 | +€13,914 | +27.1% |
| Deferred charges and accrued income | 490/1 | €1,935 | €8,134 | +€6,198 | +320% |
| Total equity and liabilities | 10/49 | €1,031,257 | €1,017,561 | -€13,696 | -1.3% |
| Equity | 10/15 | €317,062 | €392,469 | +€75,407 | +23.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €606,837 | €386,269 | -€220,568 | -36.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €604,977 | €384,409 | -€220,568 | -36.5% |
| Profit (loss) carried forward | 14 | -€295,975 | €0 | +€295,975 | |
| Amounts payable | 17/49 | €714,195 | €625,093 | -€89,103 | -12.5% |
| Amounts payable after more than one year | 17 | €307,667 | €281,667 | -€26,000 | -8.5% |
| Financial debts | 170/4 | €307,667 | €281,667 | -€26,000 | -8.5% |
| Amounts payable within one year | 42/48 | €404,629 | €341,526 | -€63,103 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €26,000 | €26,000 | = | 0.0% |
| Financial debts | 43 | €3,780 | €4,304 | +€524 | +13.9% |
| Credit institutions | 430/8 | €3,780 | €4,304 | +€524 | +13.9% |
| Trade debts | 44 | €337,947 | €293,979 | -€43,968 | -13.0% |
| Suppliers | 440/4 | €337,947 | €293,979 | -€43,968 | -13.0% |
| Taxes, remuneration and social security | 45 | €35,712 | €17,243 | -€18,469 | -51.7% |
| Taxes | 450/3 | €27,233 | €6,104 | -€21,129 | -77.6% |
| Remuneration and social security | 454/9 | €8,479 | €11,138 | +€2,659 | +31.4% |
| Other amounts payable | 47/48 | €1,190 | €0 | -€1,190 | -100% |
| Accrued charges and deferred income | 492/3 | €1,900 | €1,900 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €80,607 | €87,543 | +€6,935 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €987 | €15,484 | +€14,497 | +1,469% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €55,000 | +€55,000 | |
| Other operating charges | 640/8 | €1,642 | €970 | -€673 | -41.0% |
| Non-recurring operating charges | 66A | - | €18,424 | +€18,424 | |
| Gross operating margin | 9900 | €301,468 | €261,120 | -€40,347 | -13.4% |
| Operating profit (loss) | 9901 | €218,231 | €83,700 | -€134,531 | -61.6% |
| Financial income | 75/76B | €246 | €7,715 | +€7,469 | +3,031% |
| Recurring financial income | 75 | €246 | €7,715 | +€7,469 | +3,031% |
| Financial charges | 65/66B | €7,979 | €9,904 | +€1,925 | +24.1% |
| Recurring financial charges | 65 | €7,979 | €9,904 | +€1,925 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €210,499 | €81,511 | -€128,987 | -61.3% |
| Income taxes | 67/77 | €27,233 | €6,104 | -€21,129 | -77.6% |
| Profit (loss) for the period | 9904 | €183,266 | €75,407 | -€107,858 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €183,266 | €75,407 | -€107,858 | -58.9% |
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 15 October 2026 via checked.be.