VOYAGES PASCAL NOEL: 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.
VOYAGES PASCAL NOEL
Largest movements
- Receivables within one year +€40,081
up €40,081 (+26.8%), from €149,755 to €189,836
of which Trade receivables: +€21,811
- Deferred charges and accrued income -€27,917
down €27,917 (-32.7%), from €85,248 to €57,331
- Cash +€26,988
up €26,988 (+14.7%), from €183,478 to €210,466
mainly Advances received (+€32,598) and Deferred charges and accrued income (+€27,917)
- Trade debts -€34,933
down €34,933 (-48.9%), from €71,471 to €36,538
- Advances received +€32,598
up €32,598 (+12.9%), from €252,969 to €285,567
- Accrued charges and deferred income +€21,437
up €21,437 (+131%), from €16,340 to €37,777
- Tax, wage and social debts +€11,722
up €11,722 (+74.4%), from €15,759 to €27,481
of which Taxes: +€7,498
- Reserves +€5,410
up €5,410 (+7.9%), from €68,397 to €73,807
of which Distributable reserves: +€5,410
- Purchases and services -€209,403
down €209,403 (-28.5%), from €735,950 to €526,547
- Turnover -€174,486
down €174,486 (-19.7%), from €884,583 to €710,097
- Gross operating margin +€31,646
up €31,646 (+20.8%), from €151,904 to €183,550
- Staff costs +€18,280
up €18,280 (+14.4%), from €127,085 to €145,365
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 | €461,936 | €498,170 | +€36,234 | +7.8% |
| Fixed assets | 21/28 | €43,455 | €40,537 | -€2,918 | -6.7% |
| Tangible fixed assets | 22/27 | €42,866 | €39,948 | -€2,918 | -6.8% |
| Land and buildings | 22 | €42,088 | €39,553 | -€2,535 | -6.0% |
| Furniture and vehicles | 24 | €778 | €395 | -€383 | -49.2% |
| Financial fixed assets | 28 | €589 | €589 | = | 0.0% |
| Current assets | 29/58 | €418,481 | €457,633 | +€39,152 | +9.4% |
| Amounts receivable within one year | 40/41 | €149,755 | €189,836 | +€40,081 | +26.8% |
| Trade receivables | 40 | €146,228 | €168,039 | +€21,811 | +14.9% |
| Other amounts receivable | 41 | €3,527 | €21,797 | +€18,270 | +518% |
| Cash at bank and in hand | 54/58 | €183,478 | €210,466 | +€26,988 | +14.7% |
| Deferred charges and accrued income | 490/1 | €85,248 | €57,331 | -€27,917 | -32.7% |
| Total equity and liabilities | 10/49 | €461,936 | €498,170 | +€36,234 | +7.8% |
| Equity | 10/15 | €93,397 | €98,807 | +€5,410 | +5.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Issued capital | 100 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €68,397 | €73,807 | +€5,410 | +7.9% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Legal reserve | 130 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €65,897 | €71,307 | +€5,410 | +8.2% |
| Amounts payable | 17/49 | €368,539 | €399,363 | +€30,824 | +8.4% |
| Amounts payable within one year | 42/48 | €352,199 | €361,586 | +€9,387 | +2.7% |
| Trade debts | 44 | €71,471 | €36,538 | -€34,933 | -48.9% |
| Suppliers | 440/4 | €71,471 | €36,538 | -€34,933 | -48.9% |
| Advances received on contracts in progress | 46 | €252,969 | €285,567 | +€32,598 | +12.9% |
| Taxes, remuneration and social security | 45 | €15,759 | €27,481 | +€11,722 | +74.4% |
| Taxes | 450/3 | €1,603 | €9,101 | +€7,498 | +468% |
| Remuneration and social security | 454/9 | €14,156 | €18,380 | +€4,224 | +29.8% |
| Other amounts payable | 47/48 | €12,000 | €12,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €16,340 | €37,777 | +€21,437 | +131% |
| Turnover | 70 | €884,583 | €710,097 | -€174,486 | -19.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €735,950 | €526,547 | -€209,403 | -28.5% |
| Remuneration, social security and pensions | 62 | €127,085 | €145,365 | +€18,280 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,628 | €2,918 | +€290 | +11.0% |
| Other operating charges | 640/8 | €3,220 | €3,346 | +€126 | +3.9% |
| Gross operating margin | 9900 | €151,904 | €183,550 | +€31,646 | +20.8% |
| Operating profit (loss) | 9901 | €18,971 | €31,921 | +€12,950 | +68.3% |
| Financial income | 75/76B | €698 | €1,327 | +€629 | +90.1% |
| Recurring financial income | 75 | €698 | €1,327 | +€629 | +90.1% |
| Financial charges | 65/66B | €6,850 | €7,597 | +€747 | +10.9% |
| Recurring financial charges | 65 | €6,850 | €7,597 | +€747 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €12,819 | €25,651 | +€12,832 | +100% |
| Income taxes | 67/77 | €672 | €8,241 | +€7,569 | +1,126% |
| Profit (loss) for the period | 9904 | €12,147 | €17,410 | +€5,263 | +43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,147 | €17,410 | +€5,263 | +43.3% |
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 27 October 2026 via checked.be.