VOYAGES PENNING: 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 PENNING
Largest movements
- Receivables within one year -€407,490
down €407,490 (-88.7%), from €459,532 to €52,042
of which Trade receivables: -€433,338
- Current investments +€250,000
up €250,000 (+167%), from €150,000 to €400,000
- Deferred charges and accrued income +€220,985
up €220,985 (+44.3%), from €498,994 to €719,979
- Cash -€182,824
down €182,824 (-53.8%), from €339,913 to €157,089
mainly Current investments (-€250,000) and Advances received (-€234,605)
- Tangible fixed assets -€141,177
down €141,177 (-11.6%), from €1.2m to €1.1m
of which Land and buildings: -€142,847
- Advances received -€234,605
down €234,605 (-20.8%), from €1.1m to €891,240
- Trade debts +€151,415
up €151,415 (+668%), from €22,654 to €174,069
- Profit (loss) carried forward -€96,587
down €96,587 (-122%), from -€79,459 to -€176,046
- Tax, wage and social debts -€63,160
down €63,160 (-75.7%), from €83,412 to €20,252
of which Taxes: -€71,549
- Debts after one year -€44,248
down €44,248 (-10.6%), from €418,649 to €374,401
of which Financial debts: -€42,548
- Gross operating margin -€236,883
down €236,883 (-70.3%), from €336,831 to €99,948
- Staff costs +€55,771
up €55,771 (+125%), from €44,774 to €100,545
- Taxes -€54,596
down €54,596 (-99.1%), from €55,066 to €470
- Other operating charges -€16,532
down €16,532 (-46.4%), from €35,622 to €19,090
- Financial income -€6,907
down €6,907 (-46.4%), from €14,875 to €7,968
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 | €2,670,746 | €2,410,240 | -€260,506 | -9.8% |
| Fixed assets | 21/28 | €1,222,307 | €1,081,130 | -€141,177 | -11.6% |
| Tangible fixed assets | 22/27 | €1,222,057 | €1,080,880 | -€141,177 | -11.6% |
| Land and buildings | 22 | €1,025,589 | €882,742 | -€142,847 | -13.9% |
| Plant, machinery and equipment | 23 | €6,465 | €5,413 | -€1,052 | -16.3% |
| Furniture and vehicles | 24 | €10,350 | €66,945 | +€56,595 | +547% |
| Other tangible fixed assets | 26 | €179,653 | €125,780 | -€53,873 | -30.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,448,439 | €1,329,110 | -€119,329 | -8.2% |
| Amounts receivable within one year | 40/41 | €459,532 | €52,042 | -€407,490 | -88.7% |
| Trade receivables | 40 | €459,017 | €25,679 | -€433,338 | -94.4% |
| Other amounts receivable | 41 | €515 | €26,363 | +€25,848 | +5,019% |
| Current investments | 50/53 | €150,000 | €400,000 | +€250,000 | +167% |
| Cash at bank and in hand | 54/58 | €339,913 | €157,089 | -€182,824 | -53.8% |
| Deferred charges and accrued income | 490/1 | €498,994 | €719,979 | +€220,985 | +44.3% |
| Total equity and liabilities | 10/49 | €2,670,746 | €2,410,240 | -€260,506 | -9.8% |
| Equity | 10/15 | €875,541 | €778,954 | -€96,587 | -11.0% |
| Contributions | 10/11 | €955,000 | €955,000 | = | 0.0% |
| Capital | 10 | €955,000 | €955,000 | = | 0.0% |
| Issued capital | 100 | €955,000 | €955,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,459 | -€176,046 | -€96,587 | -122% |
| Amounts payable | 17/49 | €1,795,205 | €1,631,286 | -€163,919 | -9.1% |
| Amounts payable after more than one year | 17 | €418,649 | €374,401 | -€44,248 | -10.6% |
| Financial debts | 170/4 | €413,399 | €370,851 | -€42,548 | -10.3% |
| Other amounts payable | 178/9 | €5,250 | €3,550 | -€1,700 | -32.4% |
| Amounts payable within one year | 42/48 | €1,280,083 | €1,128,309 | -€151,774 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €47,972 | €42,548 | -€5,424 | -11.3% |
| Trade debts | 44 | €22,654 | €174,069 | +€151,415 | +668% |
| Suppliers | 440/4 | €22,654 | €174,069 | +€151,415 | +668% |
| Advances received on contracts in progress | 46 | €1,125,845 | €891,240 | -€234,605 | -20.8% |
| Taxes, remuneration and social security | 45 | €83,412 | €20,252 | -€63,160 | -75.7% |
| Taxes | 450/3 | €75,263 | €3,714 | -€71,549 | -95.1% |
| Remuneration and social security | 454/9 | €8,149 | €16,538 | +€8,389 | +103% |
| Other amounts payable | 47/48 | €200 | €200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €96,473 | €128,576 | +€32,103 | +33.3% |
| Non-recurring operating income | 76A | - | €829 | +€829 | |
| Remuneration, social security and pensions | 62 | €44,774 | €100,545 | +€55,771 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,926 | €53,359 | +€433 | +0.8% |
| Other operating charges | 640/8 | €35,622 | €19,090 | -€16,532 | -46.4% |
| Non-recurring operating charges | 66A | - | €16,285 | +€16,285 | |
| Gross operating margin | 9900 | €336,831 | €99,948 | -€236,883 | -70.3% |
| Operating profit (loss) | 9901 | €203,509 | -€89,331 | -€292,840 | |
| Financial income | 75/76B | €14,875 | €7,968 | -€6,907 | -46.4% |
| Recurring financial income | 75 | €14,875 | €7,968 | -€6,907 | -46.4% |
| Financial charges | 65/66B | €17,201 | €14,754 | -€2,447 | -14.2% |
| Recurring financial charges | 65 | €17,201 | €14,754 | -€2,447 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €201,183 | -€96,117 | -€297,300 | |
| Income taxes | 67/77 | €55,066 | €470 | -€54,596 | -99.1% |
| Profit (loss) for the period | 9904 | €146,117 | -€96,587 | -€242,704 | |
| Profit (loss) for the period to be appropriated | 9905 | €146,117 | -€96,587 | -€242,704 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.