VOYAGES PLUS: 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 PLUS
Largest movements
- Receivables within one year +€24,624
up €24,624 (+41.8%), from €58,973 to €83,597
of which Trade receivables: +€34,265
- Current investments +€12,000
new in 2025: €12,000
- Tangible fixed assets +€11,984
new in 2025: €11,984
of which Plant, machinery and equipment: +€11,319
- Cash -€5,882
down €5,882 (-2.6%), from €230,591 to €224,709
mainly Advances received (-€28,407) and Receivables within one year (-€24,624)
- Deferred charges and accrued income -€4,800
no longer reported in 2025 (was €4,800)
- Trade debts +€55,357
up €55,357 (+285%), from €19,439 to €74,796
- Advances received -€28,407
down €28,407 (-24.4%), from €116,365 to €87,958
- Profit (loss) carried forward +€15,484
up €15,484 (+28.8%), from €53,809 to €69,293
- Provisions -€12,000
down €12,000 (-50.0%), from €24,000 to €12,000
- Tax, wage and social debts +€6,670
up €6,670 (+50.6%), from €13,177 to €19,847
of which Taxes: +€8,120
- Gross operating margin -€49,257
down €49,257 (-26.1%), from €188,977 to €139,720
- Staff costs -€25,779
down €25,779 (-17.7%), from €145,978 to €120,199
- Provisions -€12,000
new in 2025: -€12,000
- Depreciation -€4,682
down €4,682 (-66.6%), from €7,028 to €2,345
- Taxes +€2,929
up €2,929 (+53.7%), from €5,451 to €8,380
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 | €305,593 | €341,724 | +€36,131 | +11.8% |
| Fixed assets | 21/28 | €11,229 | €21,418 | +€10,189 | +90.7% |
| Intangible fixed assets | 21 | €2,667 | €672 | -€1,995 | -74.8% |
| Tangible fixed assets | 22/27 | - | €11,984 | +€11,984 | |
| Plant, machinery and equipment | 23 | - | €11,319 | +€11,319 | |
| Furniture and vehicles | 24 | - | €665 | +€665 | |
| Financial fixed assets | 28 | €8,562 | €8,762 | +€200 | +2.3% |
| Current assets | 29/58 | €294,364 | €320,306 | +€25,942 | +8.8% |
| Amounts receivable within one year | 40/41 | €58,973 | €83,597 | +€24,624 | +41.8% |
| Trade receivables | 40 | €29,898 | €64,163 | +€34,265 | +115% |
| Other amounts receivable | 41 | €29,076 | €19,435 | -€9,641 | -33.2% |
| Current investments | 50/53 | - | €12,000 | +€12,000 | |
| Cash at bank and in hand | 54/58 | €230,591 | €224,709 | -€5,882 | -2.6% |
| Deferred charges and accrued income | 490/1 | €4,800 | - | -€4,800 | |
| Total equity and liabilities | 10/49 | €305,593 | €341,724 | +€36,131 | +11.8% |
| Equity | 10/15 | €132,612 | €147,124 | +€14,512 | +10.9% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €15,003 | €15,003 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €8,753 | €8,753 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,809 | €69,293 | +€15,484 | +28.8% |
| Investment grants | 15 | €1,300 | €328 | -€972 | -74.8% |
| Provisions and deferred taxes | 16 | €24,000 | €12,000 | -€12,000 | -50.0% |
| Provisions for liabilities and charges | 160/5 | €24,000 | €12,000 | -€12,000 | -50.0% |
| Other liabilities and charges | 164/5 | €24,000 | €12,000 | -€12,000 | -50.0% |
| Amounts payable | 17/49 | €148,981 | €182,601 | +€33,619 | +22.6% |
| Amounts payable within one year | 42/48 | €148,981 | €182,601 | +€33,619 | +22.6% |
| Trade debts | 44 | €19,439 | €74,796 | +€55,357 | +285% |
| Suppliers | 440/4 | €19,439 | €74,796 | +€55,357 | +285% |
| Advances received on contracts in progress | 46 | €116,365 | €87,958 | -€28,407 | -24.4% |
| Taxes, remuneration and social security | 45 | €13,177 | €19,847 | +€6,670 | +50.6% |
| Taxes | 450/3 | - | €8,120 | +€8,120 | |
| Remuneration and social security | 454/9 | €13,177 | €11,727 | -€1,450 | -11.0% |
| Remuneration, social security and pensions | 62 | €145,978 | €120,199 | -€25,779 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,028 | €2,345 | -€4,682 | -66.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €862 | - | -€862 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€12,000 | -€12,000 | |
| Other operating charges | 640/8 | €3,649 | €6,277 | +€2,628 | +72.0% |
| Non-recurring operating charges | 66A | €1,790 | - | -€1,790 | |
| Gross operating margin | 9900 | €188,977 | €139,720 | -€49,257 | -26.1% |
| Operating profit (loss) | 9901 | €29,671 | €22,899 | -€6,772 | -22.8% |
| Financial income | 75/76B | €974 | €1,985 | +€1,012 | +104% |
| Recurring financial income | 75 | €974 | €1,985 | +€1,012 | +104% |
| Financial charges | 65/66B | €1,522 | €1,021 | -€501 | -32.9% |
| Recurring financial charges | 65 | €1,522 | €1,021 | -€501 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €29,123 | €23,864 | -€5,259 | -18.1% |
| Income taxes | 67/77 | €5,451 | €8,380 | +€2,929 | +53.7% |
| Profit (loss) for the period | 9904 | €23,672 | €15,484 | -€8,188 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,672 | €15,484 | -€8,188 | -34.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.