Voyages Star: 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 Star
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+116%), from €1.9m to €4.0m
of which Leasing and similar rights: +€2.4m
- Receivables within one year -€418,299
down €418,299 (-43.9%), from €952,149 to €533,850
of which Trade receivables: -€393,942
- Cash -€56,712
down €56,712 (-18.1%), from €313,386 to €256,674
mainly Investment in fixed assets (net) (-€2.6m) and Trade debts (-€359,226)
- Debts after one year +€2.0m
up €2.0m (+116%), from €1.7m to €3.7m
of which Financial debts: +€1.9m
- Trade debts -€359,226
down €359,226 (-53.9%), from €666,983 to €307,758
- Current portion of long-term debt +€260,485
up €260,485 (+80.9%), from €322,038 to €582,522
- Other debts -€128,050
down €128,050 (-75.9%), from €168,817 to €40,767
- Profit (loss) carried forward -€86,247
down €86,247 (-1,139%), from -€7,570 to -€93,817
- Staff costs +€281,945
up €281,945 (+22.2%), from €1.3m to €1.6m
- Gross operating margin +€206,536
up €206,536 (+10.7%), from €1.9m to €2.1m
- Depreciation +€164,442
up €164,442 (+52.3%), from €314,406 to €478,849
- Taxes -€61,202
down €61,202 (-90.9%), from €67,333 to €6,131
- Financial charges +€41,990
up €41,990 (+54.0%), from €77,764 to €119,755
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 | €3,308,010 | €4,982,980 | +€1.7m | +50.6% |
| Fixed assets | 21/28 | €2,011,422 | €4,154,376 | +€2.1m | +107% |
| Intangible fixed assets | 21 | €98,129 | €70,059 | -€28,071 | -28.6% |
| Tangible fixed assets | 22/27 | €1,875,910 | €4,048,989 | +€2.2m | +116% |
| Land and buildings | 22 | €31,097 | €64,513 | +€33,415 | +107% |
| Plant, machinery and equipment | 23 | €35,694 | €27,270 | -€8,424 | -23.6% |
| Furniture and vehicles | 24 | €1,452,407 | €1,234,141 | -€218,265 | -15.0% |
| Leasing and similar rights | 25 | €342,136 | €2,723,064 | +€2.4m | +696% |
| Assets under construction and advance payments | 27 | €14,575 | - | -€14,575 | |
| Financial fixed assets | 28 | €37,383 | €35,328 | -€2,055 | -5.5% |
| Current assets | 29/58 | €1,296,588 | €828,604 | -€467,984 | -36.1% |
| Stocks and contracts in progress | 3 | €13,477 | €13,699 | +€222 | +1.6% |
| Stocks | 30/36 | €13,477 | €13,699 | +€222 | +1.6% |
| Amounts receivable within one year | 40/41 | €952,149 | €533,850 | -€418,299 | -43.9% |
| Trade receivables | 40 | €848,480 | €454,539 | -€393,942 | -46.4% |
| Other amounts receivable | 41 | €103,669 | €79,312 | -€24,357 | -23.5% |
| Cash at bank and in hand | 54/58 | €313,386 | €256,674 | -€56,712 | -18.1% |
| Deferred charges and accrued income | 490/1 | €17,577 | €24,381 | +€6,804 | +38.7% |
| Total equity and liabilities | 10/49 | €3,308,010 | €4,982,980 | +€1.7m | +50.6% |
| Equity | 10/15 | €185,686 | €143,190 | -€42,496 | -22.9% |
| Contributions | 10/11 | €67,000 | €67,000 | = | 0.0% |
| Capital | 10 | €67,000 | €67,000 | = | 0.0% |
| Issued capital | 100 | €67,000 | €67,000 | = | 0.0% |
| Reserves | 13 | €126,256 | €170,007 | +€43,751 | +34.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €121,295 | €165,045 | +€43,751 | +36.1% |
| Distributable reserves | 133 | €3,102 | €3,102 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,570 | -€93,817 | -€86,247 | -1,139% |
| Amounts payable | 17/49 | €3,122,324 | €4,839,790 | +€1.7m | +55.0% |
| Amounts payable after more than one year | 17 | €1,695,046 | €3,655,347 | +€2.0m | +116% |
| Financial debts | 170/4 | €1,215,480 | €3,141,714 | +€1.9m | +158% |
| Other amounts payable | 178/9 | €479,566 | €513,633 | +€34,068 | +7.1% |
| Amounts payable within one year | 42/48 | €1,382,610 | €1,151,542 | -€231,068 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €322,038 | €582,522 | +€260,485 | +80.9% |
| Trade debts | 44 | €666,983 | €307,758 | -€359,226 | -53.9% |
| Suppliers | 440/4 | €666,983 | €307,758 | -€359,226 | -53.9% |
| Taxes, remuneration and social security | 45 | €224,772 | €220,495 | -€4,277 | -1.9% |
| Taxes | 450/3 | €67,331 | €77,032 | +€9,701 | +14.4% |
| Remuneration and social security | 454/9 | €157,441 | €143,463 | -€13,978 | -8.9% |
| Other amounts payable | 47/48 | €168,817 | €40,767 | -€128,050 | -75.9% |
| Accrued charges and deferred income | 492/3 | €44,669 | €32,900 | -€11,768 | -26.3% |
| Non-recurring operating income | 76A | €48,794 | €43,751 | -€5,043 | -10.3% |
| Remuneration, social security and pensions | 62 | €1,269,058 | €1,551,003 | +€281,945 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314,406 | €478,849 | +€164,442 | +52.3% |
| Other operating charges | 640/8 | €14,646 | €16,328 | +€1,682 | +11.5% |
| Non-recurring operating charges | 66A | €4,037 | €10,550 | +€6,513 | +161% |
| Gross operating margin | 9900 | €1,925,808 | €2,132,344 | +€206,536 | +10.7% |
| Operating profit (loss) | 9901 | €323,660 | €75,614 | -€248,046 | -76.6% |
| Financial income | 75/76B | €5,560 | €7,775 | +€2,214 | +39.8% |
| Recurring financial income | 75 | €5,560 | €7,775 | +€2,214 | +39.8% |
| Financial charges | 65/66B | €77,764 | €119,755 | +€41,990 | +54.0% |
| Recurring financial charges | 65 | €77,764 | €119,755 | +€41,990 | +54.0% |
| Profit (loss) for the period before taxes | 9903 | €251,457 | -€36,366 | -€287,822 | |
| Income taxes | 67/77 | €67,333 | €6,131 | -€61,202 | -90.9% |
| Profit (loss) for the period | 9904 | €184,124 | -€42,496 | -€226,620 | |
| Transfer to tax-exempt reserves | 689 | €48,794 | €43,751 | -€5,043 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €135,330 | -€86,247 | -€221,577 |
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 1 November 2026 via checked.be.