What changed?
Two fiscal 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.
What changed
Rederij Thysebaerdt
NACE 03.110, Fishing and aquaculture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€290,257
2024 · €156,304-€446,561
Equity
€1.8m
2024 · €2.2m-€383,083
Cash
€409,833
2024 · €835,873-€426,040
Balance sheet total
€5.1m
2024 · €5.5m-€388,164
Largest movements
Assets
- Cash -€426,040
down €426,040 (-51.0%), from €835,873 to €409,833
mainly Current investments (-€364,788) and Net result for the year (-€290,257)
- Tangible fixed assets -€393,794
down €393,794 (-8.7%), from €4.5m to €4.1m
of which Furniture and vehicles: -€311,499
- Current investments +€364,788
new in 2025: €364,788
Equity and liabilities
- Profit (loss) carried forward -€235,299
down €235,299 (-82.8%), from -€284,246 to -€519,545
- Debts after one year -€131,043
down €131,043 (-4.9%), from €2.7m to €2.5m
- Investment grants -€92,825
down €92,825 (-14.9%), from €623,128 to €530,303
- Current portion of long-term debt +€86,898
up €86,898 (+34.0%), from €255,420 to €342,318
- Trade debts +€82,937
up €82,937 (+525.6%), from €15,779 to €98,716
Income statement
- Gross operating margin -€513,486
down €513,486 (-40.6%), from €1.3m to €750,445
- Staff costs -€43,470
down €43,470 (-6.7%), from €649,192 to €605,722
- Taxes -€21,132
down €21,132 (-98.2%), from €21,522 to €390
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.
Result 2024
€156,304
Gross operating margin
-€513,486
Staff costs
+€43,470
Depreciation
-€528
Other operating charges
+€7,041
Financial income
-€1,589
Financial charges
-€1,023
Taxes
+€21,132
Deferred taxes and other
-€1,579
Result 2025
-€290,257
Cash bridge derived
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.
From operations
+€198,025
Investment
-€487,095
Financing
-€136,970
Cash 2024
€835,873
From operations (derived)
+€198,025
Net result for the year
-€290,257
Depreciation
+€525,504
Receivables within one year
-€38,499
Deferred charges and accrued income
-€37,786
Provisions
-€31,697
Trade debts
+€82,937
Tax, wage and social debts
-€10,486
Accrued charges and deferred income
-€1,690
Investment (derived)
-€487,095
Investment in fixed assets (net)
-€122,307
Current investments
-€364,788
Financing
-€136,970
Debts after one year
-€131,043
Current portion of long-term debt
+€86,898
Contributions, distributions and other
-€92,826
Cash 2025
€409,833
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,454,745 | €5,066,581 | -€388,164 | -7.1% |
| Fixed assets | 21/28 | €4,557,914 | €4,154,717 | -€403,197 | -8.8% |
| Intangible fixed assets | 21 | €47,854 | €38,451 | -€9,403 | -19.6% |
| Tangible fixed assets | 22/27 | €4,510,060 | €4,116,266 | -€393,794 | -8.7% |
| Land and buildings | 22 | €366,535 | €352,037 | -€14,498 | -4.0% |
| Plant, machinery and equipment | 23 | €454,473 | €396,410 | -€58,063 | -12.8% |
| Furniture and vehicles | 24 | €3,642,721 | €3,331,222 | -€311,499 | -8.6% |
| Leasing and similar rights | 25 | €46,331 | €36,597 | -€9,734 | -21.0% |
| Current assets | 29/58 | €896,831 | €911,864 | +€15,033 | +1.7% |
| Amounts receivable within one year | 40/41 | €27,374 | €65,873 | +€38,499 | +140.6% |
| Trade receivables | 40 | €39 | €41,841 | +€41,802 | +107185.6% |
| Other amounts receivable | 41 | €27,335 | €24,031 | -€3,304 | -12.1% |
| Current investments | 50/53 | - | €364,788 | +€364,788 | |
| Cash at bank and in hand | 54/58 | €835,873 | €409,833 | -€426,040 | -51.0% |
| Deferred charges and accrued income | 490/1 | €33,584 | €71,370 | +€37,786 | +112.5% |
| Total equity and liabilities | 10/49 | €5,454,745 | €5,066,581 | -€388,164 | -7.1% |
| Equity | 10/15 | €2,160,202 | €1,777,119 | -€383,083 | -17.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,802,770 | €1,747,811 | -€54,959 | -3.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €569,506 | €514,548 | -€54,958 | -9.7% |
| Distributable reserves | 133 | €1,231,409 | €1,231,408 | -€1 | 0.0% |
| Profit (loss) carried forward | 14 | -€284,246 | -€519,545 | -€235,299 | -82.8% |
| Investment grants | 15 | €623,128 | €530,303 | -€92,825 | -14.9% |
| Provisions and deferred taxes | 16 | €280,177 | €248,480 | -€31,697 | -11.3% |
| Deferred taxes | 168 | €280,177 | €248,480 | -€31,697 | -11.3% |
| Amounts payable | 17/49 | €3,014,366 | €3,040,982 | +€26,616 | +0.9% |
| Amounts payable after more than one year | 17 | €2,660,808 | €2,529,765 | -€131,043 | -4.9% |
| Financial debts | 170/4 | €2,660,808 | €2,529,765 | -€131,043 | -4.9% |
| Amounts payable within one year | 42/48 | €350,742 | €510,091 | +€159,349 | +45.4% |
| Current portion of amounts payable after more than one year | 42 | €255,420 | €342,318 | +€86,898 | +34.0% |
| Trade debts | 44 | €15,779 | €98,716 | +€82,937 | +525.6% |
| Suppliers | 440/4 | €15,779 | €98,716 | +€82,937 | +525.6% |
| Taxes, remuneration and social security | 45 | €79,543 | €69,057 | -€10,486 | -13.2% |
| Taxes | 450/3 | €48,692 | €27,248 | -€21,444 | -44.0% |
| Remuneration and social security | 454/9 | €30,851 | €41,808 | +€10,957 | +35.5% |
| Accrued charges and deferred income | 492/3 | €2,816 | €1,126 | -€1,690 | -60.0% |
| Non-recurring operating income | 76A | €1,240 | - | -€1,240 | |
| Remuneration, social security and pensions | 62 | €649,192 | €605,722 | -€43,470 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €524,976 | €525,504 | +€528 | +0.1% |
| Other operating charges | 640/8 | €11,676 | €4,635 | -€7,041 | -60.3% |
| Gross operating margin | 9900 | €1,263,931 | €750,445 | -€513,486 | -40.6% |
| Operating profit (loss) | 9901 | €78,087 | -€385,415 | -€463,502 | |
| Financial income | 75/76B | €104,040 | €102,451 | -€1,589 | -1.5% |
| Recurring financial income | 75 | €104,040 | €102,451 | -€1,589 | -1.5% |
| Financial charges | 65/66B | €37,578 | €38,601 | +€1,023 | +2.7% |
| Recurring financial charges | 65 | €37,578 | €38,601 | +€1,023 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €144,549 | -€321,565 | -€466,114 | |
| Transfer from deferred taxes | 780 | €33,277 | €31,698 | -€1,579 | -4.7% |
| Income taxes | 67/77 | €21,522 | €390 | -€21,132 | -98.2% |
| Profit (loss) for the period | 9904 | €156,304 | -€290,257 | -€446,561 | |
| Transfer from tax-exempt reserves | 789 | €54,958 | €54,958 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €211,262 | -€235,299 | -€446,561 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 September 2026 via checked.be.