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.
REDERIJ Z.189
Largest movements
- Cash -€132,895
down €132,895 (-37.7%), from €352,771 to €219,876
mainly Investment in fixed assets (net) (-€138,853) and Net result for the year (-€65,701)
- Tangible fixed assets +€58,678
up €58,678 (+9.5%), from €619,117 to €677,795
of which Plant, machinery and equipment: +€113,678
- Receivables within one year -€19,979
down €19,979 (-46.1%), from €43,370 to €23,391
- Profit (loss) carried forward -€65,701
down €65,701 (-54.3%), from €120,995 to €55,294
- Trade debts +€59,807
up €59,807 (+346.6%), from €17,253 to €77,060
- Debts after one year -€43,052
down €43,052 (-13.8%), from €311,828 to €268,776
of which Other amounts payable: -€24,330
- Tax, wage and social debts -€42,997
down €42,997 (-56.5%), from €76,089 to €33,092
of which Taxes: -€41,686
- Gross operating margin -€174,669
down €174,669 (-37.3%), from €468,603 to €293,934
- Staff costs -€49,228
down €49,228 (-15.9%), from €309,670 to €260,442
- Provisions -€31,500
no longer reported in 2025 (was €31,500)
- Taxes -€19,049
no longer reported in 2025 (was €19,049)
- Depreciation +€13,077
up €13,077 (+19.4%), from €67,340 to €80,418
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,023,355 | €933,792 | -€89,563 | -8.8% |
| Formation expenses | 20 | €359 | €116 | -€243 | -67.7% |
| Fixed assets | 21/28 | €621,067 | €679,745 | +€58,678 | +9.4% |
| Tangible fixed assets | 22/27 | €619,117 | €677,795 | +€58,678 | +9.5% |
| Plant, machinery and equipment | 23 | €35,348 | €149,026 | +€113,678 | +321.6% |
| Furniture and vehicles | 24 | €583,769 | €528,769 | -€55,000 | -9.4% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €401,930 | €253,931 | -€147,998 | -36.8% |
| Amounts receivable within one year | 40/41 | €43,370 | €23,391 | -€19,979 | -46.1% |
| Other amounts receivable | 41 | €43,370 | €23,391 | -€19,979 | -46.1% |
| Cash at bank and in hand | 54/58 | €352,771 | €219,876 | -€132,895 | -37.7% |
| Deferred charges and accrued income | 490/1 | €5,789 | €10,664 | +€4,876 | +84.2% |
| Total equity and liabilities | 10/49 | €1,023,355 | €933,792 | -€89,563 | -8.8% |
| Equity | 10/15 | €511,025 | €443,848 | -€67,176 | -13.1% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Revaluation surpluses | 12 | €210,000 | €210,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,995 | €55,294 | -€65,701 | -54.3% |
| Investment grants | 15 | €10,030 | €8,555 | -€1,475 | -14.7% |
| Provisions and deferred taxes | 16 | €32,933 | €32,722 | -€211 | -0.6% |
| Provisions for liabilities and charges | 160/5 | €31,500 | €31,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €31,500 | €31,500 | = | 0.0% |
| Deferred taxes | 168 | €1,433 | €1,222 | -€211 | -14.7% |
| Amounts payable | 17/49 | €479,397 | €457,221 | -€22,176 | -4.6% |
| Amounts payable after more than one year | 17 | €311,828 | €268,776 | -€43,052 | -13.8% |
| Financial debts | 170/4 | €35,000 | €16,278 | -€18,722 | -53.5% |
| Other amounts payable | 178/9 | €276,828 | €252,498 | -€24,330 | -8.8% |
| Amounts payable within one year | 42/48 | €165,077 | €186,369 | +€21,293 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €61,671 | €59,089 | -€2,583 | -4.2% |
| Trade debts | 44 | €17,253 | €77,060 | +€59,807 | +346.6% |
| Suppliers | 440/4 | €17,253 | €77,060 | +€59,807 | +346.6% |
| Taxes, remuneration and social security | 45 | €76,089 | €33,092 | -€42,997 | -56.5% |
| Taxes | 450/3 | €65,579 | €23,893 | -€41,686 | -63.6% |
| Remuneration and social security | 454/9 | €10,510 | €9,199 | -€1,311 | -12.5% |
| Other amounts payable | 47/48 | €10,064 | €17,129 | +€7,066 | +70.2% |
| Accrued charges and deferred income | 492/3 | €2,493 | €2,076 | -€417 | -16.7% |
| Remuneration, social security and pensions | 62 | €309,670 | €260,442 | -€49,228 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,340 | €80,418 | +€13,077 | +19.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €31,500 | - | -€31,500 | |
| Other operating charges | 640/8 | €4,822 | €4,002 | -€820 | -17.0% |
| Gross operating margin | 9900 | €468,603 | €293,934 | -€174,669 | -37.3% |
| Operating profit (loss) | 9901 | €55,271 | -€50,928 | -€106,198 | |
| Financial income | 75/76B | €1,475 | €2,153 | +€678 | +46.0% |
| Recurring financial income | 75 | €1,475 | €2,153 | +€678 | +46.0% |
| Financial charges | 65/66B | €15,802 | €17,138 | +€1,336 | +8.5% |
| Recurring financial charges | 65 | €15,802 | €17,138 | +€1,336 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €40,944 | -€65,912 | -€106,856 | |
| Transfer from deferred taxes | 780 | €211 | €211 | = | 0.0% |
| Income taxes | 67/77 | €19,049 | - | -€19,049 | |
| Profit (loss) for the period | 9904 | €22,105 | -€65,701 | -€87,807 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,105 | -€65,701 | -€87,807 |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.