14 STARS: what changed
14 STARS
Largest movements
- Receivables within one year -€267,874
down €267,874 (-85.0%), from €315,074 to €47,200
of which Trade receivables: -€305,201
- Stocks and contracts +€10,589
new in 2025: €10,589
- Cash -€3,981
down €3,981 (-72.6%), from €5,485 to €1,504
mainly Trade debts (-€270,828) and Stocks and contracts (-€10,589)
- Trade debts -€270,828
down €270,828 (-89.2%), from €303,764 to €32,936
- Debts after one year +€6,000
new in 2025: €6,000
- Profit (loss) carried forward +€5,944
up €5,944 (+56.0%), from €10,608 to €16,552
- Purchases and services +€251,319
up €251,319 (+485%), from €51,826 to €303,145
- Other operating charges +€6,078
new in 2025: €6,078
- Gross operating margin +€3,711
up €3,711 (+72.4%), from €5,123 to €8,834
- Turnover -€3,673
down €3,673 (-1.2%), from €299,013 to €295,340
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €320,559 | €59,293 | -€261,266 | -81.5% |
| Current assets | 29/58 | €320,559 | €59,293 | -€261,266 | -81.5% |
| Stocks and contracts in progress | 3 | - | €10,589 | +€10,589 | |
| Stocks | 30/36 | - | €10,589 | +€10,589 | |
| Amounts receivable within one year | 40/41 | €315,074 | €47,200 | -€267,874 | -85.0% |
| Trade receivables | 40 | €305,201 | - | -€305,201 | |
| Other amounts receivable | 41 | €9,873 | €47,200 | +€37,327 | +378% |
| Cash at bank and in hand | 54/58 | €5,485 | €1,504 | -€3,981 | -72.6% |
| Total equity and liabilities | 10/49 | €320,559 | €59,293 | -€261,266 | -81.5% |
| Equity | 10/15 | €10,608 | €16,552 | +€5,944 | +56.0% |
| Profit (loss) carried forward | 14 | €10,608 | €16,552 | +€5,944 | +56.0% |
| Amounts payable | 17/49 | €309,951 | €42,741 | -€267,210 | -86.2% |
| Amounts payable after more than one year | 17 | - | €6,000 | +€6,000 | |
| Other amounts payable | 178/9 | - | €6,000 | +€6,000 | |
| Amounts payable within one year | 42/48 | €309,951 | €36,741 | -€273,210 | -88.1% |
| Trade debts | 44 | €303,764 | €32,936 | -€270,828 | -89.2% |
| Suppliers | 440/4 | €303,764 | €32,936 | -€270,828 | -89.2% |
| Taxes, remuneration and social security | 45 | €6,187 | €3,805 | -€2,382 | -38.5% |
| Taxes | 450/3 | €6,187 | €3,805 | -€2,382 | -38.5% |
| Turnover | 70 | €299,013 | €295,340 | -€3,673 | -1.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €51,826 | €303,145 | +€251,319 | +485% |
| Other operating charges | 640/8 | - | €6,078 | +€6,078 | |
| Gross operating margin | 9900 | €5,123 | €8,834 | +€3,711 | +72.4% |
| Operating profit (loss) | 9901 | €5,123 | €2,755 | -€2,368 | -46.2% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | - | €183 | +€183 | |
| Recurring financial charges | 65 | - | €183 | +€183 | |
| Profit (loss) for the period before taxes | 9903 | €5,123 | €2,587 | -€2,536 | -49.5% |
| Income taxes | 67/77 | - | €517 | +€517 | |
| Profit (loss) for the period | 9904 | €5,123 | €2,069 | -€3,054 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,123 | €2,069 | -€3,054 | -59.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.