BELLE 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.
BELLE STAR
Largest movements
- Cash -€18,746
down €18,746 (-65.4%), from €28,683 to €9,937
mainly Receivables within one year (-€11,625) and Trade debts (-€10,980)
- Receivables within one year +€11,625
up €11,625 (+13.4%), from €86,542 to €98,167
- Tangible fixed assets -€6,954
down €6,954 (-21.4%), from €32,504 to €25,550
- Stocks and contracts +€3,211
up €3,211 (+54.2%), from €5,926 to €9,136
- Trade debts -€10,980
down €10,980 (-18.5%), from €59,272 to €48,292
- Profit (loss) carried forward +€10,153
up €10,153 (+37.6%), from €26,988 to €37,141
- Debts after one year -€9,229
down €9,229 (-17.5%), from €52,827 to €43,598
of which Financial debts: -€9,229
- Staff costs +€35,076
up €35,076 (+89.8%), from €39,078 to €74,154
- Gross operating margin +€29,168
up €29,168 (+43.7%), from €66,743 to €95,911
- Other operating charges -€6,709
down €6,709 (-67.1%), from €9,995 to €3,286
- Financial income +€4,856
up €4,856 (+320%), from €1,516 to €6,373
- Taxes +€2,746
up €2,746 (+119%), from €2,302 to €5,048
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 | €154,698 | €143,833 | -€10,865 | -7.0% |
| Fixed assets | 21/28 | €33,547 | €26,592 | -€6,954 | -20.7% |
| Tangible fixed assets | 22/27 | €32,504 | €25,550 | -€6,954 | -21.4% |
| Furniture and vehicles | 24 | €32,504 | €25,550 | -€6,954 | -21.4% |
| Financial fixed assets | 28 | €1,042 | €1,042 | = | 0.0% |
| Current assets | 29/58 | €121,151 | €117,241 | -€3,910 | -3.2% |
| Stocks and contracts in progress | 3 | €5,926 | €9,136 | +€3,211 | +54.2% |
| Stocks | 30/36 | €5,926 | €9,136 | +€3,211 | +54.2% |
| Amounts receivable within one year | 40/41 | €86,542 | €98,167 | +€11,625 | +13.4% |
| Other amounts receivable | 41 | €86,542 | €98,167 | +€11,625 | +13.4% |
| Cash at bank and in hand | 54/58 | €28,683 | €9,937 | -€18,746 | -65.4% |
| Total equity and liabilities | 10/49 | €154,698 | €143,833 | -€10,865 | -7.0% |
| Equity | 10/15 | €33,188 | €43,341 | +€10,153 | +30.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,988 | €37,141 | +€10,153 | +37.6% |
| Amounts payable | 17/49 | €121,510 | €100,492 | -€21,018 | -17.3% |
| Amounts payable after more than one year | 17 | €52,827 | €43,598 | -€9,229 | -17.5% |
| Financial debts | 170/4 | €26,720 | €17,491 | -€9,229 | -34.5% |
| Other amounts payable | 178/9 | €26,107 | €26,107 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,683 | €56,894 | -€11,789 | -17.2% |
| Trade debts | 44 | €59,272 | €48,292 | -€10,980 | -18.5% |
| Suppliers | 440/4 | €59,272 | €48,292 | -€10,980 | -18.5% |
| Taxes, remuneration and social security | 45 | €9,411 | €8,602 | -€809 | -8.6% |
| Taxes | 450/3 | €4,401 | €3,991 | -€409 | -9.3% |
| Remuneration and social security | 454/9 | €5,010 | €4,611 | -€400 | -8.0% |
| Remuneration, social security and pensions | 62 | €39,078 | €74,154 | +€35,076 | +89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,421 | €8,053 | -€368 | -4.4% |
| Other operating charges | 640/8 | €9,995 | €3,286 | -€6,709 | -67.1% |
| Gross operating margin | 9900 | €66,743 | €95,911 | +€29,168 | +43.7% |
| Operating profit (loss) | 9901 | €9,249 | €10,419 | +€1,170 | +12.7% |
| Financial income | 75/76B | €1,516 | €6,373 | +€4,856 | +320% |
| Recurring financial income | 75 | €1,516 | €6,373 | +€4,856 | +320% |
| Financial charges | 65/66B | €1,559 | €1,591 | +€32 | +2.1% |
| Recurring financial charges | 65 | €1,559 | €1,591 | +€32 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €9,207 | €15,201 | +€5,995 | +65.1% |
| Income taxes | 67/77 | €2,302 | €5,048 | +€2,746 | +119% |
| Profit (loss) for the period | 9904 | €6,905 | €10,153 | +€3,248 | +47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,905 | €10,153 | +€3,248 | +47.0% |
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 24 October 2026 via checked.be.