BELSTARS: 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.
BELSTARS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward -€159,681
down €159,681 (-32.1%), from -€498,058 to -€657,739
- Debts after one year +€132,971
up €132,971 (+6.9%), from €1.9m to €2.0m
- Trade debts +€39,342
up €39,342 (+34.7%), from €113,286 to €152,628
- Gross operating margin -€12,705
down €12,705 (-53.0%), from -€23,974 to -€36,678
- Other operating charges +€8,078
up €8,078 (+30.5%), from €26,456 to €34,534
- Financial charges +€3,696
up €3,696 (+7.2%), from €51,332 to €55,028
- Depreciation +€2,091
up €2,091 (+6.7%), from €31,349 to €33,440
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 | €1,658,066 | €1,668,840 | +€10,774 | +0.6% |
| Fixed assets | 21/28 | €1,658,018 | €1,663,468 | +€5,451 | +0.3% |
| Tangible fixed assets | 22/27 | €1,658,018 | €1,663,468 | +€5,451 | +0.3% |
| Land and buildings | 22 | €1,519,883 | €1,527,633 | +€7,750 | +0.5% |
| Furniture and vehicles | 24 | €138,135 | €135,836 | -€2,299 | -1.7% |
| Current assets | 29/58 | €48 | €5,372 | +€5,324 | +11,006% |
| Amounts receivable within one year | 40/41 | - | €5,372 | +€5,372 | |
| Trade receivables | 40 | - | €5,372 | +€5,372 | |
| Cash at bank and in hand | 54/58 | €48 | €0 | -€48 | -100% |
| Total equity and liabilities | 10/49 | €1,658,066 | €1,668,840 | +€10,774 | +0.6% |
| Equity | 10/15 | -€374,058 | -€533,739 | -€159,681 | -42.7% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Contributions outside capital | 11 | €124,000 | €124,000 | = | 0.0% |
| Other | 1109/19 | €124,000 | €124,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€498,058 | -€657,739 | -€159,681 | -32.1% |
| Amounts payable | 17/49 | €2,032,124 | €2,202,580 | +€170,455 | +8.4% |
| Amounts payable after more than one year | 17 | €1,916,981 | €2,049,952 | +€132,971 | +6.9% |
| Other amounts payable | 178/9 | €1,916,981 | €2,049,952 | +€132,971 | +6.9% |
| Amounts payable within one year | 42/48 | €115,144 | €152,628 | +€37,485 | +32.6% |
| Trade debts | 44 | €113,286 | €152,628 | +€39,342 | +34.7% |
| Suppliers | 440/4 | €113,286 | €152,628 | +€39,342 | +34.7% |
| Taxes, remuneration and social security | 45 | €1,857 | €0 | -€1,857 | -100% |
| Taxes | 450/3 | €1,857 | €0 | -€1,857 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,349 | €33,440 | +€2,091 | +6.7% |
| Other operating charges | 640/8 | €26,456 | €34,534 | +€8,078 | +30.5% |
| Gross operating margin | 9900 | -€23,974 | -€36,678 | -€12,705 | -53.0% |
| Operating profit (loss) | 9901 | -€81,779 | -€104,653 | -€22,874 | -28.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €51,332 | €55,028 | +€3,696 | +7.2% |
| Recurring financial charges | 65 | €51,332 | €55,028 | +€3,696 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€133,111 | -€159,681 | -€26,570 | -20.0% |
| Profit (loss) for the period | 9904 | -€133,111 | -€159,681 | -€26,570 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€133,111 | -€159,681 | -€26,570 | -20.0% |
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 16 October 2026 via checked.be.