BLUE 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.
BLUE STAR
Largest movements
- Stocks and contracts -€61,184
down €61,184 (-8.5%), from €720,353 to €659,169
- Receivables within one year +€46,877
up €46,877 (+15.8%), from €295,954 to €342,831
of which Trade receivables: +€46,877
- Cash +€25,372
up €25,372 (+226%), from €11,246 to €36,618
mainly Stocks and contracts (+€61,184) and Short-term financial debts (+€50,000)
- Profit (loss) carried forward -€59,410
new in 2025: -€59,410
- Short-term financial debts +€50,000
up €50,000, from €0 to €50,000
- Gross operating margin +€66,921
up €66,921 (+31.1%), from €214,867 to €281,788
- Staff costs -€20,009
down €20,009 (-6.1%), from €325,493 to €305,485
- Financial charges +€6,116
up €6,116 (+27.7%), from €22,049 to €28,165
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 | €1,056,398 | €1,061,570 | +€5,172 | +0.5% |
| Fixed assets | 21/28 | €28,621 | €21,272 | -€7,349 | -25.7% |
| Tangible fixed assets | 22/27 | €28,621 | €21,272 | -€7,349 | -25.7% |
| Plant, machinery and equipment | 23 | €18,058 | €14,533 | -€3,525 | -19.5% |
| Furniture and vehicles | 24 | €10,563 | €6,739 | -€3,824 | -36.2% |
| Current assets | 29/58 | €1,027,777 | €1,040,298 | +€12,521 | +1.2% |
| Stocks and contracts in progress | 3 | €720,353 | €659,169 | -€61,184 | -8.5% |
| Stocks | 30/36 | €720,353 | €659,169 | -€61,184 | -8.5% |
| Amounts receivable within one year | 40/41 | €295,954 | €342,831 | +€46,877 | +15.8% |
| Trade receivables | 40 | €295,954 | €342,831 | +€46,877 | +15.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €11,246 | €36,618 | +€25,372 | +226% |
| Deferred charges and accrued income | 490/1 | €224 | €1,680 | +€1,456 | +649% |
| Total equity and liabilities | 10/49 | €1,056,398 | €1,061,570 | +€5,172 | +0.5% |
| Equity | 10/15 | €939,808 | €880,397 | -€59,410 | -6.3% |
| Contributions | 10/11 | €800,539 | €800,539 | = | 0.0% |
| Capital | 10 | €800,539 | €800,539 | = | 0.0% |
| Issued capital | 100 | €800,539 | €800,539 | = | 0.0% |
| Reserves | 13 | €139,269 | €139,269 | = | 0.0% |
| Non-distributable reserves | 130/1 | €39,419 | €39,419 | = | 0.0% |
| Legal reserve | 130 | €39,419 | €39,419 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,697 | €61,697 | = | 0.0% |
| Distributable reserves | 133 | €38,152 | €38,152 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€59,410 | -€59,410 | |
| Amounts payable | 17/49 | €116,590 | €181,172 | +€64,582 | +55.4% |
| Amounts payable within one year | 42/48 | €116,590 | €181,172 | +€64,582 | +55.4% |
| Financial debts | 43 | €0 | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | €0 | €50,000 | +€50,000 | |
| Trade debts | 44 | €42,694 | €45,894 | +€3,200 | +7.5% |
| Suppliers | 440/4 | €42,694 | €45,894 | +€3,200 | +7.5% |
| Taxes, remuneration and social security | 45 | €40,896 | €50,778 | +€9,883 | +24.2% |
| Taxes | 450/3 | €15,947 | €23,557 | +€7,609 | +47.7% |
| Remuneration and social security | 454/9 | €24,948 | €27,222 | +€2,273 | +9.1% |
| Other amounts payable | 47/48 | €33,000 | €34,500 | +€1,500 | +4.5% |
| Remuneration, social security and pensions | 62 | €325,493 | €305,485 | -€20,009 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,396 | €7,349 | -€47 | -0.6% |
| Other operating charges | 640/8 | €6,639 | €5,283 | -€1,356 | -20.4% |
| Gross operating margin | 9900 | €214,867 | €281,788 | +€66,921 | +31.1% |
| Operating profit (loss) | 9901 | -€124,661 | -€36,328 | +€88,333 | +70.9% |
| Financial income | 75/76B | €5,645 | €5,340 | -€305 | -5.4% |
| Recurring financial income | 75 | €5,645 | €5,340 | -€305 | -5.4% |
| Financial charges | 65/66B | €22,049 | €28,165 | +€6,116 | +27.7% |
| Recurring financial charges | 65 | €22,049 | €28,165 | +€6,116 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | -€141,065 | -€59,153 | +€81,913 | +58.1% |
| Income taxes | 67/77 | €518 | €258 | -€260 | -50.2% |
| Profit (loss) for the period | 9904 | -€141,584 | -€59,410 | +€82,173 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€141,584 | -€59,410 | +€82,173 | +58.0% |
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 28 October 2026 via checked.be.