BRD-STAR: 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.
BRD-STAR
Largest movements
- Intangible fixed assets -€21,326
down €21,326 (-49.1%), from €43,390 to €22,064
- Cash -€16,173
down €16,173 (-51.6%), from €31,356 to €15,183
mainly Net result for the year (-€15,756) and Debts after one year (-€12,365)
- Receivables within one year +€4,023
new in 2025: €4,023
- Tangible fixed assets -€3,741
down €3,741 (-43.8%), from €8,540 to €4,798
of which Plant, machinery and equipment: -€3,072
- Profit (loss) carried forward -€15,756
down €15,756 (-37.1%), from -€42,520 to -€58,276
- Debts after one year -€12,365
down €12,365 (-20.1%), from €61,464 to €49,099
of which Financial debts: -€27,179
- Tax, wage and social debts -€11,277
down €11,277 (-66.6%), from €16,929 to €5,652
of which Remuneration and social security: -€7,250
- Current portion of long-term debt +€1,133
up €1,133 (+4.3%), from €26,046 to €27,179
- Trade debts +€1,048
up €1,048 (+117.6%), from €891 to €1,939
- Gross operating margin +€24,980
up €24,980, from -€7,046 to €17,934
- Financial charges -€1,718
down €1,718 (-25.8%), from €6,657 to €4,939
- Other operating charges -€457
down €457 (-12.2%), from €3,742 to €3,285
- Depreciation -€386
down €386 (-1.5%), from €25,453 to €25,067
- Taxes +€204
up €204 (+104.5%), from €196 to €400
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 | €83,310 | €46,094 | -€37,217 | -44.7% |
| Fixed assets | 21/28 | €51,954 | €26,887 | -€25,067 | -48.2% |
| Intangible fixed assets | 21 | €43,390 | €22,064 | -€21,326 | -49.1% |
| Tangible fixed assets | 22/27 | €8,540 | €4,798 | -€3,741 | -43.8% |
| Plant, machinery and equipment | 23 | €7,608 | €4,535 | -€3,072 | -40.4% |
| Furniture and vehicles | 24 | €932 | €263 | -€669 | -71.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €31,356 | €19,206 | -€12,149 | -38.7% |
| Amounts receivable within one year | 40/41 | - | €4,023 | +€4,023 | |
| Trade receivables | 40 | - | €4,023 | +€4,023 | |
| Cash at bank and in hand | 54/58 | €31,356 | €15,183 | -€16,173 | -51.6% |
| Total equity and liabilities | 10/49 | €83,310 | €46,094 | -€37,217 | -44.7% |
| Equity | 10/15 | -€22,020 | -€37,776 | -€15,756 | -71.6% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €13,000 | €13,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,520 | -€58,276 | -€15,756 | -37.1% |
| Amounts payable | 17/49 | €105,330 | €83,870 | -€21,461 | -20.4% |
| Amounts payable after more than one year | 17 | €61,464 | €49,099 | -€12,365 | -20.1% |
| Financial debts | 170/4 | €53,130 | €25,951 | -€27,179 | -51.2% |
| Other amounts payable | 178/9 | €8,335 | €23,148 | +€14,814 | +177.7% |
| Amounts payable within one year | 42/48 | €43,866 | €34,770 | -€9,096 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €26,046 | €27,179 | +€1,133 | +4.3% |
| Trade debts | 44 | €891 | €1,939 | +€1,048 | +117.6% |
| Suppliers | 440/4 | €891 | €1,939 | +€1,048 | +117.6% |
| Taxes, remuneration and social security | 45 | €16,929 | €5,652 | -€11,277 | -66.6% |
| Taxes | 450/3 | €9,679 | €5,652 | -€4,027 | -41.6% |
| Remuneration and social security | 454/9 | €7,250 | - | -€7,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,453 | €25,067 | -€386 | -1.5% |
| Other operating charges | 640/8 | €3,742 | €3,285 | -€457 | -12.2% |
| Gross operating margin | 9900 | -€7,046 | €17,934 | +€24,980 | |
| Operating profit (loss) | 9901 | -€36,241 | -€10,418 | +€25,823 | +71.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €6,657 | €4,939 | -€1,718 | -25.8% |
| Recurring financial charges | 65 | €6,657 | €4,939 | -€1,718 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | -€42,898 | -€15,356 | +€27,542 | +64.2% |
| Income taxes | 67/77 | €196 | €400 | +€204 | +104.5% |
| Profit (loss) for the period | 9904 | -€43,094 | -€15,756 | +€27,338 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,094 | -€15,756 | +€27,338 | +63.4% |
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 5 October 2026 via checked.be.