CELESTAR: 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.
CELESTAR
Largest movements
- Receivables within one year -€281,984
down €281,984 (-42.7%), from €660,443 to €378,459
of which Trade receivables: -€282,640
- Cash +€262,367
up €262,367 (+163,754%), from €160 to €262,528
mainly Receivables within one year (+€281,984) and Trade debts (+€99,007)
- Tangible fixed assets -€62,019
down €62,019 (-14.4%), from €429,492 to €367,473
- Short-term financial debts -€116,063
no longer reported in 2025 (was €116,063)
- Trade debts +€99,007
up €99,007 (+28.2%), from €351,701 to €450,709
- Other debts -€71,219
down €71,219 (-46.7%), from €152,412 to €81,193
- Reserves +€63,900
up €63,900 (+30.1%), from €212,515 to €276,415
- Debts after one year -€52,689
down €52,689 (-30.4%), from €173,460 to €120,771
of which Financial debts: -€52,689
- Other operating charges +€11,199
up €11,199 (+105%), from €10,716 to €21,915
- Financial charges +€7,373
up €7,373 (+67.1%), from €10,996 to €18,369
- Taxes -€5,180
down €5,180 (-11.8%), from €43,855 to €38,675
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 | €1,220,008 | €1,144,511 | -€75,497 | -6.2% |
| Fixed assets | 21/28 | €429,492 | €367,473 | -€62,019 | -14.4% |
| Tangible fixed assets | 22/27 | €429,492 | €367,473 | -€62,019 | -14.4% |
| Land and buildings | 22 | €223,793 | €202,918 | -€20,875 | -9.3% |
| Furniture and vehicles | 24 | €155,250 | €126,058 | -€29,192 | -18.8% |
| Other tangible fixed assets | 26 | €50,449 | €38,497 | -€11,952 | -23.7% |
| Current assets | 29/58 | €790,517 | €777,038 | -€13,478 | -1.7% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €660,443 | €378,459 | -€281,984 | -42.7% |
| Trade receivables | 40 | €658,398 | €375,758 | -€282,640 | -42.9% |
| Other amounts receivable | 41 | €2,044 | €2,701 | +€657 | +32.1% |
| Current investments | 50/53 | €129,745 | €129,745 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €160 | €262,528 | +€262,367 | +163,754% |
| Deferred charges and accrued income | 490/1 | €169 | €6,307 | +€6,138 | +3,640% |
| Total equity and liabilities | 10/49 | €1,220,008 | €1,144,511 | -€75,497 | -6.2% |
| Equity | 10/15 | €319,387 | €383,365 | +€63,977 | +20.0% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €212,515 | €276,415 | +€63,900 | +30.1% |
| Distributable reserves | 133 | €212,515 | €276,415 | +€63,900 | +30.1% |
| Profit (loss) carried forward | 14 | €84,873 | €84,950 | +€77 | +0.1% |
| Amounts payable | 17/49 | €900,621 | €761,147 | -€139,474 | -15.5% |
| Amounts payable after more than one year | 17 | €173,460 | €120,771 | -€52,689 | -30.4% |
| Financial debts | 170/4 | €153,460 | €100,771 | -€52,689 | -34.3% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €727,161 | €640,376 | -€86,785 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €58,338 | €54,626 | -€3,713 | -6.4% |
| Financial debts | 43 | €116,063 | - | -€116,063 | |
| Credit institutions | 430/8 | €116,063 | - | -€116,063 | |
| Trade debts | 44 | €351,701 | €450,709 | +€99,007 | +28.2% |
| Suppliers | 440/4 | €351,701 | €450,709 | +€99,007 | +28.2% |
| Taxes, remuneration and social security | 45 | €48,646 | €53,848 | +€5,202 | +10.7% |
| Taxes | 450/3 | €40,965 | €45,773 | +€4,808 | +11.7% |
| Remuneration and social security | 454/9 | €7,681 | €8,074 | +€394 | +5.1% |
| Other amounts payable | 47/48 | €152,412 | €81,193 | -€71,219 | -46.7% |
| Remuneration, social security and pensions | 62 | €78,798 | €77,267 | -€1,531 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,601 | €66,270 | +€2,669 | +4.2% |
| Other operating charges | 640/8 | €10,716 | €21,915 | +€11,199 | +105% |
| Non-recurring operating charges | 66A | €184 | €254 | +€70 | +38.1% |
| Gross operating margin | 9900 | €287,621 | €286,662 | -€959 | -0.3% |
| Operating profit (loss) | 9901 | €134,321 | €120,956 | -€13,365 | -10.0% |
| Financial income | 75/76B | €720 | €66 | -€654 | -90.9% |
| Recurring financial income | 75 | €720 | €66 | -€654 | -90.9% |
| Financial charges | 65/66B | €10,996 | €18,369 | +€7,373 | +67.1% |
| Recurring financial charges | 65 | €10,996 | €18,369 | +€7,373 | +67.1% |
| Profit (loss) for the period before taxes | 9903 | €124,046 | €102,652 | -€21,393 | -17.2% |
| Income taxes | 67/77 | €43,855 | €38,675 | -€5,180 | -11.8% |
| Profit (loss) for the period | 9904 | €80,190 | €63,977 | -€16,213 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €80,190 | €63,977 | -€16,213 | -20.2% |
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 17 October 2026 via checked.be.