CIEL 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.
CIEL STAR
Largest movements
- Stocks and contracts +€74,374
up €74,374 (+386.1%), from €19,261 to €93,635
- Receivables within one year -€44,079
down €44,079 (-41.7%), from €105,771 to €61,692
of which Trade receivables: -€44,990
- Other debts +€26,120
up €26,120 (+421.9%), from €6,190 to €32,310
- Tax, wage and social debts -€22,997
down €22,997 (-65.2%), from €35,250 to €12,253
of which Remuneration and social security: -€22,398
- Reserves +€13,648
new in 2025: €13,648
- Profit (loss) carried forward +€6,347
no longer reported in 2025 (was -€6,347)
- Trade debts +€6,000
up €6,000 (+6.5%), from €91,814 to €97,814
- Gross operating margin +€21,529
up €21,529 (+705.6%), from €3,051 to €24,580
- Taxes +€920
up €920 (+40.9%), from €2,250 to €3,170
- Financial charges +€904
up €904 (+237.0%), from €381 to €1,285
- Other operating charges -€728
down €728 (-79.7%), from €914 to €186
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 | €127,609 | €156,615 | +€29,006 | +22.7% |
| Fixed assets | 21/28 | €1,400 | - | -€1,400 | |
| Financial fixed assets | 28 | €1,400 | - | -€1,400 | |
| Current assets | 29/58 | €126,209 | €156,615 | +€30,406 | +24.1% |
| Stocks and contracts in progress | 3 | €19,261 | €93,635 | +€74,374 | +386.1% |
| Stocks | 30/36 | €19,261 | €93,635 | +€74,374 | +386.1% |
| Amounts receivable within one year | 40/41 | €105,771 | €61,692 | -€44,079 | -41.7% |
| Trade receivables | 40 | €105,708 | €60,718 | -€44,990 | -42.6% |
| Other amounts receivable | 41 | €63 | €974 | +€910 | +1441.3% |
| Cash at bank and in hand | 54/58 | €167 | €1,288 | +€1,121 | +671.0% |
| Deferred charges and accrued income | 490/1 | €1,010 | - | -€1,010 | |
| Total equity and liabilities | 10/49 | €127,609 | €156,615 | +€29,006 | +22.7% |
| Equity | 10/15 | -€6,347 | €13,648 | +€19,996 | |
| Reserves | 13 | - | €13,648 | +€13,648 | |
| Distributable reserves | 133 | - | €13,648 | +€13,648 | |
| Profit (loss) carried forward | 14 | -€6,347 | - | +€6,347 | |
| Amounts payable | 17/49 | €133,956 | €142,967 | +€9,010 | +6.7% |
| Amounts payable within one year | 42/48 | €133,254 | €142,377 | +€9,122 | +6.8% |
| Trade debts | 44 | €91,814 | €97,814 | +€6,000 | +6.5% |
| Suppliers | 440/4 | €91,814 | €97,814 | +€6,000 | +6.5% |
| Taxes, remuneration and social security | 45 | €35,250 | €12,253 | -€22,997 | -65.2% |
| Taxes | 450/3 | €7,276 | €6,676 | -€599 | -8.2% |
| Remuneration and social security | 454/9 | €27,974 | €5,577 | -€22,398 | -80.1% |
| Other amounts payable | 47/48 | €6,190 | €32,310 | +€26,120 | +421.9% |
| Accrued charges and deferred income | 492/3 | €702 | €590 | -€112 | -16.0% |
| Other operating charges | 640/8 | €914 | €186 | -€728 | -79.7% |
| Gross operating margin | 9900 | €3,051 | €24,580 | +€21,529 | +705.6% |
| Operating profit (loss) | 9901 | €2,137 | €24,395 | +€22,257 | +1041.3% |
| Financial income | 75/76B | €94 | €56 | -€38 | -40.5% |
| Recurring financial income | 75 | €94 | €56 | -€38 | -40.5% |
| Financial charges | 65/66B | €381 | €1,285 | +€904 | +237.0% |
| Recurring financial charges | 65 | €381 | €1,285 | +€904 | +237.0% |
| Profit (loss) for the period before taxes | 9903 | €1,850 | €23,166 | +€21,315 | +1151.9% |
| Income taxes | 67/77 | €2,250 | €3,170 | +€920 | +40.9% |
| Profit (loss) for the period | 9904 | -€400 | €19,996 | +€20,395 | |
| Profit (loss) for the period to be appropriated | 9905 | -€400 | €19,996 | +€20,395 |
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.