DC 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.
DC STAR
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+32.8%), from €3.1m to €4.1m
of which Plant, machinery and equipment: +€859,364
- Receivables within one year +€778,265
up €778,265 (+75.0%), from €1.0m to €1.8m
of which Trade receivables: +€877,859
- Intangible fixed assets +€195,666
up €195,666 (+1159.1%), from €16,881 to €212,546
- Deferred charges and accrued income +€66,533
up €66,533 (+207.2%), from €32,116 to €98,649
- Other debts +€3.4m
up €3.4m (+16373.7%), from €20,491 to €3.4m
- Debts after one year -€1.2m
down €1.2m (-100.0%), from €1.2m to €0
- Profit (loss) carried forward -€1.2m
down €1.2m (-100.0%), from €1.2m to €0
- Reserves +€933,822
up €933,822 (+778.0%), from €120,032 to €1.1m
of which Distributable reserves: +€860,147
- Trade debts +€226,861
up €226,861 (+23.2%), from €979,691 to €1.2m
- Gross operating margin +€1.2m
up €1.2m (+66.0%), from €1.9m to €3.1m
- Staff costs +€940,573
up €940,573 (+107.8%), from €872,823 to €1.8m
- Write-downs +€482,979
new in 2025: €482,979
- Taxes -€73,377
down €73,377 (-96.1%), from €76,376 to €2,999
- Depreciation +€62,418
up €62,418 (+9.8%), from €637,435 to €699,853
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 | €4,248,357 | €6,360,378 | +€2.1m | +49.7% |
| Formation expenses | 20 | - | €28,832 | +€28,832 | |
| Fixed assets | 21/28 | €3,158,844 | €4,367,369 | +€1.2m | +38.3% |
| Intangible fixed assets | 21 | €16,881 | €212,546 | +€195,666 | +1159.1% |
| Tangible fixed assets | 22/27 | €3,091,122 | €4,103,981 | +€1.0m | +32.8% |
| Land and buildings | 22 | €1,227,632 | €1,385,343 | +€157,711 | +12.8% |
| Plant, machinery and equipment | 23 | €1,748,093 | €2,607,457 | +€859,364 | +49.2% |
| Furniture and vehicles | 24 | €92,682 | €87,177 | -€5,505 | -5.9% |
| Other tangible fixed assets | 26 | €22,715 | €24,004 | +€1,289 | +5.7% |
| Financial fixed assets | 28 | €50,842 | €50,842 | = | 0.0% |
| Current assets | 29/58 | €1,089,512 | €1,964,177 | +€874,665 | +80.3% |
| Amounts receivable within one year | 40/41 | €1,038,274 | €1,816,540 | +€778,265 | +75.0% |
| Trade receivables | 40 | €665,137 | €1,542,996 | +€877,859 | +132.0% |
| Other amounts receivable | 41 | €373,138 | €273,544 | -€99,594 | -26.7% |
| Cash at bank and in hand | 54/58 | €19,122 | €48,988 | +€29,867 | +156.2% |
| Deferred charges and accrued income | 490/1 | €32,116 | €98,649 | +€66,533 | +207.2% |
| Total equity and liabilities | 10/49 | €4,248,357 | €6,360,378 | +€2.1m | +49.7% |
| Equity | 10/15 | €1,675,642 | €1,436,711 | -€238,931 | -14.3% |
| Contributions | 10/11 | €369,804 | €369,804 | = | 0.0% |
| Capital | 10 | €369,804 | €369,804 | = | 0.0% |
| Issued capital | 100 | €369,804 | €369,804 | = | 0.0% |
| Reserves | 13 | €120,032 | €1,053,853 | +€933,822 | +778.0% |
| Non-distributable reserves | 130/1 | €36,980 | €36,980 | = | 0.0% |
| Legal reserve | 130 | €36,980 | €36,980 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,051 | €79,726 | +€73,675 | +1217.5% |
| Distributable reserves | 133 | €77,000 | €937,147 | +€860,147 | +1117.1% |
| Profit (loss) carried forward | 14 | €1,168,154 | €0 | -€1.2m | -100.0% |
| Investment grants | 15 | €17,652 | €13,053 | -€4,598 | -26.1% |
| Amounts payable | 17/49 | €2,572,715 | €4,923,667 | +€2.4m | +91.4% |
| Amounts payable after more than one year | 17 | €1,180,045 | €0 | -€1.2m | -100.0% |
| Financial debts | 170/4 | €1,180,045 | €0 | -€1.2m | -100.0% |
| Amounts payable within one year | 42/48 | €1,362,894 | €4,882,822 | +€3.5m | +258.3% |
| Current portion of amounts payable after more than one year | 42 | €204,555 | €0 | -€204,555 | -100.0% |
| Trade debts | 44 | €979,691 | €1,206,552 | +€226,861 | +23.2% |
| Suppliers | 440/4 | €979,691 | €1,206,552 | +€226,861 | +23.2% |
| Taxes, remuneration and social security | 45 | €158,157 | €300,653 | +€142,496 | +90.1% |
| Taxes | 450/3 | €67,449 | €97,006 | +€29,557 | +43.8% |
| Remuneration and social security | 454/9 | €90,708 | €203,648 | +€112,939 | +124.5% |
| Other amounts payable | 47/48 | €20,491 | €3,375,616 | +€3.4m | +16373.7% |
| Accrued charges and deferred income | 492/3 | €29,776 | €40,845 | +€11,068 | +37.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €872,823 | €1,813,396 | +€940,573 | +107.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €637,435 | €699,853 | +€62,418 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €482,979 | +€482,979 | |
| Other operating charges | 640/8 | €34,981 | €33,714 | -€1,267 | -3.6% |
| Non-recurring operating charges | 66A | €18,706 | €178,874 | +€160,168 | +856.2% |
| Gross operating margin | 9900 | €1,859,472 | €3,086,853 | +€1.2m | +66.0% |
| Operating profit (loss) | 9901 | €295,527 | -€121,963 | -€417,490 | |
| Financial income | 75/76B | €39,554 | €23,294 | -€16,260 | -41.1% |
| Recurring financial income | 75 | €39,554 | €23,294 | -€16,260 | -41.1% |
| Financial charges | 65/66B | €70,680 | €132,664 | +€61,984 | +87.7% |
| Recurring financial charges | 65 | €70,680 | €132,664 | +€61,984 | +87.7% |
| Profit (loss) for the period before taxes | 9903 | €264,401 | -€231,333 | -€495,734 | |
| Income taxes | 67/77 | €76,376 | €2,999 | -€73,377 | -96.1% |
| Profit (loss) for the period | 9904 | €188,025 | -€234,332 | -€422,357 | |
| Transfer to tax-exempt reserves | 689 | - | €73,675 | +€73,675 | |
| Profit (loss) for the period to be appropriated | 9905 | €188,025 | -€308,007 | -€496,032 |
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 11 October 2026 via checked.be.