E STAR BELGIUM: what changed
E STAR BELGIUM
Largest movements
- Receivables within one year +€84,836
up €84,836 (+117%), from €72,441 to €157,277
of which Trade receivables: +€73,373
- Cash -€46,901
down €46,901 (-35.9%), from €130,740 to €83,839
mainly Net result for the year (-€193,399) and Receivables within one year (-€84,836)
- Stocks and contracts -€38,282
down €38,282 (-100%), from €38,282 to €0
- Intangible fixed assets -€36,442
down €36,442 (-28.9%), from €126,188 to €89,746
- Deferred charges and accrued income +€18,415
up €18,415 (+8,129%), from €227 to €18,641
- Profit (loss) carried forward -€193,399
down €193,399 (-59.2%), from -€326,611 to -€520,010
- Trade debts +€126,270
up €126,270 (+24.8%), from €509,334 to €635,604
- Debts after one year +€44,200
up €44,200 (+24.5%), from €180,154 to €224,355
- Tax, wage and social debts +€4,554
new in 2025: €4,554
- Gross operating margin -€51,410
down €51,410 (-57.0%), from -€90,233 to -€141,642
- Financial charges -€15,937
down €15,937 (-68.1%), from €23,410 to €7,473
- Write-downs -€8,929
down €8,929 (-100%), from €8,929 to €0
- Other operating charges +€3,229
up €3,229 (+70.0%), from €4,612 to €7,841
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €367,877 | €349,503 | -€18,374 | -5.0% |
| Fixed assets | 21/28 | €126,188 | €89,746 | -€36,442 | -28.9% |
| Intangible fixed assets | 21 | €126,188 | €89,746 | -€36,442 | -28.9% |
| Current assets | 29/58 | €241,689 | €259,757 | +€18,068 | +7.5% |
| Stocks and contracts in progress | 3 | €38,282 | €0 | -€38,282 | -100% |
| Stocks | 30/36 | €38,282 | €0 | -€38,282 | -100% |
| Amounts receivable within one year | 40/41 | €72,441 | €157,277 | +€84,836 | +117% |
| Trade receivables | 40 | €68,036 | €141,409 | +€73,373 | +108% |
| Other amounts receivable | 41 | €4,405 | €15,867 | +€11,463 | +260% |
| Cash at bank and in hand | 54/58 | €130,740 | €83,839 | -€46,901 | -35.9% |
| Deferred charges and accrued income | 490/1 | €227 | €18,641 | +€18,415 | +8,129% |
| Total equity and liabilities | 10/49 | €367,877 | €349,503 | -€18,374 | -5.0% |
| Equity | 10/15 | -€321,611 | -€515,010 | -€193,399 | -60.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€326,611 | -€520,010 | -€193,399 | -59.2% |
| Amounts payable | 17/49 | €689,488 | €864,513 | +€175,025 | +25.4% |
| Amounts payable after more than one year | 17 | €180,154 | €224,355 | +€44,200 | +24.5% |
| Financial debts | 170/4 | €180,154 | €224,355 | +€44,200 | +24.5% |
| Amounts payable within one year | 42/48 | €509,334 | €640,158 | +€130,824 | +25.7% |
| Trade debts | 44 | €509,334 | €635,604 | +€126,270 | +24.8% |
| Suppliers | 440/4 | €509,334 | €635,604 | +€126,270 | +24.8% |
| Taxes, remuneration and social security | 45 | - | €4,554 | +€4,554 | |
| Taxes | 450/3 | - | €4,554 | +€4,554 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,148 | €36,442 | +€294 | +0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,929 | €0 | -€8,929 | -100% |
| Other operating charges | 640/8 | €4,612 | €7,841 | +€3,229 | +70.0% |
| Gross operating margin | 9900 | -€90,233 | -€141,642 | -€51,410 | -57.0% |
| Operating profit (loss) | 9901 | -€139,922 | -€185,926 | -€46,004 | -32.9% |
| Financial income | 75/76B | €13 | €0 | -€13 | -99.9% |
| Recurring financial income | 75 | €13 | €0 | -€13 | -99.9% |
| Financial charges | 65/66B | €23,410 | €7,473 | -€15,937 | -68.1% |
| Recurring financial charges | 65 | €23,410 | €7,473 | -€15,937 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | -€163,319 | -€193,399 | -€30,080 | -18.4% |
| Profit (loss) for the period | 9904 | -€163,319 | -€193,399 | -€30,080 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€163,319 | -€193,399 | -€30,080 | -18.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.