ESTRELLA: 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.
ESTRELLA
Largest movements
- Tangible fixed assets -€49,751
down €49,751 (-10.7%), from €465,367 to €415,616
- Cash -€16,638
down €16,638 (-49.9%), from €33,370 to €16,732
mainly Debts after one year (-€49,189) and Other debts (-€15,894)
- Receivables within one year +€15,690
up €15,690 (+313%), from €5,009 to €20,699
of which Trade receivables: +€17,717
- Debts after one year -€49,189
down €49,189 (-18.1%), from €271,369 to €222,180
- Other debts -€15,894
down €15,894 (-24.4%), from €65,085 to €49,191
- Trade debts +€5,752
up €5,752 (+39.8%), from €14,448 to €20,200
- Gross operating margin -€9,479
down €9,479 (-11.4%), from €83,045 to €73,566
- Financial charges -€2,478
down €2,478 (-10.7%), from €23,232 to €20,753
- Depreciation -€1,804
down €1,804 (-3.8%), from €47,684 to €45,880
- Taxes -€1,754
down €1,754 (-79.2%), from €2,214 to €460
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 | €517,619 | €465,932 | -€51,687 | -10.0% |
| Fixed assets | 21/28 | €465,967 | €416,216 | -€49,751 | -10.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €465,367 | €415,616 | -€49,751 | -10.7% |
| Land and buildings | 22 | €404,180 | €381,194 | -€22,986 | -5.7% |
| Plant, machinery and equipment | 23 | €19,873 | €9,857 | -€10,016 | -50.4% |
| Furniture and vehicles | 24 | €41,314 | €24,566 | -€16,749 | -40.5% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €51,652 | €49,716 | -€1,936 | -3.7% |
| Stocks and contracts in progress | 3 | €6,212 | €7,997 | +€1,785 | +28.7% |
| Stocks | 30/36 | €6,212 | €7,997 | +€1,785 | +28.7% |
| Amounts receivable within one year | 40/41 | €5,009 | €20,699 | +€15,690 | +313% |
| Trade receivables | 40 | €0 | €17,717 | +€17,717 | |
| Other amounts receivable | 41 | €5,009 | €2,982 | -€2,027 | -40.5% |
| Cash at bank and in hand | 54/58 | €33,370 | €16,732 | -€16,638 | -49.9% |
| Deferred charges and accrued income | 490/1 | €7,061 | €4,288 | -€2,773 | -39.3% |
| Total equity and liabilities | 10/49 | €517,619 | €465,932 | -€51,687 | -10.0% |
| Equity | 10/15 | €116,437 | €117,134 | +€697 | +0.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €106,437 | €106,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €104,577 | €104,577 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €697 | +€697 | |
| Amounts payable | 17/49 | €401,182 | €348,799 | -€52,383 | -13.1% |
| Amounts payable after more than one year | 17 | €271,369 | €222,180 | -€49,189 | -18.1% |
| Financial debts | 170/4 | €271,369 | €222,180 | -€49,189 | -18.1% |
| Amounts payable within one year | 42/48 | €129,813 | €126,618 | -€3,194 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €48,858 | €49,189 | +€331 | +0.7% |
| Trade debts | 44 | €14,448 | €20,200 | +€5,752 | +39.8% |
| Suppliers | 440/4 | €14,448 | €20,200 | +€5,752 | +39.8% |
| Advances received on contracts in progress | 46 | - | €2,000 | +€2,000 | |
| Taxes, remuneration and social security | 45 | €1,422 | €6,038 | +€4,617 | +325% |
| Taxes | 450/3 | €1,422 | €3,038 | +€1,617 | +114% |
| Remuneration and social security | 454/9 | €0 | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €65,085 | €49,191 | -€15,894 | -24.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,684 | €45,880 | -€1,804 | -3.8% |
| Other operating charges | 640/8 | €4,188 | €3,558 | -€630 | -15.0% |
| Non-recurring operating charges | 66A | - | €2,218 | +€2,218 | |
| Gross operating margin | 9900 | €83,045 | €73,566 | -€9,479 | -11.4% |
| Operating profit (loss) | 9901 | €31,173 | €21,910 | -€9,263 | -29.7% |
| Financial income | 75/76B | €32 | - | -€32 | |
| Recurring financial income | 75 | €32 | - | -€32 | |
| Financial charges | 65/66B | €23,232 | €20,753 | -€2,478 | -10.7% |
| Recurring financial charges | 65 | €23,232 | €20,753 | -€2,478 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €7,974 | €1,157 | -€6,817 | -85.5% |
| Income taxes | 67/77 | €2,214 | €460 | -€1,754 | -79.2% |
| Profit (loss) for the period | 9904 | €5,760 | €697 | -€5,063 | -87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,760 | €697 | -€5,063 | -87.9% |
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 20 October 2026 via checked.be.