EUROSTAR: 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.
EUROSTAR
Largest movements
- Cash +€56,263
up €56,263 (+224%), from €25,063 to €81,326
mainly Depreciation (+€21,925) and Short-term financial debts (+€20,000)
- Receivables within one year +€24,252
up €24,252 (+384%), from €6,323 to €30,575
- Tangible fixed assets -€21,925
down €21,925 (-22.8%), from €96,194 to €74,269
of which Land and buildings: -€13,489
- Stocks and contracts -€12,901
down €12,901 (-77.5%), from €16,655 to €3,754
- Short-term financial debts +€20,000
up €20,000 (+33.3%), from €60,000 to €80,000
- Trade debts +€15,645
up €15,645 (+222%), from €7,060 to €22,705
- Other debts +€8,022
up €8,022 (+21.1%), from €38,038 to €46,060
- Profit (loss) carried forward +€6,038
up €6,038 (+35.4%), from -€17,054 to -€11,017
- Current portion of long-term debt -€3,982
no longer reported in 2025 (was €3,982)
- Gross operating margin +€14,735
up €14,735 (+53.9%), from €27,361 to €42,096
- Depreciation -€4,908
down €4,908 (-18.3%), from €26,833 to €21,925
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 | €147,034 | €192,757 | +€45,723 | +31.1% |
| Fixed assets | 21/28 | €96,941 | €75,016 | -€21,925 | -22.6% |
| Tangible fixed assets | 22/27 | €96,194 | €74,269 | -€21,925 | -22.8% |
| Land and buildings | 22 | €77,390 | €63,901 | -€13,489 | -17.4% |
| Furniture and vehicles | 24 | €6,878 | - | -€6,878 | |
| Other tangible fixed assets | 26 | €11,926 | €10,368 | -€1,557 | -13.1% |
| Financial fixed assets | 28 | €747 | €747 | = | 0.0% |
| Current assets | 29/58 | €50,093 | €117,741 | +€67,648 | +135% |
| Stocks and contracts in progress | 3 | €16,655 | €3,754 | -€12,901 | -77.5% |
| Stocks | 30/36 | €16,655 | €3,754 | -€12,901 | -77.5% |
| Amounts receivable within one year | 40/41 | €6,323 | €30,575 | +€24,252 | +384% |
| Other amounts receivable | 41 | €6,323 | €30,575 | +€24,252 | +384% |
| Cash at bank and in hand | 54/58 | €25,063 | €81,326 | +€56,263 | +224% |
| Deferred charges and accrued income | 490/1 | €2,053 | €2,086 | +€34 | +1.6% |
| Total equity and liabilities | 10/49 | €147,034 | €192,757 | +€45,723 | +31.1% |
| Equity | 10/15 | €27,954 | €33,992 | +€6,038 | +21.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €25,009 | €25,009 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,371 | €2,371 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,371 | €2,371 | = | 0.0% |
| Distributable reserves | 133 | €22,638 | €22,638 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,054 | -€11,017 | +€6,038 | +35.4% |
| Amounts payable | 17/49 | €119,079 | €158,765 | +€39,686 | +33.3% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €109,079 | €148,765 | +€39,686 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €3,982 | - | -€3,982 | |
| Financial debts | 43 | €60,000 | €80,000 | +€20,000 | +33.3% |
| Other loans | 439 | €60,000 | €80,000 | +€20,000 | +33.3% |
| Trade debts | 44 | €7,060 | €22,705 | +€15,645 | +222% |
| Suppliers | 440/4 | €7,060 | €22,705 | +€15,645 | +222% |
| Other amounts payable | 47/48 | €38,038 | €46,060 | +€8,022 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,833 | €21,925 | -€4,908 | -18.3% |
| Other operating charges | 640/8 | €7,331 | €7,629 | +€298 | +4.1% |
| Gross operating margin | 9900 | €27,361 | €42,096 | +€14,735 | +53.9% |
| Operating profit (loss) | 9901 | -€6,804 | €12,542 | +€19,346 | |
| Financial income | 75/76B | €20 | €0 | -€20 | -98.3% |
| Recurring financial income | 75 | €20 | €0 | -€20 | -98.3% |
| Financial charges | 65/66B | €6,786 | €6,445 | -€341 | -5.0% |
| Recurring financial charges | 65 | €6,786 | €6,445 | -€341 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,570 | €6,097 | +€19,667 | |
| Income taxes | 67/77 | €164 | €59 | -€105 | -63.9% |
| Profit (loss) for the period | 9904 | -€13,734 | €6,038 | +€19,772 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,734 | €6,038 | +€19,772 |
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 14 October 2026 via checked.be.